Buying a pre-sale or new home
New homes come with their own rules — deposits, GST, disclosure statements and who represents you on your first visit. Here's what to know, and how I help.
Facts checked October 2026
Bring your agent on your first visit to a sales centre or your first online registration. Many developers only recognize an agent who is registered with you from the start — and having representation usually costs you nothing extra, because the developer pays it.
Pre-sale vs. move-in ready
| Pre-sale | Completed / move-in ready | |
|---|---|---|
| What you buy | A contract for a home not yet built | A finished home you can walk through |
| Timeline | Typically 1–4 years to completion | Usually 30–90 days |
| Deposits | Staged, often 10%–20% in total | One deposit, often about 5% |
| Price | Set today; market may move before completion | Today's market price |
| Incentives | Launch pricing, reduced deposits, upgrades | Often strong on unsold inventory |
| Financing | Final approval near completion — rules and income may change | Approved now |
Money and tax rules for new homes
- GST: new homes carry 5% GST. Eligible first-time buyers can recover up to $50,000 on homes up to $1 million, phasing out to $1.5 million, for agreements signed on or after May 27, 2025 (construction must start before 2031).
- Property Transfer Tax: citizens and permanent residents buying a newly built home as their principal residence pay no PTT up to $1,100,000, with a partial exemption to $1,150,000.
- 30-year amortization: available on insured mortgages for any buyer of a newly built home.
- Warranty: BC new homes come with 2-5-10 home warranty coverage — 2 years materials and labour (with some limits after year one), 5 years building envelope and 10 years structure.
- Flipping & assignments: selling or assigning within 730 days can trigger BC's home flipping tax, and assignments need the developer's consent and may carry GST and fees.
How deposits are protected
Under BC's Real Estate Development Marketing Act, pre-sale deposits are held in trust — usually by the developer's lawyer or a brokerage — and generally can't be used for construction unless the developer provides deposit protection insurance. If a project doesn't proceed as the contract allows, deposits are normally returned. Read your contract and disclosure statement for the exact terms.
You'll also get a Disclosure Statement, and you have a 7-day right to cancel after receiving it or signing, whichever is later. Have a lawyer review the contract within that window.
Questions I ask every developer for you
- What's your track record — how many BC projects have you completed, and were they on time?
- Is construction financing in place, or does it depend on pre-sale targets?
- What are the assignment rules and fees?
- What changes can you make to the plans, finishes or size without giving me a right to cancel?
- What's the estimated completion date — and the latest date the contract allows?
- What are the estimated strata fees, and what do they include?
Risks to weigh
- Market risk: if values fall, you still complete at the contract price.
- Delays: late completions are common. Your rate hold and living plans need flexibility.
- Financing: your approval is re-checked near completion against the rules and your income at that time.
- Renderings aren't the finished product: views, finishes and sizes can differ.
Pre-sales are a great fit for buyers with a flexible timeline and a solid financial cushion. If you need certainty on your move date, a completed or resale home may be safer. My job is to match the strategy to your situation — not to sell you a project.
Get new-home incentives first
I'm registered with developers across Surrey and Langley and receive their launch and incentive news. Tell me what you're after and I'll send you only the projects that match.
- Launch pricing and early access when available
- Current incentives on move-in-ready homes
- An honest view of each developer and project