New construction homes

A presale is a home you buy before it is built, directly from the developer, using a contract and a disclosure statement rather than an MLS listing. You pay a deposit now and complete when the building is finished, which is usually two to four years later.

Most Metro Vancouver presales take 10 to 20 percent in stages. A common structure is 5 percent on signing, 5 percent at 6 months and 5 percent at 12 months. Deposits are held in trust under the Real Estate Development Marketing Act.

Not at signing. You arrange financing close to completion, which is one of the main advantages of buying presale. Lenders will assess you against the rules in place at that time, not today's.

BC law gives every presale buyer seven days after receiving the disclosure statement and signing to cancel for any reason and get the full deposit back. It is not negotiable and it cannot be waived.

Yes, 5 percent applies to new construction in BC, separate from property transfer tax. Eligible first time buyers purchasing under $1 million may qualify for a full rebate.

Sometimes, through an assignment, but only if the contract permits it and the developer consents. Fees usually apply, and BC's flipping tax may apply to gains within two years.

It depends on the project, the price per square foot, and how long until completion. That is exactly why we publish the price per square foot on every project, so you can compare rather than take a starting price at face value.