Pre-Construction Condos in Vancouver: 2025 Guide

Vancouver's pre-construction market has cooled from its 2021–2022 peak, but quality projects in desirable locations still sell quickly. Unlike Toronto, BC pre-construction buyers deal with GST (not HST), BC PTT at final closing, and strict strata disclosure requirements under the Real Estate Development Marketing Act (REDMA). Here's the complete picture.

Key Differences: Vancouver vs. Toronto Pre-Con

• Tax: BC charges 5% GST only (not 13% HST like Ontario)
• PTT: BC PTT is paid at final closing (not applicable in Ontario which has LTT)
• Disclosure: BC REDMA requires developers to provide a Disclosure Statement before selling
• Rescission period: Buyers have 7 business days to rescind after receiving the Disclosure Statement
• No occupancy fee regime: BC doesn't have the same interim occupancy period as Ontario

Pre-Construction Total Cost Calculator

GST on New Condos in BC

Unlike Ontario (13% HST), BC charges only 5% federal GST on new residential construction. On an $850,000 condo, that's $42,500. The New Housing GST Rebate applies for homes used as your primary residence, but only on the federal portion and with a cap. The rebate is 36% of GST paid, but phases out entirely for homes over $450,000 in fair market value.

This means most Vancouver pre-con buyers get little to no GST rebate — the full 5% typically applies. However, if you're purchasing for rental purposes, the New Residential Rental Property Rebate may allow you to recover GST if the property is rented to a long-term tenant.

BC Property Transfer Tax at Closing

PTT is paid at final closing when title registers. For a pre-con purchase at $850,000: PTT = $2,000 + (($850,000 – $200,000) × 2%) = $15,000. First-time buyers may qualify for an exemption if the purchase price is under $835,000 (the threshold as of 2025). New construction properties also benefit from a separate PTT exemption for properties under $1,100,000 purchased for use as a primary residence — worth checking with your lawyer.

REDMA Disclosure Statement

Under BC's Real Estate Development Marketing Act, developers must provide a Disclosure Statement before entering into any purchase contract. Read it carefully — it covers: project description, proposed strata plan, estimated completion date, strata fees, disclosure of any liens, and developer's background. You have 7 business days after receiving the disclosure to rescind without penalty. Never waive this right.

Deposit Structure

Typical Vancouver pre-con deposit schedule: 5% on signing, 5% at pre-defined milestones (usually 90 days, 180 days, and/or permit issuance). For an $850,000 unit, you'd need $42,500 to $170,000 in deposits over time. Your mortgage only funds at final closing — not during construction.

Related Guides

• Buying a Condo in Vancouver
• Closing Costs in Vancouver
• Foreign Buyer Tax in BC
• Strata Fees in BC
• Speculation & Vacancy Tax BC