Presale Condo Financials: Deposits, Mortgages, and Hidden Costs

Financial Guide Presale Condo Financials: Deposits, Mortgages, and Hidden Costs By Uzair Muhammad March 23, 2026 10 min read U Uzair Muhammad Verified Presale Specialist · PresaleProperties.com You are ready to enter the BC real estate market, but the financial mechanics of buying a new build feel overwhelming. You are looking at your bank account and trying to determine if you actually have the cash required to secure a unit. The questions we hear every day are: How much deposit is needed for a presale condo in BC? Do I need a mortgage right away? What are the exact closing costs, and how does GST work on new construction? At Presale Properties, we believe in complete financial transparency. If you are looking at new developments in Surrey or the Fraser Valley, you need to understand the exact costs involved before you walk into a presentation centre. The Reality of Presale Deposits and Financing When you purchase a presale condo, you are not buying the physical property today; you are securing the right to buy it in the future. Because of this, you do not need a mortgage on day one. Instead, you are required to pay a deposit, which is typically broken down into installments over 12 to 24 months. While 20% used to be the standard, many developers in today& 39;s market are offering more flexible structures, such as 10% or 15% total deposit. You might pay 5% when you sign the contract, another 5% in six months, and the final 5% a year later. You only need to finalize your mortgage and pay the remaining balance when the building is finished and you take possession. This structure gives you years to save additional funds, increase your income, and prepare for closing. Example Deposit Schedule — $700K Surrey Condo 1 At Signing $35,000 — 5% Due immediately upon contract execution. Must be certified funds. 2 90 Days $35,000 — 5% Second installment. Set a calendar reminder — late payment can void your contract. 3 180 Days $35,000 — 5% Final deposit installment. Held in lawyer& 39;s trust until completion. M Completion 2–4 Years $595,000 — Mortgage Remaining balance financed. GST and closing costs also due at this stage. Why This Matters to You If you are a first-time buyer,…

This article is part of the PresaleProperties.com BC real estate guide library. It is intended for buyers comparing presale condos, townhomes, assignments, deposits, completion timelines, neighbourhoods and developer incentives across Metro Vancouver and the Fraser Valley.

Because presale information changes quickly, readers should verify current project pricing, floor plans, incentives and availability before signing contracts or submitting deposits. For direct help, call 672 258-1100 or request VIP access on the relevant project page.