What Are Presale Condos? The Complete Guide for BC Buyers

If you are looking to buy real estate in British Columbia, you have probably heard the word "presale" thrown around. You see the signs, the presentation centres, and the online ads. But if you have never bought one before, the concept can feel a bit confusing. How do you buy a home that does not exist yet? A presale condo is exactly what it sounds like: you are purchasing a condo before it is fully built. You are not buying a physical unit today; you are buying a contract that secures your right to purchase that unit once construction is finished, subject to the terms of the disclosure statement and purchase agreement. For many buyers in BC—especially in fast-growing areas like Surrey, Langley, and the Fraser Valley—presales have become the smartest way to enter the market. Let us break down exactly how they work, the timeline, the financial benefits, and the risks you need to know. How the Presale Process Works: A Step-by-Step Timeline Buying a presale is very different from buying a resale home. With a resale home, you get a mortgage, hand over the money, and move in two days later. With a presale, the process is spread out over several years. Step 1: The Search and Selection You start by visiting a presentation centre or having your realtor get you VIP access before the public launch . You look at floor plans, review the finishings, and select your exact unit. You will know the price, the layout, and the expected completion date. Step 2: The Contract and the 7-Day Rescission Period Once you select a unit, you sign a purchase agreement. In BC, you are legally protected by a 7-day rescission period . This means you have seven days to review the contract with your lawyer, get your finances in order, and think it over. If you change your mind within those seven days, you can walk away and get your initial deposit back without any penalty. Step 3: The Deposit Structure You do not need a mortgage right away. Instead, you pay a deposit to secure the unit. This is usually 5% to 10% of the purchase price, but it is not paid all at once. It is broken down into a structure. For example, on…

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.