How does buying a pre-sale work in Kelowna and the Okanagan? You sign a contract to buy a home before it is built, after the developer gives you a disclosure statement. You pay your deposits in stages, and they are held in trust. You have seven days to cancel without penalty, and you pay the balance and get the keys when the home is finished and ready to occupy.
Last updated: November 11, 2026 · By Russell Mortlock, PREC
Pre-sale buying at a glance
| Step | What happens | Roughly when |
|---|---|---|
| 1. Register | You register your interest and get floor plans, a price list and the sales schedule. | Before sales open |
| 2. Read the disclosure statement | The developer must give you its disclosure statement before you sign. Statements filed since April 1, 2025 start with a summary of pre-sale risks and buyer rights. | Before you sign |
| 3. Sign and pay the first deposit | You sign the purchase contract and pay the first deposit. It is held in trust by a lawyer, notary or real estate brokerage. | The day you sign |
| 4. Seven-day rescission period | You can cancel in writing, for any reason and with no penalty. | 7 days from the later of signing or acknowledging the disclosure statement |
| 5. Further deposits | You pay any later deposits on the dates in your contract. | As set in the contract |
| 6. Construction | The developer builds the project and files amendments to the disclosure statement if anything material changes. | Usually months to years; see the estimated dates in the disclosure statement |
| 7. Completion | The developer confirms the home is ready to occupy. You pay the balance, usually with a mortgage, and get the keys. The home warranty starts. | On the completion date set under the contract |
Sources: BC Financial Services Authority (BCFSA), Consumer Guide to Pre-sale Real Estate Purchases and Presales Information; BCFSA, Consumer Disclosure Pre-sale Summary Form (effective April 1, 2025). Timing varies by project. Full links at the end.
What is a pre-sale?
A pre-sale is a home you agree to buy from a developer before it is built, or while it is still under construction. In the Okanagan, that can be a condo in a downtown Kelowna tower, a townhome in West Kelowna or Lake Country, or a townhome or flat in Revelstoke. You choose your home from floor plans and renderings, lock in a price, and pay the balance when the building is finished.
Most pre-sales of condos and other strata homes in B.C. are governed by the Real Estate Development Marketing Act (REDMA), which BCFSA oversees. BCFSA notes that not every new development or pre-sale falls under REDMA, so it is worth confirming which rules apply to the project you are looking at.
The main reasons people buy pre-sale are choice (you pick the plan, floor and finishes early), time to save or sell before completion, and a brand-new home with a warranty. The main risks are that things can change before you move in, and that you are committing to a price and a mortgage for a home you cannot walk through yet.
How does buying a pre-sale work, step by step?
- Get your financing in order. Talk to a lender or mortgage broker before you sign, so you know what you can afford and what your deposits will be. BCFSA points out that if the home appraises for less than your purchase price at completion, your lender may not lend as much as you expected.
- Research the developer. BCFSA suggests looking at the developer's past projects: were they finished on time, and were buyers happy?
- Read the disclosure statement and the contract. Read every page, or have your lawyer or notary read them with you. More on this below.
- Sign and pay your first deposit. Your deposit goes into trust, not to the developer.
- Use your seven days. If anything in the documents worries you, this is the time to cancel.
- Pay later deposits on schedule and read any amendments the developer sends you.
- Complete. When the developer confirms the home is ready to occupy, you pay the balance and get the keys.
See every project we follow on our Okanagan new homes and pre-sales page.
What is a disclosure statement?
A disclosure statement is the developer's official description of the project, filed with the Superintendent of Real Estate. Under REDMA, BCFSA says it must be in writing, disclose all material facts, set out your rescission rights and be signed. The developer must give it to you before you sign, and you sign a receipt saying you have had the chance to read it.
BCFSA's consumer guide points to the sections most buyers should read closely, including:
- the estimated construction dates (section 5.1)
- the estimated strata fees (section 3.8)
- the strata bylaws (section 3.5)
- parking (section 3.6), which may cost extra and may be assigned in different ways
- your rights and how to cancel (section 7.2)
Disclosure statements filed on or after April 1, 2025 must also start with a form called the "Summary of Pre-sale Risks and Buyer Rights". It is a plain-language summary that points you to the key parts of the statement and the contract. It does not replace reading the whole document.
If anything material changes during construction, the developer files an amendment. Read every amendment you receive.
How much deposit do you pay, and when?
It varies by project. Each project's deposit amounts and dates are set out in its disclosure statement and purchase contract. BCFSA explains that you typically pay an initial deposit when you sign, then any later deposits on the schedule in your contract, and the balance on completion.
Here is one example only: as of October 30, 2026, our Outpost page lists deposits of 15% in total, paid as three 5% deposits, with the balance on completion. That is Outpost's schedule, not a standard. Each project sets its own deposit amounts and dates, and they are set out in that project's disclosure statement and purchase contract. Always check those documents for the project you are buying.
All deposits must be held in trust by a lawyer, notary or real estate brokerage. Under REDMA, BCFSA says the developer can only use deposit money once certain conditions are met, for example once your rescission period has ended.
Can you change your mind?
Yes, within seven days. Under REDMA, you can cancel a pre-sale contract by giving the developer written notice within seven days after the later of:
- the date you signed the purchase contract, or
- the date the developer received your written acknowledgment that you had the chance to read the disclosure statement.
BCFSA's consumer guide says you can cancel in that period with no penalty. You do not need to give a reason. BCFSA also notes other situations where you may be able to cancel, for example if you never received a disclosure statement, or if you did not receive an amendment that made a material change.
One important exception: if you buy someone else's pre-sale contract by assignment (see below), BCFSA says the seven-day period does not apply to you.
Seven days is a short window. In our opinion, the best time to ask your questions is before you sign, while you still have every option open.
What happens if completion is delayed?
Delays happen. BCFSA's consumer guide is direct about it: a development "may be delayed, or the development may never be completed." The disclosure statement gives the developer's estimated construction dates, and your contract sets out what happens if the home is not finished by a certain date.
BCFSA lists a few outcomes buyers should understand:
- If the developer never completes the project, the developer must return your deposit, but is not required to pay you anything more.
- If construction is delayed past a date in your contract, the developer may offer you a choice, such as paying a higher price or getting your deposit back.
- For some large projects (100 or more homes), a pilot program allows a longer early marketing period, with deadlines for a building permit and a financing commitment shown in the disclosure statement.
Ask your lawyer or notary to walk you through the completion dates and the developer's rights in your contract before you sign. A delay also affects your plans: your rate hold, the sale of your current home and your lease.
Can you sell a pre-sale before it completes?
Sometimes. Selling your contract before completion is called an assignment. The buyer who takes it over (the assignee) steps into your contract, at a higher or lower price than you paid.
- Developer consent. Under REDMA, unless the developer prohibits assignments outright, the contract must say that you need the developer's consent to assign it. BCFSA notes that a developer can refuse consent even when you have found a willing buyer.
- Fees. Some developers charge an assignment fee. Check your contract.
- You may stay on the hook. BCFSA says the original buyer typically remains liable if the new buyer does not complete.
- The register. B.C. has a Condo and Strata Assignment Integrity Register (CSAIR). Developers must collect and report information on assignments of condo and strata purchase contracts entered into on or after January 1, 2019, including details about the people involved.
If you think you may need to assign, read your contract and ask your lawyer before you sign, not after.
What warranty comes with a new home in B.C.?
New homes in B.C. come with third-party home warranty insurance, often called the 2-5-10 warranty. BCFSA describes the minimum coverage as:
- 2 years on materials and labour,
- 5 years on the building envelope, and
- 10 years on the structure,
each counted from the date of occupancy. The Homeowner Protection Act, which requires this coverage, is administered by BC Housing's Licensing and Consumer Services Branch. Ask the developer which warranty provider covers the project, and keep your warranty documents.
Do you need your own agent?
You don't have to, but you should. Your own agent works for you, not the developer, and helps limit your risk before you sign.
Russell Mortlock is the selling agent for Boxfort's projects. On other projects, he can act as your buyer's agent.
Whichever way you buy, BCFSA recommends getting advice from a lawyer, notary or real estate licensee before you sign a pre-sale contract.
Where are the pre-sales in the Okanagan?
We keep every project we follow on one page, from downtown Kelowna towers to West Kelowna and Lake Country townhomes: Okanagan new homes and pre-sales. For Revelstoke, see our Revelstoke new homes page and our guide to new construction in Revelstoke. Comparing cities? Read Kelowna vs West Kelowna.
Pre-sale FAQ
Is a pre-sale deposit refundable?
During the seven-day rescission period, yes: you can cancel in writing with no penalty. After that, it depends on your contract. BCFSA says that if the developer never completes the project, it must return your deposit.
Who holds my deposit?
A lawyer, notary or real estate brokerage, in trust. Under REDMA, the developer can only use deposit money once certain conditions are met.
How long does a pre-sale take to complete?
It depends on the project and how far along construction is when you buy. The disclosure statement gives the developer's estimated construction dates (section 5.1), and those dates can change.
Can I assign my pre-sale contract?
Only if your contract allows it, usually with the developer's written consent and sometimes a fee. Assignments of condo and strata contracts are reported to the province's assignment register.
Does a new pre-sale home have a warranty?
Yes. New homes in B.C. need third-party home warranty insurance covering at least 2 years on materials and labour, 5 years on the building envelope and 10 years on the structure.
Get new Okanagan pre-sale releases first. Sign up on our Okanagan New Homes page.
About the author
Russell Mortlock, PREC
Russell Mortlock, PREC, is a REALTOR® with Mortlock-Wilk Real Estate Group, Real Broker B.C. Ltd. He helps buyers and sellers across the Okanagan and Revelstoke, with a focus on new construction and pre-sales, and is the selling agent for Boxfort's Revelstoke projects.
Sources
- BC Financial Services Authority (BCFSA), Consumer Guide to Pre-sale Real Estate Purchases. bcfsa.ca
- BCFSA, Presales Information (published May 4, 2021). bcfsa.ca
- BCFSA, Consumer Disclosure Pre-sale Summary Form (effective April 1, 2025). bcfsa.ca
- Government of British Columbia, Condo and Strata Assignment Integrity Register (last updated November 13, 2025). gov.bc.ca
- BCFSA, Homeowner Protection Act Information (published May 4, 2021). bcfsa.ca
- Government of British Columbia, Homeowner Protection Act (last updated June 9, 2025). gov.bc.ca
- Kelowna Home Source, Outpost Revelstoke project page (details as of October 30, 2026). kelownahomesource.com