Presale Guide

Buy before a building is built, lock in today’s price, and potentially build equity before you even take possession. Here’s how presales work in the BC Lower Mainland—and how Kris Ong helps you navigate them strategically.

20–35%

Historical appreciation near new SkyTrain stations

$6B

Infrastructure committed to the Surrey–Langley corridor

50%

Of Kris’s business is presales

01 — What Is a Presale?

Buying Before It’s Built

A presale (also called pre-construction) means you’re purchasing a property before it is completed. You sign a contract with the developer today, place a deposit, and take possession when the building is finished—typically 1 to 3 years later.

In BC, presales have historically been one of the most accessible ways to enter the market and build equity during construction. In many cases, buyers see significant appreciation between the time they purchase and the time they move in.

02 — The Advantages

Why Presales Make Sense

1. Lock In Today’s Price

You secure today’s purchase price. If the market rises during construction, that increase in value is yours.

2. Extended Deposit Structure

Deposits are typically paid in stages (for example: 5% upfront, 5% at milestones), giving you time to plan financially while the building is constructed.

3. Brand New Everything

Everything is new—appliances, systems, finishes, and construction standards. This reduces maintenance costs and unexpected repairs for years.

4. Assignment Opportunity

Some contracts allow you to assign your purchase before completion, potentially allowing you to sell and profit without ever taking possession (subject to developer approval).

5. New Home Warranty Protection

BC’s Homeowner Protection Act includes mandatory warranty coverage:

  • 2 years on materials and labour
  • 5 years on building envelope
  • 10 years on structural components

6. First Choice of Units

Early buyers get the best selection of floor plans, views, floors, and layouts before they are sold out.

03 — Things to Know

Key Risks and Considerations

Presales offer strong upside potential, but they also come with risks that must be understood before committing.

Completion Risk

Projects may be delayed or, in rare cases, cancelled. Always review the developer’s disclosure statement carefully.

Market Risk

Market conditions can change between purchase and completion. Your future value may be higher—or lower—than your contract price.

GST on New Builds

New construction is subject to 5% GST. Some buyers may qualify for rebates depending on price and intended use.

Financing at Completion

Your mortgage is finalized at completion, not at signing. Interest rate changes or income changes can affect affordability.

Assignment Restrictions

Not all contracts allow assignments. This must be reviewed with a real estate lawyer before signing.

Deposit Protection

Deposits are typically held in trust, but terms vary by project. Always confirm protections and rescission rights.

04 — The Presale Process

Step-by-Step Overview

Step 1: Find the Right Project

Kris provides access to VIP presale launches—often before they are released to the public—so you get first choice of units and pricing.

Step 2: Review the Disclosure Statement

Developers are required to provide a disclosure statement. Once received, you have a 7-day rescission period to review and walk away if needed.

Step 3: Reserve Your Unit

Select your floor plan, unit, and features. Pay the initial deposit (typically 5–10%) to secure your unit.

Step 4: Contract Review

A real estate lawyer should review the contract before you sign. Developer contracts are structured to protect the developer, so legal review is essential.

Step 5: Staged Deposits

Additional deposits are paid over time based on construction milestones such as foundation completion or framing.

Step 6: Completion & Possession

Once the building is completed and occupancy is granted, your mortgage activates, final funds are transferred, and you receive your keys.

05 — Kris’s Advantage

VIP Access & Developer Relationships

About half of Kris’s business is focused on presales. Through established relationships with developers across Surrey, Langley, Coquitlam, Burnaby, and New Westminster, clients gain access to:

  • VIP pricing opportunities
  • Early unit selection
  • Exclusive incentives
  • Pre-launch project information

The best presale opportunities are often secured before public release. Being on Kris’s VIP list ensures you’re positioned early, with the strongest selection and pricing advantages available.

Ready to Explore Presales?

If you’re considering buying pre-construction in the BC Lower Mainland, Kris Ong can help you identify the right projects, evaluate risk, and secure early access opportunities.