Presale guide · Updated October 2026

Buying a presale in BC as a first-time buyer

A presale is a home you buy before it's built. You sign now, pay a deposit in steps, and move in when it's finished, usually 2 to 4 years later. Here's how it works in Vancouver, Surrey, Langley, Burnaby and Coquitlam, in plain English.

By Laxman Hanmaiahgari PREC*, REALTOR® with Real Broker B.C. Ltd. I help first-time buyers and presale buyers in English, Telugu and Hindi.

How a presale works, step by step

1. Know your numbers first. Get a mortgage pre-approval and a clear budget before you visit any sales centre. Remember: your mortgage is only approved for real near completion, so plan for rates to move.
2. Pick the area, then the building. Look at the developer's track record, the location (SkyTrain, schools) and the deposit schedule, not just the show suite.
3. Read the disclosure statement. The developer must give it to you before you sign. It shows the floor plan, what's included, fees, parking and the expected completion date. If something important changes later, they must give you an amendment.
4. Sign, then use your 7 days. In BC you can cancel a presale in writing within 7 days of signing (or of receiving the disclosure statement, whichever is later). Use this time to have a lawyer or notary review the contract.
5. Pay deposits in steps. Most presales ask for 10–20% in total, split over time (for example 5% now and 5% in a few months). Your deposit is held in trust by a lawyer, notary or brokerage.
6. Wait and save. Construction takes time. Keep saving for closing costs and keep your credit clean. Big new car loans can lower how much you can borrow.
7. Inspect and complete. Before you move in, you do a walkthrough (a pre-delivery inspection) and list anything to fix. Then your mortgage funds, you pay the rest, and you get the keys.

The money: what first-time buyers can save

First-time home buyers' GST rebate

On a brand-new home, first-time buyers can get back up to $50,000 of GST. That's the full GST on homes up to $1 million, with a smaller rebate between $1 million and $1.5 million. The agreement must be signed on or after May 27, 2025. You must be 18+, a Canadian citizen or permanent resident, and not have owned a home you lived in this year or the past 4 years.

Property transfer tax on newly built homes

BC's newly built home exemption means no property transfer tax on a new home up to $1,100,000 that you'll live in, with a partial break up to $1,150,000. For older (resale) homes, the first-time buyer exemption applies instead: no tax up to $500,000, and $8,000 saved up to $835,000.

Your savings accounts

The FHSA lets you save up to $8,000 a year ($40,000 total) tax-free for your first home, and the RRSP Home Buyers' Plan lets you borrow up to $60,000 each from your RRSP.

Each program has rules and dates. I check which ones fit you before you sign anything.

The risks, honestly

• Appraisal gap. If the home appraises for less than you paid when it's finished, you cover the difference.
• Interest rates. Rates at completion may be higher than today.
• Delays. Completion dates can move. Read what the contract allows.
• Selling early is costly. Many developers limit assignments, and BC's home flipping tax can apply if you sell your contract within 2 years (up to 20% of the profit in the first year).
• Developer quality. Look at buildings they've finished before.

Presale or resale?

My rule of thumb: if a presale and a similar resale are close in price, the new home usually wins. If you need to move this year, go resale.

Where first-time buyers are looking for presales

• Surrey: Fleetwood and Clayton, near the six new Surrey–Langley SkyTrain stations (expected late 2029), and Surrey City Centre on the Expo Line. Surrey guide
• Langley: Willoughby and Latimer, near the future 196 St station. Langley guide
• Burnaby: Metrotown, Brentwood and Lougheed, right on SkyTrain. Burnaby guide
• Coquitlam: Burquitlam and Coquitlam Central on the Millennium Line. Tri-Cities guide
• Vancouver: near the Broadway Subway (expected late 2027) and East Vancouver stations. Vancouver guide

How I help presale buyers

I work on your side, not the developer's. I compare projects with similar resale homes, review the disclosure statement and deposit schedule with you, and bring in a mortgage advisor and lawyer before your 7 days are up. On most presales the developer pays my commission, so my advice costs you nothing.

Presale questions first-time buyers ask me

This guide is general information, not legal, tax or financial advice. Programs and rules change; confirm with your lawyer, accountant or the government before you act. Sources: BC Financial Services Authority (REDMA), Government of BC (property transfer tax, home flipping tax), Government of Canada (GST rebates), BC Housing (home warranty).