Each developer sets its own deposit. What is the same everywhere in BC is where the money sits, what protects it and how it fits your down payment.
Kelowna Condo Presales4 min read
By the Serenity team. Published , checked .
Most useful for: First-time buyers, People moving from Alberta or the Lower Mainland.
How much the deposit on a presale condo in Kelowna is depends on the developer, because each one sets its own amount and its own stages in the purchase contract and the disclosure statement.
Handing over a five- or six-figure deposit for a home that does not exist yet sounds risky. The BC rules are built so that it is not, as long as you know what to check. The planner below turns any schedule into dollars.
There is no fixed deposit on a presale condo in Kelowna: each BC developer sets its own schedule in the contract, usually in stages. By law the money is held in trust by a brokerage, lawyer or notary. Your deposits count toward your down payment, so plan the schedule against the federal minimum.
Rules read from BCFSA, the Government of BC and the Department of Finance Canada; the down payment rules are in force since December 15, 2024.
BCFSA says you typically pay an initial deposit when you sign and may owe further deposits on a schedule set out in the contract. The amounts, the stages and the total are set by each developer and published in its disclosure statement, so do not assume them from another project.
Read the schedule against your own cash. A schedule that asks for a large amount in the first months is a different commitment from one spread across the build.
A developer must place presale deposits with a real estate brokerage, lawyer or notary, who holds them in a trust account in British Columbia. Deposits generally cannot be used to build or market the project, unless authorized deposit insurance has been obtained. Ask who the trustee is, and get the answer in writing.
The minimum down payment is 5% of the first $500,000 and 10% of the portion above it, for homes under $1,500,000. At $1,500,000 or more it is 20%.
In a presale the deposits are normally credited toward the price at completion, so they reduce what you bring to closing. Confirm that in your contract, and keep in mind that the minimum applies to the whole down payment, not only the deposits.
Enter a price and the payments in your contract. The planner shows each payment in dollars, the running total and whether your deposits reach the minimum down payment. The stages shown are an example, not Serenity's.
See what each payment is in dollars, and whether your deposits reach the minimum down payment.
Shown with an example of $650,000. Serenity’s prices have not been released.
Total deposits
$130,000
20% of the price
Minimum down payment
$40,000
Federal rule
Your deposits meet the minimum down payment and go $90,000 past it.
| Payment | Amount | Paid so far |
|---|---|---|
| On signing (5%) | $32,500 | $32,500 |
| Second payment (5%) | $32,500 | $65,000 |
| Third payment (5%) | $32,500 | $97,500 |
| Fourth payment (5%) | $32,500 | $130,000 |
A planning aid using the minimum down payment rules in force since December 15, 2024 (read on October 9, 2026), not Serenity’s schedule and not financial advice. In BC a developer must hold presale deposits in trust with a lawyer, notary or brokerage; see where your deposit goes.
BC gives presale buyers seven days to cancel a purchase contract without penalty. The seven days start on the later of the day you sign the contract and the day you give the developer your acknowledgement that you had the chance to read the disclosure statement.
BCFSA lists the main risks plainly. If a project is never completed, the developer must return your deposit but owes no further compensation. If construction runs past a date set in the contract, the developer may ask for a higher price or let you cancel and take your deposit back. If you cannot complete, a developer may pursue you for the difference between your price and the later sale price, its legal costs and administrative fees.
If you assign your contract before completion, the developer must consent and must report the assignment to the province's Condo and Strata Assignment Integrity Register. You must report any profit on your income tax return, and the final purchaser pays property transfer tax on the total amount paid. BC's home flipping tax applies to profit from selling a home, or assigning a presale contract, held less than 730 days. The rate is 20% within the first 365 days and falls to zero by day 730. For a presale, the days count from the date you entered the contract.
Serenity has not published a deposit schedule or a completion date. Both will appear in the purchase contract and the developer's disclosure statement, which a BC developer must give you before you sign.
There is no fixed amount. Each developer sets its deposit and its stages in the contract and discloses them in the disclosure statement, so the figure differs from building to building. Whatever the schedule, your total down payment must reach the federal minimum by completion.
In BC a developer must place presale deposits with a real estate brokerage, lawyer or notary, who holds them in a trust account. They generally cannot be used to build or market the project unless authorized deposit insurance has been obtained.
Within the seven-day cancellation period, which runs from the later of signing and acknowledging the disclosure statement, you can cancel without penalty. After that, BCFSA says the developer must return your deposit if the project is never completed, and you may be able to cancel if construction runs past a date in the contract.
Deposits are normally credited toward the purchase price at completion, which reduces the amount you bring to closing. The minimum down payment rule applies to the total, so use the planner to see whether your deposits reach it, and confirm the credit in your contract.
General information read from these sources on the date above, not legal, tax or financial advice.
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