Pre-Sale Multiplex Buyer’s Checklist
Buying pre-sale means you sign and pay a deposit for a home that is not finished yet. In a building of 5 or more strata homes, BC's Real Estate Development Marketing Act (REDMA) gives you a disclosure statement, 7 days to cancel for any reason, and rules on where your deposit is held. A duplex, triplex or fourplex sold as strata homes has a 3-day right to cancel instead. Here is what to check before you sign.
Questions about this guide: Gary Paul, REALTOR®, Personal Real Estate Corporation, Grand Central Realty, 778-828-7476
Key Topics
Read the Disclosure Statement
In a building of 5 or more strata homes, the seller must give you a disclosure statement before it signs a purchase agreement with you (REDMA section 15). Since April 1, 2025, a BCFSA form called the Summary of Pre-sale Risks and Buyer Rights must be attached to the front of new disclosure statements. Read both.
Know Your Right to Cancel
In a building of 5 or more strata homes, you can cancel by written notice within 7 days after the later of two dates: the day you signed, or the day you confirmed in writing that you had a chance to read the disclosure statement (REDMA section 21). You do not need a reason. A duplex, triplex or fourplex sold as strata homes falls outside REDMA, and you get 3 business days at a cost of 0.25% of the price (Property Law Act, section 42).
Ask Where Your Deposit Is
In a building of 5 or more strata homes, a brokerage, lawyer or notary must hold your deposit in trust (section 18). The seller can use it before completion only under a deposit protection contract with an insurer, and it must tell you (section 19). In any building, ask who holds your deposit.
Check the Completion Dates
Your purchase agreement sets an estimated completion date and an outside date. Read what the contract lets you do if the outside date passes, and plan where you will live if the home is late.
Budget for Taxes
A new home carries 5% GST. A first-time buyer can get back up to $50,000 of it on a home at or below $1 million (Canada Revenue Agency). Newly built homes up to $1,100,000 are free of property transfer tax, with a partial exemption to $1,150,000 (Province of BC).
Check the Warranty
BC Housing describes 2 years on materials and labour, 5 years on the building envelope and 10 years on the structure. For a strata home the cover is the lesser of the first owner's price or $100,000, and it passes to a later owner.
Pre-Sale Purchase Timeline
From the first document to the keys. How long the wait lasts is set by your own contract.
Read the Disclosure Statement
In a building of 5 or more strata homes, the seller must give it to you, and you confirm in writing that you had a chance to read it (REDMA section 15). Read the BCFSA summary form on the front first. A duplex, triplex or fourplex sold as strata homes has no disclosure statement, so your lawyer reads the contract instead.
Sign and Pay the First Deposit
In a building of 5 or more strata homes, the deposit goes to a brokerage, lawyer or notary who holds it in trust (section 18), unless the seller has a deposit protection contract that lets it use the money (section 19). In a smaller building, ask who holds it and get the answer in writing.
Use Your Time to Cancel
Have a lawyer read the contract and any disclosure statement. With 5 or more strata homes, you can cancel in writing for any reason within 7 days after the later date (section 21). With 4 or fewer, the Home Buyer Rescission Period gives you 3 business days after acceptance, at a cost of 0.25% of the price.
Pay Later Deposits
Each payment follows the same rules as the first. Keep every receipt and the name of the person holding the money.
Wait for Completion
If the disclosure statement breaks the Act or contains a misrepresentation, the seller must file a correction and give it to buyers (section 16). Read any amendment you receive.
Mortgage and Walkthrough
Confirm your mortgage with your lender. Walk through the home and list anything that does not match the contract.
Completion Day
Pay the balance, the GST, any property transfer tax and your legal fees. You get the keys. Keep the warranty certificate.
Sources: Real Estate Development Marketing Act, sections 1, 15, 16, 18, 19 and 21; Property Law Act, section 42; Home Buyer Rescission Period Regulation, B.C. Reg. 175/2022 (BC Laws), read October 9, 2026. BCFSA Advisory 25-004, February 25, 2025.
Due Diligence Checklist
Print this. Check every item before your time to cancel runs out.
Legal and Contract
- Hire a real estate lawyer before you sign, so the review fits inside your time to cancel
- With 5 or more strata homes, read the BCFSA summary form, then the full disclosure statement
- Confirm the estimated and outside completion dates
- Check what the seller may change without your consent
- Review the assignment clause and any limits on it
Money
- Get a mortgage pre-approval and ask how the lender will check you again near completion
- Add up completion costs: GST, property transfer tax, legal fees, moving
- Confirm who holds each deposit, in trust or under a deposit protection contract
- Budget for rent if completion runs to the outside date
- Check whether you qualify for the first-time buyer GST rebate (up to $50,000)
Seller and Project
- Look up homes the same company has finished, and visit one if you can
- Search BC court records for claims against the company
- Confirm with BC Housing that the company holds a residential builder licence, and get the warranty provider's name
- Ask whether the city has approved the building yet
- Ask for the strata budget, bylaws, pet rules and short-term rental rules
Home and Building
- Compare the floor plan with the show home, which can differ
- Get ceiling heights, storage and parking in writing
- Check which finishes are standard and what upgrades cost
- Check which way the windows face for light and noise
- Confirm the size of any yard or patio against the plan
Sources: BCFSA Advisory 25-004 (summary form). BC Housing, home warranty insurance (licensed builders). Real Estate Development Marketing Act, sections 1 and 15 to 21. Property Law Act, section 42. Canada Revenue Agency, first-time home buyers' GST/HST rebate.
Pre-Sale Risks and What You Can Do
Every pre-sale carries risk. Ask yourself whether you could absorb each of these.
| Risk | What you can do |
|---|---|
| Completion later than the estimated date | Read the outside date clause. Budget for rent until the outside date. |
| Finishes differ from the show home | Get the finish list in writing as part of the contract. Photograph the show home. |
| Higher mortgage rate at completion | Check before you sign that you could still afford the payment at a higher rate. |
| Prices fall before completion | Greater Vancouver REALTORS' benchmarks fell for every home type in the year to September 2026. Buy only a home you plan to live in for years. |
| The seller cancels the project | Ask whether your deposit is in trust or under a deposit protection contract. Look at what the company has finished before. |
| Home smaller than the plan shows | Ask how the area was measured and how much change the contract allows. |
| You cannot sell the contract | Read the assignment clause. Some contracts do not allow assignment at all. |
Our own list of the risks we ask buyers to check. Price figures: Greater Vancouver REALTORS MLS® Home Price Index, September 2026.
The bottom line
In a building of 5 or more strata homes, BC gives pre-sale buyers three protections: a disclosure statement with BCFSA’s summary on the front, 7 days to cancel for any reason, and rules on who holds your deposit. A duplex, triplex or fourplex sold as strata homes gives you 3 business days to cancel, at a cost of 0.25% of the price. Either right helps you only if you use it before the time runs out.
Hire a lawyer who reads pre-sale contracts, and read the disclosure statement yourself. Ask in writing whether your deposit is held in trust or under a deposit protection contract. Look at a home the same company has finished. Work out your completion costs at today’s mortgage rate and at a higher one.
Ready to look at a pre-sale? Talk to our team, or read the step-by-step pre-sale guide and the rest of the Playbook.
Data: Real Estate Development Marketing Act; Property Law Act, section 42; Home Buyer Rescission Period Regulation (BC Laws). BCFSA Advisory 25-004, February 25, 2025. BC Housing, home warranty insurance (content current as of September 22, 2026). Canada Revenue Agency, first-time home buyers' GST/HST rebate (page updated March 30, 2026). Province of BC: Newly Built Home Exemption; BC home flipping tax, pre-sale contracts (updated May 8, 2026); Condo and Strata Assignment Integrity Register (updated November 13, 2025). All read October 9, 2026.
General information only. The GST rebate, property transfer tax and flipping tax figures, the warranty limits and the deposit rules on this page are illustrative and based on rates and rules as of the dates noted. They are not financial, mortgage, tax, or legal advice, and not a guarantee of qualification or any outcome. Tax thresholds and pre-sale rules change. Always consult an independent real estate lawyer or a tax professional before making any purchase decision.
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Key Takeaways
- In a building of 5 or more strata homes, you can cancel a BC pre-sale within 7 days, for any reason, under section 21 of the Real Estate Development Marketing Act. A duplex, triplex or fourplex sold as strata homes gives you 3 business days, at a cost of 0.25% of the price.
- In a building of 5 or more strata homes, a brokerage, lawyer or notary holds your deposit in trust; the seller can use it early only under a deposit protection contract (sections 18 and 19).
- Since April 1, 2025, new disclosure statements carry BCFSA's Summary of Pre-sale Risks and Buyer Rights on the front.
- First-time buyers can get back up to $50,000 of GST on a new home at or below $1 million (Canada Revenue Agency).
- BC's home flipping tax takes 20% of the profit on a pre-sale contract assigned within 365 days, falling to zero at 730 days.
- Warranty cover on a strata home is the lesser of the first owner's price or $100,000 (BC Housing).
Frequently Asked Questions
Can I cancel a pre-sale purchase in BC?
Yes, and the time you get depends on the size of the building. In a building of 5 or more strata homes, section 21 of BC's Real Estate Development Marketing Act lets you cancel by written notice within 7 days after the later of two dates: the day you signed the purchase agreement, or the day you confirmed in writing that you had a chance to read the disclosure statement. You need no reason. A duplex, triplex or fourplex sold as strata homes falls outside that Act. There, section 42 of the Property Law Act gives you 3 business days after acceptance, and you pay the seller 0.25% of the price.
Does the 7-day right to cancel apply to a duplex, triplex or fourplex?
Only when the building has 5 or more strata homes. Section 1 of BC's Real Estate Development Marketing Act defines a development property as, among other things, 5 or more strata lots in a stratified building, and section 21 gives no right to cancel to a buyer who is not entitled to a disclosure statement. A duplex, triplex or fourplex sold as strata homes is below that line. Section 42 of the Property Law Act then gives you 3 business days to cancel, at a cost of 0.25% of the price, and the Home Buyer Rescission Period Regulation says you cannot waive it.
Is my pre-sale deposit protected in BC?
In a building of 5 or more strata homes, your pre-sale deposit is held in trust unless the seller has a deposit protection contract, so ask which applies. Section 18 of BC's Real Estate Development Marketing Act requires the seller to place it promptly with a brokerage, lawyer, notary or other prescribed person, who holds it in trust for both sides. Under section 19, the seller may use the deposit before completion if it enters a deposit protection contract with an insurer and gives you notice. Get the seller's answer in writing before you pay.
What does the 2-5-10 warranty cover on a new home in BC?
BC's 2-5-10 home warranty covers 2 years on materials and labour, 5 years on the building envelope, and 10 years on the structure, according to BC Housing. For a home in a strata, the most it pays is the lesser of the first owner's purchase price or $100,000, and common property is covered up to the lesser of $100,000 per home or $2.5 million per building. If you sell the home, the rest of the warranty passes to the new owner.
How much GST do I pay on a new multiplex home in BC?
GST on a new multiplex home in BC is 5% of the price, and a first-time buyer can get most or all of it back. The Canada Revenue Agency's first-time home buyers' GST/HST rebate returns up to $50,000 on a new home priced at or below $1 million, a smaller amount between $1 million and $1.5 million, and nothing at $1.5 million or more. For a home bought from the seller, the purchase agreement must be signed on or after March 20, 2025 and before 2031.
What happens if the seller delays my pre-sale completion?
If the seller delays completion, your rights come from your purchase agreement, which sets an estimated completion date and an outside date. BCFSA's Summary of Pre-sale Risks and Buyer Rights, attached to the front of new disclosure statements since April 1, 2025, highlights the key terms of the purchase agreement and points you to the sections to read. Read what the contract lets you do if the outside date passes, plan for rent if the home is late, and ask a lawyer what each clause means for you.
Can I assign (sell) my pre-sale contract in BC?
You can assign a pre-sale contract only if the contract allows it, and BC taxes the profit. The Province of BC's home flipping tax, in effect since January 1, 2025, takes 20% of the net profit on a pre-sale contract assigned within 365 days of signing, falling to zero at 730 days. In a building of 5 or more strata homes, for purchase agreements signed on or after January 1, 2019, the seller must also report every assignment to the Province's Condo and Strata Assignment Integrity Register. Ask a tax professional before you assign.
What is the Summary of Pre-sale Risks and Buyer Rights?
The Summary of Pre-sale Risks and Buyer Rights is a short form from the BC Financial Services Authority (BCFSA) that sits on the front of a pre-sale disclosure statement. Since April 1, 2025, BCFSA has required sellers to attach it to new disclosure statements under its Policy Statement 14, according to BCFSA Advisory 25-004. It highlights the key terms of the disclosure statement and purchase agreement, points you to the sections to read, and encourages you to get professional advice.
Do I pay property transfer tax on a pre-sale multiplex home?
Often not. British Columbia's Newly Built Home Exemption removes property transfer tax on a newly built home worth up to $1,100,000, with a partial exemption up to $1,150,000, according to the Province of BC. You must be a Canadian citizen or permanent resident, move in within 92 days, and live there as your main home for the first year. Above $1,150,000 you pay the normal tax, which on a $1,400,000 home is $26,000.
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