A presale condo (also called pre-construction) is a unit you purchase before the building is built. You sign a contract with the developer, pay a deposit (typically 10%), and wait 2-4 years for the building to complete. You lock in today's price for tomorrow's delivery.

Most Vancouver presale projects require 10% of the purchase price as a deposit, paid in 2 installments over 90 days. Example: $500K unit requires $25K on signing and $25K at 90 days = $50K total deposit.

Yes. BC law requires presale deposits to be held in trust by an independent lawyer or notary — not by the developer. If the project is cancelled, your deposit is returned with interest. If you default, the developer can claim it.

Yes, most presale contracts allow rentals after completion. Check the specific strata bylaws in the disclosure statement, as some developments have short-term rental restrictions. Long-term rentals are generally permitted.

GST of 5% applies to new construction, including presale condos. On a $500K purchase, that's $25,000 in GST. There are partial GST rebates for owner-occupiers on purchases under $500K. Investors typically do not qualify for the rebate. Resale (used) properties do not have GST.

You can sign a presale contract in a day. The building takes 2-4 years to complete. Most presale buyers sign their contracts during the launch or VIP period, then wait for completion. During that time, you have minimal additional obligations beyond the occasional developer update.

VIP events (also called Realtor Launch or Priority Access) are the first sales phase of a presale project, typically 1-2 weeks before public sales open. Buyers who register through a realtor (like me, through Origin Group) get early access — often better pricing, more floor plan selection, and sometimes exclusive incentives not available to the public.

Completion delays are common in presale. The disclosure statement specifies an "outside completion date" — the latest possible delivery date. If the developer exceeds this, you may have termination rights. Within the outside date, delays are the developer's right. Budget for delays and don't plan around an exact completion date.

Yes, but it's not the same as a resale pre-approval. Your mortgage is arranged at completion, not at signing. A pre-approval today gives you a sense of your budget, but you'll need to qualify again at completion — based on the rates, lending rules, and your financial situation at that time.

The "best" presale realtor for you is one who has exclusive developer access, is transparent about the pros AND cons of each project, and treats your decision like a financial transaction — not a sale. I'm Matt Brevner, a BC licensed PREC and founding partner of Origin Group. I cover presale across Metro Vancouver with VIP access to projects that aren't available to walk-in buyers. I'd encourage you to talk to me and judge for yourself.