North Harbour by Concert: New North Shore Presale oppurtunity

North Vancouver's newest waterfront community was given the green light earlier and now Concert has begun its marketing. The community will begin selling in Spring of 2021 and will span over 12 acres and include; over 290,000 square feet of retail and restaurant space, over 900 condominium units (Rental and for Sale), and will be extensively landscaped. 

A link to the project's website can be found here 

Why buy Presale? Here are some pros you may want to consider. 

1. If you are looking to get into the market but do not have a full downpayment available right now. My developers do not require the full 20% downpayment that would be needed to buy a resale home. Additionally, the ones that do often only need it in installments that are usually months apart, this gives you time to save and not worry about being priced out of the market. 

2. You have a full downpayment available but do not qualify for enough financing. While some developers have partnerships with lenders to facilitate the process, buyers will not need to worry about financing until closing. We recommend you give yourself ample time to find and qualify for financing so that you are not rushed when the time comes. 

3. You want to buy a brand new home that is unlived in. A major benefit of a presale home is that your home is completely new and has never been lived in. 

4.Grandfathered in Rental. As you are the original owner of the strata unit, any new restrictions passed by the strata in regards to rental restrictions do not apply to you. This is very valuable if you are considering renting out your unit down the line.

Some cons;

1. GST. Although you won't be paying the normal property transfer tax, you will be liable to pay GST, which is 5% of the purchase price.  There are conditions where you can receive a rebate. Learn more by clicking here

2. Potential Delays in completion. While the developer wants to always complete the construction on time, there are often things that are out of their control. Similar to when you try to renovate your home you can experience several delays along the way that compound. 

3. Usually they are priced a little higher than what the currently built homes on the market are selling for. For example, if you are looking to buy into a presale at $900/Squarefoot there may be some condos available on the market already built for less.

If you are interested in learning more about or purchasing a presale please contact us or Phone Diko directly at 778-987-5852 to get started with a free consultation.