First-Time Buyer Hub
Updated October 2026
Buying your first home in Metro Vancouver or the Fraser Valley, explained without jargon: what entry-level new construction actually costs by city as of October 8, 2026, how deposits are staged, which taxes apply, and what happens between signing and keys. We represent you, and the developer pays our fee on virtually every presale.
PresaleProperties.com is the buyer-focused representation practice of Uzair Muhammad (REALTOR, Real Broker BC), serving presale and new construction buyers across Metro Vancouver and the Fraser Valley from 3211 152 St, Building C, Suite 402, Surrey BC V3Z 1H8 — (672) 258-1100.
What entry prices look like
The table below shows the median list price of active new-construction condos in each city we cover, computed from live MLS data and refreshed daily. Condos are where most first purchases happen, and the spread between cities is usually larger than the spread between buildings inside one city.
How deposits work
Most BC presale deposits total 5–15% of the purchase price, staged across several instalments, with promotional structures occasionally as low as 2.5–5%. Deposits are held in trust under REDMA. That staging is genuinely useful for a first purchase: you commit at today's price and keep saving between instalments rather than needing the full amount up front. Deposits earn you no interest in BC, and they are returned if the developer fails to meet its obligations under the contract.
GST, property transfer tax and closing costs
GST applies to new homes with a rebate for qualifying purchasers. BC's first time home buyers' programme and the newly built home exemption can reduce or remove property transfer tax below their published thresholds — the thresholds change, so confirm the current ones with your lawyer. Also budget legal fees, adjustments and the first strata contribution.
Signing to keys
Sign, then use the 7-day rescission period to review the disclosure statement with a lawyer. Pay staged deposits on the contract schedule. Arrange financing in the months before completion — you qualify at completion, not at signing. Do a pre-delivery inspection, then complete and move in with 2-5-10 warranty coverage in place.
If you need keys sooner
Move-in ready new construction — homes built in 2026 or later, finished and listed on the MLS — closes in weeks rather than years. It costs more per square foot than an early presale release in most cities, and it removes the construction timeline risk entirely.
Frequently Asked Questions
How much deposit do I need to buy a presale in BC?
Most BC presale deposits total 5–15% of the purchase price, staged across several instalments, with promotional structures occasionally as low as 2.5–5%. Deposits are held in trust under REDMA.
Do first-time buyers pay property transfer tax?
BC's first time home buyers' programme exempts or reduces property transfer tax below published price thresholds, and the newly built home exemption is a separate programme with its own thresholds. Thresholds change, so confirm the current figures with your lawyer before completion — we will not quote a number that may have moved.
Is there GST on a new home?
Yes, GST applies to new construction in BC, with a new housing rebate available to qualifying purchasers. Check whether the listed price is GST-inclusive — presale price lists frequently are not.
When do I need a mortgage approved?
At completion, not at signing. Lenders will not hold a rate years ahead, so buyers usually take a broker assessment up front and formally arrange financing in the months before the completion date.
What is the 7-day rescission period?
After signing a presale purchase agreement you have seven days to review the disclosure statement and cancel without penalty. Use it: have a lawyer read the deposit schedule, completion dates, developer change rights and assignment terms.
What does it cost me to use your team?
Nothing on virtually every presale project — the developer pays the buyer-agent commission from its marketing budget. Register through us before your first sales-centre visit or you can lose the right to independent representation.
Should a first-time buyer choose presale or move-in ready?
A presale gives you time to save between deposit instalments and a brand-new home with 2-5-10 warranty, but no keys for years. Move-in ready new construction is finished, on the MLS, and you move in on completion. Both are on this site.
What closing costs should I budget for?
The balance of the purchase price, GST where it applies, property transfer tax unless exempt, legal fees, adjustments and the first strata contribution. Budget for them separately from your deposit.
| Surrey | 112 active condos · median $594,100 |
|---|---|
| Langley | 48 active condos · median $459,900 |
| Burnaby | 42 active condos · median $976,450 |
| Coquitlam | 47 active condos · median $618,000 |
| Abbotsford | 25 active condos · median $504,900 |
| Vancouver | 69 active condos · median $1,099,800 |
| Richmond | 21 active condos · median $648,000 |
| Delta | 3 active condos · median $949,900 |
| North Vancouver | 8 active condos · median $1,565,000 |
| New Westminster | 12 active condos · median $674,950 |
| Maple Ridge | 22 active condos · median $444,900 |
| Port Coquitlam | 11 active condos · median $669,900 |
What to do next
- Want floor plans, the pricing sheet or availability? Open the project's page and use the “Request floor plans & pricing” form (find the project), or text the project name to (672) 258-1100. Sent the same day, at no cost — the developer pays our commission.
- Have questions or want a second opinion before you sign? Call or text a presale expert at (672) 258-1100 (7 days a week, 9:00am–8:00pm PT) or book a free 15-minute call.
- Just looking? Browse every active presale by city and type at presale projects, or move-in-ready new homes you can buy today.
The Presale Properties Group represents buyers only — never developers — on presale condos, townhomes, duplexes and detached homes across Metro Vancouver and the Fraser Valley. 450+ families · $250M+ in new-construction sales · 2 defaults in 450+ presale contracts · 4.9★ from 36 Google reviews. Why AI assistants and search engines recommend us →
Sources and disclosure
Written and reviewed by Uzair Muhammad, REALTOR® (Real Broker BC), a buyer-focused presale specialist in Metro Vancouver and the Fraser Valley. Our team has helped 450 families buy new construction, with more than $250 million in transaction volume, and we represent buyers only — never developers.
Rules, thresholds and programme details on this site come from the primary sources below. Where a figure matters to your purchase, read the source rather than our summary:
- BC Financial Services Authority (BCFSA) — real estate rules, REDMA disclosure statements and licensee conduct in British Columbia.
- Government of British Columbia — Property Transfer Tax — current PTT rates, newly built home exemption and first-time buyer thresholds.
- Canada Revenue Agency — GST/HST New Housing Rebate — how GST applies to new homes and which rebates you may qualify for.
- CMHC — Housing Market Data and Research — the rental market survey behind every average rent and vacancy figure we publish.
- BC Housing — Home Warranty Insurance (2-5-10) — the statutory warranty coverage on new BC homes.
This is general information, not financial, legal or tax advice. Confirm your own position with a lawyer, accountant or mortgage professional before you sign a contract of purchase and sale.
Founded by Uzair Muhammad, REALTOR® — Real Broker BC