Many British Columbians are making the decision to purchase a unit in a development that is not yet constructed. This decision is usually the largest purchase a person will make in their lifetime and is often both an exhilarating but also nerve-wracking experience. And while there are advantages to “purchasing pre-sale” there are also some risks and other issues that should be considered before signing any contract.

The Office of the Superintendent of Real Estate (OSRE) has released a new information brochure for consumers looking to purchase a pre-sale condo. The brochure, called understanding Pre-Sale Purchases, identifies risks and other information that consumers should be made aware of prior to signing a pre-sale contract. OSRE strongly encourages the developer and legal community to share this resource with pre-sale consumers.

For many consumers, including first-time home buyers, pre-sales are an affordable pathway to homeownership and OSRE is supportive of the efforts of the development community to ensure consumers are informed of their rights and responsibilities when signing a pre-sale contract.

OSRE receives numerous inquiries each month from purchasers related to pre-sale purchase agreements.  Consumers thinking about purchasing a pre-sale condo need to make an informed decision and understand their rights and obligations when signing a pre-sale contract.  This brochure is intended to help prepare them for this significant decision.

In the coming weeks, OSRE will be working with the Real Estate Council of British Columbia (RECBC) to promote the usage of this brochure by licensed real estate agents.  OSRE and RECBC will also be promoting the brochure through social media channels and as part of RECBC’s ongoing consumer awareness campaign in response to current market conditions.

As always, we appreciate the development community’s commitment to responsible development in British Columbia and to ensure that consumers have the information they need to make informed choices.