In Vancouver, pre-construction homes are usually called presales. The city is one of the most expensive housing markets in North America, and new homes are concentrated in condos and townhomes along transit corridors. Buying presale in British Columbia also comes with its own legal framework. Here’s what to know.
See current Vancouver projects.
Why buy presale in Vancouver?
- Limited land: mountains and ocean constrain supply, supporting long-term demand.
- Transit: SkyTrain’s Expo, Millennium and Canada lines, with the Broadway Subway extending the Millennium Line west.
- Time to save: presale deposits spread out the cost of entry.
- New-home warranty: BC requires 2-5-10 home warranty coverage on new homes.
Where new homes are rising
Downtown and the West End
High-rise condos close to jobs, the seawall and Stanley Park, including Block Residences by Amacon near Robson and Cambie.
The Cambie corridor and Oakridge
Rezonings along the Canada Line have brought a wave of mid- and high-rise homes.
Broadway and Mount Pleasant
New stations on the Broadway Subway are attracting rental and condo development.
East Vancouver and the River District
Townhomes and mid-rises at somewhat lower price points.
Neighbouring cities
Many buyers look to Burnaby, Coquitlam and Surrey for more space per dollar. Read the Surrey guide.
BC rules every presale buyer should know
- Disclosure statement: developers must give buyers a disclosure statement under BC’s Real Estate Development Marketing Act before accepting a deposit.
- Seven-day rescission: buyers of new strata units can cancel within seven days of receiving the disclosure statement.
- Deposits in trust: presale deposits are held in trust, commonly 10% to 20% of the price.
- Assignment reporting: BC requires assignments of presale contracts to be reported, and assignment profits are taxable. See our assignment guide.
Taxes and costs
- GST: new homes carry 5% GST. The federal First-Time Home Buyers’ GST rebate can remove it for eligible buyers on homes up to $1 million, phasing out to $1.5 million. See our rebate guide.
- Property transfer tax: BC charges property transfer tax, with exemptions available for some first-time buyers and newly built homes, subject to price thresholds.
- Vacancy taxes: Vancouver’s Empty Homes Tax and BC’s Speculation and Vacancy Tax apply to homes left empty.
Buying tips for Vancouver
- Read the disclosure statement carefully, including amendments.
- Check walking distance to SkyTrain; see why transit matters.
- Budget for strata fees and possible parking costs.
- Choose experienced developers; see how to choose a developer.
Living in Vancouver
Vancouver’s appeal is its setting: ocean, mountains, beaches and the seawall, with skiing within an hour of downtown. Most new homes are condos, and daily life is often car-light, built around SkyTrain, buses, cycling and walking. Neighbourhoods range from the dense West End and Yaletown to the more relaxed Mount Pleasant and the east side.
How presales usually unfold in Vancouver
- Registration and previews: developers collect registrations and hold previews before sales begin.
- Disclosure statement: you receive it before or when signing, which starts your seven-day rescission window.
- Deposits: often paid in two or more instalments, held in trust.
- Completion: you close on completion, typically paying the balance and GST net of rebates, plus property transfer tax unless exempt.
Who Vancouver suits best
- Buyers who want urban, car-light living near SkyTrain
- Long-term investors comfortable with high entry prices
- First-time buyers using the federal FTHB GST rebate and BC exemptions
Vancouver compared
Read Toronto vs Vancouver for a national comparison, or our Canada-wide guide.
Frequently asked questions
What’s the difference between presale and pre-construction?
They mean the same thing. “Presale” is the common term in BC.
Can I cancel a Vancouver presale?
Within seven days of receiving the disclosure statement, yes. After that, cancelling may mean losing your deposit.
Are there pre-construction townhomes in Vancouver?
Yes, especially under newer zoning that allows townhomes and multiplexes in more neighbourhoods, though supply is still limited compared with condos.
General information only. BC rules and tax thresholds change; confirm with a BC real estate lawyer before buying.
