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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!
  • Your home is eligible for the 2-5-10 New Home Warranty

  • Repairs in early ownership are likely covered by warranty


Flexible deposit structure
  • Partial deposit due up front when you decide to purchase

  • Remaining deposit due in a staggered payment structure


Choose your floor plan
  • With different layout options, find the home that works for you

  • Select a floor level that suits your needs and fits your budget


Extended completion time
  • More time to save a larger down payment or qualify for a mortgage

  • Plan for your future, but retain the option to assign your contract


Customize your home
  • Choose your color scheme and purchase developer upgrades

  • Potential option to purchase a storage locker or additional parking


Desirability in the market
  • When you decide to sell, your newer home may interest more buyers

  • Newer homes can be more attractive to potential renters

Additional GST is due
  • Presales are subject to an additional 5% GST on the purchase price

  • The GST/HST New Housing Rebate may reduce this tax (with conditions)


Situations can change
  • The home’s market value may increase or decrease during construction

  • New government policies or mortgage requirements can affect your purchase


Delays in completion
  • Unforeseen changes may affect the construction schedule, causing delays

  • If you need to sell your existing home, timing your move could be a challenge

What's the catch?

Now that you’ve heard about how presales can be great investments; what are some common drawbacks and risks to consider?

Ask a real estate specialist

Natalie Ip 葉韻儀

For early access to upcoming developments or to discuss whether a particular project is right for you, just ask!

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