— Presale FAQ
The questions presale buyers actually ask.
Fourteen straight answers — deposits, taxes, the seven-day window, assignments and risk — from someone who sold presale launches for developers before crossing the table to represent buyers.
01 · The basics
What is a presale condo?
A presale is a home you buy directly from the developer before — or while — it’s being built. You sign a purchase contract today, pay the deposit in stages, and complete when the city grants occupancy, usually two to four years later. Your price is locked the day you sign; the building catches up to it. Weighing it against an existing home? See the presale vs resale comparison.
How does buying a presale actually work?
Five steps: review the project and its disclosure statement, submit a worksheet for the unit you want, sign the purchase contract, use the mandatory seven-day rescission period for real diligence, then pay deposits in stages while the building goes up. The balance completes at occupancy. I’ve written the full walkthrough in the buying a presale in BC guide.
Does it cost more to use my own realtor?
No — and this is the most misunderstood fact in presale. The developer pays your agent’s commission and the price is identical whether you walk in alone or represented. The sales centre team, helpful as they are, works for the developer. Your own agent is the only person in the room contractually working for you.
02 · Deposits & costs
How much deposit do I need?
Most Metro Vancouver presales ask 10–20% of the purchase price, paid in instalments over 6–18 months rather than one cheque. On a $900,000 condo that usually means $90,000–$180,000 in total, starting with roughly $10,000–$25,000 at signing.
Do I pay GST on a presale?
Yes — a presale is a new home, so 5% GST applies at completion. First-time buyers can qualify for the federal GST rebate on new homes under $1M, phasing out to $1.5M. I’ve broken down what that changes in the $50K GST rebate article, and the full math lives in how much GST you pay on a new condo in BC.
What about property transfer tax?
Many presales qualify for BC’s newly built home exemption, which can cut the property transfer tax to zero. The thresholds move, so run your exact numbers through the BC presale tax calculator before you count on it.
What closing costs should I budget beyond the price?
GST and property transfer tax where they apply, legal or notary fees, and completion adjustments — prepaid strata fees, utilities, move-in fees. These land at completion, not at signing, so budget for them alongside your mortgage arrangements.
03 · Protection & risk
Can I cancel after signing?
Yes. BC’s Real Estate Development Marketing Act gives every presale buyer seven days to rescind for any reason, with a full deposit refund. Those seven days are for diligence, not formality — here’s how to use them properly.
Is my deposit safe if the project is cancelled?
Presale deposits are held in trust or covered by deposit protection insurance under REDMA. If the developer cancels, your deposit comes back. What doesn’t come back is the market appreciation you were counting on — that’s the honest risk of a cancelled project.
What happens if completion is delayed?
Delays are common and your contract sets an outside date. Woodframe and townhome projects typically run 18–30 months from launch; concrete highrises three to four years. Don’t time a lease ending or a home sale to a brochure date — keep your plans flexible.
What if mortgage rates or rules change before completion?
You qualify for your mortgage when the building completes, not when you sign. Rates, lending rules and your own income can all change over three years, and rate holds only cover the final stretch. An honest stress test now beats a surprise at closing.
04 · Selling & assignments
Can I sell my presale before completion?
Usually, through an assignment — selling your contract to another buyer before the home completes. Most developers require consent and charge an assignment fee, and every assignment is reported to the CRA through CSAIR, so the profit is taxable. Start with the assignments overview and what CSAIR means for sellers.
05 · Working with me
Why work with a presale specialist instead of any realtor?
Presale contracts are nothing like resale. Disclosure statements, staged deposits, assignment clauses and completion risk all live in the fine print. Between 2014 and today I sold 20 presale launches for six Metro Vancouver developers — Bosa, Wesgroup, Anthem, Aragon, Quantum Properties and Foster Living — before crossing the table to represent buyers. I’ve read these contracts from both sides. More on how to choose a presale realtor.
Which areas and languages do you cover?
All of Metro Vancouver — from Vancouver and Burnaby to Coquitlam and Surrey. Consultations in English, Cantonese (廜東話) or Mandarin (普通話). Book a call — no pitch, just a clear read.
— The first step
Bring me the project before you sign.
A 30-minute call costs nothing and can save you from a contract you shouldn’t be in — or confirm the one you should.