How Presales Work in BC

What you're actually buying

When you buy a presale, you're buying a contract. The BC Financial Services Authority puts it plainly: it's "a contract for the right to receive, and an obligation to pay for, a finished unit at a point in the future." You're not on title yet. You won't be until the building completes, the strata is registered, and you complete the purchase — usually 2 to 4 years after you sign.

That's the fundamental thing to wrap your head around. You're locking in a price today for something you'll take possession of years from now. That's both the appeal and the risk.

Step 1: VIP Registration

Most presale projects go through a VIP phase before public launch. This is when agents like Christopher get early access to floor plans, pricing, and unit availability — before anything is publicly released.

VIP buyers typically get first selection of units, sometimes at pre-launch pricing before the developer adjusts for the public opening. There's no cost to register and no obligation. It's just getting to the front of the line.

Step 2: Signing the Contract

Once you've chosen a unit, you sign a purchase agreement prepared by the developer. Read it carefully — or better, have a lawyer read it. The contract will specify the deposit schedule, the estimated completion date, what's included in the unit (finishes, appliances, parking, storage), and the developer's rights to make changes.

Under BC's Real Estate Development Marketing Act (REDMA), you have a 7-day rescission period after signing. You can walk away for any reason within those 7 days and get your deposit back. After that, you're committed.

Step 3: The Deposit

You don't pay the full purchase price upfront — you pay deposits in stages over the construction period. A typical structure in Metro Vancouver looks like 5% on signing, another 5% at a set milestone (say, 6 months later), and potentially more stages depending on the project.

By law in BC, your deposit is held in trust. The developer can't touch it until completion. If the project is cancelled, you get it back. That said, you're not earning much on it while it sits there.

The full balance — your mortgage — isn't due until completion day. This is also when your lender will re-qualify you. More on why that matters in the deposit structure guide.

Step 4: Construction

You wait. Construction typically takes 2 to 4 years for a concrete highrise, less for wood-frame. Delays happen — they're common enough that you should plan for the building to complete 6 to 12 months later than the estimated date in your contract.

During this period you'll want to keep your finances stable. Don't change jobs, take on new debt, or do anything that would affect your mortgage qualification. Your lender will re-qualify you at completion based on your income and the rate at that time — not the rate when you signed.

Step 5: Completion

When construction finishes, you'll get a deficiency walkthrough — a chance to go through the unit and flag anything that needs fixing before you take possession. Do this seriously. Scratch in the flooring, paint touch-ups, appliances that aren't working right — this is your window to get things corrected before you move in.

Then your lawyer handles the actual completion. They'll prepare a Statement of Adjustments showing all the credits and debits — including any property transfer tax, GST (if applicable), and strata fees to be prorated. You bring a bank draft for the remaining balance and that's it. You're on title.

What can go wrong

The most common issue is financing at completion. If rates have risen significantly since you signed, or your income situation has changed, you may not qualify for the same mortgage you thought you would. This is the single biggest risk in presale right now and the reason we always recommend talking to a mortgage broker before you sign — not after.

Projects also get cancelled, though it's relatively rare with established developers. Your deposit is protected in trust, but you lose the time and opportunity cost.

And completion dates shift. If you're planning to move from a rental, don't give notice until you have a confirmed date from the developer.

What you get that resale doesn't offer

A brand new home with full BC New Home Warranty coverage — 2 years on materials and labour, 5 years on the building envelope, 10 years on the structure. No dealing with the previous owner's choices in finishes or layouts. In some cases, meaningful savings on GST and property transfer tax, particularly for first-time buyers. And if you're buying early enough in a rising market, you lock in today's price.

The market in 2026 is the most buyer-friendly it's been in years. Read more in our guide on whether now is a good time to buy.