10 Questions Everyone Asks About Presale Condos in Vancouver (Answered by a Presale Expert)

Buying a presale condo in Vancouver or the Fraser Valley can feel exciting—but also overwhelming. Over the years, I’ve helped hundreds of buyers and investors with presales, and I’ve seen the same questions come up again and again.

Here are the top 10 questions people ask about presale condos in BC—answered in plain language so you know exactly what to expect.

1. Are new builds low quality?

This is one of the biggest worries. People often think new condos are “cookie cutter” or built cheap. The truth? After the leaky condo crisis in the 90s, BC changed building codes to make sure homes are built to last. Most new condos now use rainscreen technology to keep water out, and every project has to meet stricter rules.

That said, not every builder is the same. Some cut corners. That’s why it’s so important to work with an agent who knows which developers in Vancouver have the best track record.

2. What are the pros and cons of buying presale?

The pros:

• You lock in today’s price, even if the market goes up.

• You get years to save money before move-in.

• You often get to pick finishes like flooring and countertops.

The cons:

• Construction can be delayed.

• Some details, like layouts or materials, might change.

• If the market goes down, you’re still buying at your original price.

I always tell my clients: presales are an amazing wealth-building tool—but only if you know how to avoid the risks. That’s where I come in.

3. Can I get a long-term mortgage pre-approval?

Not always. A lot of presales in Vancouver don’t complete for 2–5 years. Most banks only hold rates for a few months. The trick is to use mortgage brokers who specialize in presales—they can often get you a longer rate hold. I connect my buyers with lenders who know how presale financing works.

4. How much cash do I need for closing?

Besides your deposit, you’ll need money for closing costs like:

• Property Transfer Tax (biggest one—1–2% of the purchase price).

• Legal fees (~$1,000–$2,000).

• Strata move-in fees (~$200).

• Sometimes GST if it’s a new home.

On a $1M condo in Vancouver, this can be $20K–$25K or more. I help my clients plan this in advance so there are no surprises.

5. What if my condo is worth less at completion?

This can happen. If the appraisal comes in lower than your purchase price, the bank will only lend on the lower number. That means you need more cash to cover the gap.

I’ve helped clients in this exact situation before—we look at options like assignment sales, creative financing, or negotiating with lenders.

6. Why do so many people resell (assign) their presale contracts?

Sometimes buyers change their mind, can’t qualify for the mortgage, or simply want to take profit early. Assignments can work—but they’re not simple. Developers often charge assignment fees (1–3%), and they control how and when you can sell.

If you’re thinking about assignment, you need an agent who’s done it before. I’ve personally sold millions in presale assignments for my clients.

7. Can I assign my presale to a family member?

Maybe. Some contracts allow it, some don’t. And even when it’s allowed, the developer usually has to approve it, and they might charge a fee. Always check the fine print.

This is one of the first things I review when I go through contracts with my buyers.

8. Is selling a presale harder than selling a finished condo?

Yes—it usually is. You can’t always put it on MLS, and the developer might have strict rules. That’s why most buyers don’t try to do it alone.

This is where having a Presale Specialist like me makes a difference. I know the rules for each developer, and I already have investor networks looking for assignments.

9. Do strata fees go up after move-in?

Usually, yes. Developers sometimes set them low on paper to make the condo look cheaper. But once the building is running and real costs come in (insurance, maintenance, etc.), fees almost always rise.

When I review presales for clients, I help break down the projected strata budget so you know what to expect.

10. Should I still go through with my presale purchase?

This is the question I hear most right now. Rates are higher, the market feels uncertain, and many buyers are nervous.

Here’s my advice: if you bought in the right project with the right terms, presales are still one of the best long-term investments you can make in Vancouver. Timing the market is hard, but owning in the right location with the right builder has always paid off for my clients.

11. Do I get a cooling-off period in BC?

Yes. In BC, you have 7 days to change your mind after signing a presale contract. This is your chance to have me review the disclosure statement with you, go through the contract, and make sure you’re protected.

Final Thoughts

Presales can either make you a lot of money—or cause a lot of stress. The difference is working with someone who lives and breathes this market.

I’m Uzair Muhammad—Vancouver’s Presale Expert. I’ve sold over 300 new construction condos and helped first-time buyers, investors, and families navigate the presale world with confidence.

If you’re thinking about buying a presale condo in Vancouver, Surrey, Langley, or Coquitlam, let’s talk. I’ll walk you through the risks, the numbers, and the opportunities—and help you make the smartest move.

👉 Book a call with me today and get early access to the best presale projects before they hit the market.

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