Buying a Presale Condo in Vancouver, BC: Your Ultimate Guide

If you’re in the market for a new home in Vancouver, you might want to consider buying a presale condo. Presale condos are new units sold before they have completed construction, allowing buyers to secure a unit in a new development before construction is completed. We’ll look closer at buying a presale condo in beautiful Vancouver, BC.


Location is always one of the most critical factors when buying any property. With presale condos by city, you can consider the development’s location and the surrounding area. Vancouver is a city with many unique neighbourhoods, each with their distinct charm and appeal. Consider what you’re looking for regarding amenities, access to public transportation, and proximity to work or school. Some of the most popular neighbourhoods in Vancouver include Yaletown, Coal Harbour, and Kitsilano.

Choosing a Developer

Once you’ve identified the city, neighbourhood or neighbourhoods you’re interested in, choosing a reputable developer is important. Do your research and look for a developer with a proven track record of delivering high-quality buildings on time. You can check the developer’s website for information on past projects and reviews from previous buyers. You may also want to look into the developer’s financial stability and ensure they have the resources to complete the project. Contact one or our presale condo experts for the most reputable developers.

Building Features and Amenities

Presale condos in Vancouver often come with a range of features and amenities. Take a close look at the building’s plans and make sure they include the features that are important to you. Some popular amenities in presale condos include fitness centers, rooftop gardens, swimming pools, and 24-hour concierge services.

Timeline and Deposit Structure

When buying a presale condo in Vancouver, it’s essential to understand the timeline for the project and when you can expect to take possession of your unit. The timeline can vary depending on the size and complexity of the development, so make sure you clearly understand the projected completion date. Additionally, you’ll need to be aware of the deposit structure for the presale condo. Typically, you’ll need to deposit 5-10% of the purchase price when you sign the contract, with additional deposits due at various stages of construction.

Financing Options

Although you do not require a mortgage to deposit a presale condo, you may wish to have your financing in place once it comes close to completion. Talk to a mortgage broker or lender to get pre-approved for a mortgage once the building has completed construction. Remember that financing options for presale condos can differ from traditional mortgages, so it’s essential to work with a lender experienced in presale condo financing.

Closing Costs

In addition to the purchase price of the presale condo, you’ll need to budget for closing costs. These can include legal fees, property transfer tax, and GST. Ensure you understand all the costs of buying a presale condo in Vancouver and budget accordingly.

Resale Restrictions

Presale condos in Vancouver may come with restrictions on resale. These can include limits on when you can sell the property or restrictions on the price you can sell it for. Make sure you understand these restrictions before you buy.

In conclusion, buying a presale condo in Vancouver can be an exciting opportunity to own a brand-new home in one of Canada’s most vibrant cities. To ensure a successful purchase, it’s important to research, choose a reputable real estate agent, understand the timeline and deposit structure, explore financing options, budget for closing costs, and be aware of any resale restrictions. With careful consideration, you can find the perfect presale condo for your needs and enjoy all that Vancouver has to offer.