Giuseppe Gaspari
REALTOR® | Okanagan Real Estate Specialist
Helping families find their perfect Okanagan home since 2018
Last updated: February 2026
New Construction vs Resale: Which is Right?
I get asked this constantly: "Should I wait for a new building or buy something existing?" Here's the truth - there's no universal answer. I've had clients who swore they only wanted brand new, then fell in love with a character resale unit. And I've had others who toured a pre-construction sales center and immediately signed.
The real question isn't which is "better" - it's which matches your timeline, budget, and risk tolerance. Let me break down what I tell my buyers.
New / Pre-Construction
- First pick of best units
- Modern layouts and finishes
- 10-year warranty protection
- Potential appreciation during build
- Energy-efficient construction
Trade-offs: Can't see finished unit, delays possible, 2-4 year wait
Resale Condos
- See exactly what you're buying
- Move in quickly (30-60 days)
- Established strata history
- More negotiation room
- Mature landscaping
Trade-offs: May need updates, no warranty, limited unit selection
Here's what I actually recommend: look at both. I've seen too many buyers limit themselves to only new or only resale, and they miss opportunities. The best condo for you might be launching next month, or it might be on the market right now. Stay flexible.
New Condo Developments in Kelowna
I've worked with developers in this city for years, and I can tell you - Kelowna's development scene is booming but selective. Not every project that gets announced actually breaks ground (I've seen plenty of "coming soon" signs sit for years). But when a solid developer with a good reputation launches a project, units move fast.
Here's where the real action is happening:
Downtown Kelowna
High-rise towers, urban living
The downtown tower boom isn't slowing down. I just walked through a pre-construction sales center last week where they sold 40 units in the first weekend. The appeal? Walk to beaches, restaurants, and your office. No car needed. These buildings attract everyone from young professionals to empty nesters downsizing from big houses.
Price reality check: Studios start around $400K, but expect $600-700K for a real 2-bedroom with parking. Penthouses? I've seen them listed over $2M. Downtown isn't the "affordable" option anymore.
Typical pricing: $600-$900 per sq ft
University District
Purpose-built, student-friendly
The area around UBCO is seeing significant development. New buildings target students, investors, and young professionals. Modern layouts with transit access and campus proximity.
Typical pricing: $450-$600 per sq ft
Glenmore & Rutland
Family-focused, affordable
Suburban development with townhomes and low-rise condos. More affordable price points with family-friendly layouts. Good for first-time buyers and those wanting more space.
Typical pricing: $400-$550 per sq ft
West Kelowna
Growing, wine country
New development expanding on the west side. Wine country access, lake views, and typically better value than Kelowna proper. Mix of condo buildings and townhomes.
Typical pricing: $400-$600 per sq ft
Want to know about new launches?
I can notify you when new developments open for pre-sales.
How to Buy Pre-Construction
Pre-construction buying is weird. You're signing a 60-page contract for a home that doesn't exist yet, based on a floor plan and some nice renderings. I've walked clients through dozens of these deals, and honestly, the process stresses people out - but it doesn't have to.
Here's how it actually works when I represent buyers:
This is critical. Developers reward early interest with first access to the best units. I keep a running list of upcoming projects and get my buyers registered months before launch. By the time the public sees the billboards, the good corner units with views? Already spoken for.
Review floor plans, finishes, and pricing. Most sales centers have model suites showing standard finishes. Bring your REALTOR for independent perspective.
Choose floor level, orientation, and layout. Higher floors and better views cost more. Corner units offer more light. Consider resale appeal.
I'm not exaggerating when I say these contracts are intimidating. 60+ pages of legal jargon with clauses about substitution of materials, completion dates that can shift by a year, and penalty fees if you back out. This is where a real estate lawyer earns their fee. Don't skip this step - I've seen buyers caught off guard by terms they didn't understand.
Deposits are paid in stages and held in trust. Make sure you understand the schedule and have funds available. Interest may or may not accrue to you.
Construction typically takes 2-4 years. You'll receive updates from the developer. Start arranging financing about 6 months before expected completion.
Final walkthrough to check for deficiencies, completion of financing, and key pickup. The developer provides warranty documentation.
Why Use a REALTOR for Pre-Construction?
Here's the thing: that friendly person at the developer's sales center works for the developer. Their job is to sell units at the highest price possible. They're good at their job - I respect that - but they're not looking out for you.
I bring independent perspective. Is the pricing fair compared to other projects? Are the deposit terms reasonable? Is that floor plan actually functional or just looks good on paper? I've toured hundreds of developments in this city - I know what's standard and what's a red flag. And the developer pays my commission, so having me in your corner costs you nothing.
Deposits & Financing
Typical Deposit Structure
Financing Considerations
Mortgage rate holds typically last 120 days max. You can't lock a rate years in advance. Plan for rates to potentially change before completion.
You'll need to qualify for a mortgage when the building completes, not when you sign the contract. Your financial situation needs to support approval years later.
New homes include 5% GST. Some is rebatable if it's your primary residence. Factor this into your total cost calculations. The developer may include GST in the price or add it on top.
New Home Warranties in BC
One major advantage of new construction is warranty protection. BC requires builders to provide coverage through licensed warranty providers:
BC New Home Warranty Coverage
Defects in materials and work, including plumbing, electrical, and finishing. Most issues surface in first 2 years.
Water penetration through windows, doors, walls, and roof. Critical coverage for BC's rainy climate.
Major structural defects affecting load-bearing parts of the building. The longest and most important coverage.
Warranty coverage transfers to subsequent owners during the coverage period. This is a significant selling point if you resell within warranty years.
Risks to Understand
Look, I sell pre-construction condos. It's part of my business. But I'm not going to pretend there aren't risks - because there absolutely are. I'd rather you know what you're getting into than call me upset two years from now.
Here's what keeps me up at night when I have clients in pre-construction deals:
I've never - and I mean never - seen a project finish on time. They always say "completion Fall 2027" and it ends up being Spring 2028. Supply chain issues, weather, permit delays, contractor problems - there are a million reasons. Plan for at least 6 months of buffer beyond whatever date they give you. If you absolutely need to move by a certain date, pre-construction isn't your play.
Renderings look perfect. Real buildings have variances. Views may be partially blocked. Finishes may differ. The contract usually allows some variation - review these clauses carefully.
I had clients sign a pre-construction contract in 2021 at $650K and complete in 2023 when similar units were selling for $580K. That's a tough pill to swallow. Markets move - sometimes in your favor, sometimes not. If you're buying as a long-term hold, you can weather it. But if you were counting on flipping for profit before completion, that's a risky bet.
Developers estimate strata fees. Reality often higher. First-year budgets don't account for full operating costs. Expect fees to increase 10-20% within the first few years.
If circumstances change and you can't complete, selling your contract (assignment) may be restricted or expensive. Verify assignment policies before signing.
Explore Options
New Condo FAQ
What new condo developments are coming to Kelowna in 2026?
Several new condo projects are in various stages of development across Kelowna, including downtown high-rises, University District projects, and smaller boutique buildings in Lower Mission and Glenmore. Development timelines change frequently - contact a REALTOR for current pre-sale opportunities.
Is it better to buy pre-construction or resale?
Pre-construction offers first pick of units, modern layouts, developer warranties, and potential appreciation during construction. However, you're buying from floor plans (not seeing the actual unit), completion dates can delay, and you can't move in immediately. Resale lets you see exactly what you're buying and move quickly.
How much deposit do I need for a pre-construction condo?
Pre-construction deposits typically range from 10-20% of the purchase price, paid in stages. A common structure is 5% on signing, 5% at 30-60 days, and the balance at completion. Some developments require larger deposits. Deposits are held in trust until completion.
What warranties come with new condos in BC?
BC new home warranty covers: 2 years for materials and labor, 5 years for building envelope (water penetration), and 10 years for structure. This provides significant protection compared to buying resale. Registration with BC Housing is required.
How long does it take for a pre-construction condo to be ready?
Typical timelines are 2-4 years from pre-sale launch to completion, depending on project size and whether construction has started. Delays are common - factor in 6-12 months buffer when planning. Projects that are already under construction have more predictable timelines.
Can I use a REALTOR to buy pre-construction?
Yes, and you should. Developer sales centers have their own salespeople representing the developer's interests. Having your own REALTOR costs you nothing (the developer pays commission) and gives you independent advice, help negotiating, and guidance through the contract.
What are the risks of buying pre-construction?
Key risks include construction delays, the finished product differing from marketing materials, market changes affecting value before completion, developer financial issues, and strata fees being higher than estimated. Proper due diligence and working with experienced professionals helps mitigate these risks.
Can I assign my pre-construction contract?
Assignment (selling your contract before completion) depends on the specific development's policies. Some allow it with a fee, others restrict or prohibit it. If assignment potential matters to you, verify the policy before signing. BC's property transfer tax applies to assignments.
Interested in New Developments?
I track pre-construction launches and can get you early access to the best units. Free representation that protects your interests.