PresaleA home taking shape
Buy before it is built.
Compare the promised home with the contract. Keep space in your plans for changes.
Explore presales
Your buying options
Presale or resale?
A new home to wait for, or an existing home you can walk through. Compare the timing, costs and checks.
Presale
ResaleA home you can visit
Buy an existing home.
Walk through the space, inspect the details and picture your day-to-day life.
Explore buying a homeThe essentials, side by side
Timing, costs and checks.
Compare a new home under construction with an existing home.
| Your decision | Presale | Resale |
|---|---|---|
| Your timing | PresaleFuture completion; allow for delays. | ResaleCompletion and possession dates are negotiated. |
| What you can see | PresalePlans, specifications and a presentation suite. | ResaleThe existing rooms, outlook and condition. |
| Deposit & closing costs | PresalePlan for the deposit schedule and final payment. Understand presale deposits | ResalePlan for the deposit, final payment and moving costs. Review closing costs |
| What needs checking | PresaleDisclosure, contract terms and future financing. | ResaleCondition, title, financing and relevant strata records. |
| Your living arrangements | PresalePlan where you will live while you wait. | ResaleCoordinate the agreed dates with your move. |
From the first look to the keys
The steps to buying each type.
The order is a guide. Actual steps and dates depend on your contract.
Presale
- Review
Plans, disclosure and independent advice
- Commit
Contract and agreed deposit schedule
- Prepare
Construction updates and financing review
- Complete
Final funds, walkthrough and handover
Resale
- Visit
View homes and compare your shortlist
- Offer
Negotiate price, conditions and dates
- Verify
Arrange agreed inspections and reviews
- Complete
Final funds, possession and your move
Choose based on your plans
What matters most to you?
Open the priority closest to your plans.
I have a move-in deadline.
Start with the dates. Compare the agreed resale dates with a presale’s completion range. Plan accommodation if construction takes longer.
Plan your completion timelineI want to see the actual space.
Start with viewings. Compare room sizes, daylight and usable storage in an existing home. For a presale, review the plans and written specifications closely.
Understand a floor planI need to understand the budget.
Start with all the costs. Put purchase funds, ownership expenses and a reserve on one page. Ask your lender about financing for the home and timing you are considering.
Explore closing costsThe basics
Two purchases with different rules
A resale home exists today. You agree a price and dates, inspect it, and complete in weeks. A presale is a contract for a home that may be years away. The rules that protect you, the taxes you pay and the risks you carry are not the same.
The cancellation rights show the gap best. A resale buyer of most home types has three business days to rescind, for a fee. A presale buyer has seven days, with no penalty, from the later of signing and acknowledging the disclosure statement.
Deposits are handled differently as well. On a resale, BC’s real estate regulator says the buyer’s brokerage usually holds the deposit in trust until the deal completes. On a presale, the deposits sit in trust with a lawyer, notary or brokerage until completion, which may be years away. In both cases, ask for a written receipt.
Why it matters
Taxes and timing differ too
A new home can carry 5% GST, which federal rebates may reduce. Ask your lawyer or notary whether GST applies to any resale you consider. BC has separate transfer tax exemptions for newly built homes and for first-time buyers. With a presale, your mortgage is finalized near completion, so a lower appraisal or a rate change can raise the cash you need.
How it works
Deciding which route fits
Set your move date
If you need to move within months, a resale’s negotiated dates are easier to plan around than a presale’s estimated completion.
Price the taxes
For a presale, add GST and check the FTHB rebate. For resale, check transfer tax and the first-time buyer exemption.
Compare what you can check
Resale lets you inspect the actual home. A presale gives you plans, specifications and a disclosure statement.
Stress-test financing
For a presale, ask your lender how a low appraisal at completion would change your down payment.
Price ownership costs
Compare the resale strata’s real budget with the developer’s estimated strata fee, which may rise.
Know your exit
Read the cancellation and assignment rules for each option before you commit.
Avoid these
Comparison mistakes
Comparing sticker prices only
A presale price may exclude GST, parking or storage. Compare all-in totals.
Thinking resale rescission is free
Rescinding a resale offer costs 0.25% of the offer price and must be done in writing in time.
Forgetting excluded property types
BC’s real estate regulator says the three-day rescission period does not cover leasehold homes, homes on leased land, auctions or court-ordered sales.
Ignoring delay costs
BC’s real estate regulator notes a presale delay can mean extending your lease or finding short-term housing. Budget for that.
Example
Cost to rescind a resale offer
A hypothetical accepted resale offer of $800,000 that the buyer decides to rescind within three business days.
| Accepted offer price | $800,000 |
|---|---|
| Rescission fee rate | 0.25% |
| Fee owed to the seller | 0.25% × $800,000 = $2,000 |
| Presale cancelled within its seven days | No penalty under BC’s real estate regulator’s description |
Weekends and holidays do not count toward the three business days. Your lawyer or notary can confirm deadlines on either contract.
Questions to ask
Questions that separate the options
Your lender or mortgage broker
- Can my approval cover a presale completing in two or three years?
- How would a low appraisal change my cash needs?
- How long can a rate be held for a resale close?
Your lawyer or notary
- Which cancellation right applies to this contract?
- What GST and transfer tax apply to each option?
- What are the assignment terms on this presale?
FAQ
Common questions
Do I pay GST on a resale home?
The federal GST rebates focus on newly built or substantially renovated homes. Whether GST applies to a specific resale is a question for your lawyer or notary. Our GST guide explains new-home rebates.
Which property types get the resale cooling-off period?
BC’s real estate regulator lists detached and semi-detached houses, townhouses, apartments, strata lots, manufactured homes on land and certain co-op interests.
Can the buyer or seller waive the cooling-off right?
No. BC’s real estate regulator says the rescission right cannot be waived by either party, and buyers do not need to give a reason.
Is a presale assignment a way out?
Only if the contract and developer allow it. See our assignments guide for the risks.
Is it riskier to buy a presale than a resale?
The risks are different. BC’s real estate regulator lists presale risks such as delays, a project never being built, layout changes and a low appraisal at completion. A resale lets you inspect the real home, but you still need to check its condition, title and strata records.
Sources
Reviewed October 6, 2026. General information only, not legal, tax or financial advice. Rules change, so confirm the details for your purchase or sale with the official source and your own professionals.
Your next step
Still deciding? Talk to Benny.
Share your budget, preferred city and move-in date. Benny can help you compare suitable presale and resale options.
Ask about presale vs resale