Presale vs Resale: Which is Right for You?

Choosing between presale and resale condos is one of the biggest decisions buyers face in the Burnaby market. Both options have distinct advantages depending on your timeline, budget, and preferences.

Presale condos allow you to purchase a unit before construction is complete, often 2-4 years in advance. The primary advantage is pricing - you lock in today's price and potentially benefit from market appreciation by completion. Extended deposit structures (typically 5-10% deposits spread over 12-18 months) make saving easier.

However, presales carry risks. Completion dates can shift, final units may differ slightly from showroom displays, and market conditions could change. You're essentially betting on the future market and trusting the developer to deliver as promised.

Resale condos offer immediate possession and tangible inspection. You can see exactly what you're buying, review the strata's financial health, and understand maintenance costs. There's no waiting period - find a home you love, close the deal, and move in within weeks.

For first-time buyers needing to move soon, resale often makes more sense. For investors and those with flexible timelines who can handle uncertainty, presales can offer better value. Many successful Metrotown buyers have done both over their real estate journey.

Consider your financial situation carefully. Presales require smaller upfront deposits but eventual mortgage qualification at completion. Resale requires immediate financing but provides certainty. Speak with a mortgage broker to understand your options.