Of course, quick possessions are available in the condo marketplace. Buying one of the last units in a new development that’s already under construction can cut down the waiting time. And units in condo conversions can be available very quickly.

“Possession time for conversion is usually about ninety days,” says investor and realtor Calvin Buss of Millennium Condo Gallery. “Sixty to ninety is roughly what it takes to convert a suite. Once they’ve got the lobby and stuff like that done it’s not too hard.”

In new construction, “your typical four-storey wood-frame building, possession time is probably 12 to 14 months, and on your high-rise buildings you’re anywhere from two to three years,” Buss says.

High-rise projects take longer. “I bought two units at Five West in April of 2003 and I bet I don’t take possession until January, which is nearly three years.”

Why so long? Before building can even begin, the developer has to pre-sell enough units to satisfy the lenders who will advance money for construction.

Banks are becoming more conservative in their pre-sale requirements, Buss says. Five years ago, a project with 20 to 35 per cent of its units sold could qualify for a construction loan. Now the requirement more like 50 to 75 per cent, developers say.

Developers who work with investors’ money instead of bank financing can start construction without pre-sales. “Intergulf-Cidex, who are building the Brava at Westgate, are doing 500 units and they started construction three months before they even opened up their sales centre, where normally you open up your sales centre for six or eight months before you ever start construction,” Buss says.

Once construction begins, the time to completion depends on the type of building. For a low-rise condo apartment building, “We’re looking in range of eight months once we have the pre-sale quota met and we’re ready to start,” says Tim Logel, president of Cardel Lifestyles, the multi-family division of Cardel Homes.

Six months’ construction time is typical for condo townhouses, he says.

Construction times stretched an extra three or four weeks this summer because of labour shortages and wet weather, Logel says.

Concrete high-rise buildings have longer possession times because more units have to be pre-sold, and because the construction itself is more complex.

“On our Emerald Stone project, we took a little over 18 months from ground-breaking to first move-in,” says Robert Moroto, Calgary marketing manager for Procura Real Estate. He describes this as “quite extraordinary.”

He says the Montana, a 26-storey condominium on 15th Avenue, will take more like 30 months to be ready for first move-ins. The project involves a deeper parkade and a taller building with larger floors.

For investors, and patient home-buyers, it’s advantageous to buy into a project early and wait, Buss says. Developers will offer their best price early on, in order to make enough pre-sales to get construction financing.

And in a rising market, the value of the unit starts to increase even before it’s built. He thinks the Five West units he bought early have gone up almost 50 per cent.

Buying early has become such a popular strategy that “in Vancouver they can sell out a 500-unit building in a weekend. It only goes on so long, but while it’s going on it actually does work. In Vancouver, for instance, you get three years’ worth of appreciation for the price of a ten per cent deposit,” Buss says.

House owners who have bought a condo don’t necessarily mind delays in their move-in, Logel says. “Most are taking advantage of the rising market, and waiting until the last minute to sell their existing home.”

Most condo projects have staggered move-in dates, so buyers with early possession dates will be moving into a building that’s not yet completed.

“Generally what the city requires before they allow occupancy is that the life safety systems are operational. They would prefer that common areas –  your main entry, your parking area and your hallways are complete,” says Brian MacIntyre, chief operating officer of Aspire Condo Living by Jayman.

“We do get some noise or paint fume complaints, and we try to minimize problems. Generally the hard construction is done before move-in, and work like putting in cabinets, casings and floor coverings isn’t that noisy,” he says.

At the high-rise Emerald Stone, move-ins were staggered over six months, Moroto says. In such cases, “The city requires that if you move somebody in on a floor, the floor above it has to be complete – so you have a one-floor buffer and you don’t hear a sound.”

Developers always take measures to ensure there’s as little contact between the trades and the residents as possible, he adds.

“It’s a half-full glass or a half-empty glass,” Buss says. “You can move in while the building’s under construction, but more importantly the developer will stick you in whether you like it or not, because he wants his money.

“If you’re a savvy buyer you’ll I’m not taking possession of this unit until you guys have the building substantially finished,” Buss says.