Buying New Homes

Pre-sale and new build purchase contracts are unique. Navigating through terms such as...

And others, should only be done with competent, licensed representation.

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Rescission Periods:

A rescission period is your time to reflect on the purchase that you have just made, or anticipate making, and more importantly to read through the disclosure statement that accompanied the purchase agreement. You may rescind your purchase agreement by serving written notice on the developer within 7 days after the date of the purchase agreement and the time that you have acknowledged receiving the disclosure statement. That’s the short story, for the full version, contact us.

Disclosure Statements:

In British Columbia, all new developments of five or more units are subject to the Real Estate Development and Marketing Act which governs how a developer markets and sells development properties.

The Act requires developers to provide a Disclosure Statement to Buyers which discloses, among other things, the following:

  1. The Background and Experience of the Developer
  2. The Purchaser’s Rights of Rescission
  3. Permitted Uses of the Development
  4. Phasing of the Development
  5. Strata Information, Bylaws and Budgets
  6. Parking Entitlements
  7. Utilities and Services
  8. Description of the Land Title
  9. Construction and Warranties
  10. Local Government Approvals and Finances
  11. Handling of Purchaser’s Deposits

This document, while lengthy and comprehensive, should be read and understood by the buyer before firming any contract. Let us peruse and explain it to you.

Lien Holdbacks:

Brand new homes in BC are subject to liens being placed on the title of the home if a contractor or supplier was not paid for the product or service that went into the construction of the home. The Builders Lien Act provides rights and imposes obligations on most of the parties within the construction project in addition to their respective rights under their contracts. It is the law in BC and it must be adhered to. In most situations an amount of money (10%) should be held back by the conveyancer for a specified period of time to ensure if a lien is going to placed on the home, there will be financial resources held in trust to satisfy the claim. Ask us about exceptions to this practice.

Specification Sheets:

When buying a home that is yet to be built, it is often possible to have some input into the way the home shall be built and finished. In a new build condominium, this seldom means more than picking between 2 or 3 colour schemes which will dictate the colour of the flooring, cabinetry etc. In a single family dwelling it may be as extensive as laying out rooms, adding vaulted ceilings, customizing electrical and plumbing rough ins etc. This specification sheet must accompany the contract of purchase and sale, to the extent that, one would not be enforceable without the other.

There are advantages and disadvantages to either scenario. Call us anytime to discuss these.

Built Green:

Built Green is a national initiative committed to building residential homes in an environmentally responsible manner. With this comes sustainability and energy efficiency, as not all builders are building to Built Green standards. If you are concerned with the preservation of natural resources, reduction of pollution, ventilation and air quality, and the improvement of home durability, ask us for a list of Built Green builders on the South Island.

2-5-10 Warranty:

New homes built in BC by licensed residential builders must be covered by mandatory, third-party home warranty insurance. Home warranty insurance is a limited policy of insurance covering construction defects in a new home, ranging from cosmetic imperfections in your drywall to structural issues in your foundation. Various items are covered for varying amounts of time. It is most often referred to as the 2-5-10 Warranty. The coverage stays with the home which means it is transferable to subsequent owners. Ask us which items are covered and which aren't.

Page 1 of 10, showing records 1-25 of 250.

Open House
Open House - Sat, Sep 21st, 12:00 pm to 4:00 pm
3532 Paperbark Cres Langford - La Olympic View
$939,000
5 Bed | 4 Bath | 2,674 SqFt
Listed with Sutton Group West Coast Realty
Open House
Open House - Sat, Sep 21st, 2:00 pm to 4:00 pm
4245 Pullet Pl Saanich East - SE High Quadra
$899,000
3 Bed | 4 Bath | 2,389 SqFt
Listed with Sutton Group West Coast Realty
10986 Madrona Dr North Saanich - NS Deep Cove
$1,095,000
3 Bed | 2 Bath | 1,541 SqFt
Listed with DFH Real Estate Ltd.
207 - 9762 Third St Sidney - Si Sidney North-East
$359,900
1 Bed | 1 Bath | 623 SqFt
Listed with Realtii Victoria
305 - 9762 Third St Sidney - Si Sidney North-East
$339,900
1 Bed | 1 Bath | 523 SqFt
Listed with Realtii Victoria
106 - 9762 Third St Sidney - Si Sidney North-East
$599,900
1 Bed | 2 Bath | 1,027 SqFt
Listed with Realtii Victoria
102 - 9762 Third St Sidney - Si Sidney North-East
$319,900
1 Bed | 1 Bath | 523 SqFt
Listed with Realtii Victoria
103 - 9762 Third St Sidney - Si Sidney North-East
$699,900
3 Bed | 2 Bath | 1,188 SqFt
Listed with Realtii Victoria
Open House
Open House - Sat, Sep 21st, 12:00 pm to 2:00 pm
534 Bezanton Way Colwood - Co Royal Bay
$884,900
6 Bed | 4 Bath | 3,183 SqFt
Listed with RE/MAX Camosun
305 - 986 Heywood Ave Victoria - Vi Fairfield West
$1,249,000
2 Bed | 2 Bath | 1,015 SqFt
Listed with RE/MAX Alliance
207 - 881 Short St Saanich East - SE Quadra
$520,000
2 Bed | 2 Bath | 865 SqFt
Listed with Pemberton Holmes - Cloverdale
312 - 5118 Cordova Bay Rd Saanich East - SE Cordova Bay
$1,600,000
2 Bed | 2 Bath | 1,722 SqFt
Listed with Pemberton Holmes - Cloverdale
3 - 928 Richmond Ave Victoria - Vi Rockland
$2,400,000
4 Bed | 3 Bath | 2,850 SqFt
Listed with NAI Commercial (Victoria) Inc.
Open House
Open House - Sun, Sep 22nd, 2:00 pm to 4:00 pm
3475 Sparrowhawk Ave Colwood - Co Royal Bay
$715,900
4 Bed | 3 Bath | 2,330 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sun, Sep 22nd, 2:00 pm to 4:00 pm
3439 Sparrowhawk Ave Colwood - Co Royal Bay
$679,900
3 Bed | 3 Bath | 1,778 SqFt
Listed with RE/MAX Camosun
2198 Navigators Rise Langford - La Bear Mountain
$2,222,900
5 Bed | 6 Bath | 5,964 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Sep 21st, 10:00 am to 12:00 pm
213 - 991 McKenzie Ave Saanich East - SE Quadra
$599,000
2 Bed | 2 Bath | 883 SqFt
Listed with Pemberton Holmes - Cloverdale
Open House
Open House - Sat, Sep 21st, 1:00 pm to 3:00 pm
403 - 70 Saghalie Rd Victoria West - VW Songhees
$2,295,000
3 Bed | 3 Bath | 2,145 SqFt
Listed with The Agency
9343 Webster Pl Sidney - Si Sidney South-East
$1,184,000
3 Bed | 3 Bath | 2,029 SqFt
Listed with Holmes Realty Ltd
9345 Webster Pl Sidney - Si Sidney South-East
$1,184,000
3 Bed | 3 Bath | 2,029 SqFt
Listed with Holmes Realty Ltd
Open House
Open House - Sat, Sep 21st, 2:00 pm to 4:00 pm
7038 Maple Park Terr Sooke - Sk John Muir
$699,000
5 Bed | 3 Bath | 2,698 SqFt
Listed with Pemberton Holmes - Sooke
Open House
Open House - Sat, Sep 21st, 2:00 pm to 4:00 pm
7042 Maple Park Terr Sooke - Sk John Muir
$749,000
5 Bed | 3 Bath | 2,700 SqFt
Listed with Pemberton Holmes - Sooke
Open House
Open House - Sat, Sep 21st, 2:00 pm to 4:00 pm
110 - 6717 Ayre Rd Sooke - Sk Sooke Vill Core
$409,000
3 Bed | 3 Bath | 1,336 SqFt
Listed with Pemberton Holmes - Sooke
106 - 6717 Ayre Rd Sooke - Sk Sooke Vill Core
$419,000
3 Bed | 3 Bath | 1,336 SqFt
Listed with Pemberton Holmes - Sooke
1763 Mortimer St Saanich East - SE Mt Tolmie
$1,269,999
4 Bed | 4 Bath | 2,819 SqFt
Listed with eXp Realty

NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.