Pre-Sale Buying Process

1. Meet with a Mortgage Provider & determine your budget

While you’ll likely need pre-approval if you’re buying a presale condo, you won’t need to secure or start paying a mortgage until your property is fully built, with your mortgage loan payments beginning upon final closing.

2. Home search

Using a buyers agent or websites like Realtor.ca, search for the pre-sale condo that’s right for you.

3. Connect with the sales team

Connect with the sales team to get all the latest information about the pre-sale.

4. Submit an offer

Once you have reviewed the information and selected your desired unit, you will submit an offer to the seller. 

5. Receive an accepted offer.

Now that you have an accepted offer, the 7-day rescission period begins. During this time you can walk away from the contract without any penalty. Once the rescission period is up, you must close on the purchase or risk losing the deposit.

6. Deposit paid and Subjects Removed.

You must submit a deposit pof 10% of the sale price within 48 hours of the 7-day rescission period. 

7. 3 month warning to closing

Because the condos are under construction, you will not know exactly when completion and possession will occur until the 3-month warning to closing.

8. Deficiency walk-through

This is where you will get to see your condo for the first time. You’ll walk-through and mark all the deficiencies. The builders will come through again to correct all the marked deficiencies.  

9. Lawyer meeting

Meet with your legal council to sign all purchase documents.

10. Key delivery/move in

The day is finally here! Collect the keys and take possession of your new condo. The developer will release a move-in schedule with each buyer's move-in time.

If you’re interested in purchasing a pre-sale condo or if you just have some more questions about the pre-sale buying process, please reach out to us. We are ready to help!

Looking to buy an investment property this year? Here's what to look for: ⁣

Attractive location

 "Location, Location, Location" it really is that important: schools, neighborhood amenities, shopping, businesses, and public transit are all features that'll boost your property's appeal.⁣

Property Features 

Even though you may not be planning to live in this property, someone will be! Think about features like a garage, additional bathrooms, home office space. The layout and design of the property make a difference too. Is it designed with practical everyday living in mind? Does it have natural light? These are all things tenants are often looking for, so you should too, before you buy.

Numbers that work 

Don't forget you're covering more than just the mortgage. Make sure to factor operating costs, property taxes, strata fees (if applicable) into your equation, and account for times when your property will be vacant.⁣

Contact us today to learn more! 

We are seeing a shift to a more balanced market. We are seeing that conditional offers are coming back, and negotiations between seller and buyer, which gives buyers a more equal opportunity to secure the home they want. 

If you’re ready to stop paying your landlord’s mortgage payments and begin building your own equity, reach out to us so we can help you on your journey to home ownership.