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Buying a home before it is built can offer some real advantages, but it also comes with risks that are different from buying an existing home. For buyers considering buying a pre-sale home in Victoria, the biggest benefits can include getting a brand-new home, having more selection early in a development, spreading deposits over time, and potentially qualifying for new-home tax programs. However, buyers also need to consider construction delays, changing market values, financing at completion, contract restrictions, and the fact that the finished home may differ somewhat from the original plans. If you are still determining what price range fits your finances, start with our guide on how much income you need to buy a home in Victoria. What Is a Pre-Sale Home? A pre-sale purchase happens when you agree to buy a home from a developer before construction is complete. Instead of walking through the exact finished home, you may be making your decision based on floor plans, renderings, display suites, specifications, and the developer's disclosure statement. Deposits are typically paid according to the schedule in the contract, with the remaining purchase price due when the home is ready for completion. If you are comparing new construction locally, you can also explore our Greater Victoria developments to see current and upcoming opportunities. What Are the Pros of Buying Pre-Sale? 1. You May Get More Choice Buying earlier in a development can give you a wider selection of: Floor plans Building locations Views Exposure and orientation Parking options Finishing packages This can be particularly valuable when certain layouts or locations within a development are limited. 2. You Are Buying a Brand-New Home New construction generally means newer building systems, modern layouts, current energy-efficiency standards, and less immediate maintenance than an older property. Most qualifying new homes in B.C. are also protected by mandatory 2-5-10 home warranty insurance, which provides different levels of coverage for materials and labour, the building envelope, and structural defects. 3. Your Deposit May Be Spread Over Time Unlike many resale purchases where the deposit is required shortly after acceptance, pre-sale developments often use a staged deposit schedule. That can give buyers more time to build savings before completion, although the exact deposit requirements vary from project to project. The overall timeline is also very different from a typical resale purchase. If you want to better understand the traditional buying process, read our guide on how long it takes to buy a home. 4. You Lock In the Purchase Price Before Completion Your contract establishes a purchase price even though completion may be months or years away. If property values rise before completion, that can work in your favour. However, the reverse is also true, which is why buyers should avoid assuming appreciation will occur. A pre-sale should make financial sense based on your circumstances today, not only on what you hope the property will be worth later. 5. Some Buyers May Qualify for Significant Tax Savings Eligible first-time buyers purchasing qualifying new homes may benefit from federal GST relief, subject to current eligibility rules and purchase-price thresholds. B.C. also offers a Newly Built Home Exemption from property transfer tax for qualifying principal residences. These programs can materially change the cost of purchasing new construction, but eligibility should always be confirmed based on your individual situation. What Are the Cons of Buying Pre-Sale? 1. The Home Is Not Finished Yet Renderings and display suites are helpful, but they are not the same as walking through your actual home. Room dimensions can feel different in person, views can be difficult to judge, and some contracts allow changes to layouts, square footage, materials, or finishes within specified limits. Understanding exactly what the developer is contractually required to deliver matters. 2. Completion Dates Can Change Construction timelines are estimates. Permitting, labour availability, financing, construction costs, weather, and other factors can delay a development. If you need to sell another property, end a lease, or coordinate a move, flexibility becomes important. 3. Your Financing Is Usually Finalized Much Later Getting mortgage approval when you sign a pre-sale contract does not necessarily guarantee financing at completion. Your income, employment, interest rates, lending rules, or the appraised value of the property could change. For example, if you agreed to purchase for $700,000 but the lender later appraises the completed property below that amount, you may need additional cash to close. This is why it is important to understand both your maximum qualification and your comfortable monthly payment before committing. Our article on why your monthly payment matters more than the purchase price can help with that comparison. 4. Market Values Can Move in Either Direction Locking in today's price can be an advantage if values rise. However, if comparable properties are selling for less when your home completes, you are still generally obligated to complete the purchase according to your contract. That is why pre-sale purchasing should not be treated as guaranteed appreciation. 5. Assigning the Contract May Not Be Simple Some buyers assume they can sell their contract before completion if their plans change. That is not always the case. The developer may restrict assignments, require approval, charge an assignment fee, or refuse an assignment altogether. The specific terms are contained in the pre-sale contract. Can You Cancel a Pre-Sale Contract in B.C.? Generally, pre-sale buyers protected under B.C.'s Real Estate Development Marketing Act have a seven-day right to cancel their pre-sale purchase without penalty. The disclosure statement should also be reviewed carefully. It contains important information about estimated construction dates, strata fees, bylaws, parking, contractual rights, and other details about the development. As you get closer to completion, a lawyer or notary will also become part of the process. Our guide on what a real estate lawyer does in the home buying process explains their role. Who Is a Pre-Sale Purchase Best Suited For? Buying pre-sale can make sense for buyers who: Have flexibility around their moving date Want a brand-new home Have stable finances and room for future changes Prefer selecting their unit early Understand that completion dates can move Are comfortable purchasing from plans and specifications Plan to hold the property rather than depend on a quick assignment The best pre-sale is not simply the project with the nicest display suite. It is one where the developer, contract, location, floor plan, pricing, financing plan, and completion timeline all make sense together. Should You Buy Pre-Sale in Greater Victoria? There is no universal answer. For some buyers, a pre-sale provides time to save, access to new construction, strong floor-plan selection, and potential tax advantages. For others, the certainty of purchasing an existing home may be more valuable. Before signing, look beyond the purchase price. Review the disclosure statement, investigate the developer's track record, understand the deposit and assignment terms, confirm the estimated completion timeline, and discuss financing well in advance. You should also compare the pre-sale against resale homes available within the same budget. Buyers deciding between different parts of the region may also find our Westhills vs. Bear Mountain comparison helpful when weighing location, lifestyle, housing type, and long-term plans. Explore Pre-Sale Opportunities in Greater Victoria If you are comparing pre-sale opportunities in Victoria, Langford, Colwood, or elsewhere in Greater Victoria, our team can help you compare the project, contract terms, floor plans, neighbourhood, financing considerations, and available resale alternatives before making a decision. You can explore our current Greater Victoria developments, including Pavilion in Langford, or learn more about how we help buyers through our Buy With Us page. Buying pre-sale can be a great fit for the right buyer, but the details matter. If you are considering a new development and want a second set of eyes before committing, contact our team and we can help you compare the opportunity against the rest of the Greater Victoria market. This article is intended for general information only and is not legal, tax, or financial advice. Buyers should obtain independent professional advice regarding their specific purchase.   Lynn L., 5-Star Review, via Google “Purchasing our home with Faber Real Estate Group has been nothing short of fantastic. Scott Faber's attention to detail and personal service is outstanding. His professionalism and friendly personality went a long way for us. We are more than pleased we chose Scott and Faber Real Estate Group as our agent. We wish to extend our heartfelt "Thank You" to Scott and his team. We highly recommend them!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”