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Buying presale in Vancouver – Frequently Asked Questions

Q. What’s the first thing I should do?

A.  Two things:

1. Think of a downpayment: Do you have the cash liquid and ready to be used? Or if you own a home, using the equity you have built up may be one of the most cost-effective ways to lower your borrowing costs. You may be able to borrow against the equity in your home to finance the presales deposit. You can generally borrow up to 80% of the appraised value of your house.

2. Get yourself pre-approved so that you know what you can afford at completion. At dreamliving.ca, we have access to mobile mortgage representatives, often from larger financial institutions such as BMO or RBC, as well as there is a few mortgage brokers that we work with. These financial advisors assess your current ability to borrow money, often granting you a mortgage “pre-approval”.

 

Q. I am required to pay a deposit. What is standard?

A. Most presale homes require a total deposit of 15-20% per cent of the purchase price, paid out in stages.

 

Q. Do I Pay Commission when I Buy a Presale Condo in Vancouver?

A. No. You do not need to pay any commission when you purchase a presale condo in Vancouver.

 

Q. I’ve purchased a home. When should I arrange for my mortgage?

A.  We strongly recommend arranging your financing at the time you write a contract on your presale home. This allows you the opportunity to hold a mortgage rate based on today’s rate – even if you won’t start paying your mortgage for some time. By locking in at today’s rate, you will protect yourself from climbing rates over the two-three years you may be waiting for your home to be built. In addition, you’ll have a good understanding of what your costs will be when you complete. Shop and compare what different banks will offer.

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