When you start looking for a home in Vancouver, one of the first choices you will face is whether to buy a presale, a home bought before or during construction, or a resale, an existing home you can walk through today. Both can be the right answer. It depends on your timeline, your budget, and what you value most. Here is a clear look at how they compare in this market.
What presale and resale actually mean
A presale home is purchased from a developer before the building is finished, and sometimes before construction has even started. You buy based on plans, finishes, and a display suite, then wait for completion. A resale home already exists. You view the actual property, and once the deal closes you can move in or rent it out right away. That single difference, buying the future versus buying the present, shapes almost everything else.
The case for buying presale
Presales appeal to buyers who are not in a rush and want something brand new. The advantages are real:
- A staged deposit, not a full down payment. You typically secure the home with deposits paid over time, which gives you room to keep saving before completion.
- Everything is new. New appliances, new systems, modern layouts, and a home warranty behind the build. In British Columbia, new homes are covered by mandatory third party warranty protection.
- Time to plan. The months between purchase and completion let you organise financing and prepare for the move at a measured pace.
- Some choice in finishes. Depending on how early you buy, you may be able to select certain colours or upgrades.
The trade offs are patience and trust. You are waiting for a home you cannot yet stand in, so the reputation and track record of the builder matter enormously. New homes may also carry GST, which should be part of your budget from the start.
The case for buying resale
Resale homes suit buyers who need to move sooner or want the certainty of seeing exactly what they are getting.
- Move in on your timeline. Once the sale completes you have a home, not a wait.
- What you see is what you buy. You can inspect the actual unit, feel the light and space, and meet the neighbours before you commit.
- Established neighbourhoods. Mature trees, known amenities, and a settled community are already in place.
- Room to negotiate. Depending on the market, there can be more flexibility on price than with a fixed developer price list.
The trade off is age. Older homes can mean older systems, dated layouts, and future maintenance, so a thorough inspection and, for strata homes, a careful review of the depreciation report are essential.
How to decide
Start with your timeline. If you need a home in the next few months, resale is often the practical choice. If you can wait a year or more and want everything new, a presale may reward that patience. Then weigh your finances, your appetite for choosing finishes, and how much certainty you want on day one. There is no universally correct answer, only the one that fits your life.
Whichever path you choose, the quality of the home and the people who built it matter more than the label on the purchase. A carefully built home in a well chosen location tends to serve its owners well for decades, whether they bought it off a plan or walked through the front door first.
This article is general information and not financial, tax, or legal advice. Warranty, tax, and contract details vary, so confirm the current requirements and speak with a qualified professional before you buy.
