The presale condo market is booming in Victoria. Buying before the building is constructed many advantages such as a lower price, the ability to customize your unit and pay less money upfront.
One of the main downsides is you don’t get to see your building before completion. You have to rely on showrooms and 3D models which sometimes can be deceiving when it comes to space awareness and views, etc. Victoria Presales have been driven largely by Realtors such as the condo group, among others. New buildings include the Janion, 989 Johnson, 595 Pandora, Shire, Black & White.
Down payments typically are 15% and paid on instalments during the building process. You cannot assign a condo building in many cases and always check your contract of purchase and sale carefully.