“Begin with the end in mind…” – Dr. Stephen R. Covey.
When you’re learning how to buy a presale condo in BC, that quote hits harder than ever. I wish I had taken it seriously years ago, but here we are. So let’s be clear about something from the start: the goal isn’t to chase the perfect flip or gamble on short-term gains. The goal is to end up in a home that feels right for you. Prices will rise and fall, but if the place you buy makes you genuinely happy, that’s the win that actually matters.
Here’s the deal: this manual, and yes, I’m purposely not calling it a “guide,” is my way of breaking free from the sea of painfully obvious, cookie-cutter advice out there. You know the ones: “Go to the bank. Do your research. Save money.”
This manual is different. It’s about flipping the script on old-school presales thinking. The idea that buying one is risky, you have zero leverage, and you blindly accept whatever price is printed on the board. Not anymore. Not in this market. Here, you’ll get the real story, not the recycled nonsense.
To clarify, I’m focusing on move-in-ready homes or those with a delivery time of 1-6 months. Not standard presales, which might take three or more years to complete if delays occur.
For those who can’t wait to learn how not to buy a presale the old-fashioned way, here’s the quick scoop:
- Stop paying full sticker price. That era is over.
- Take your time before signing anything. Rushing helps only one person – and it’s not you.
- Ask for extras. Upgrades, credits, better terms… You never get what you don’t ask for.
- Ask for even more when you’ve already scored a solid deal. Developers expect it.
In 2019, a Canadian real estate podcast reported that presales in Greater Vancouver were typically priced 25-30% higher than comparable resale condos in the same neighbourhood. Wild, right?
Artesia by Qualex Landmark
Fast forward to 2025, and the script has completely flipped. Just a while ago, my client walked out of the Artesia Presentation Centre in Metrotown grinning from ear to ear after paying about $150,000 to $200,000 less than she would have paid for the same home two or three years ago. Now she’s counting down the days until she moves into her brand-new luxury condo, complete with Fisher & Paykel appliances, Italian cabinetry, heated towel racks, concierge service – the whole package – and she paid less than comparable homes currently listed on the MLS.
And here’s the part that still blows people’s minds:
No property transfer tax.
And if you haven’t owned a home in the last four years, you may also skip the GST on a brand-new home. Pretty impressive, isn’t it?
There are a few guidelines regarding taxes, but don’t worry – we’ll review them together later.
To give a perspective. The above client paid $1,153 per square foot in September for her luxury condo. In the same month, five comparable resales of 2-bed, 2-bath homes less than two years old sold on MLS for an average of $1,178 per square foot in the same neighbourhood. Fast-forward to November, and the average asking price for similar homes on MLS is $1,258 per square foot.
Presale or Resale? A Look at Price per sq. ft.
Data sourced from comparable MLS condo listings in Burnaby’s Metrotown area. Comparison includes two-bedroom, two-bath units less than two years old, both sold and active listings.
- $0 sq.ft
Actual presale sold price (Sep. 2025)
- $0 sq.ft
Avg. MLS resale unit sold price (Sep. 2025)
- $0 sq.ft
Avg. MLS resale unit asking price (Nov. 2025)
The idea is to show you, step by step, the entire process of buying a presale directly from a developer, while avoiding unnecessary fluff and jargon from researching and viewing properties to signing contracts, securing financing, and finally moving in. My observations and insights are based on the real experiences of other buyers and reflect the current market conditions in Metro Vancouver.
Even though I’ll mostly be discussing presale homes that are either nearly complete or ready for immediate occupancy, some of what I share will still be helpful even if you’re looking at presale homes that need a bit more time.
Just a quick heads-up before we go any further: everything you’re about to read is my opinion. I’m a licensed Realtor, so yes – I come with my own set of biases. Please feel free to fact-check anything that sounds too bold, too confident, or too good to be true. The good news is that I always back up my views with actual data, real numbers, and the kind of statistics you won’t find on Instagram infographics.
And since we’re on the topic of reliable sources, here’s a quote from my favourite authority on presales (you might even recognize him by now):
“Buying a presale condo that is nearly complete or a move-in-ready presents one of the most compelling opportunities in today’s real estate market.” – Darius Dominczak, Realtor.
What is a Presale Condo?
For this article, a presale condo, otherwise referred to as pre-construction, is a strata property purchased directly from a developer, either before it’s built or after it’s completed and move-in ready. You might hear the term “presale condo” tossed around quite a bit; it generally refers to any strata-titled properties, including both condominiums and townhomes.
Buyers secure a unit at an agreed price today and complete the purchase once construction is finished and the building is registered.
How Presales Differ from Resales?
Presales operate under a completely different set of rules than resales – and that rulebook is called REDMA (the Real Estate Development Marketing Act). Under REDMA, developers are required to provide you with a Disclosure Statement, which includes information on floor plans, amenities, completion timelines, deposit requirements, and any relevant risks you should be aware of.
And when I say “regulated,” I mean it.
The last Disclosure Statement I reviewed, with all its amendments and attachments, totalled 647 pages and 18.6 MB. That’s not a typo – definitely something you’ll want to flip through before signing anything.
You’ve got a few ways to handle this mountain of reading:
- Read it yourself
- Have your Realtor review it
- Ask your lawyer to go through it
- Run it through ChatGPT (fun, but probably not something your lawyer will sign off on unless they’re also a magician)
For context, Perplexity estimates that reading 647 pages takes 16 to 27 hours, depending on your reading speed and how many times you get distracted. As of 2025, the average Vancouver lawyer charges between $200 and $400 per hour to review a real estate contract.
So, you’ve got options. The math will usually tell you which one makes the most sense.
Market Context – Why 2025 Matters
Construction across Canada has slowed sharply, with many lenders now requiring developers to pre-sell at least 70% of units before releasing construction financing. This has led to widespread delays and, in some cases, project cancellations. The Architecture Billings Index, a key leading indicator of future building activity, has been in decline for more than a year. While this index is based on U.S. data, Canadian development cycles historically track very closely, and current market conditions reflect the same downward trend.
12-month Architecture Billings Index (ABI)
Interpretation: If the score is below 50, it suggests that billings for architecture firms are declining compared to the previous month. When we see several consecutive readings below 50, it indicates a continued decline in billings for these firms.
Source: American Institute of Architects (AIA) / Deltek
How’s the Market?
I won’t bore you with a bunch of stats, charts, or what so-called “experts” think, but here’s the answer nobody wants to hear: it depends. If you’re selling, it’s pretty rough, but if you’re buying, it’s a whole different story. However, that also depends on a few factors. The bottom line is that, regardless of market conditions, there are always individuals who can benefit. You figure it out for yourself.
Is 2025 a Unique Buying Opportunity?
The current slowdown will likely lead to a supply crunch between 2027 and 2030, creating upward price pressure later.
Buying a presale today often allows buyers to acquire a home at a price below replacement cost, a rarity in the real estate market. You can also take advantage of potential government rebates, which may not be available in the future.
“The time is now. With construction costs secured for Tower Three in 2018, this is the last opportunity to buy a new home at this value and price point. It’s not possible to build a new home at this cost today.” – Shape Properties.
The Prices Are Falling. What’s the Rush?
If you’re thinking about sitting on the sidelines to see whether prices drop a little more, fair enough – you might even be right in the short term. But here’s the catch: once the market turns upward again, today’s prices will feel like a distant, nostalgic memory. Builders already say they can’t deliver new homes at what they call “affordable” levels. And the moment construction ramps back up, prices will climb, whether buyers can keep up or not.
The only alternative is to pin your hopes on the government’s promise to build 500,000 affordable homes. If you genuinely believe that’s happening anytime soon… well, you might as well close this tab and wait for those units to appear. Perhaps they’ll show up alongside the $10-a-day childcare they also promised.
“We can no longer build what people can afford” – Anne McMullin, Urban Development.
Realtors Always Say It’s a Good Time to Buy
I hear this one frequently, so let me clarify it. When someone comes to me and says they’re thinking about buying, I naturally assume it’s a good time for them – whatever life event, goal, or circumstance has prompted them even to start the conversation. My job isn’t to deliver a cheesy slogan; it’s to provide solid advice and help them achieve the best possible outcome based on their current situation.
At the end of the day, the best time to buy (or sell) real estate is simple: when you decide it’s the right time. Everything else is just noise.
The “Experts” Say It Will Get Worse Before It Gets Any Better
Seriously? Do me a favour: the next time someone waves around a quote from “the experts,” ask them where these geniuses were a couple of years ago – and what exactly they were “experts” in back then. Because I guarantee the script was the opposite: “It’ll get better before it gets worse.” My personal favourite was something I heard years ago: that the hot real estate market would cause an imminent shortage of Realtors. Yes, really.
Here’s the funny thing about these so-called experts: they’re almost always nameless. Whenever I hear a newscaster confidently declare, “According to experts…” my blood pressure instantly spikes, regardless of the topic. If someone can’t attach their actual name and credentials to a forecast, it’s usually not worth more than the airtime it took to say it.
The key question is how long to wait. When will the prices drop enough to make a purchase worthwhile? Not too long ago, I witnessed a significant buying frenzy. It was tough to watch some buyers lose out on homes they really loved, especially when they were competing with 15 or more offers, sometimes going $200,000 over the asking price. I can only imagine how stressful that must have felt, thinking that home ownership might seem out of reach.
Now, jumping to 2025, those same buyers are more cautious, waiting for a positive sign in the market, especially since things have been feeling a bit gloomy lately. Unheard inventory, massive price reductions, and numerous incentives somehow fail to prompt them to make a purchase. Instead, they are waiting for the price to drop even further.
Here’s another uncomfortable truth I picked up after decades in this business: nobody can time the market. Not you, not me, and definitely not the so-called “experts” (a word that makes me cringe every single time I hear it).
By the time the “perfect moment to buy” finally shows up on everyone’s radar, guess what? It’s already too late. The opportunity has passed, prices have moved, and the advantage disappears overnight.
Start with Why
“People don’t buy what you do; they buy why you do it”. – Simon Sinek.
Why #1: Below Replacement Pricing
I’ve been making the rounds at a few Realtor events lately – one hosted by Shape Properties at The City of Lougheed in Coquitlam, another by Onni at West 57th in Vancouver, and a third by Edgar Development at Portwood in Port Moody. I’ll be honest… I mostly showed up for the free food and the chance to win fabulous prizes. Sadly, my dream trip to Italy was cancelled when I arrived a little too late for the grand prize draw. (Don’t worry, I still won a consolation prize: a peaceful drive home in my own car.)
So there I was, happily stocking up on snacks and cookies (they offered drinks too, but since I don’t drink, that perk was wasted entirely), when one thought kept nagging at me:
They’re more than ready to make a deal.
“Be fearful when others are greedy and greedy when others are fearful” – Warren Buffett.
So here’s the real question: do you buy now, when the selection is enormous and developers are actually willing to make a deal… or do you wait until the media finally announces, “Good news! The market is improving! Because if you wait for that headline, you’ll rush back into the market along with every other buyer who gets their advice straight from the evening news. And then what happens? You end up paying $25,000 to $50,000 over asking, fighting your way through a lineup of eager buyers who all woke up on the same morning thinking, “Today is the day!”
And here’s the tragic irony: you might even feel good about it. You beat the crowd! You won the prize! You came out on top of the rat race! The little premium you paid? Who cares – “there are things money can’t buy,” right?
Meanwhile, today, buyers can pick up brand-new homes at prices we may never see again. Most of the buildings under construction today were launched 2 – 4 years ago, when labour and materials were cheaper – nowhere near what they cost today, let alone what they’ll cost in a few years. Some developers are still benefiting from older, lower-construction contracts. But once their current inventory is gone and the economy picks up, the idea of finding a beautiful new home at today’s pricing will likely feel like a fairy tale from a long, long time ago.
“The time is now. With construction costs secured for Tower Three in 2018, this is the last opportunity to buy a new home at this value and price point. It’s not possible to build a new home at this cost today.” – Shape Properties.
But how do you really know you’re buying below replacement cost? Well… you don’t. Not with absolute certainty. But here’s how I look at it:
Think back to your last grocery run. Remember that moment in the checkout line when your inner voice screamed, “Wait… how much for blueberries?!” Everything costs more – not because stores have become more creative, but because the cost of producing things has skyrocketed.
Now ask yourself this: do you genuinely believe that two or three years from now, when construction costs, labour, materials, interest rates, and government fees inevitably rise again, you’ll magically be able to snag a brand-new, high-rise condo for less than today’s price?
Yeah… me neither.
Why #2: You’re in Control
You’re in the driver’s seat now. For the first time in ages, it’s all about you. Remember when people used to camp out overnight just to pay full price, missing out on all the perks? Seems wild, right? Back then, buyers had no choice and were at the mercy of developers. But things have flipped – now it’s all about what you want!
Why #3: Tax Incentives & Rebates
Let’s talk about “government incentives.” In my world, here’s how it works: they take your money, and once in a blue moon, they hand a tiny portion back to you, and somehow call it an incentive or rebate. Sure. That’s one word for it. I have a few others, but let’s keep this article family-friendly.
But here’s the thing: whatever label they slap on it, these programs exist, and you’d be wise to take full advantage of them while they’re still around. Free money (or money you previously gave them) is still money. Let’s break down what you can actually claim.
Our Online & Mobile Financial Calculators
While we’re on the topic of tax incentives and rebates, don’t forget we offer a complimentary full suite of financial calculators that can crunch just about anything you throw at them, including all the rebates (okay… maybe not spousal support, but everything else). You can install them right on your phone – the links are waiting for you at the end of this article – and trust me, if you knew how much we pay to keep these things running, you’d download them immediately. They make planning, estimating, and stress-testing your numbers ridiculously easy.
Federal: First-Time Home Buyers’ (GST) Rebate
Announced on May 27, 2025, this proposed measure allows eligible buyers to recover up to 100% of the GST on new homes priced up to $1,000,000, with partial relief available up to $ 1.5 million.
| Home Price | Rebate Level | Approx. Savings |
|---|---|---|
| ≤ $1,000,000 | 100% rebate | Up to $50,000 |
| $1M–$1.5M | Partial rebate (phased out) | ≈ $25,000 at $1.25M |
| ≥ $1.5M | No rebate | — |
Eligibility Summary:
- Buyer must be a Canadian citizen or permanent resident.
- At least one purchaser must be a qualified homebuyer using the property as their principal residence.
- Purchase agreement signed between May 27, 2025, and 2031, construction starting before 2031, and substantially complete before 2036.
Definition of a Qualified Buyer
- You are considered a first-time buyer if you meet the following criteria:
- You are at least 18 years old.
- You are a Canadian citizen or a permanent resident.
- You have not lived in a home that you or your spouse/common-law partner owned in the current calendar year or in the four preceding years.
Disclaimer (Compliance Note)
This information reflects a proposed federal measure and may change upon passage of enabling legislation. Always confirm your current eligibility with your lawyer or accountant, and consult the official government website for the most accurate information.
🔗 Government of Canada – GST Relief for First-Time Home Buyers
Property Transfer Tax (PTT) Exemption
Many buyers of newly built homes in British Columbia can qualify for a Property Transfer Tax (PTT) exemption, significantly reducing their closing costs.
As of April 1, 2024, the BC government increased the qualifying thresholds to make homeownership more accessible:
| Portion of Fair Market Value | Marginal PTT Rate* |
|---|---|
| First $200,000 | 1.0% |
| Next portion from $200,001 up to $2,000,000 | 2.0% |
| Portion over $2,000,000 up to $3,000,000 | 3.0% |
| Portion over $3,000,000 (Residential Properties) | 5.0% total (includes an extra 2%) |
To qualify, the home must be:
- Newly built and never occupied, including presale condos or townhomes.
- Intended as your principal residence (not a rental or investment property).
- Located in British Columbia and registered with the Land Title and Survey Authority.
Buyers must also be Canadian citizens or permanent residents at the time of registration.
Combined, the two programs can reduce total closing costs by $60,000 to $70,000 for qualified buyers.
Why #4: Developers’ Incentives
If you’re wondering what kind of deals are floating around right now, here’s a hint: we’re not talking about free mugs or tote bags. We’re talking real money – rebates of $25,000, $50,000, sometimes even $100,000. Don’t take my word for it… just look at the screenshots below. These are actual Facebook ads from developers who are practically waving buyers in with both hands.
Why #6: Falling Interest Rates
On October 28, 2005, the Bank of Canada announced another 0.25% drop in the prime rate. With each cut, it feels like confidence is coming back little by little.
Why #7 Lifestyle & Quality-of-Life Upgrades
One of the best perks of buying new? All the shiny things older buildings wish they had. Think EV-ready parking, proper air-conditioning (the real kind, not a fan pointed at a bucket of ice), concierge services, fitness studios, coworking lounges, and even guest suites for when family visits and you’d prefer they don’t sleep on your couch.
And because everything is fresh out of the box, your home comes wrapped in a 2-5-10 New Home Warranty – covering materials, the building envelope, and the structure. In other words, if something big goes wrong, it’s the builder’s problem, not yours.
Why #8 Get Eyes on the Real Thing
Unlike the classic long-term presales where you’re buying off floor plans and imagination, near-completion homes often let you see the actual suite you’re buying – even if it’s still a bit dusty and missing a few walls. You may have to slip on a hard hat and a fluorescent vest that absolutely clashes with your designer outfit, but trust me, it’s worth it. There’s nothing like walking through the real space to confirm it’s the one.
Should You Sit This One Out?
I gave it some thought and managed to come up with a few genuinely solid reasons not to buy a presale right now:
- You’re low on cash – like, “checking the couch cushions” low.
- You don’t currently have a job.
- If you do have one… let’s just say it’s not exactly setting the world on fire.
- Condo living isn’t your thing, and you’re thrilled renting a basement suite.
- You’re over 40 and still living with your parents? (No judgment – free food is free food).
If any of these hit a little too close to home, it might be a good idea to hold off for now.
Looking for Other Choices?
Well, if you really want to explore all your options, Facebook has a suggestion: apparently, there’s a charming Italian region that will pay you up to €100,000 just to move there. Sounds dreamy, right? Rolling hills, fresh pasta, afternoon espresso…
Of course, there’s a catch. There’s always a catch. But hey, if you’re tempted to swap your condo hunt for a hillside villa, I don’t blame you.
The Presale Buying Journey
Because Every Condo Affair Deserves a Little Clarity
The steps below provide a quick overview of the presale buying process – essentially the “Coles Notes” version. But if you really want the good stuff, don’t skip the following section: “Fine Print Ahead – And Yes, the Devil Is in the Details.” That’s where we get into the real behind-the-scenes details and insider tips you’ll actually want to know.
To keep things interesting, I sprinkled in photos of real projects and added live links so you can explore them yourself. And hey, if you fall in love with one and decide to buy it directly from our website, feel free to drop my name. It won’t get you a discount, but it will make sure I get paid.
Financing
Show Me the Money (Nicely)
Here’s the simple truth: without money ready to go, you’re not getting a deal. Developers don’t negotiate with “maybes,” “I’m waiting on something,” or “let me check with my bank next week.” They deal with buyers who show up with proof of funds, a solid pre-approval, or actual cash on hand.
If you’re serious about buying, figuring out your budget isn’t optional – it’s step one.
No money = no leverage. It’s really that simple.And if a generous family member isn’t sliding in with a gift (trust me, I feel your pain), then it’s time to speak with a lender. If you don’t know where to start, we work with some fantastic mortgage brokers who can help you sort everything out without turning it into a math exam. You can meet them on our Referral Partners page.
Secure your financing before submitting an offer. It instantly puts you in a stronger negotiating position and shows the developer you’re not browsing – you’re ready to buy.
The Representation
Going Solo? Read This First
Unlike Step 1, you actually do have options here. You can walk straight into the presentation centre and buy directly from the developer’s sales rep – but before you do that, please read Section Do I Need a Realtor to Buy a Presale? That’s the part where I compare it to getting advice from your ex’s lawyer.
And to be fair, the people at the presentation centre are usually lovely – polished, professional, intelligent, and very good at their jobs. Developers know exactly what sells. So don’t be surprised if you find yourself nodding along and signing on the dotted line before you’ve even finished your complimentary coffee.
Just remember: they work for the developer, not for you. Having your own Realtor is optional… but so is parachuting. Only one of those choices feels risky in the moment.
The Home Search
Finding “The One”
Finding a home can feel overwhelming – not because there aren’t enough choices, but because there are too many. This is where having a Realtor comes in handy, especially one who knows exactly which projects are handing out free food and fabulous prizes. Realtors (myself included) have a soft spot for freebies, especially in today’s “less-than-thriving” market.
So what do we do? We show up where the snacks are, chat with the sales teams, and, most importantly, ask the questions that actually matter. All that behind-the-scenes intel is what helps you cut through the noise and make an informed decision, rather than a lucky guess.
The Offer
The Big “Yes”… With a Safety Net
Once you’ve toured the home, asked your questions, and everything checks out, it’s time to make a decision. Think of it like dating – only this time, you’re courting a condo, not a person. At some point, you’ve got to say, “I like what I see… let’s make it official.” Don’t stress, though – if you wake up the next morning with doubts, you can always end things amicably by giving the developer notice during your seven-day cooling-off period.
In presales, your offer isn’t written on the back of a napkin – it’s usually prepared by the developer’s sales representative using their own preprinted Contract of Purchase and Sale, along with a Disclosure Statement and any amendments or addenda. Your Realtor’s job is to review, advise, and make sure everything you’ve agreed to actually shows up in writing before you sign.
The Deal
Negotiate Like a Human – Not a Shark
Here’s where things get interesting. Once you’ve found the one, it’s time to see what kind of deal you can make. But before you start swinging for the fences, take a breath – understanding the contract’s terms is half the battle. You can’t ask for what you don’t understand, and you can’t negotiate what you haven’t read. The good news? Nothing in a presale contract is set in stone. Developers expect a little back-and-forth – especially in this market — but the trick is to be reasonable, not greedy. A fair, well-thought-out counteroffer often goes further than an aggressive one, and you might be surprised how much flexibility a polite “let’s talk” can unlock.
Deposits
Your First “I’m Serious” Payment
When you write an offer, the developer will (unfortunately) ask for some money up front – think of it as a show of good faith that you’re serious about this new relationship. The initial deposit typically ranges from $10,000 to $20,000 and is paid upon signing the contract. If you decide to continue your love affair with the condo after the 7-day rescission period, you’ll make your second deposit — typically 5% of the purchase price (minus that initial amount). Some projects may also ask for a third or fourth deposit spread over the next year or two.
That said, if you’re buying a move-in-ready home or one that’s just weeks from completion, the process is more straightforward – a single 5% deposit is often all you need. And remember: the deposit amount and schedule are negotiable, just like everything else in the contract. If you don’t ask, you don’t get – so talk to your Realtor about what’s reasonable for your situation.
The Paperwork
Review the Docs – Yes, All of Them
Yes, you really do need to read those 400+ pages – the contract, the Disclosure Statement, and all the lovely amendments that come with them. Don’t worry, you don’t have to memorize every clause, but it helps to know what to look for: deposit terms, completion dates, parking details, and any “developer may substitute” fine print. And ask questions – lots of them. Seriously, there are no stupid questions (well, maybe a few, but yours won’t be one of them). If something feels off or unclear, call your lawyer. It’s their job to make sure you don’t accidentally agree to something you’ll regret later.
The Decision
You Said Yes! What Happens Next
So, you’ve made it to day seven and decided to consummate the relationship – congratulations, you’re officially buying a condo! This is the part where you tie the knot (contractually speaking). By now, a few key things should already be checked off your list: you’ve read and understood all the documents, your financing is fully approved, and you’re feeling good about your decision.
If all that’s in place, there’s not much heavy lifting left. You simply need to pay the remaining balance of your deposit – usually around 5% of the purchase price, and you’re done (for now).
Amendments
Just When You Thought the Paperwork Was Over
Just when you thought the paperwork romance was over, a few more love letters from the developer might show up in your inbox. These are usually amendments – updates to the Disclosure Statement or contract if something changes before you get your keys. Please don’t ignore them! They might seem routine, but occasionally they include surprises, like the developer deciding to swap your fancy Italian Bertazzoni stove for something more… “Canadian.” (Apparently, tariffs aren’t romantic.) Take a few minutes to read each amendment, and if anything seems off, flag it to your Realtor or lawyer right away.
Walkthrough & Deficiencies
The Big Reveal – Your First Look (and First Complaints)
A few weeks before completion, you finally get to see your new home in person – your first official date after months of long-distance anticipation. The best part? Unlike real life, you’re actually encouraged to complain. This is your deficiency walkthrough, where you can point out anything that’s scratched, scuffed, or not quite right. Go ahead, make a fuss – politely, of course. The developer’s team will document your concerns and, in most cases, fix everything before you move in. It’s one of those rare moments in life where nitpicking is not only acceptable but productive.
Closing
The Final Step – Another Cheque, and a Few Surprises
This is the finish line – the moment your lawyer or notary steps in to make it all official. They’ll prepare a Statement of Adjustments, a concise document that lists every credit and debit associated with your purchase. Think of it as your financial report card for the deal. At this stage, you may need to bring an extra cheque to cover any remaining balance or last-minute costs. And yes, this is sometimes when buyers discover a surprise tax or fee that somehow slipped through earlier conversations. This is why I kept saying, Ask questions early and often.
Completion & Possession
It’s Almost Yours – Here’s What to Do Next
About 30 – 60 days before completion, you’ll receive a Notice of Completion – basically the official “it’s almost time” letter. Send it to your lender right away so they can finish the mortgage approval and arrange the appraisal. And don’t forget to forward a copy to your Realtor too… we need it so we actually get paid.
Once the paperwork is rolling, it’s time to start packing. This is your cue to order some reusable moving boxes from Frogbox – they’re sturdy, stackable, and way better than chasing soggy cardboard behind grocery stores. Here’s the link: https://www.frogbox.com/
. And before you place an order, give me a call – I’ve got a discount coupon with your name on it.At this point, the excitement kicks in, so go ahead and start posting Insta stories about your love affair with your soon-to-be home. Hard hats, sneak peeks, latte-in-hand construction selfies it’s all part of the presale homeowner experience.
Fine Print Ahead – And Yes, the Devil Is in the Details
Let’s be honest – this is the part nobody gets excited about. It’s mostly boring, technical stuff, and I won’t even try to make it funny because, frankly, it’s not funny. But here’s the thing: even though it’s not glamorous, it’s critical, and you really should read it. You might even have a few “aha” moments where you realize, “Wow, I had no idea that was a thing.”
This isn’t the usual fluffy advice like “gather information.” This is the actual information you need, pulled straight from real situations I’ve dealt with over the years. If you’re going to understand anything about presales, this is the section you don’t want to skip.
Essential Questions to Ask the Sales Team
Before committing, ask questions that reveal the project’s actual value and potential risks. Here are the essentials:
Project status and demand
- How many homes remain unsold? They might dodge the question, but remember: no answer is still an answer.
- Unsold inventory can signal stronger opportunities for negotiation.
Parking and storage
- Are stalls and lockers assigned at the time of contract writing or later at completion?
- Are they limited common property, leased or titled?
Assignment rules
- What is the assignment fee? (typically 1–3%)
- Are transfers to immediate family allowed with reduced or waived fees?
- What is the process for approving and marketing your assignment? (for a longer time frame, presales)
Strata fees
- What are the monthly strata fees per square foot? (you should see ¢45 to ¢55 per sq ft range)
- Verify whether heating, air conditioning, hot water, or natural gas is included in the price or billed separately.
Soundproofing (for wood-frame buildings)
- What insulation and underlay materials are used?
- Does the acoustical detailing go beyond the current BC Building Code requirements?
- Sometimes they have a small demo of the insulation they use, so don’t be shy about asking to see it.
Future view impacts
Before you fall in love with a view, make sure it’s not going to disappear behind a tower you didn’t know was coming. Ask the sales team:
- What zoning or development applications already exist next door?
Future projects can drastically change your view corridor. - Has the developer completed a view impact study?
Not all do, but it’s worth asking.
Your Realtor can double-check this by contacting the city’s development department and requesting a list of major projects planned for the area. I did this recently for a client, and here’s the actual list of Burnaby’s Major Development Projects.
Best Practices Before Signing
These are the exact steps I use with every presale client. Follow them and you’ll avoid most of the surprises that tend to show up after the contract is signed.
Ask to sign electronically.
Sales reps usually prefer you sign on the spot, but it’s better to request the whole contract by email and review it at home. Signing digitally gives you time and space to read the fine print without anyone hovering over you.
Watch how credits and rebates are handled.
Incentives, closing credits, and rebates do not reduce the taxable price.
GST and PTT are still calculated on the full contract price.
To keep things simple, try negotiating a single clean net price rather than multiple credits.
Confirm parking and storage details.
Ask whether your stall and locker are assigned in the contract or allocated later.
If you want certainty, request the stall and locker numbers in writing.
Understand the assignment clause.
Find out the assignment fee (often 1–3 percent).
Ask whether you can assign to a family member without extra fees or approval.
Many buyers adjust this clause before signing to keep their options open.
Review the finished area variance clause.
If the final square footage comes in smaller than stated, this clause explains how your refund is calculated.
A common formula looks like this:
r = (0.95 – a/p) × Purchase Price
Where:
- r is the refund
- a is the actual measured size
- p is the size listed in the Disclosure Statement
It’s worth walking through an example so you know exactly how much you’d get back if the home finishes under the stated size.
Find the outside date and cancellation terms.
For longer builds, look for the outside completion date. It’s often tucked deep in the contract.
Also, check whether the developer can cancel the contract, and under what conditions.
Typical Deposit Schedule for Presales
Deposit structures aren’t universal. Every developer sets their own version, but the outline below is what you’ll usually see in today’s market. Keep in mind, however, that these schedules aren’t set in stone. The amounts, timing, and even the number of deposits can all be negotiated, depending on the project and your specific situation.
For Typical Presale Projects (12–36 Months to Completion)
Most developers require around 15% total deposit, paid in stages:
- Initial Deposit:
$10,000 – $15,000 (varies) – due at contract signing - Second Deposit:
Balance of the first 5% (minus initial deposit) – due 24 hours after the 7-day rescission period - Third Deposit:
5% – usually due 30 – 90 days after signing, or at a construction milestone - Fourth Deposit (if required):
5% – may be due within 6 – 12 months, depending on project progress
For Near-Completion or Move-In-Ready Homes
If the home is already built or close to completion:
- The deposit is often just 5% at the time of signing.
- No multi-stage schedule is required, as completion occurs within a shorter timeframe.
Deposit Protection (REDMA)
All presale deposits in BC must be held in a licensed trust account (e.g., a law firm, notary, or brokerage).
Funds remain protected under REDMA until completion or lawful rescission.
Take Advantage of the 7-Day Rescission Period
BC provides a mandatory 7-day cooling-off period, allowing you to reconsider your decision – no explanation is needed.
When the 7 days begin
The rescission period starts on the later of:
- The date you sign the contract, and
- The date you receive the Disclosure Statement (or any amendment)
During these 7 days:
- Have your lawyer review the contract
- Confirm that every term complies with REDMA
- Verify all critical items, including parking, storage, deposit handling, completion dates, and any clauses that allow for changes.
- Ask questions and clarify anything unclear.
Best practice
Use this week to confirm your mortgage pre-approval, have your lawyer review the contract, and ensure you fully understand the project’s timeline, costs, and conditions.
How to cancel (If necessary)
If you choose to cancel within seven days:
- Provide written notice to the developer or their representative – email is acceptable if specified in the contract.
- Include your name, unit number, project name, and the clear statement that you are exercising your right of rescission under Section 21 of REDMA.
- Request written confirmation that the contract has been terminated and that your deposit will be refunded.
Your deposit should be returned promptly from the trust account, usually within 14 days.
Why does this week matter?
The rescission period isn’t just a buffer – it’s your chance to double-check everything after the emotion settles, but before the commitment becomes final.
Professional Review
Before you sign on the dotted line, consider having all documents professionally reviewed. A presale contract is a legally binding agreement that can carry long-term financial and tax implications.
- Have your lawyer review the whole Contract, Disclosure Statement, and any amendments or addenda to confirm that all terms are accurate, enforceable, and in your best interest.
- Ask your lawyer to explain your rights if you’re unable to complete the purchase due to financing or other challenges.
- Consult with a professional accountant to verify your eligibility for any tax exemptions or rebates (such as GST or PTT) and to identify potential other tax liabilities or implications related to rebates, incentives, or closing credits.
- Ask your Realtor to confirm that all negotiated changes, incentives, and addenda are documented in writing before you sign.
Never rely solely on brochures or verbal comments – REDMA protects what’s written, not what’s said.
Do I Need a Realtor to Buy a Presale?
In BC, things work a little differently when it comes to buyer representation. Unlike some places where an agent can play both sides, here the agent selling the home cannot also represent you, the buyer. There are a few rare exceptions, but trust me – you won’t run into them at a presale presentation centre in the Lower Mainland.
If you feel confident handling the price, the contract, and the fine print on your own, you can proceed without a Realtor. If you go that route, the Seller’s Agent has to give you a form called “Not a Client? Know the Risks.” Read it (I mean it), sign it, and you’re officially on your own. The Seller’s Agent will then have no responsibility for anything printed in big red letters on that form. After that, you’re free to buy without representation.
Here’s the simple breakdown:
You = The Buyer
The person at the presentation centre = The Seller’s Agent (their job is to represent the developer, not you)
And here’s the reality: choosing to deal directly with the Seller’s Agent is a bit like using the same lawyer as your ex during a divorce because it seems easier. Sure, it might save you a few steps, but remember – your ex is the one paying the lawyer.
Know who is working for you
Why Representation Matters in BC
In British Columbia, real estate professionals are legally required to disclose who they represent before providing any advice or services. This disclosure is made using the Disclosure of Representation in Trading Services (DORT) form, which is also known as “Your Relationship with a Real Estate Professional.”
Understanding this disclosure is important, as it clarifies whether the agent is working on your behalf, for the seller, or in a limited role without any agency relationship. To gain a better understanding, you can watch the short video below or use the provided button to view the DORT form.
What to look for in a Realtor?
If you’ve decided to bring your own Buyer’s Agent into the mix, there are a few things to keep in mind. (I actually have a third personal criterion, but I’ll keep that one to myself – it’s not essential… call me if you really need to know.)
Here’s what does matter:
- Do you actually like them?
You’re going to be talking to this person a lot. If they irritate you on day one, it won’t magically get better on day twenty. - Do they genuinely know their stuff?
Presales are their own universe. If your agent doesn’t understand contracts, incentives, assignment rules, or how developers operate, you’re basically flying solo. - Are they… well… (again, feel free to call me if you really need to know).
Pick someone you connect with, someone who knows presales inside out, and someone you trust to call out the nonsense when necessary.
What Your Realtor Can Do For You?
A good Realtor isn’t just someone who smiles, unlocks doors, and hands you a pen. In presales, they need actual skills – the kind that save you money, protect you from headaches, and keep you out of trouble. Here’s what they should bring to the table:
- They should be able to read.
And by “read,” I mean read the contract, not skim it, not guess – actually understand the fine print. - They should know a thing or two about the developers.
Who delivers quality? Who cuts corners? Who has delays? Who has skeletons in their closet? This stuff matters. - They should feel comfortable asking the awkward questions. The ones most buyers never think to ask, or feel too shy to bring up, about parking, bylaws, view obstructions, assignment rights, soundproofing, and everything in between. Even simple ones like “How many homes did you actually sell in the last 7 days?”
- They should tell you to walk away if something feels off.
A Realtor who can say “nope, not this one” is worth their weight in gold. - And finally… they should know which developer serves the best free food and when the next draw for a trip to Italy is.
(Remember – I said I had a missing criterion.)
If your Realtor checks all these boxes, be nice to them. Truly. Realtors like that are rare, and if you’ve found one who knows their stuff and whom you trust, you’re already ahead of 90 percent of the market.
Disclosure of Remuneration
How Much & How Does a Realtor Get Paid?
In BC, there’s also a rule that requires the Buyer’s Agent to disclose their compensation in writing before you sign anything. Honestly, I wish they’d apply the same rule to buying cars – imagine how many “mystery fees” would disappear overnight.
Realtor fees aren’t a one-size-fits-all situation. What a Realtor earns depends on what the seller, in this case, usually the developer, is offering. Rates can vary, but in today’s market, you’ll typically see something in the 1.5% to 4.5% range.
So, who actually pays the Realtor?
Most of the time, it’s the developer, not you. There are a few exceptions, but that’s the general setup for presales.
And if you’re really curious (or enjoy watching numbers jump), feel free to play with our Real Estate Commission Calculator. Move the sliders to the rightmost position and watch the commission total grow. It’s strangely satisfying – and now you’ll have an answer next time someone asks, “So… how much do Realtors actually make?”
The End of The Beginning
Well, here we are – the end. Or, as Winston Churchill put it, “the end of the beginning.” At this point, you’ve got more than enough insight to make a wise, confident choice. The rest comes down to something beautifully simple: do what feels right for you. Tune out the noise, ignore everyone else’s dramatic forecasts, and make the decision that fits your life, not theirs.
And if you want more straight talk like this – and you’re not easily offended – make sure you’re on our Friday Morning Coffee Newsletter. We send out more “serious” advice every Friday morning… unless Friday lands on a weekend, in which case we take the day off like everyone else.
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