How to Buy a Pre-Sale Home in BC — Step-by-Step Guide for First-Time Buyers 2026

Updated May 2026  ·  By Parnam Singh, REALTOR®  ·  LPT Realty

Buying a pre-sale home in BC is genuinely different from buying a resale property — and for first-time buyers, the process can feel unfamiliar. There's no open house to walk through, no home inspection to schedule, and no closing date next month. Instead, you're signing a contract on a home that doesn't exist yet, based on floor plans and a legal document called a disclosure statement.

Once you understand how it works, the pre-sale process is straightforward. This guide walks you through every step — from finding the right project to getting your keys.

Step 1 — Find a Pre-Sale Specialist REALTOR®

This is step one — not step three or five. Pre-sale real estate is specialized. The sales representatives at developer show homes work for the developer. Their job is to sell you on their project at the developer's preferred pricing and terms. They are not representing your interests.

A buyer's REALTOR® who specializes in pre-sale works for you — reviewing the disclosure statement, advising on whether the pricing and project make sense, negotiating deposit terms and incentives, and guiding you through the entire process. And critically: buyer's agent fees on new construction in BC are paid by the developer, not by you. There is no cost to having your own representation.

Register with a pre-sale specialist before you start looking at projects. Not after.

Step 2 — Get Your Financing Pre-Approval

Before you start attending VIP previews and signing contracts, you need to know what you can afford. Pre-sale financing is slightly different from resale financing:

• Mortgages for pre-sales are not finalized at signing — you get a pre-approval now, but the actual mortgage is arranged closer to your completion date (which may be 1–3 years away)
• Rates will change — the rate you're pre-approved at today may be higher or lower by the time you complete. Factor in a reasonable buffer.
• Deposits are not typically mortgaged — the 5–15% in deposits you pay during construction come from savings, not your mortgage. Make sure you have the liquidity.
• Talk to a mortgage broker who understands pre-sales — not all mortgage products are identical for new construction. A good broker will walk you through the specifics.

Step 3 — Register for VIP Access

Most pre-sale projects in BC launch first to a VIP buyers list — typically 2–4 weeks before the public launch. VIP buyers get first access to floor plans, pricing, and unit selection.

In active markets like Willoughby Heights and Fleetwood, the best units in popular projects sell out during VIP week. If you're not registered in advance through a REALTOR® with developer access, you're shopping from whatever's left after VIP.

Register as early as possible. Registering doesn't commit you to anything — it just ensures you're at the front of the line when the right project comes along.

Step 4 — Review the Disclosure Statement

This is the most important legal document in a BC pre-sale purchase. Under the Real Estate Development Marketing Act (REDMA), developers are required to provide a disclosure statement before you can sign a Contract of Purchase and Sale.

What the disclosure statement contains:

• The developer's legal identity and financial information
• Project description, unit breakdown, and construction timeline
• Proposed strata bylaws and rules
• Estimated strata fees
• Parking and storage allocations
• Developer's obligations and what happens if construction is delayed or cancelled
• Any material facts that could affect a buyer's decision

Your 7-day rescission right: After you receive the disclosure statement, you have 7 days to rescind (cancel) the contract with no penalty. This is BC law — use it. Read the disclosure carefully, ask your REALTOR® to flag anything unusual, and if something concerns you, consult a real estate lawyer before the 7 days expires.

Step 5 — Sign the Contract of Purchase and Sale

Once you've reviewed the disclosure statement and are satisfied with the project, you sign the Contract of Purchase and Sale (CPS) — the legal agreement to purchase the home.

Key things to understand in the CPS:

• Purchase price — fixed at signing; does not change with market fluctuations (up or down)
• Deposit schedule — when and how much you pay at each stage
• Completion date — estimated, with provisions for delays (usually up to 12–18 months of developer extensions are permitted)
• Assignment rights — whether you can sell the contract before completion (and at what cost)
• Developer's termination rights — under what conditions the developer can cancel the project (and what you get back)

Step 6 — Pay Your Deposits

BC presale deposits are typically structured in stages:

• First deposit (at signing): 5–10% of purchase price — typically due 7 days after signing (after your rescission period)
• Second deposit (6 months later): Additional 5%
• Third deposit (12 months later): Additional 0–5% (varies by project)

Deposits in BC are held in a brokerage trust account — the developer cannot access them until specific conditions are met (usually financing and permitting milestones). Your deposits are protected by BC's REDMA legislation.

For a $849,000 townhome with a 10% total deposit, you'd be paying approximately $84,900 in deposits before completion — spread over 6–12 months. The remaining ~$764,000 (plus GST) is paid at completion via your mortgage.

Step 7 — The Construction Period

Once you've signed and paid your initial deposit, you wait. Construction timelines in 2026 for new Langley and Surrey presales are typically 18–30 months from construction start.

During this period:

• Your REALTOR® should keep you updated on construction milestones
• You'll receive colour/finish selection appointments (if permitted by the project)
• You'll need to arrange your mortgage financing as you approach the completion date (typically 60–90 days before)
• You'll receive a Final Statement of Adjustments — the detailed financial breakdown of what you owe at completion

Step 8 — Pre-Completion Inspection

Before you take possession, you'll complete a pre-possession inspection — a walkthrough of your completed unit. Document everything. Bring a list, take photos, and don't rush. Any deficiencies noted go on the Deficiency List, which the developer is legally obligated to address.

Don't sign the Deficiency List until you're satisfied it accurately captures every item you found.

Step 9 — Closing Day

On your completion date, your lawyer handles the financial transaction. Your mortgage funds, your deposits are applied, title transfers to your name, and you receive your keys.

Closing costs to budget for (in addition to your deposit):

• Legal/notary fees: $1,500–2,500
• Property Transfer Tax: varies based on purchase price and eligibility for exemptions (thresholds current as of 2026 — verify with BC government)
• GST: typically included in developer pricing or subject to rebate for qualifying buyers
• Title insurance: $200–400
• Strata move-in fees and initial strata fees

Step 10 — Move In

Receive your keys. Congratulations — you're a homeowner.

Common Pre-Sale Mistakes to Avoid

• ❌ Don't skip the disclosure statement review
• ❌ Don't go without a REALTOR® (they're free)
• ❌ Don't over-extend your budget without accounting for closing costs and strata fees
• ❌ Don't assume the completion date is guaranteed — delays happen and you need a flexible housing plan
• ❌ Don't forget about the 7-day rescission period — use it if you have second thoughts

Ready to Start Your Pre-Sale Journey?

Whether you're a first-time buyer or experienced investor, the pre-sale process is smoother with expert guidance. Contact Parnam Singh for a free consultation — from choosing the right development to navigating the disclosure statement, every step is covered at no cost to you.

• 📱 Call or text: 778-858-0809
• ✉️ Email: hello@propertiesbyparnam.ca
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