What Is a Presale Home? Pros, Cons & Process Explained

by Joshua Daniel

Thinking about buying a home in Metro Vancouver or anywhere in Canada? You’ve likely heard the term “presale home” tossed around. But what exactly is a presale, and is it the right move for you? Let’s break down what a presale home is, the pros and cons, and how the process works—so you can make a confident, well-informed decision.

What Is a Presale Home?

A presale home is a property that you purchase before it’s built—sometimes before construction has even started. Typically, you’re buying based on floorplans, renderings, and model suites. Presales are especially popular for condos and townhomes in fast-growing markets like Metro Vancouver.

Pros of Buying a Presale Home

Customization: Choose your floorplan, finishes, and sometimes even layout tweaks.
Lower Initial Deposit: Usually 10-20% spread over months, giving you time to save.
Potential Price Appreciation: Lock in today’s price—even if the market rises before you move in.
Brand New Home: Enjoy the latest designs, energy efficiency, and warranty coverage.

Cons of Buying a Presale Home

Waiting Period: You might wait 1-3 years before moving in.
Uncertainty: Final product may differ slightly from plans or renderings.
Market Fluctuations: Home values could dip before completion, affecting financing or resale.
Limited Negotiation: Prices and incentives are usually set by the developer.

The Presale Buying Process: Step by Step

Research: Find reputable developers and projects in your target area.
Preview & Register: Visit presentation centers, review floorplans, and register interest.
VIP Access: Work with a presale-savvy realtor to get early access and the best selection.
Select & Reserve: Choose your unit, pay a deposit, and sign a purchase agreement.
Construction & Updates: Stay in touch for progress reports and walkthroughs.
Completion & Move-In: Finalize mortgage, pay the balance, and get your keys!

Real-Life Example

Imagine Sarah, a first-time buyer in Surrey. She secured a presale condo in 2023 with just a 10% deposit. By 2025, her home was ready—and its value had increased. She chose her finishes, had time to save, and moved into a brand-new space tailored to her tastes.

Is a Presale Home Right for You?

If you value choice, flexibility, and getting in on the ground floor, a presale home could be a smart option—especially in a fast-moving market. But be sure to weigh the risks, work with an experienced realtor, and do your homework on the developer.

Ready to explore presale opportunities or want more tips? Reach out for guidance and the latest project updates—your dream home might be in the blueprint phase right now!