For many years, buyers interested in a new Vancouver condo essentially faced one main decision: which presale project should they buy?
Today, the decision can be considerably more interesting.
A buyer looking for a newer home in Greater Vancouver may have three distinct opportunities:
- purchase a presale directly from a developer;
- purchase an assignment of someone else’s presale contract; or
- purchase a newly completed condo, including unsold inventory still owned by a developer.
At first glance, these options may appear similar. In all three cases, the buyer may ultimately own a brand-new or nearly new condominium.
Financially and contractually, however, they can be very different purchases.
And in the current market, those differences matter.
Recent Greater Vancouver market reporting estimates that approximately 4,000 units of completed new inventory remain to be absorbed. Newly completed developer-owned condos are therefore competing directly with newer resale properties, while some developers have made meaningful price adjustments to move remaining inventory.
For buyers, that creates something we have not always had in Vancouver’s new-home market:
choice.
The question is no longer simply, “Which presale should I buy?”
It may be:
“Should I buy a presale at all—or would an assignment or completed new condo make more sense?”
There is no universal answer. The better choice depends on the numbers, the contract, the property and the buyer’s timeline.
Option 1: Buying a Presale Directly From the Developer
A traditional presale purchase occurs when you enter into a contract with a developer before the home is completed.
Depending on when you purchase, completion could be months or several years away.
One of the attractions of presales is that buyers can sometimes access a project relatively early and choose among available floor plans, orientations and locations within the building.
Another is timing.
Instead of funding the entire purchase immediately, the buyer typically pays deposits according to the schedule contained in the purchase agreement and completes the purchase when the home is finished.
But that time horizon also introduces uncertainty.
Between contract signing and completion, mortgage rates can change, lending rules can change, property values can move, employment circumstances can change, and the buyer’s own life can look quite different.
BCFSA specifically advises buyers to review the disclosure statement and purchase agreement carefully. Among other things, these documents address estimated construction dates, strata fees, parking, contractual rights and obligations, and circumstances in which a contract may be cancelled.
Since April 1, 2025, applicable new disclosure statements must also include BCFSA’s “Summary of Pre-sale Risks and Buyer Rights,” designed to highlight important provisions and risks for purchasers.
That is an important reminder:
A presale is not simply a reservation for a future condo.
It is a binding real estate contract.
The Seven-Day Rescission Period
B.C. presale purchasers generally receive a seven-day rescission period under the Real Estate Development Marketing Act framework.
BCFSA explains that the seven days run from the later of signing the presale contract and providing the required acknowledgement concerning the disclosure statement.
This period is extremely valuable.
It gives buyers an opportunity to carefully review the disclosure statement and contract, investigate financing and obtain appropriate professional advice.
I encourage buyers to use that time for actual due diligence rather than treating the purchase as final the moment the contract is signed.
Option 2: Buying an Assignment
An assignment is fundamentally different.
The buyer is not necessarily entering into a brand-new purchase contract directly with the developer.
Instead, an existing purchaser—the assignor—transfers their contractual rights and obligations to a new purchaser—the assignee.
BCFSA defines an assignment as the transfer of benefits, interests and rights under a contract from one party to another.
This can create interesting opportunities.
Imagine that someone purchased a condo several years ago but their circumstances changed before completion. They may have moved, married, divorced, had children, changed jobs, encountered financing difficulties or simply decided that they no longer want the property.
Rather than complete the purchase and subsequently resell the condo, they may attempt to assign the contract before completion.
For another buyer, that can create access to a home that is no longer available directly from the developer.
But assignments require careful analysis.
An Assignment Is Not Simply a Resale Condo
When buying an assignment, you need to understand the original contract.
That includes:
- the original purchase price;
- deposits already paid;
- the amount being paid to the assignor;
- remaining deposits;
- developer assignment requirements;
- assignment fees;
- completion obligations;
- disclosure statement amendments;
- GST implications;
- and financing.
The developer’s consent may also be required.
Under REDMA, presale contracts contain assignment provisions, and unless assignment is expressly permitted otherwise, assignment generally requires developer consent. Developers must also collect prescribed information concerning permitted assignments.
That means buyers should never assume that because someone wants to sell an assignment, the transaction can automatically proceed.
The original contract must be reviewed.
GST Makes Assignment Purchases More Complicated
This is an area where buyers should be particularly careful.
Since May 7, 2022, assignment sales involving newly constructed or substantially renovated residential housing are generally taxable for GST/HST purposes.
The Canada Revenue Agency explains that GST/HST can apply to the consideration paid for the assignment, including amounts representing recovery of deposits, not merely to an assignor’s profit.
There may also be GST payable in connection with the eventual purchase from the original developer.
The precise calculation can depend on the contract, the assignment structure and the circumstances of the parties.
For that reason, I would not recommend relying on a simple online formula for an assignment transaction.
Buyers and sellers should obtain appropriate accounting and legal advice before proceeding.
Option 3: Buying a Newly Completed Condo
The third option has become particularly relevant in today’s market.
A development may be completed but still have homes that were never sold.
Those units may remain in developer inventory and be available for immediate or relatively quick purchase.
From a buyer’s perspective, this can combine some characteristics of a presale with some advantages of resale.
The most obvious difference is certainty.
You can usually see what you are buying.
Instead of evaluating architectural renderings and floor plans, you may be able to walk through the actual home.
You can see:
- the view;
- natural light;
- room dimensions;
- finishes;
- ceiling height;
- building amenities;
- surrounding development;
- and how the home actually feels.
For many buyers, that certainty has significant value.
Today’s Completed-Inventory Market Deserves Attention
This is where current market conditions become particularly interesting.
Recent Greater Vancouver reporting indicates that newly completed developer-owned inventory is competing directly with newer resale condos. Some completed homes have experienced substantial price adjustments as developers work through standing inventory.
That does not mean every completed project is discounted.
Nor does it mean every developer is prepared to negotiate.
But it does mean buyers should not automatically assume that purchasing earlier in the development cycle represents the best value.
In certain circumstances, the completed home may offer a compelling combination of:
- price certainty;
- immediate occupancy;
- greater negotiating leverage;
- reduced completion risk;
- and the ability to inspect the actual property.
That is why I think today’s buyer should compare all three channels before deciding.
Presale vs. Assignment vs. Completed: A Practical Comparison
| Consideration | Presale | Assignment | Newly Completed |
|---|---|---|---|
| What are you buying? | Future home | Existing presale contract | Completed home |
| Can you see the actual unit? | Usually no | Often not until near completion | Usually yes |
| Completion timing | Potentially years away | Often closer | Immediate or relatively soon |
| Deposit structure | Developer schedule | Depends on original contract and assignment terms | Negotiated as part of purchase |
| Financing certainty | Lower because completion is future | Can be complicated | Generally more conventional |
| Developer consent | Not applicable to original purchase | Often required | Not normally an assignment issue |
| GST | May apply | More complex; professional advice recommended | May apply if new |
| Ability to inspect actual home | No | Sometimes near completion | Usually yes |
| Price certainty | Contract price known, future market unknown | Depends on assignment economics | Current-market purchase |
| Negotiating opportunity | Project-dependent | Seller-dependent | Can be meaningful in some projects |
This table is intentionally general. Individual contracts and developments can materially change the analysis.
Do Not Compare Only the Asking Prices
This may be the most important point in the article.
Suppose three similar condos appear to cost:
Presale: $850,000
Assignment: $825,000
Completed developer unit: $840,000
At first glance, the assignment appears cheapest.
But that does not establish which purchase actually costs less.
You may also need to consider:
- GST;
- assignment consideration;
- deposits;
- assignment fees;
- developer credits;
- upgrades;
- closing adjustments;
- financing costs;
- mortgage-rate incentives;
- strata-fee incentives;
- and the timing of when your money is required.
The $825,000 option could ultimately cost more than the $840,000 option.
Or it could represent substantially better value.
The headline price does not answer the question.
The complete economics do.
What About Property Transfer Tax?
Property Transfer Tax is another cost that needs to be considered separately from GST.
B.C. provides exemptions in certain circumstances, including an exemption for qualifying newly built homes, subject to eligibility requirements and applicable thresholds and rules.
Whether an individual buyer qualifies depends on the transaction and the buyer’s circumstances.
This is another reason I prefer to calculate the likely acquisition cost of each option rather than simply compare advertised prices.
Tax rules and eligibility can change, so buyers should verify current requirements with the Province of British Columbia and obtain professional tax or legal advice where appropriate.
Financing Can Change the Decision
Financing is often easier to understand when purchasing a completed home because the lender can evaluate the actual property and the transaction is occurring in today’s lending environment.
A presale is different.
A buyer may obtain a mortgage pre-approval when purchasing, but completion could be several years later.
The buyer will ultimately need to qualify under the lending conditions applicable at that time.
Assignments can add another layer because lenders need to understand the original purchase agreement, assignment agreement, total consideration and valuation of the property.
This is why financing should be investigated before committing—not after.
Which Option Is Best for an Owner-Occupier?
An owner-occupier who needs housing relatively soon may find a completed home more practical.
Someone who expects to need a home several years from now may prefer a presale.
An assignment could make sense when it provides access to a particularly desirable unit, building or location that is no longer available directly from the developer.
But I would resist turning those observations into rules.
A particularly attractive completed unit can be a poor purchase at the wrong price.
A well-selected presale can be excellent at the right price.
And an assignment can occasionally offer an opportunity unavailable anywhere else in the market.
The property and economics still matter.
What About Investors?
Investors should be especially disciplined in today’s market.
Rather than asking:
“Which one will appreciate the most?”
I would begin with questions we can actually analyse:
- What is the total acquisition cost?
- What is realistic market rent?
- What will the monthly carrying cost be?
- How much capital is tied up before completion?
- What are the strata fees?
- Is the floor plan attractive to future tenants and buyers?
- How much competing inventory exists?
- What restrictions affect rentals or future assignment?
- What is the likely buyer pool when I eventually sell?
Speculation about future appreciation should come after understanding today’s numbers, not before.
A Discount Is Not Automatically a Bargain
The current market contains incentives, reduced prices and motivated sellers.
That is useful for buyers.
But it can also create a trap.
A $50,000 discount from an earlier price does not tell you whether today’s price represents value.
The original price may simply have been too high.
Similarly, an assignment priced below the assignor’s original cost is not automatically attractive.
The relevant comparison is today’s market.
Ask:
“What else could I buy for the same money?”
That question is much more useful than:
“How much has this been discounted?”
Developer Reputation Still Matters
Price is only one part of purchasing a new home.
A buyer should also investigate the developer’s track record, completed projects, construction quality, disclosure statement, contractual provisions and the development itself.
For presales, BCFSA specifically recommends carefully reviewing the disclosure statement and amendments, including estimated construction dates, strata fees, parking, bylaws and contractual rights and obligations.
The same discipline is valuable when purchasing an assignment because the assignee ultimately steps into an existing contractual relationship.
Five Questions I Would Ask Before Choosing
Rather than beginning with “presale or assignment?”, I would start with five questions:
- When do you actually need the home?
- What is the true all-in cost of each alternative?
- How much uncertainty are you comfortable accepting?
- What comparable homes can you purchase today for the same money?
- Is this particular property attractive enough to justify the structure of the transaction?
Once those questions are answered, the appropriate path often becomes much clearer.
Frequently Asked Questions
Is a presale cheaper than a completed condo in Vancouver?
Not necessarily. Presales sometimes offer attractive early pricing or incentives, but completed developer inventory may also be discounted or negotiated. Buyers should compare current alternatives rather than assume one category is inherently cheaper.
Is an assignment cheaper than buying directly from a developer?
Sometimes, but not automatically. The buyer needs to examine the original contract price, assignment consideration, deposits, applicable GST, developer fees and other costs before determining the effective purchase price.
Do I pay GST when buying a presale condo in B.C.?
GST generally applies to the purchase of new residential housing, although rebates or other relief may be available in qualifying circumstances. The precise treatment depends on the transaction and purchaser. Tax advice should be obtained where necessary.
Is GST payable on a presale assignment?
Assignment transactions can create multiple GST considerations. CRA states that since May 7, 2022, assignment sales involving newly constructed or substantially renovated residential housing are taxable for GST/HST purposes, with tax generally applying to the consideration for the assignment.
Can I assign any Vancouver presale contract?
No. Assignment rights depend on the contract and developer requirements. Developer consent may be required, and fees or other conditions can apply.
Is buying a completed developer unit safer than buying presale?
It removes some uncertainties because the home already exists and can often be inspected, but it does not eliminate purchasing risk. Buyers still need to evaluate the property, building, developer, contract, warranty, price and market conditions.
Should I buy a Vancouver presale in 2026?
The year alone should not determine the decision. The more useful analysis is whether the particular project, unit, purchase price, contract, developer and completion timeline fit the buyer’s financial circumstances and objectives.
My Approach to Comparing New-Home Opportunities
When I help buyers evaluate a presale, assignment or newly completed condo, I do not think the objective should be to prove that one category is superior.
The objective is to identify where the best combination of value, quality, timing and acceptable risk exists for that particular buyer.
Sometimes that will be a presale.
Sometimes it will be an assignment.
And in today’s market, a newly completed developer-owned condo deserves serious consideration as well.
Vancouver’s current market gives buyers something they did not always have during stronger presale cycles: more time, more inventory and more alternatives.
That makes comparison particularly valuable.
Final Thoughts
A presale, an assignment and a newly completed condo can ultimately deliver something that looks very similar: a new home.
But the route to ownership can be completely different.
The deposit structure can differ. Financing risk can differ. GST treatment can differ. Contractual obligations can differ. Timing can differ. And, importantly, the buyer’s negotiating position can differ.
So I would not begin by asking:
“Which type should I buy?”
I would ask:
“What is the best property I can buy for my budget, and which transaction gives me the most appropriate combination of value, certainty and flexibility?”
That is a much better starting point.
If you are considering a Vancouver presale, presale assignment or newly completed condo, I would be pleased to help you compare the alternatives and understand the advantages, costs and risks before you make a decision.
This information is provided as a general guide and is not legal, tax, accounting or financial advice. Presale and assignment contracts can be complex, and buyers should obtain appropriate independent professional advice for their circumstances.