Buying a Presale
Is it right for you?
Why buy a presale?
If you have considered purchasing real estate, you’ve probably heard of a “presale” home. What are some advantages to purchasing one of these homes?
It’s a brand new home!
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Your home is eligible for the 2-5-10 New Home Warranty
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Repairs in early ownership are likely covered by warranty
Flexible deposit structure
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Partial deposit due up front when you decide to purchase
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Remaining deposit due in a staggered payment structure
Choose your floor plan
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With different layout options, find the home that works for you
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Select a floor level that suits your needs and fits your budget
Extended completion time
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More time to save a larger down payment or qualify for a mortgage
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Plan for your future, but retain the option to assign your contract
Customize your home
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Choose your color scheme and purchase developer upgrades
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Potential option to purchase a storage locker or additional parking
Desirability in the market
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When you decide to sell, your newer home may interest more buyers
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Newer homes can be more attractive to potential renters
Additional GST is due
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Presales are subject to an additional 5% GST on the purchase price
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The GST/HST New Housing Rebate may reduce this tax (with conditions)
Situations can change
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The home’s market value may increase or decrease during construction
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New government policies or mortgage requirements can affect your purchase
Delays in completion
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Unforeseen changes may affect the construction schedule, causing delays
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If you need to sell your existing home, timing your move could be a challenge
