How to Buy a Presale Condo or Townhome in BC: The Definitive 2026 Guide

Buying a presale is not the same as buying a finished home, and the differences are exactly where first-time buyers get caught. You''re buying something that doesn''t exist yet, on a contract, with a deposit structure and a timeline instead of a key and a closing date. Done right, it lets you lock in today''s price and move in later. Done without guidance, it''s where costly mistakes happen.

This is the plain-language walkthrough we give our own clients. No jargon, no rush. If anything here raises a question for your situation, that''s the point — and it''s the conversation we have for free, because the developer pays our fee, not you.

Step 1 — Get VIP access before the public launch

Presales sell in phases. The best pricing and unit selection usually go to VIP buyers — people working with a team that has a relationship with the developer — before the public sales centre even opens. By the time a project is advertised broadly, the strongest units and the early-phase pricing are often gone. Getting in early, through a buyer-side specialist, is the single biggest lever most buyers don''t use.

Step 2 — Choose the project and the unit

This is where specialist advice earns its keep. You''re comparing developers'' track records, completion timelines, deposit structures, floor plans, exposure and view, strata projections, and the realism of the advertised completion date. A generalist agent who does one presale a year can''t give you that read. We''ll also tell you when a project isn''t right for you — even if it costs us the sale. That honesty is the whole point of having someone in your corner.

Step 3 — Write the contract and start the rescission clock

When you decide, you sign the purchase agreement and receive the developer''s disclosure statement. In BC, presale buyers have a 7-day rescission period — a legally protected window after you receive the disclosure statement (and the contract) during which you can cancel for any reason and get your deposit back. Use it. This is the time to have your lawyer review the contract and disclosure statement, not after.

Step 4 — Pay your deposits on schedule

Presale deposits are staged, not all-at-once. In Metro Vancouver they commonly run in the range of 5–20% of the purchase price, spread over time — for example an initial deposit at signing, then further instalments at set milestones. Your deposit is held in trust. The staged structure is one of presale''s advantages: it gives you runway to prepare your finances before completion, instead of needing everything at once.

Step 5 — Wait through construction (and stay informed)

This is the part that''s unique to presale: a wait that can run a few years. During it, the building gets its permits, goes vertical, and works toward occupancy. Good representation doesn''t disappear after you sign — we keep you updated through the build, which is exactly when most agents go quiet.

Step 6 — Arrange your mortgage near completion

You don''t lock your mortgage at signing — you arrange financing close to completion, when the lender can assess the near-finished property and your current situation. Plan early, but expect the formal mortgage to come together near the end of the build. Build a buffer in case the timeline shifts.

Step 7 — Do your pre-delivery inspection (PDI)

Before you get keys, you walk the finished unit with the developer and document deficiencies — anything not finished correctly — so the warranty team fixes them. A thorough PDI protects you. Your new home is also covered by BC''s 2-5-10 New Home Warranty (2 years on labour and materials, 5 on the building envelope, 10 on structure).

Step 8 — Complete, pay your closing costs, and get your keys

At completion you pay the balance and your closing costs. Budget for:

• GST on the new home (with possible rebates depending on price and use).
• Property Transfer Tax (PTT), with possible exemptions — including for some first-time buyers and certain newly built homes, subject to price thresholds and conditions.
• Legal fees and adjustments.

Then the home is yours.

The honest version of the trade-offs

Presale lets you secure a home at today''s price and move in later, with a staged deposit instead of a lump sum. The trade-offs are the wait and the fact that you''re buying on a timeline that can move. We never promise how the market will perform over a build cycle — no one can. What we promise is that you''ll understand exactly what you''re signing, what it''ll cost, and when.

FAQ

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

Deposits are staged and commonly total around 5–20% of the purchase price over time, depending on the developer and project, rather than a single lump sum. Your deposit is held in trust.

What is the 7-day rescission period?

It''s a legally protected window after you receive the disclosure statement and contract during which a presale buyer can cancel for any reason and get their deposit back. Use it to have your lawyer review everything.

When do I get my mortgage for a presale?

You arrange financing close to completion, not at signing, because the lender assesses the near-finished home and your situation at that time. Plan early and keep a buffer for timeline changes.

Do I pay GST and Property Transfer Tax on a presale?

Yes — new homes are subject to GST (with possible rebates) and Property Transfer Tax (with possible exemptions, including for some first-time and newly built home buyers, subject to thresholds). Budget for both at completion.

Is buying a presale a good idea for a first-time buyer?

It can be, because of the staged deposits and the runway before completion — but only with guidance. The contracts, timelines, and tax pieces are where first-timers get caught, which is why working with a buyer-side specialist (at no cost to you) matters.

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The Presale Properties Group represents buyers — never developers — of presale condos and townhomes across Surrey, Langley, Abbotsford, Coquitlam, Delta, Burnaby, Vancouver and the rest of Metro Vancouver. We explain the whole process in plain language, in your language, at no cost to you. 400+ families helped, $200M+ in transactions, 5.0 Google rating. Book a free consultation or browse current presale projects.

General information only, not legal or financial advice. Always review the disclosure statement and contract with your own lawyer, and confirm tax and mortgage details with the relevant professionals.