How to Buy a Presale Condo in BC: The Complete 2026 Guide

By Uzair Muhammad, REALTOR® — Real Broker BC · Published 27 March 2026 · Updated 31 August 2026

Updated October 2026

Everything you need to know about buying a presale condo in British Columbia. Step-by-step process, costs, timelines, and expert tips from 400+ transactions.

PresaleProperties.com is the buyer-focused representation practice of Uzair Muhammad (REALTOR, Real Broker BC), serving presale and new construction buyers across Metro Vancouver and the Fraser Valley from 3211 152 St, Building C, Suite 402, Surrey BC V3Z 1H8 — (672) 258-1100.

You Are About to Make One of the Biggest Financial Decisions of Your Life

Buying a presale condo in British Columbia is exciting — and it can also feel overwhelming. With over 400 families helped and more than $250 million in presale transactions across Metro Vancouver, The Presale Properties Group has seen every scenario, every question, and every concern.

This guide walks you through every step of the presale buying process, from understanding what "presale" actually means to getting your keys on completion day.

What Does "Presale" Mean?

A presale condo (also called pre-construction or pre-build) is a unit you purchase directly from a developer before the building is finished. You buy based on architectural plans, floor plan layouts, renderings, and a Disclosure Statement — not a finished product you can walk through.

In BC, presale purchases are governed by the Real Estate Development Marketing Act (REDMA), which provides significant buyer protections including the mandatory 7-day rescission period and trust account requirements for deposits.

The Step-by-Step Presale Buying Process

Step 1: Research and Preparation

Before looking at any specific project, get clarity on:

• Budget: What purchase price can you afford? Use our presale calculator to estimate deposits and monthly costs.
• Location: Which cities and neighbourhoods align with your lifestyle or investment goals?
• Timeline: Presale condos typically complete in 2.5 to 4 years. Make sure this timeline works for your situation.
• Purpose: Are you buying to live in, rent out, or both?

Step 2: Get Mortgage Pre-Approval

While you do not need a mortgage at the time of signing a presale contract, getting pre-approved helps you understand your purchasing power. Keep in mind:

• You will need a final mortgage approval closer to completion
• Interest rates may change between signing and completion
• Some buyers lock in rates with longer-term holds through certain lenders

Step 3: Register for VIP Access

Developers often release units in phases. VIP registrants get access to:

• First pick of units — choose the best floor plans, views, and floor levels
• VIP pricing — prices often increase after the initial launch phase
• Exclusive incentives — reduced deposits, free upgrades, or developer bonuses

When you work with The Presale Properties Group, we register you for VIP access at projects across BC at no cost to you. Developers pay our commission — you pay nothing extra.

Step 4: Review the Disclosure Statement

The Disclosure Statement is a legal document (often 200+ pages) that covers:

• Developer information and track record
• Building specifications and finishes
• Strata bylaws and rules
• Budget projections including estimated strata fees
• Parking and storage allocation
• Construction timelines and completion estimates

We review every Disclosure Statement on behalf of our clients and flag any concerns before you sign.

Step 5: Choose Your Unit and Sign the Contract

Once you have selected your preferred floor plan, view, and floor level, you will sign a Contract of Purchase and Sale. This includes:

• Purchase price
• Deposit schedule
• Estimated completion date
• Any negotiated extras (upgrades, parking, storage)

Step 6: The 7-Day Rescission Period

BC law gives you seven calendar days after signing to cancel the contract and receive a full refund of any deposits — no questions asked, no penalties. This is your safety net.

Use this time to:

• Have a lawyer review the contract
• Confirm your financing
• Sleep on the decision

Step 7: Pay Your Deposits

Presale deposits in BC typically range from 5% to 20% of the purchase price, paid in staggered installments over several months. A typical schedule for a $600,000 unit might look like:

| Milestone | Amount | Timing | |-----------|--------|--------| | Initial deposit | $15,000 (2.5%) | At signing | | Second deposit | $15,000 (2.5%) | 30 days after signing | | Third deposit | $30,000 (5%) | 120 days after signing | | Fourth deposit | $30,000 (5%) | 365 days after signing | | Total deposits | $90,000 (15%) | — |

All deposits are held in a lawyer's trust account, not by the developer. Your money is protected under REDMA.

Step 8: Wait for Construction

This is the longest phase — typically 2.5 to 4 years. During this time:

• The developer provides construction updates
• You may be invited to a colour and finish selection appointment
• You should continue saving for closing costs
• Monitor the market, but do not panic over short-term fluctuations

Step 9: Completion and Closing

When the building is substantially complete:

1. You receive a Completion Notice (usually 2-4 weeks before closing)
2. You arrange your final mortgage
3. You do a walk-through inspection (deficiency walk)
4. Your lawyer handles the closing documents
5. You receive your keys!

Costs Breakdown

Deposits (5-20%)

As outlined above, paid in installments during construction.

Closing Costs

• Legal fees: $1,500 – $2,500
• Property Transfer Tax (PTT): 1% on first $200K, 2% on $200K–$2M, 3% on $2M+
• First-time buyers may be exempt on homes up to $835,000 (2026 threshold)
• GST: 5% on new construction (included in purchase price for most presales, but verify)
• Federal GST rebate available on homes under $450,000
• BC GST New Housing Rebate for homes under $350,000
• Strata fees: Begin at completion
• Home insurance: Required by your mortgage lender

Total Cash Needed

For a $600,000 presale condo, budget approximately:

• Deposits: $60,000 – $120,000
• Closing costs: $8,000 – $15,000
• Total: $68,000 – $135,000

Benefits of Buying Presale

1. Price Lock: You lock in today's price and benefit from any appreciation during construction
2. 2-5-10 Year Warranty: BC new homes come with mandatory warranty coverage
3. Brand New Everything: New appliances, finishes, building systems
4. Customization: Choose your colour scheme and sometimes upgrade finishes
5. Flexible Deposits: Staggered payments over months, not a lump sum
6. Assignment Potential: In many cases, you can sell your contract before completion

Risks to Be Aware Of

1. Construction Delays: Completions can be delayed by months or even years
2. Market Changes: Property values could decrease during the construction period
3. Interest Rate Risk: Rates at completion may be higher than when you signed
4. Differences from Renderings: The finished product may differ slightly from marketing materials
5. Developer Risk: Although rare, developers can face financial difficulties

Tips From 400+ Presale Transactions

1. Always use a buyer-focused agent — our service is free to you, and we negotiate on your behalf
2. Read the Disclosure Statement — do not skip this step
3. Use the 7-day rescission period wisely — get legal advice
4. Budget for closing costs — not just deposits
5. Choose the right floor plan — corner units and higher floors generally hold value better
6. Research the developer — track record matters
7. Think about resale — even if you plan to live there, buy a unit others will want too
8. Get VIP access — the best units and prices go to early registrants

Ready to Start Your Presale Journey?

The Presale Properties Group has helped over 400 families buy presale condos and townhomes across Surrey, Langley, Abbotsford, Coquitlam, and Metro Vancouver. Our service costs buyers nothing — developers pay our commission.

Book a free 15-minute consultation to discuss your goals, budget, and timeline. We will match you with the best presale opportunities and guide you through every step.

Disclaimer: This guide is for informational purposes only and does not constitute legal or financial advice. Always consult with qualified professionals before making real estate decisions.

Founded by Uzair Muhammad, REALTOR® — Real Broker BC