For: First-time buyers · Updated 2026-10-28

How much cash do I need to buy a presale in BC?

By Uzair Muhammad, REALTOR®, Real Broker BC

Quick answer

Plan for the deposit (often 5% to 20% of the price, paid in stages over 12 to 24 months), plus cash at completion for the rest of your down payment, legal fees and adjustments, and a buffer in case the unit appraises low. First-time buyers can cut costs with BC's property transfer tax exemptions, the GST rebate, the FHSA and the RRSP Home Buyers' Plan.

The deposit

Most BC presales ask for 5% to 20% in total, paid in instalments. In 2026 many developers have reduced deposit structures to attract buyers. Your deposit usually counts toward your down payment at completion.

Programs that reduce what you need

FHSA: contribute up to $8,000 a year, to a $40,000 lifetime limit, tax-deductible going in and tax-free coming out for a qualifying first home.

RRSP Home Buyers' Plan: first-time buyers can withdraw up to $60,000. Funds must sit in the RRSP at least 89 days before withdrawal to be deductible. The 2026 Spring Economic Update proposes extending the repayment grace period; it's a proposal until enacted.

Newly built home PTT exemption: full exemption on a newly built home up to $1,100,000 fair market value, partial up to $1,150,000, if you're a citizen or PR, move in within 92 days and live there for the first year.

First-time buyers' PTT exemption: full up to $835,000, partial below $860,000.

First-time buyer GST rebate: up to $50,000 on new homes, as explained in our GST rebate answer.

Cash at completion

At completion you need the rest of your down payment, legal and closing costs, strata and tax adjustments, and any GST not rebated or credited. Keep a buffer: if the unit appraises below your price, you cover the gap.

Want your own cash plan?

On a 10-minute call we'll map your deposit schedule, programs and cash at completion for the price range you're targeting.

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Frequently asked questions

What deposit do I need for a presale in BC?

Usually 5% to 20% of the price in stages. Many 2026 projects offer lower deposit structures, so compare carefully.

Can I use my FHSA for a presale deposit?

FHSA funds are withdrawn for a qualifying home purchase. Timing rules apply, so confirm with your financial institution before relying on it for an early deposit.

Do I pay property transfer tax on a new presale in BC?

Not on a newly built home up to $1,100,000 if you qualify for the newly built home exemption, with a partial exemption up to $1,150,000.

How much should I keep as a buffer?

Enough to cover closing costs plus a possible appraisal shortfall. Your agent and mortgage broker can size this for your unit.

Sources

This is general information, not legal, tax or financial advice. Rules change; confirm with a lawyer, accountant or mortgage professional before you act.

About the author

Founder of Presale Properties Group. Spent 10 years at the City of Surrey in Planning and Bylaws before real estate. Represents buyers only on new construction across Metro Vancouver and the Fraser Valley.