Presale Condos in Surrey

How buying a presale works

With a presale, you sign a contract with the developer and pay deposits now, then complete the purchase when the building is finished. That can be a few years away. You choose your suite from floorplans and a show home rather than walking through the actual unit.

Because of the time between signing and completion, it matters who the developer is, what the contract allows them to change and how your financing will work when the building is ready.

Disclosure statements and your 7 days

In BC, developers must give you a disclosure statement before you sign. It describes the project, the developer, the timeline, the strata budget and much more. Under the Real Estate Development Marketing Act, you have 7 days after receiving it to cancel the contract.

Use those 7 days. Read the disclosure statement and the contract with your lawyer, and ask us about anything that looks unusual, such as broad rights for the developer to change the size or layout of your suite.

Deposits and financing

Developers set their own deposit schedules. Deposits are often paid in stages over the first months after signing and are held in trust. Ask exactly how much is due and when, and plan for each payment.

Your mortgage is usually arranged closer to completion, so talk to a lender early about what you can expect to qualify for. Changes in rates or your income before completion can affect your plans.

Assignments: selling before completion

Some buyers plan to sell their contract to someone else before the building is finished. This is called an assignment. Most contracts need the developer's written consent and may charge a fee, and some do not allow assignments at all.

Taxes can apply to assignment profits, so speak with your accountant before relying on this strategy. We can explain how assignments usually work and what to look for in the contract.

Getting VIP access to new releases

New Surrey projects often release suites first to buyers who registered early. Join our VIP list and tell us your budget, preferred areas and timing, and we will share floorplans and pricing for suitable projects as they are released.

We can also help you compare a presale with a recently completed resale condo, so you can decide which fits your plans and timeline best.

Comparing a presale with a resale condo

A presale gives you a brand-new home, the latest layouts and full warranty coverage. You also have time to save while the building goes up. The trade-off is waiting, and the risk that rates, prices or your own situation change before completion.

A resale condo lets you see exactly what you are buying, meet the neighbours and move in within weeks. You can read years of strata minutes and see how the building has been maintained. The trade-off is older finishes and, in some buildings, repairs ahead.

Many buyers look at both before deciding. We can show you completed buildings by the same developer so you can judge their quality before you commit to a presale.

Taxes and costs at completion

At completion you will pay GST on a new home, plus property transfer tax unless you qualify for an exemption. Some first-time and new-home buyers may be eligible for rebates or exemptions, so ask your lawyer and accountant what applies to you.

Budget for legal fees, strata fee adjustments and moving costs as well. Knowing these numbers early keeps completion day simple.

Who presales suit best

Presales often suit buyers who are not in a hurry: first-time buyers saving while they rent, families planning a move a few years out, and investors who want a new suite with full warranty coverage. If you need to move soon, a resale condo or a recently completed building is usually a better fit.