How Do Presale Condos Work?

What is a presale condo? ... Presale condos work in the following way: You only need to pay the deposit up front, then you wait for the building to complete. Your mortgage payments don't start until the building is complete, and you pay the remainder of your down payment at the time of completion as well.

Is it good to buy presale condo?

Some of the advantages of buying a pre-sale are: they give buyers extra time to get their finances in order and/or save for a larger down payment, pre-sale values can increase in a rising market, some buyers can avoid the property transfer tax, and all pre-sales are covered by B.C.'s 2-5-10 Year Home Warranty insurance ...

How do pre built condos work?

When you purchase a preconstruction condo, you purchase the right to buy the property once it's built. The builder has the right to make some amendments to the building and condo. The builder also has the right to cancel the project for a variety of reasons.