What to Know About Pre-Sale Condos in Vancouver

What to Know About Pre-Sale Condos in Vancouver

The benefits, risks, and timelines explained simply.

Thinking about buying a pre-sale condo in Vancouver? You’re not alone. Pre-sales, or buying a condo before it’s built, have become a popular way for buyers to secure a home in the city’s competitive market. But like any major decision, it comes with pros, cons, and a few key details you should understand before signing on the dotted line.

🏗️ What Is a Pre-Sale Condo?

A pre-sale condo is a home you purchase directly from a developer before construction is complete, sometimes years before move-in. You typically pay a deposit (often 10–20% of the purchase price) upfront, with the rest due once the building is finished and ready for occupancy.

It’s essentially a “buy now, move in later” situation.

🌟 Benefits of Buying a Pre-Sale Condo

1. Time to Save and Prepare
Because completion can take anywhere from 2–4 years, you have time to save for your down payment and closing costs while your home is being built.

2. Brand New Home, Minimal Maintenance
Everything from the flooring to the appliances will be brand new, and you’ll be covered by a 2-5-10 home warranty, offering peace of mind.

3. Potential for Appreciation
If Vancouver’s market continues to grow while your condo is being built, your home’s value could increase before you even move in.

4. Customization Options
Many developers allow you to choose finishes, colours, and layouts, letting you personalize your space before construction is complete.

⚠️ Risks and Things to Watch For

1. Market Fluctuations
Prices can go up, but they can also go down. If the market softens by the time your home completes, you might face a property worth less than your contract price.

2. Interest Rate Changes
Since completion is years away, mortgage rates could change significantly. Always plan for some flexibility in your future affordability.

3. Developer Delays
Construction timelines can shift due to permitting, supply chain issues, or labour shortages. It’s normal for dates to move by several months or even a year.

4. Assignment Restrictions
If you want to sell your contract before completion (called an assignment sale), check the developer’s policy. Some allow it, others don’t, or may charge fees.

5. No Immediate Possession
If you’re looking to move soon, pre-sales aren’t ideal. You’re committing to something you won’t see or live in for a while.

⏳ Typical Pre-Sale Timeline in Vancouver

Here’s how it usually goes:

1. Launch Phase: Developer releases floorplans and pricing. Buyers submit interest and place deposits.

2. Construction Period: Usually 2–4 years. You’ll get periodic updates as the building rises.

3. Completion & Possession: Once finished and approved for occupancy, you’ll pay the balance, register the title, and move in.

💡 Pro Tip: Do Your Homework

Before buying, always:

• Research the developer’s track record and past projects.

• Review the disclosure statement carefully (or have your realtor do it).

• Ask about estimated completion dates, assignment policies, and warranty details.

🏙️ Final Thoughts

Buying a pre-sale condo in Vancouver can be a smart way to enter the market, especially if you value a new home and flexible timelines. But it’s not a one-size-fits-all decision. Understanding the risks, benefits, and process will help you make a move that fits your goals and your budget.

Thinking about buying a pre-sale condo?
I’d be happy to walk you through current and upcoming developments across Vancouver and help you find one that fits your lifestyle and timeline.