Deciding between a presale condo and a move-in-ready home on the North Shore can feel like two very different paths to the same goal. You want a smart purchase that fits your timeline, budget and lifestyle, without surprises at closing. In this guide, you’ll compare pre-construction and resale condos in North Vancouver, including costs, timelines, risks, and due diligence steps. You’ll also find links to trusted sources so you can verify rules and make a confident decision. Let’s dive in.
North Vancouver condo landscape
North Vancouver offers two distinct condo environments. The City of North Vancouver features Lower Lonsdale and Central Lonsdale with walkable streets, Seabus access, and a steady pipeline of new mid-rise and high-rise buildings. The District of North Vancouver spans areas like Lynn Valley and Seymour with varied condo stock and larger floor plans in select buildings. Views, elevation and slope matter here, as do commuting patterns to downtown.
Development continues in Lower Lonsdale and along key corridors where rezonings are in place. You can review the City’s priorities and major sites on the City of North Vancouver planning and policies page. For broad market context, check recent REBGV market reports and CMHC housing market information to understand supply, absorption and lending trends.
How pre-construction purchases work
Timeline and key milestones
When you buy pre-construction, you agree to purchase a specific unit before the building is complete. Typical stages include contract signing, a staged deposit period, construction, occupancy and final completion. Construction can take about 18 to 48 months depending on the project. Delays are common, so plan for flexibility around move-in and financing.
Deposits and how funds are held
Developers in Greater Vancouver often use staged deposits totaling roughly 5 to 20 percent, paid in installments such as 5 percent on signing plus later stages. Deposits are usually held in trust. Your contract will spell out when deposits become non-refundable and under what conditions they might be returned. Review these terms closely with your agent and a real estate lawyer.
Costs you only see on new builds
- Purchase price set at the time of contract.
- GST at 5 percent on new construction. If you will owner-occupy, you may be eligible for a GST New Housing Rebate. Confirm eligibility with the CRA using the GST/HST New Housing Rebate guide.
- Possible assignment fees if you resell your contract before completion. Some developers restrict or prohibit assignments.
- Interim or occupancy fees if you move in before final closing. You may also be responsible for utilities, estimated strata fees and property taxes during this period.
- Carrying costs during construction if you are keeping another home or rental while you wait for completion.
Warranty and protections
All new strata buildings in BC must include third-party new home warranty insurance. Coverage commonly includes 2 years on labor and materials, 5 years on the building envelope, and 10 years on structural components. Review details on the BC Housing new home warranty program and confirm your project’s provider and claim process.
Key risks to weigh
- Schedule uncertainty and potential delays.
- Variations between show suite plans and the finished home.
- Assignment restrictions that limit your ability to sell before completion.
- Market risk if prices soften before you close.
- Financing risk if rates or qualification rules change before completion.
When presale may fit you
- You value a new home with warranty and want first choice of layout or finish packages.
- Your timeline is flexible and you can manage interim housing or carrying costs.
- You want price certainty now and can accept market and construction risk over the build period.
How resale condo purchases work
Process and buyer protections
Buying resale means you can see the actual unit and common areas before you commit. You can also arrange a home inspection and review strata documents such as bylaws, recent minutes, financials, the insurance certificate and the contingency reserve fund balance. This clarity helps you understand operating costs, past special levies and upcoming projects before you write an offer.
Costs to budget for
- Purchase price negotiated with the seller, supported by comparables.
- Property Transfer Tax payable on completion, with possible exemptions for qualifying first-time buyers. Review current rules on the BC Property Transfer Tax page.
- GST generally does not apply to resale residential properties.
- Potential special levies for building repairs if approved by the strata.
Common risks
- Older buildings may have deferred maintenance that could lead to levies.
- Strata bylaws may limit rentals, pets or renovation plans.
- Latent defects are possible, though inspection and document review reduce risk.
When resale may fit you
- You want a defined closing date and faster possession, often within 30 to 90 days.
- You prefer to evaluate the building’s performance, strata governance and real-world operating costs.
- You are open to renovating to match your style.
Side-by-side comparison for North Vancouver buyers
Price certainty vs market timing
- Pre-construction: Price is locked at contract. You may benefit if the market rises before completion, but you carry downside risk if it softens.
- Resale: Price reflects current comparables. Lenders can appraise against recent sales.
Timing and possession
- Pre-construction: Long and variable timelines tied to construction and occupancy scheduling.
- Resale: Shorter, more predictable closings with immediate move-in after completion.
Customization and finishes
- Pre-construction: Choice of developer finish packages and limited upgrades.
- Resale: Customize through renovations after possession.
Warranty and condition
- Pre-construction: Covered by BC’s 2-5-10 warranty structure.
- Resale: No statutory new-home warranty. Inspections and negotiations are key.
Financing and qualification
- Pre-construction: Deposits paid over time, mortgage arranged at completion. Interest rate and stress-test outcomes can change during the build.
- Resale: Standard mortgage approval on a known closing date with current rates.
Strata transparency
- Pre-construction: Draft bylaws and budgets are estimates that can change at the first AGM.
- Resale: You can review actual minutes, budgets, insurance, and reserve fund history.
Liquidity and exit options
- Pre-construction: Assignment may be restricted or subject to fees and taxes.
- Resale: You can resell any time after completion, subject to market conditions and your goals.
Due diligence checklists
If you are buying pre-construction
- Purchase contract with deposit schedule, refund conditions and assignment terms.
- Developer disclosure statement, floor plan and schedule of finishes.
- Estimated strata budget and projected fees. Ask how estimates were calculated.
- Draft bylaws, including rental and pet policies.
- New home warranty provider, coverage terms and claim process.
- Confirmation of permit status and target occupancy date, plus policy on occupancy fees.
- Tax planning for GST and potential assignment. Verify rebate rules with the CRA.
If you are buying resale
- Strata bylaws and rules, plus minutes for the last 12 to 24 months.
- Current financial statements, insurance certificate and contingency reserve fund balance.
- Any depreciation report. Learn what it covers through the Strata depreciation reports resource.
- Records of recent or upcoming special levies and major projects.
- Home inspection by a qualified professional, plus available utility cost history.
- Closing costs planning, including the Property Transfer Tax.
Smart tax and policy notes
- GST on new builds: New construction is generally subject to 5 percent GST. Owner-occupiers may qualify for the GST New Housing Rebate. GST does not usually apply to resale residential properties.
- Property Transfer Tax: Payable on most purchases, with specific exemptions for qualifying first-time buyers. See current rules on the BC Property Transfer Tax page.
- Additional Property Transfer Tax for foreign buyers: Metro Vancouver applies an additional tax for foreign entities and taxable trustees. Review details on the Additional Property Transfer Tax page.
- Speculation and Vacancy Tax: Some owners may be subject to the Speculation and Vacancy Tax depending on use. Confirm applicability and exemptions.
- Strata governance: For operating and maintenance planning, learn how depreciation reports inform long-term budgets via the Strata depreciation reports resource.
Rules and programs can change. Always confirm current rates and eligibility with the Government of British Columbia and the CRA.
Choosing your best path
If you want new-home comforts, warranty coverage and the chance to select finishes, pre-construction can be a compelling path in Lower Lonsdale and other growth corridors. If you prefer certainty on timing, operating costs and building performance, resale offers immediate clarity and faster possession. Either way, the micro-location matters in North Vancouver. Elevation, view exposure, Seabus access and proximity to trails all shape long-term desirability and value.
If you would like a private, high-touch consultation tailored to your goals, connect with Amir Miri. You will get concierge-level guidance on pre-construction contracts, strata reviews and negotiation strategy so you can move forward with confidence.
FAQs
What is the main difference between pre-construction and resale condos in North Vancouver?
- Pre-construction is a contract to buy before the building is finished, while resale is buying an existing unit you can inspect and close on quickly.
How long does a presale condo in North Vancouver usually take to complete?
- Timelines vary by project, but construction commonly runs about 18 to 48 months, and delays are possible, so plan for flexibility.
Do I pay GST on a new North Vancouver condo purchase?
- New construction is generally subject to 5 percent GST; owner-occupiers may qualify for a GST New Housing Rebate, so confirm details with the CRA.
What closing costs should I expect on a resale condo in North Vancouver?
- Plan for Property Transfer Tax, legal fees, and adjustments; GST usually does not apply to resale residential properties.
How does BC’s new home warranty protect pre-construction buyers?
- New homes typically include 2 years on labor and materials, 5 years on building envelope and 10 years on structure under BC’s warranty program.
Can I assign my presale contract before completion in North Vancouver?
- Maybe. Assignment rules and fees depend on the developer and your contract, and some projects restrict or prohibit assignments.
What strata documents should I review when buying a resale condo on the North Shore?
- Review bylaws, minutes, financials, the insurance certificate, the contingency reserve fund balance and any depreciation report.