Is the Presale Condo Market Really “Over”? A Closer Look for North & West Vancouver Buyers
A recent Vancouver Sun article has sparked conversation across the real estate community, suggesting that Metro Vancouver’s long-running presale condo “mania” may be coming to an end. With slowing sales, rising inventory, and less investor activity, it’s easy to see why headlines are leaning toward a more pessimistic outlook.
But is this really the end of presales — or simply a shift in how the market functions?
What’s Actually Changed
There’s no question the presale landscape today looks different than it did just a few years ago. During the peak cycle, strong investor demand and rapidly rising prices created an environment where many buyers expected near-guaranteed appreciation before a project even completed.
Today:
- Sales volumes are lower
- Buyers are more cautious
- Price growth is no longer assumed
- Investors have largely stepped back
This has led to the perception that the presale model itself is no longer viable.
A More Balanced Perspective
In reality, presales are not disappearing — they are normalizing.
Presales remain a critical part of how new housing gets built in Metro Vancouver. Developers still rely on presales to secure financing and move projects forward. What’s changed is who the market is best suited for.
Rather than being driven by short-term speculation, today’s presale market is increasingly aligned with end users — buyers who plan to live in the home long term.
Why Presales Still Make Sense
For many buyers, especially in North and West Vancouver, presales continue to offer meaningful advantages:
- Structured deposit timelines instead of needing full financing upfront
- Time to plan and save before completion
- Brand-new homes with modern layouts and warranty protection
- Early access to the best units within a development
For first-time buyers in particular, there can also be potential GST savings, depending on how the property is used and individual eligibility — an important financial consideration compared to resale purchases.
A More Buyer-Friendly Environment
One of the biggest shifts today is negotiating power.
With less competition and slower absorption, buyers are often seeing:
- More flexible pricing
- Developer incentives
- Greater selection
This is a notable change from the highly competitive presale launches of the past decade.
An Emerging Opportunity: Recently Completed Presales
Another trend worth paying close attention to is what happens when older presale projects reach completion.
Many developments that sold out quickly between 2020 and 2022 are now finishing in a different market environment. In some cases, units are coming to resale as original buyers choose not to complete or adjust their plans.
This creates a unique opportunity:
- Access to previously sold-out, high-demand buildings
- Ability to purchase new or near-new homes
- Potential to buy at more favorable pricing than original presale values
- The advantage of seeing the finished product before purchasing
For buyers who missed out on these developments initially, this can be a second chance — and sometimes at a better entry point.
The Bottom Line
The presale market isn’t ending — it’s evolving.
What we’re seeing today is a transition away from speculation and toward a more balanced, end-user-driven market. While the pace has slowed, the underlying role of presales in delivering new housing remains unchanged.
For buyers in North and West Vancouver, this shift may actually present one of the most compelling opportunities in years — whether through new presale launches or recently completed homes entering the resale market.
If you’re considering your options in today’s market, understanding how presales fit into your long-term goals is more important than ever.