Downtown Neighbourhood & Community Information

Vancouver Real Estate and Pre Sales - What are they?

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! Mike Stewart a Vancouver Realtor explains pre sales below

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.

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, property taxes, maintenance fees, or deal with troublesome tenants. Pre-Sales also allow owner occupiers the ability to customize the property they buy.

Are Pre-Sales Safe?

In the Province of British Columbia, Pre-Sales are regulated by the Real Estate Development Marketing Act and are generally safe when you are buying from a reputable Developer. If you have concerns or questions about the Developer, contact the Home Owner Protection Office.

3 Important Facts about Pre-Sales

1. The Purchaser of a Pre-Sale has the right to walk away from the contract to purchase the property for any reason for 7 days after there is an accepted offer. If you can’t get financing, if your mother says its a bad idea, if you have a nightmare about Real Estate – YOU CAN KILL THE DEAL FOR ANY REASON!
2. All deposits paid by the Buyer of a Pre-Sale are held in a lawyers trust account. This money stays in the account until the building is either built or the Developer fails to meet the time deadline to have the building built. The Developer cannot use this money and does not have access to this money until the building is complete. If the Developer goes under, the money in the trust account is not part of the bankruptcy and has to be returned to the Buyer.
3. The Disclosure Statement will have all of the important info about the property you are buying such as the size of your suite, what will be included in the suite, and what the building will look like. Make sure you read it!

If you have any questions on Pre- Sales feel free to contact me at any time.

I would love to hear your thoughts, and questions down below in the form of a written comment.

Thanks!

Streetscape for 928 Beatty Street by Mike Stewart Downtown Vancouver Realtor

This is a streetscape video for 928 Beatty Street for a listing I sold in 2006.

Streetscape for 933 Seymour Street by Mike Stewart Downtown Vancouver Realtor

This is a Streetscape video for The Spot at 933 Seymour Street by Mike Stewart Downtown Vancouver Realtor.

Garden for 688 Abbott Street by Mike Stewart Downtown Vancouver Realtor

This is the rooftop garden for the Firenze Condo at 688 Abbott Street in Downtown Vancouver by Mike Stewart Downtown Vancouver Realtor.

Rooftop Patio at the Spot 933 Seymour Street by Mike Stewart

This is the rooftop deck for 933 Seymour Street in Downtown Vancouver by Mike Stewart Downtown Vancouver Realtor.

Spectrum Courtyard for 111 West Georgia, 668 & 602 Citadel Place, 131 Regiment Square by Mike Stewart Downtown Vancouver Realtor

This is a video of the Spectrum Complex in Downtown Vancouver Realtor Mike Stewart for a listing of his at 111 West Georgia Street

Streetscape for 111 West Georgia Street by Mike Stewart Downtown Vancouver Realtor

This is a Streetscape video by Mike Stewart he shot for his listing at 3005-111 West Georgia Street that he sold in September of 2008 for $395K. If you have any questions on 111 West Georgia or Vancouver Real Estate, feel free to call Mike at 604-763-3136 or email Mike Stewart

933 Seymour Street Streetscape by Mike Stewart Downtown Vancouver Realtor

Hi All,

This is a video of the Streetscape at 933 Seymour Street by Mike Stewart a Downtown Vancouver Realtor

1082 Seymour Street, The Freesia Streetscape Video By Mike Stewart, The Freesia Specialist

Here is a video of the street in front of The Freesia by Mike Stewart, The Freesia Specialist. If you have any questions about 1082 Seymour Street, feel free to Mike Stewart