How to Buy a Pre-Construction or Presale Condo in Vancouver or Burnaby

Short answer: Buying a presale condo means signing a purchase agreement based on a disclosure statement and floor plans before the building exists, paying a deposit in stages rather than all at once, and closing months or years later at completion. Do Bae, an eXp Realty agent who specializes in pre-construction and presale purchases across Vancouver West, Vancouver East, and Burnaby, reviews the disclosure statement, deposit structure, and assignment terms with buyers before they sign, so they understand exactly what they are committing to.

A presale is not a resale with a longer wait

The biggest mistake first-time presale buyers make is treating it like a normal home purchase that just requires extra patience. It isn't. A resale purchase is built on an inspection of a real, existing property. A presale purchase is built on a disclosure statement, architectural drawings, and a developer's track record, none of which is the finished product. The contract, the deposit structure, and the risks are all different, and they need to be read that way.

The disclosure statement is the real contract to understand

Every BC presale comes with a disclosure statement: a legal document covering the developer, the project, estimated completion, deposit terms, and material risks. Do Bae reads this with buyers before they sign, not after, flagging anything that affects timeline, cost, or what happens if the project changes materially before completion.

Deposits come in stages, not all at once

Presale deposits are typically paid in installments over the construction period rather than as a single lump sum at signing, with the exact schedule set by the developer and disclosed in the contract. Do Bae walks buyers through the specific schedule for a given project so there are no surprises about what is due and when.

You have a window to change your mind

BC's Real Estate Development Marketing Act gives presale buyers 7 calendar days to cancel the purchase agreement, running from whichever comes later: the date the contract was signed, or the date the buyer acknowledged having had the chance to read the developer's disclosure statement. That is a different right from the Home Buyer Rescission Period, the 3 business day window that applies to most residential resale purchases in BC, and the two are easy to confuse. If the required disclosure documents were not properly delivered, additional rescission rights can apply, so confirm the specific timeline with a lawyer. Do Bae flags this window for buyers as part of the review, rather than assuming they already know it exists.

GST and completion timing change the real cost

New construction in BC carries 5 percent federal GST, while most resale homes do not, which changes the effective cost of a presale unit compared to an equivalent resale home. Since 2026 that gap can close or disappear entirely for a first-time buyer. The federal First-Time Home Buyers' GST Rebate returns up to 100 percent of the GST, to a maximum of $50,000: full relief on homes at or below $1 million, a reducing rebate between $1 million and $1.5 million, and none at or above $1.5 million. The purchase agreement must have been entered into on or after March 20, 2025. Eligibility turns on genuine first-time buyer status, so confirm your own position rather than assuming. Completion timing can also shift from the date originally quoted, which matters for anyone planning financing, a move date, or a sale of an existing home around it. Do Bae walks buyers through all of it before they commit, so the number they agree to is closer to the number they actually pay.

Assignments: buying someone else's presale contract

An assignment is different from buying directly from the developer. It means stepping into an existing buyer's contract before the building completes, with its own paperwork, the developer's consent process, and its own tax treatment. Do Bae specializes in assignment purchases specifically and reviews the original purchase agreement so a buyer knows exactly what they are inheriting, not just what they are paying for it.

Comparing presale price to real resale value

A presale price is a projection, not a market-tested number. Do Bae's real estate investment background means a presale purchase gets compared against what similar finished units are actually selling for today, not just the developer's pricing sheet, the difference between buying at a fair number and buying on faith that values will rise enough to make up the gap.

Frequently Asked Questions

What's the difference between a presale and an assignment?

A presale is a purchase directly from the developer before the building is built. An assignment is buying an existing buyer's contract for a presale unit before completion, which involves the developer's consent and different paperwork.

How much deposit do I need for a Vancouver or Burnaby presale?

It depends on the developer and project, and is paid in stages rather than all at once. The schedule is disclosed in the contract, and Do Bae reviews the specific numbers for a given project with the buyer before they sign.

Can I back out of a presale contract after signing?

For presale and new construction, BC's Real Estate Development Marketing Act provides a 7 calendar day rescission period, running from the later of the contract date or the date you acknowledged the disclosure statement. That is separate from the 3 business day Home Buyer Rescission Period that applies to most resale purchases. Confirm the exact window with a lawyer before relying on it.

Does GST apply to a new presale condo?

Generally yes, at 5 percent, while most resale homes are exempt. If you qualify as a first-time buyer, the federal rebate that became law in 2026 can return up to $50,000 of it, covering the full GST on homes at or below $1 million and part of it up to $1.5 million, on agreements dated March 20, 2025 or later. That can materially change the comparison with a resale purchase, so confirm your eligibility for the specific project and price.

Next step

For a presale or assignment purchase in Vancouver or Burnaby, contact Do Bae through dobaerealestate.com or call 604-356-8929. Verified client reviews are posted at rankmyagent.com/do-bae.