Buying a presale home is an exciting journey, but the “closing” phase—the final transition from a contract to a set of keys—is where the most critical legal and financial work happens.

At Ace, our goal is to support purchasers through every step of the homebuying process.  Whether you are a first-time buyer or a seasoned investor, navigating this stage with confidence is key to a stress-free move-in. We’ve created a short review of the process, breaking down what you need to know to cross the finish line.
 

Understanding the “Closing” Milestone

In B.C., “closing” is the official moment that ownership transfers at the Land Title Office. It marks the end of the developer’s responsibility and the beginning of yours. For presales, this typically occurs once the municipality issues an Occupancy Permit and the developer provides a formal Notice of Completion, usually giving you at least 10 days’ notice before the final date.

The Power of Legal Support

You cannot close a home in B.C. without a legal representative—either a real estate lawyer or a notary public. They are responsible for:

• Conveyancing: Preparing the Statement of Adjustments to calculate exactly what funds are owed.
• Trust Management: Securely holding your down payment and mortgage funds.
• Title Registration: Ensuring the home is legally registered in your name with the Land Title and Survey Authority of BC (LTSA).

Your Quality Control: The Deficiency Walkthrough

Before you pay the final balance, you have the right to a Pre-Delivery Walkthrough. This is your chance to identify cosmetic or functional issues like paint chips, cabinet scratches, or appliance malfunctions. In B.C., these are documented on a list for the developer to fix, often backed by your mandatory 2-5-10 Year Home Warranty.

Financing the Final Stretch

While you likely got a pre-approval years ago at the time of your contract signing, you must finalize your mortgage as completion on your new presale home nears.

• Timeline: Contact your lender about 90 days before the estimated completion.
• Appraisals: Most major Canadian banks require a fresh property appraisal for new construction to confirm the home’s current value.
• Stability: Avoid major job changes or large new debts (like a new car) during this window to protect your final approval.

Budgeting for Fees & Taxes

Beyond the purchase price, B.C. buyers must account for two major costs:

• GST: A 5% tax applies to all new homes. However, eligible first-time buyers may qualify for a new federal GST rebate of 100% on homes up to $1 million.
• Property Transfer Tax (PTT): While PTT is standard, B.C.’s Newly Built Home Exemption can save you thousands if your primary residence is valued under $1,100,000.

Possession Day: Welcome Home

Once your lawyer confirms the title is registered, the developer will release the keys, and your new home is ready for you to move-in. This is your moment to celebrate and start your next chapter.

Ready to find your perfect presale home?

At Ace, we love seeing the journey from a floorplan to a finished home. Whether you’re looking for your first home or an investment, we’re here to help you reach your real estate goals. From condos and townhomes to single-family homes and custom homesites, our portfolio has the property for you.