The waiting part is the strange bit. For most of a year or two there is nothing for you to do, and then everything happens in about six weeks. This page sets out what those stages are, what is expected of you in each one, and which of them are worth preparing for early.
The short version
- The first week after signing is the only period in which you can cancel for any reason, under section 21 of the Real Estate Development Marketing Act.
- Deposit instalments are usually tied to calendar dates in your contract, so they do not move when the schedule slips.
- Your mortgage is assessed close to completion, on your income and the rates in effect then.
- You normally see the finished home at a walkthrough shortly before completion, which is when deficiencies get recorded.
- Completion and possession are different dates in many contracts, and the difference decides when you can actually move furniture in.
Stage one: signing and the week that follows
You are given the disclosure statement, you confirm in writing that you had a chance to read it, and you sign the purchase agreement. Section 15 of the Real Estate Development Marketing Act requires the first two of those to happen before the third.
Then the 7 day window opens. This is when the contract review and the lender conversation happen. Once it closes, your position is set.
Stage two: the long middle
This is the part that lasts. Deposit instalments come due on the dates in your contract. Occasionally you will receive an amended disclosure statement, which section 16 requires when the original no longer complies or contains a misrepresentation. Otherwise you wait.
Two things are worth doing in this period even though nobody asks you to. Keep your financial position stable, because your lender is going to look at it again at the end, and a new car loan taken out in month fourteen can undo an approval. And keep every document in one place, including the receipts for each deposit instalment, because your lawyer will want them.
It is also the right time to learn the neighbourhood properly rather than from a map. Which grocery shop you will actually use, how long the walk to the school gate really takes, where you will park a second car. These are the things that decide whether a home works for a family, and you have plenty of time to check them.
Stage three: financing, near the end
Somewhere in the last few months you will be asked to arrange your mortgage properly. This is not a formality and it is where pre-sale purchases most often come apart.
Your lender assesses your income, your debts and the property against the rules and rates in effect at that time. If you are putting down less than 20 per cent, the mortgage must be insured, and the insured price cap has been $1.5 million since 15 December 2024 under the federal mortgage reforms. Minimum down payment on an insured purchase is 5 per cent of the first $500,000 and 10 per cent of the portion between $500,000 and $1.5 million.
Insurance is not free. CMHC's published premium is 4.00 per cent of the loan at a loan to value ratio between 90.01 and 95 per cent, and 3.10 per cent between 85.01 and 90 per cent. That premium is normally added to the mortgage rather than paid in cash, which means it quietly increases what you owe.
| Loan to value | Premium on the total loan |
|---|---|
| Up to 65% | 0.60% |
| 65.01% to 75% | 1.70% |
| 75.01% to 80% | 2.40% |
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
Source: CMHC, mortgage loan insurance cost, accessed 29 August 2026. A non-traditional down payment at 90.01 to 95 per cent carries a 4.50 per cent premium.
Stage four: walkthrough, completion, possession
Shortly before completion you walk through the finished home with someone from the seller's team and record anything that is wrong. That list is the basis of what gets fixed, and it is also the start of your warranty relationship.
Completion is the day the money moves and title transfers. Possession is the day you may take the keys. In many contracts they are the same day and in some they are not, so check yours before you book a moving van or hand notice to a landlord.
Your lawyer or notary handles the transfer, the property transfer tax filing and the payout to the seller. What you need to do is have your funds where your lawyer asked for them, on the day they asked, in the form they asked. Wire timing is the last thing that goes wrong on an otherwise clean purchase.
What the last six weeks actually demand of you
The final stretch is where a pre-sale purchase turns from waiting into work, and it helps to know in advance what will land on you.
Your lender will want current documents: recent pay statements, a letter from your employer, your most recent tax assessment, and evidence of where the down payment came from. If any part of your income is self employed, commission based or seasonal, expect the list to be longer and start earlier. Gather it before you are asked and the six weeks become comfortable rather than frantic.
Your lawyer or notary will want the purchase agreement, the disclosure statement and every amendment, your deposit receipts, identification, and confirmation that home insurance is in place from the completion date. Insurance surprises people: your lender will not release money for a home that is not insured, and you cannot arrange cover in an afternoon in every case.
The seller's team will want you at a walkthrough appointment, usually with limited notice. If you work fixed hours or you are away that month, tell them early. A walkthrough you cannot attend is a walkthrough where somebody else decides what counts as finished.
- Income documents for your lender, gathered before they ask
- Proof of where the deposit and down payment came from
- Home insurance arranged to start on the completion date
- Your lawyer's file: contract, disclosure statement, amendments, deposit receipts, identification
- Availability for a walkthrough appointment at short notice
- Funds with your lawyer in the form and by the deadline they specify
A short word on rate holds
A rate hold is a lender's promise to give you a stated interest rate if you complete within a set period. Holds are measured in months, and pre-sale completions are measured in years, so the two rarely line up.
What this means in practice is that the rate quoted at signing is a planning number rather than a commitment. Some lenders offer longer holds specifically for pre-sale purchases, sometimes at a slightly higher rate in exchange for the certainty. Whether that trade is worth taking depends on how much a rise would hurt you, which is a question about your own budget rather than a prediction about rates.
Our advice is simply to ask the question early and in writing: what is the longest hold available to me, when does it start, and what happens if completion moves past it. A lender who cannot answer clearly is a lender to compare against another one while you still have time.
It is also worth understanding that a hold protects you against a rise and does not stop you benefiting from a fall. If rates are lower when you complete, most lenders will give you the lower rate rather than hold you to the number in the letter. Confirm that with your own lender, because it is a policy rather than a rule, and the answer decides whether a long hold costs you anything at all.
Ask about portability too. If you already have a mortgage on a home you are selling, some lenders will let you carry the existing rate across to the new home, which can be worth more than any hold.
The broader point is that your rate is a completion day fact, not a signing day fact. Budget on a rate somewhat higher than the one you were quoted, and treat anything better than that as good news rather than as the plan.
Questions buyers ask
More in Pre-Sale Guide
Also worth reading
Where these numbers come from
Every figure on this page comes from the body that issues it. Rules and rates change, so each entry says when we checked it.
- Real Estate Development Marketing Act, SBC 2004, c. 41. BC Laws, Queen's Printer for British Columbia. Accessed 29 August 2026.
- Boldest mortgage reforms in decades come into force today. Department of Finance Canada. Published 15 December 2024, accessed 29 August 2026.
- CMHC mortgage loan insurance cost. Canada Mortgage and Housing Corporation. Accessed 29 August 2026.
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