Buying a presale is buying a contract — not a finished home. Years can pass between signing and possession. The checklist below walks every step, with the official BCFSA, REDMA, and BC government links you'll need along the way.
Engage a licensed real estate agent
A REALTOR® specializing in presales can help you compare developments, review the disclosure statement, and carefully assess the purchase agreement, including termination and assignment terms, before you sign. Their commission is typically paid by the developer — at no cost to you.
Define your criteria
Write down what matters: budget ceiling, neighbourhood, building type, suite size, floor plan, features, parking, amenities, completion window, and the deposit schedule you can carry. Presale deposits may differ: 5–30% paid in 1–5 instalments over a couple of years before completion.
View the shortlist
Visit the presentation centers of the shortlisted developments to get detailed information about the developer, development, availability of different floorplans, recent prices and incentives.
Read the disclosure statement and purchase agreement
Required by REDMA, the disclosure statement covers developer history, building plans, estimated construction and completion dates, strata budget, warranties, parking/storage, amenities, and other details about the development. Read it cover-to-cover, ideally with a real estate lawyer — especially for termination clauses, assignment clauses, completion language, and material change provisions.
Note every amount, date, and exit
Write down: each deposit instalment (amount + due date), estimated completion date, outside completion date (your hard backstop), assignment fees and conditions, and the specific circumstances under which you can walk away with your deposit returned.
7-day rescission period
Under REDMA you have 7 calendar days after signing (or after receiving the disclosure statement, whichever is later) to rescind for any reason and get every dollar back. The developer must refund the deposit within 15 days. Use this window to finalize legal review.
Follow up amendments and milestones
Developers must file amendments to the disclosure statement when material things change — financing commitment, building permit, completion timeline. Read every amendment carefully. Track key construction notices: deposit instalment calls, walkthrough invitation, and completion notice.
Get pre-approved early — and watch for builder programs
You typically don't need a full mortgage commitment until ~30–60 days before completion, but get a pre-qualification at signing to confirm affordability. Several Canadian banks now offer presale pre-approval programs that lock buyers in years ahead. Ask whether the developer has a relationship with a specific lender offering preferred terms. Understand your mortgage options before you start shopping: insured vs. uninsured, fixed vs. variable, open vs. closed.
Engage a notary or lawyer for closing
About 60 days before estimated completion, retain a real estate lawyer or notary. They'll review the agreements, addendums and other available documents, prepare transfer paperwork, calculate Property Transfer Tax and GST (and exemptions if applicable), and coordinate with your lender.
Arrange your downpayment
Arrange the remaining balance of your down payment if it exceeds the total deposits already paid. Funds from overseas typically need 30–90 days seasoned in a Canadian account before lenders accept them — move money early.
Pre-delivery inspection (walkthrough)
A couple of weeks before completion, you'll walk the suite with the developer's representative. Request your realtor to join the walkthrough. Document every deficiency — paint, finishes, fixtures, appliances — on the deficiency list.
Completion and possession
Sign with your lawyer/notary 1–3 days before. Get the bank draft for the balance of down payment + taxes and closing costs. On completion, your lender funds, your lawyer pays the developer, and title registers at LTSA. Possession (keys) usually follows the next day. Collect all keys and access items, including fobs, garage remotes, visitor parking passes, locker and mailbox keys, as well as any appliance manuals and the developer's binder. Your home is now covered by BC's 2-5-10 New Home Warranty.
Right before the keys
Bind home insurance effective on completion day. Set up utility accounts (BC Hydro, FortisBC, internet). Arrange strata-fee pre-authorized debit with the strata management company. Change your address on ICBC, RoadSafetyBC, CRA, and banks.
After getting the keys
Note and track your annual property tax payment date(s). If this is your principal residence, claim the Home Owner Grant before the due date each year. If the property is within the City of Vancouver, watch the Empty Homes Tax declaration deadline (early February); for properties in designated BC regions, watch the Speculation and Vacancy Tax declaration deadline (March 31). At tax time, remind your accountant to claim the First-Time Home Buyers' Tax Credit (Home Buyers' Amount) on your return if you're eligible.
Information current as of publication; accuracy and currency are not guaranteed. Confirm with the official sources below or consult a qualified professional.
- REDMA — Full Act (BC Laws)
- BCFSA — Presales information
- BCFSA — REDMA FAQs
- BCFSA — Agency & disclosure forms
- BC Housing — 2-5-10 New Home Warranty
- CMHC — Mortgage loan insurance
- FCAC — Down payment rules
- BC Gov — Property Transfer Tax
- BC Gov — Newly Built Home Exemption
- BC Gov — Home Owner Grant
- CRA — GST/HST New Housing Rebate
- Dept. of Finance — FTHB GST Rebate
- FCAC — Choose a mortgage