Should you Buy a Pre-Sale Condo or a Built Condo?

If you’re considering buying a condo in Vancouver or the Lower Mainland, deciding between a pre-sale (new construction) or an already-built (resale) condo is an important choice. Here’s a quick comparison to help you decide:

1. Timing

• Pre-Sale: You may need to wait 1-3 years for completion, which is ideal if you’re not looking to jump into a home right away, or need more time to save for a complete downpayment.
• Built Condo: You can move in almost immediately. You get to negotiate the dates that best suits you. Great if you're looking for a quick possession.

2. Pricing and Appreciation

• Pre-Sale: Often priced lower than resale with potential for appreciation while it’s being built. However, market conditions may change.
• Built Condo: You pay market value now with no waiting. You get to move in on specific dates as per the contract of purchase and sale.

3. Customization

• Pre-Sale: You can sometimes choose finishes and layouts, making the space your own.
• Built Condo: What you see is what you get, but renovations are possible post-purchase.

4. Warranty and Condition

• Pre-Sale: Comes with a 2-5-10 warranty, covering defects and structural issues for up to 10 years.
• Built Condo: May not have a warranty, especially older units, so inspections and strata reviews are crucial.

5. GST and Taxes

• Pre-Sale: Subject to GST (5%), which adds to the overall cost.
• Built Condo: No GST on resale units, but standard closing costs still apply.

6. Strata Fees

• Pre-Sale: Initial strata fees may be lower but will increase over time.
• Built Condo: You’ll have a clearer idea of current fees and potential increases. Detailed analysis of strata docs, engineer and depreciation reports will help provide a clearer picture of any upcoming fees.

Which Is Right for You?

A built condo is ideal if you want to move in quickly, while a pre-sale offers customization and potential price growth. Your decision will depend on your timeline, budget, and goals.

Let me know if you'd like to discuss your options or explore available listings!

Jonathon Weber

+778.321.9134

Real Estate Agent

Keller Williams Realty VanCentral

Kiers Cares Team