Buying a Multiplex Unit: Presale vs Completed in Vancouver 2026

A client asked me a smart question this spring. She had found two listings she liked. One was a completed unit in a small multiplex, finished and ready to move into. The other was a presale in a similar building a few blocks away, cheaper on paper but not built yet. She wanted to know which was the better buy. The honest answer was that it depended on things she had not thought about yet, so we sat down and worked through them.

Vancouver now has something we did not really have a few years ago: small-scale multiplex buildings where the individual homes are sold as strata units. Bill 44 made these buildings possible, and builders are bringing them to market. That means buyers face a choice that used to belong only to condo towers. Presale, bought off the plan, or completed, finished and ready. Let me walk you through the real differences.

What these new multiplex units actually are

First, a quick grounding, because this is a new product.

A small-scale multiplex is a low building with roughly three to eight homes on a single former single-family lot, allowed under BC’s Bill 44 and the City of Vancouver’s zoning. When a builder sells the individual homes inside that building, each one becomes a strata unit, similar to how a condo is owned, but in a much smaller, lower building.

So you can now buy one home inside a multiplex, own it as a strata lot, and share the building and any common costs with a handful of neighbours. If you want the background on how these projects come together, our multiplex page covers the wider picture.

Presale: buying before it is built

A presale means you agree to buy the home before it is finished, based on plans, drawings, and a disclosure statement. Here is how it works and what to weigh.

The deposit. You typically pay a deposit up front, held in trust, with the balance due at completion. The up-front cash is usually lower than paying the full price of a completed home now.

Choosing finishes. Depending on how early you buy and what the builder offers, you may get to pick some finishes: cabinet colours, flooring, and similar choices. For a buyer who wants the home to feel like theirs, that is a real plus.

Market timing. If prices rise between the time you sign and the time the building finishes, you benefit, because your price was locked in earlier. Of course, the reverse can also happen.

Completion risk. This is the big one. The project could be delayed, and in rare cases a project does not complete as planned. Small multiplex builders are newer to this type of construction, so track records vary from builder to builder. A delay can affect your financing, your move-in date, and your plans. You are also buying something you cannot walk through, so you are trusting the plans and the builder.

Because presales come with contract terms that matter, our guide to Vancouver presale versus resale walks through the deposit structure, the risks, and the paperwork in more detail.

Completed: buying a finished unit

A completed multiplex unit is finished and ready. You can walk through it, and you can move in or start renting soon after closing.

What you gain. Certainty. You see exactly what you are buying: the real finishes, the real light, the real layout, the real neighbours in some cases. There is no completion timing risk because the home already exists. For anyone who needs to move by a set date, that certainty is worth a lot.

What you give up. You usually pay the full price now rather than a smaller deposit up front, so you need the financing ready sooner. You also cannot choose the finishes, since they are already installed. And if the market has been rising, a completed unit may cost more than an early presale price would have.

For many end-users, especially those who need to move soon or dislike uncertainty, a completed unit is the calmer choice.

Two things that apply to both: GST and warranty

Whether you buy presale or completed, two features come with new multiplex homes that you will not usually see on a resale house.

GST. New construction homes, including new multiplex strata units, are subject to GST. Most resale homes are not. Depending on the price and how you use the home, you may qualify for a partial GST new housing rebate. This changes your total cost, so confirm the GST treatment and any rebate with your lawyer and the developer before you commit. Do not overlook it when you compare a new unit to a resale one.

The 2-5-10 warranty. New multi-unit strata homes in British Columbia are generally covered by the 2-5-10 year home warranty. In plain terms that means:

• 2 years on labour and materials,
• 5 years on the building envelope, the parts that keep water out,
• 10 years on structural defects.

This is an important protection for a new build, and it applies whether you buy presale or completed. Always confirm the specific coverage in the disclosure statement.

Because both GST and closing costs affect your real number, run your full figure early. Our closing costs calculator helps you see the true cash-to-close once you add taxes, legal fees, and the rest.

Which route suits an end-user

If you are buying to live in the home, ask yourself two questions.

First, how firm is your timeline? If you need to move by a set date, a completed unit removes the risk of a construction delay throwing off your plans. If your timeline is flexible, a presale can work.

Second, how much do you value choosing finishes and locking in today’s price? If picking your own cabinets and flooring matters, and you can wait, a presale gives you that. If you would rather see the exact home before you commit, buy completed.

For most end-users who dislike uncertainty, the completed unit is the simpler path. For patient buyers who want input on the home and a lower up-front deposit, the presale can be a good fit. Our buyers guide covers the wider due diligence for either route.

Which route suits an investor

If you are buying to rent or resell, the calculation shifts.

An investor who wants rental income starting now usually prefers a completed unit. You can lease it right away, so the home starts paying its way immediately.

An investor with a longer horizon sometimes prefers a presale. The lower up-front deposit frees cash, and if the market rises before completion, the locked-in price can work in your favour. The trade-off is that your money is tied up with no rental income until the building finishes, plus the completion risk.

There is no single right answer. Match the choice to your cash flow needs, your timeline, and how much risk you can carry.

A word of caution

Small multiplex strata units are a new product in Vancouver. That is exciting, but it also means less history to lean on. Builder track records vary, disclosure statements deserve a careful read, and strata rules in a small building of a few homes can differ from what you know from a large condo tower.

Before you commit to either a presale or a completed unit, review the contract and disclosure with your lawyer, understand the strata setup, confirm the GST and warranty, and check the builder’s history. A new type of home is worth buying, but it is worth buying carefully.

Key Takeaways

• Vancouver now has small-scale multiplex buildings sold as individual strata units, made possible by Bill 44.
• Presale means a lower up-front deposit, a chance to choose some finishes, and possible gains if the market rises, but it carries completion timing risk.
• Completed units remove timing risk and let you see exactly what you buy, but you pay the full price sooner and cannot choose finishes.
• New multiplex units are subject to GST, unlike most resale homes, though a partial rebate may apply. Confirm it before you commit.
• New multi-unit strata homes in BC generally carry the 2-5-10 year warranty: two years labour and materials, five years envelope, ten years structural.
• End-users on a firm timeline often prefer completed units; patient buyers may prefer presales. Investors should match the choice to cash flow and timeline.

Frequently Asked Questions

What is the difference between a presale and a completed multiplex unit?

A presale is a home you buy before it is built, based on plans, with a deposit paid up front and completion months or years later. A completed unit is finished and ready to move into or rent now, which you can walk through before you buy. Presales can let you choose some finishes but carry completion timing risk; completed units remove that uncertainty.

Do I pay GST on a new multiplex unit in Vancouver?

Yes. New construction homes, including new multiplex strata units, are subject to GST, unlike most resale homes. Depending on the price and your use of the home, you may qualify for a partial GST new housing rebate. Confirm the GST treatment and any rebate with your lawyer and the developer before you commit, since it affects your total cost.

What is the completion risk with a presale multiplex?

Completion risk means the project could be delayed, or in rare cases not finish as planned. Small-scale multiplex projects are newer to the market, so track records vary by builder. A delay can affect your financing, your move-in date, and your plans. A completed unit removes this risk because the home already exists. Review the developer’s history and contract carefully.

Do new multiplex units come with a warranty in BC?

New multi-unit strata homes in British Columbia are generally covered by the 2-5-10 year home warranty: two years on labour and materials, five years on the building envelope, and ten years on structural defects. Confirm the specific warranty coverage in the disclosure statement, since it is an important protection whether you buy presale or completed.

Is a presale or completed multiplex better for an investor?

It depends on the goal. Investors who want rental income now often prefer a completed unit they can lease immediately. Investors comfortable with a longer horizon sometimes choose presales for the lower deposit up front and the chance the market rises before completion. Both carry different risks, so match the choice to your cash flow needs and timeline.

Sources

• Province of BC: small-scale multi-unit housing (Bill 44)
• BC Financial Services Authority: real estate development marketing
• Canada Revenue Agency: GST/HST new housing rebate
• BC Housing: Licensing and Consumer Services (home warranty)
• City of Vancouver: multiplex housing

Work with Rain City Properties

The new multiplex strata units are worth a serious look, but presale and completed are genuinely different purchases. If one of these units has caught your eye this year, I can help you read the disclosure, confirm the GST and warranty, compare the presale and completed options, and decide which fits your timeline and goals.

Contact Greyden Douglas directly at (604) 218-2289 or book a call to discuss your Vancouver real estate goals.