01Should I buy a presale in Vancouver right now?
I’d be very cautious, because you’re relying on a developer through a long stretch of uncertainty. Most presale closings are still going through completely fine, so this isn’t panic. But the one kind of presale opportunity I’ve encouraged is waiting until the very end of a project, when the developer has inventory they can’t sell and is forced to clear it out.
Go deeperVancouver presale buyer guide
02What is an appraisal gap?
It’s the difference between what you agreed to pay and what the bank says the home is worth at closing. Say you agreed to $700,000 a few years ago and the appraisal comes back at $600,000. The bank will only lend against $600,000, so you need to find that missing $100,000 in cash on top of what you already put down.
03If I walk away from my presale, do I just lose my deposit?
Don’t count on it. Your deposit isn’t always the ceiling. Those clauses vary a huge amount between developers, so get a real estate lawyer to read your contract before you assume anything.
04My completion date is coming up. What do I do first?
Don’t let your lender’s appraisal be the first time you learn what it’s worth. Get an independent valuation months ahead, then talk to a mortgage broker who works on presale completions, because blended terms, a larger down payment or a co-signer can sometimes close the gap. When your completion notice arrives, ask for the comparable sales being used to justify the closing price, and check them against what’s actually trading in that building.
05I’m locked in and the numbers don’t work. What are my options?
You have three. Close cleanly if the appraisal and your cash flow hold up, assign at a strategic loss to protect your cash and your credit, or restructure with the developer, which happens lawyer to lawyer. And anything the developer sends you asking you to acknowledge a price adjustment or a later delivery date goes to a real estate lawyer before you sign it.
Buying?The Buyer BlueprintEvery step of buying in Vancouver and Burnaby, from financing to subject removal.Read the Buyer Blueprint →06What should I read in the contract before I sign?
Start with the assignment section: does the developer have to consent to your price, and what’s the fee, because on some it’s a percentage of the sale. Then read the deposit schedule, because your money goes in on dates that have nothing to do with when you get the keys. Then the completion window, since most give the developer a range and a year of your life can sit inside it.
07Can I just sell my contract if I change my mind?
Often not the way you’d think. On many of these contracts you can’t put it on the MLS® at all, you need the developer to sign off on your number, and the developer can shut it down because they’re still selling their own units in that building. Buyers end up feeling like they’re in jail, because the contract never got read properly before it got signed.
08What can I negotiate with a developer?
Everything, and bring your own agent, which costs you nothing on a presale. A developer who publishes a discount has just repriced every unit in the building, so they won’t, but they’ll give it to you at the table, one buyer at a time, if you ask: the parking stall, storage, upgrades, appliance packages, the fees on closing. Also ask how many units are unsold on your floor and the two above, because that’s who you compete with when you sell.
09What should I check on my deficiency walk-through?
I was a ticketed sprinkler fitter for 11 years, and I’ll make a brand new unit look like Swiss cheese with painter’s tape. Tag every nick in the drywall, doors that don’t sit square, missing hinge screws, sprinkler heads and their spacing, the caulking at the tub, the baseboards, the HRV filter and whether the walls are bowed. Every item goes on the list in writing before you take possession, because no one is coming back for a hinge screw a year after you’ve moved in.
10What’s the biggest red flag in a presale deal?
Your own numbers. If your closing math needs the home to go up 10 to 15% before completion just to qualify for the mortgage, walk away. At that point you’re not buying real estate, you’re speculating on a price forecast.
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