In this guide
BC pre-sales are contracts to buy a home before it is built, governed by REDMA and typically requiring 5–20% deposits over 1–3 years. Every buyer gets a mandatory Disclosure Statement and a 7-day rescission period to cancel for any reason. The Disclosure Statement and developer track record, not the sales centre pitch, are what determine whether a pre-sale is worth committing to.
How do pre-sale contracts work in BC?
When you purchase a pre-sale property in BC, you sign a Contract of Purchase and Sale with the developer before the building is complete. You typically pay a deposit of 5–20% in stages, with the balance due at completion, which may be 1–3 years away.
BC's Real Estate Development Marketing Act (REDMA) governs pre-sales. Developers must provide a Disclosure Statement to buyers before contracts are signed, and buyers have a 7-day rescission period after receiving the statement to cancel the contract and receive a full deposit refund.
What is in a pre-sale disclosure statement?
The Disclosure Statement is the most important document in a pre-sale transaction. It contains:
Development schedule
Estimated completion date, phasing, and the developer's track record on previous completions.
What is included and excluded
Appliances, flooring, finishes, parking, storage lockers. Read every word. What is not in the disclosure is not guaranteed.
Amendment rights
Developers often retain the right to make changes to floor plans, finishes, and specifications. Understand what requires your consent versus what the developer can change unilaterally.
Strata governance
Proposed strata bylaws, restrictions (rentals, pets, short-term stays), and the developer's role post-completion.
Financial information
Construction financing, warranty coverage, and the developer's financial standing.
How do I evaluate a pre-sale developer?
Not all developers are equal. Before committing, research:
- Previous projects: visit completed buildings and talk to residents
- Completion track record: have they delivered on schedule and spec?
- Financial backing: is the project adequately financed?
- Warranty provider: are they registered with BC Housing Warranty?
- Reputation in the industry: our team can provide frank assessments of major Vancouver developers
Related resources
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