This is very Popular in Canada. Many condos in Vancouver or Toronto are sold before a shovel is even put in the ground. Usually if you purchase a pre construction condos in 2020, you finally got the product ready at about 2024. This is obviously considered the Pre-construction phase. When you purchase a condo from a builder during the pre-construction phase, you will usually sign a pre-construction purchase contract that will include the price and terms and conditions of the planned development. Often, Most of pre construction project will be delayed about 6-12 months depending on different situation.
Why a lot of people invest on the pre construction project? Investing in pre construction condos is one of the best ways to grow your money. Your money start to produce money from the first day you purchase the condo unit and will continue to appreciate until you decide to sell your unit. Imaging you put $60,000 for deposit at an unit with price $300,000 in 2016. Now the price for this unit is $500,000. So your investment $60,000 help you make around $200,000 Profit. Which is much better than any other investment. That is the reason why so many people like this invest method and will continue to do so.