Presale vs Resale Condos in Metrotown

Key takeaways

• Presale offers a future home with less certainty about timing, financing and final conditions.
• Resale offers a physical inspection and operating history but may carry age-related work.
• Compare total risk and timing, not only finishes and price.
• Have the exact contract and disclosure material reviewed professionally.

What you can know today

With resale, you can inspect the unit, common areas and neighbourhood, and review an operating strata history. With presale, you rely more heavily on the purchase agreement, disclosure statement, amendments, plans and developer delivery.

Neither is risk-free. Resale uncertainty often centres on building condition and strata decisions; presale uncertainty often centres on timing, final product, contract terms and completion-time financing.

Compare the money timeline

A presale may require deposits over time before mortgage funding at completion. Your income, lender rules, appraisal and interest rates can change before then. Resale financing is arranged closer to the purchase, but the buyer still needs to satisfy lender and insurance requirements.

Model taxes, closing costs, upgrades, assignments, legal fees and carrying costs with qualified advisers. Do not assume an assignment will be permitted or profitable.

Read the presale disclosure and contract

In British Columbia, presale purchasers receive disclosure material describing the development and buyer rights. Read the current disclosure statement and every amendment, including estimated dates, strata fees, parking, bylaws and material facts.

Presale contracts can allocate broad discretion and contain strict deadlines. Obtain independent legal advice before relying on a cancellation or assignment right.