How To Buy a Pre Sale Condo in Vancouver

Presale Condos and Mortgage Financing!

Getting a Mortgage on Your Presale Condominium in Vancouver

Pre Sale residential condos are a popular option for many home buyers and investors in Vancouver. (Want an explanation of Presale Condos? Check out this video here).

I recently had the pleasure of interviewing Jessi Johnson, a Mortgage Broker in Vancouver about mortgages and presales.

Most people buying pre sales get mortgages on these properties when they complete several months or years later. Getting a mortgage is a fairly straightforward process and for most buyers occurs with very few issues.

That said, very few buyers of presales realise that there is no guarantee that when they buy a presale condo there is a chance they may not be able to get a mortgage in a few years time when the property completes.

No Guarantee You Can Get Mortgage on a Presale?!
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What is a Pre-Sale in Vancouver Real Estate?

Pre-Sales in Vancouver, British Columbia Canada

Open the Georgia Strait or any other local paper and you’ll notice advertisements for apartments and condos. Most of these places don’t yet exist. Why? Because they are pre-sales!

What is a Pre-Sale?

A pre-sale is when a Developer sells a Buyer a property before that property is built or completed. The Buyer purchasing the pre-sales is buying the right to a completed property that will be built in future. In the UK and elsewhere Pre-Sales are referred to as Off Plan Investments.

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Why do people buy Pre-Sales?

Pre-sales are popular with investors and other Buyers because it allows these Buyers to have the benefit of increasing prices without having to pay a mortgage, propert  Continue Reading…