Presale Condos in Langley and Surrey: Deposits, GST and the New-Home Exemption

Presales are popular in Langley, Surrey and South Surrey because you lock in a price today and pay most of it years later. But the costs work differently from a resale home.

Deposits are paid in stages

Instead of one down payment, the developer usually asks for deposits over time: for example 5% at signing, another 5% a few months later, and more as construction moves ahead. The total often reaches 10% to 20% before you move in. The rest is paid by your mortgage on completion.

My Presale Deposit Schedule lays out each payment and its due date for any price, so you can see exactly when you need the money.

GST applies to new homes

A newly built home has 5% GST on top of the price. On a $900,000 condo, that is $45,000.

First-time buyers can get a GST rebate of up to $50,000 on a new home up to $1,000,000, phasing out by $1,500,000. On that $900,000 condo, a first-time buyer's GST can drop to $0.

No property transfer tax up to $1.1 million

Newly built homes are exempt from BC property transfer tax up to $1,100,000 (phasing out by $1,150,000). On a $900,000 presale, that saves $16,000, and you don't need to be a first-time buyer.

No inspection needed, but read the contract

You don't need a resale-style home inspection, but the disclosure statement matters: completion dates, assignment rules, and what happens if the project is delayed. I review these with every client before they sign.

Plan it

Try the Presale Deposit Schedule, then browse current presales by city on my site. Call or text 604-612-7228 to walk through a project.

Estimates only. Rebates and exemptions depend on your eligibility; your lawyer confirms the final amounts.