APPLY NOW
CONTACT US

Do new condo developments require presale deposits?

Back to FAQs

Understanding Presale Deposit Requirements

In many new condo developments, buyers are required to provide a presale deposit when they sign a purchase agreement. The deposit is a commitment toward the purchase price and is commonly paid in instalments according to the terms set out in the contract. However, deposit requirements are not identical for every project, so purchasers should review the specific agreement and disclosure materials before making a commitment.

In British Columbia, a presale deposit structure may call for a percentage of the purchase price at signing, followed by additional payments at defined dates or construction milestones. The total amount and payment schedule can vary based on the development, market conditions, and the developer’s sales program. Deposits for qualifying presale projects are generally held in trust or otherwise protected in accordance with applicable legal requirements, but buyers should confirm how their funds will be handled in the documents for the individual development.

  • Read the contract carefully: Confirm the total deposit, instalment dates, permitted payment methods, and any consequences of a missed payment.
  • Review the disclosure statement: This document provides important project details, including the developer, proposed completion information, and purchaser rights.
  • Understand rescission rights: B.C. presale purchasers may have a limited period to cancel after receiving the disclosure statement. Obtain independent legal advice promptly if you are considering a purchase.
  • Plan for timing changes: Construction schedules and completion dates can change. Make sure your financing and deposit plan can accommodate the contract terms.
  • Ask clear questions: A developer’s sales representative, your real estate professional, lawyer, or notary can help clarify details that affect your decision.

It is also important to distinguish between a presale condo purchase and rental living. Purpose-built rental communities are intended for residents who are leasing a home, not purchasing a strata unit before completion. Rental applications and tenancy agreements have different requirements from a condo presale contract, including rules around any permitted deposits.

Vittori Developments focuses on thoughtfully planned, purpose-built rental living and mixed-use communities designed for people and long-term neighbourhood value. If you are exploring a new rental home rather than a condo purchase, you can view available rentals or contact our team for current project information. For a condo presale, consult the project’s official disclosure materials and qualified legal or financial professionals before signing.

Related FAQs

Understanding Short-Term Rental Rules for Condos Short-term rental restrictions can absolutely apply to condos, and these rules often stem from two key sources. First, many condo buildings have strata or homeowners’ association bylaws that address short-term leasing. These bylaws can outline whether short-term rentals are permitted, set minimum rental periods, or require you to seek […]

Learn More

Condos in Today’s Market Many prospective buyers ask whether condos are a good investment now, especially as urban centers evolve and housing needs change. Generally, condos can be a strong option if you’re looking for an investment property that offers both convenience and potential long-term value. They often require less maintenance than traditional single-family homes, […]

Learn More

Understanding the Two Key Phases When considering an investment property, it is important to understand the difference between the pre-construction and construction phases. Pre-construction is the careful planning, design, and regulatory groundwork that sets the stage for a project to become a reality. This phase typically involves site evaluation, architectural and engineering drawings, budgeting, acquiring […]

Learn More

Key Differences Between Condos and Townhouses in Canada When considering Vancouver Real Estate or exploring options throughout Canada, it is helpful to understand what sets condos and townhouses apart. The main distinction is the ownership structure and responsibilities. In a condo, you typically own the interior of the unit but share ownership of common areas […]

Learn More

Understanding Townhouse Prices in Vancouver How much does a townhouse cost in Vancouver? This question arises often among those exploring Vancouver real estate. In a city known for its scenic ocean and mountain views, the market can be quite competitive. Townhouse prices generally start in the mid-$800,000 range, but it is not uncommon to see […]

Learn More

Key Considerations for Condo Buyers Beyond Downtown Vancouver When searching for a condo in Vancouver neighbourhoods outside the downtown core, it is important to look beyond just the initial listing price. Understanding the local community, availability of key services, and potential for long-term growth can help you make a sound investment that truly meets your […]

Learn More

Vittori Developments respectfully acknowledges that we operate on the traditional, ancestral, and unceded territories of Indigenous Peoples. These lands have long served as a place of gathering, stewardship, and community for diverse Indigenous groups who have lived here since time immemorial.

We recognize and honour the enduring presence of First Nations, Métis, and Inuit peoples whose cultures, histories, and contributions have shaped—and continue to enrich—these lands. We express our gratitude to the Elders and Knowledge Keepers, past, present, and future, whose guidance supports our collective journey toward understanding and reconciliation.

NAVIGATE

Projects

RENTALS

SOCIAL MEDIA

Instagram Linkedin

Terms of Use   Privacy Policy

© 2024 Vittori Developments

APPLY NOW
CONTACT US