What to Expect During the Presale Condo Process in Surrey?

Buying a Surrey presale condo can be an exciting and rewarding journey—especially in a vibrant, rapidly growing city like Surrey, BC. As more people flock to the area for its livability, job opportunities, and investment potential, Surrey presales have become an increasingly popular option for homebuyers and investors alike.

If you’re considering jumping into the presale market, it’s essential to understand what the process entails from start to finish. Here's a breakdown of what you can expect during the presale condo process in Surrey.

1. Research and Choose the Right Project

The first step is research. With numerous Surrey presale developments constantly hitting the market, it’s important to find a project that aligns with your goals—whether you’re purchasing to live in or for investment purposes.

Look into reputable developers (such as those featured on SkyLiving.ca), location details, projected completion dates, amenities, and the surrounding neighborhood. Consider what matters most to you: proximity to transit, schools, parks, or shopping hubs like Central City or Guildford.

Pro tip: Attend open houses or developer preview events to get a firsthand feel for the project and ask questions.

2. Work with a Realtor Who Specializes in Surrey Presales

While it’s possible to navigate the presale process on your own, having a licensed realtor—especially one who specializes in Surrey presale condos—can make a world of difference.

Your agent will:

• Provide insight into current market trends.

• Help you understand developer incentives.

• Represent your best interests during contract negotiations.

• Guide you through each step of the process.

The best part? The developer typically covers the realtor's commission, so there's no extra cost to you.

3. Get Pre-Approved for a Mortgage

Although you won’t need a mortgage until the condo is ready (which could be 1–4 years down the line), developers usually require a mortgage pre-approval letter during the presale process. This demonstrates that you're a serious buyer and financially capable of completing the purchase.

Mortgage rates may change by the time your unit is completed, so it’s wise to maintain your financial health throughout the construction period.

4. Review the Disclosure Statement Carefully

Before signing anything, the developer is legally required to provide a Disclosure Statement. This document includes vital information about the development, such as:

• Strata fees

• Estimated completion date

• Building bylaws and restrictions

• Floor plans and finishes

Take your time reviewing the document—and don't hesitate to have a lawyer or your realtor go through it with you to clarify any confusing terms.

5. Understand the Deposit Structure

One of the advantages of buying a Surrey presale condo is the extended deposit structure. Instead of paying everything upfront, you typically make a series of deposits over time (usually 15–20% of the purchase price).

For example:

• 5% at signing

• 5% in 3–6 months

• 5–10% at a specific construction milestone

This makes it easier to budget and plan financially while waiting for your new home to be built.

6. The 7-Day Rescission Period

After signing the presale contract, you’ll enter a 7-day rescission period (also known as the "cooling-off period"). During this time, you can cancel the contract for any reason without penalty.

Use this week to double-check everything, seek legal advice if needed, and ensure you’re fully comfortable with your decision.

7. Construction & Progress Updates

Once your contract is finalized, construction begins. Depending on the stage of the development when you bought in, this part can feel like a waiting game. Most developers provide regular updates with timelines, photos, and estimated completion dates.

As the project nears completion, you’ll also be invited to a walkthrough or deficiency inspection, where you can check your unit and report any issues for the builder to fix before possession.

8. Completion & Move-In

When the building is completed and occupancy is granted, you’ll move toward closing. This includes:

• Finalizing your mortgage.

• Paying the remaining balance.

• Registering the property title.

• Receiving your keys and moving in!

If you’re an investor, this is when you can begin listing the unit for rent or resale (depending on strata rules and your goals).

Conclusion

Purchasing a Surrey presale condo is a fantastic way to secure a brand-new home at today’s prices, with the added benefit of time to prepare financially. However, it's essential to understand the timeline, legal details, and financial responsibilities that come with Surrey presales.

By doing your research, partnering with the right professionals, and staying informed throughout the process, you’ll set yourself up for a smooth experience—and a smart real estate move in one of BC’s fastest-growing cities.