What Are Presale Condos?
A presale condo is a property purchased before construction is completed. You enter a contract with the developer, pay an upfront deposit, and take possession when the building is finished (often 2–4 years later). The advantage is locking a price today; the caveat is committing before you see the finished product — and several variables can affect the outcome.
Why Choose Burnaby or New Westminster for Presales?
Burnaby: High-Growth & Transit-Connected
Burnaby is transforming — Brentwood and Metrotown are major redevelopment hubs with SkyTrain access, retail, and amenities that draw buyers and renters alike. Developers are building tall, amenity-rich towers geared to demand for transit-oriented living.New Westminster: Value, Character & Connectivity
New Westminster offers heritage character, waterfront appeal and a more approachable entry point than some neighboring markets. Multiple SkyTrain stations and a revitalized downtown make presales here attractive to first-time buyers and investors searching for long-term value.
Understanding Deposit Structures
Deposit schedules vary by project, but a common pattern is:- Initial deposit: ~5% at contract signing
- Second deposit: ~5% within 3–6 months
- Final deposit: ~5–10% around the one-year mark or at a construction milestone
The Rewards of Buying Presale
- Price appreciation potential: If market values rise during construction your unit can gain equity before possession.
- Customization: Early buyers often choose finishes and upgrades.
- Time to prepare: You get 2–4 years to plan finances, sell an existing home or secure financing.
- Warranty protection: New homes usually have 2-5-10 warranty coverage for added protection.
Risks and What to Watch For
- Market shifts: Prices may soften before completion.
- Construction delays: Permits, materials and labour can push possession dates out.
- Financing at completion: Interest rates and mortgage rules may change, affecting affordability.
- Assignment restrictions: Reselling a presale contract can be restricted or costly — check the fine print.
Final Thoughts
The rise of presales in Burnaby and New Westminster is reshaping how people enter Metro Vancouver’s housing market. With clear planning, careful contract review and local market insight, presales can be a strategic way to secure a home or investment in 2025. The Adam Lloyd Home Selling Team is here to review deposit schedules, vet developer reputations and guide buyers through presale opportunities. Ready to explore presale options or want a presale checklist? Contact the Adam Lloyd Team or download our guide.Thinking of Buying or Selling in Burnaby or New Westminster?
Now is the time to understand how presales and changing market conditions affect your strategy. We provide local insight, contract review and presale guidance to protect your investment.
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