Presale vs resale on the North Shore: which one fits you?
Checked 4 October 2026 · next review January 2027A presale is a home bought from a developer before it is built, under the Real Estate Development Marketing Act. A resale is a home someone has already lived in. The two come with different cancellation rights, different taxes and a different wait. A first-time buyer of a new home under $1,000,000 can now get back the GST, which changes the arithmetic for many presales.
Tax rules, rebates and exemptions change, and each has conditions this page cannot cover. Everything below is subject to change. Confirm with the Province, CRA and your lawyer before you sign.
| Province of BC, property transfer tax | 1-888-841-0090 · PTTENQ@gov.bc.ca |
| Canada Revenue Agency, GST/HST rebates (GST/HST Rulings) | 1-800-959-8287 |
| City of North Vancouver | 604-985-7761 · info@cnv.org · 141 West 14th Street |
| District of North Vancouver | 604-990-2311 · infoweb@dnv.org · 355 West Queens Road |
| District of West Vancouver | 604-925-7000 · 750 17th Street |
Side by side
| What decides it | Presale | Resale |
|---|---|---|
| Who you buy from | A developer, who must give you a disclosure statement before you sign | The owner, through the usual contract of purchase and sale |
| Changing your mind | 7 days to cancel in writing, counted from the later of signing or receiving the disclosure statement | 3 business days after acceptance, for a fee of 0.25% of the price. It cannot be waived |
| Your deposit | Held in trust by a brokerage, lawyer or notary. The developer can use it only under a deposit protection contract | Held in trust by the brokerage, lawyer or notary named in the contract |
| GST | 5% on a newly built home | Generally none on a home that has been lived in |
| GST relief for first-time buyers | Full rebate up to $1,000,000, phasing out at $1,500,000, at most $50,000, for builder contracts signed on or after 20 March 2025 | Not available |
| Property transfer tax | Newly built home exemption: none on a home up to $1,100,000, partial to $1,150,000 | First-time buyer exemption: none on the first $500,000 if the price is $835,000 or less, partial to $860,000 |
| Warranty | 2 years on materials and labour, 5 on the building envelope, 10 on the structure | None by law. You rely on your inspection |
| What you can check first | The disclosure statement and every amendment to it | Form B from the strata, with the budget, depreciation report and insurance summary |
| Moving in | Usually years away; completion depends on construction | Usually a few weeks to a few months |
| Selling before you move in | Assigning the contract within 730 days of signing it is caught by the BC home flipping tax, and the developer reports every assignment to the Province | The BC home flipping tax applies to a resale sold within 730 days too |
The PTT exemptions and the GST rebate each have conditions on who you are, how you use the home and when the contract was signed. Check every condition with the Province and CRA before you count on one.
The same on both sides
- The City of North Vancouver, the District of North Vancouver and West Vancouver are speculation and vacancy tax areas: every owner declares by 31 March each year.
- The 20% additional property transfer tax for foreign buyers applies across Metro Vancouver.
- The federal ban on most foreign buyers of homes runs to 1 January 2027.
Which one fits you
A presale may suit you if
You are a first-time buyer who qualifies for the GST rebate, you can wait for completion, and you want a warranty and a new building. Read the disclosure statement and its amendments with your lawyer inside the 7 days.
A resale may suit you if
You need to move soon, you want to see the actual home and the strata’s records before you commit, and you would rather not carry the risk of a delayed completion.
This page is general information, not legal or tax advice. Before you sign a presale, have your lawyer review the disclosure statement. Confirm the GST rebate with CRA on 1-800-959-8287 and the transfer tax exemption with the Province on 1-888-841-0090.
- Province of British Columbia, Real Estate Development Marketing Act. Checked 4 October 2026.
- BC Financial Services Authority, REDMA FAQs. Checked 4 October 2026.
- BC Financial Services Authority, Home buyer rescission period. Checked 4 October 2026.
- Canada Revenue Agency, Residential real property sales. Checked 4 October 2026.
- Canada Revenue Agency, First-time home buyers’ GST/HST rebate. Checked 4 October 2026.
- Parliament of Canada, Bill C-4, Royal Assent 12 March 2026. Checked 4 October 2026.
- Province of British Columbia, Newly built home exemption. Checked 4 October 2026.
- Province of British Columbia, First time home buyers’ exemption. Checked 4 October 2026.
- BC Housing, Home warranty insurance for new homes. Checked 4 October 2026.
- Province of British Columbia, Form B information certificate. Checked 4 October 2026.
- Province of British Columbia, Condo and strata assignment integrity register. Checked 4 October 2026.
- Province of British Columbia, BC home flipping tax and pre-sale contracts. Checked 4 October 2026.
- Province of British Columbia, Speculation and vacancy tax taxable areas. Checked 4 October 2026.
- Province of British Columbia, Additional property transfer tax. Checked 4 October 2026.
- Department of Finance Canada, Extension of the foreign buyer ban. Checked 4 October 2026.