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.

2220 Shakespeare St Victoria - Vi Fernwood
$1,535,000
6 Bed | 4 Bath | 2,900 SqFt
Listed with Duttons & Co. Real Estate Ltd
630 Sentinel Dr Malahat & Area - ML Mill Bay
$1,094,800
4 Bed | 3 Bath | 3,500 SqFt
Listed with Pemberton Holmes - Cloverdale
4661 Vantreight Dr Saanich East - SE Gordon Head
$3,950,000
3 Bed | 4 Bath | 3,793 SqFt
Listed with Macdonald Realty Victoria
9519 Maryland Dr Sidney - Si Sidney South-East
$998,000
3 Bed | 2 Bath | 1,604 SqFt
Listed with Macdonald Realty Ltd. (Sid)
2221 galaxy Pl Saanich East - SE Arbutus
$1,589,900
4 Bed | 4 Bath | 2,500 SqFt
Listed with Pemberton Holmes Ltd. - Oak Bay
2308 Mountain Heights Dr Sooke - Sk Broomhill
$599,900
3 Bed | 2 Bath | 1,649 SqFt
Listed with Maxxam Realty Ltd.
2296 Mountain Heights Dr Sooke - Sk Broomhill
$749,900
5 Bed | 3 Bath | 2,524 SqFt
Listed with Maxxam Realty Ltd.
4957 Nagle Rd Sooke - Sk 17 Mile
$699,900
6 Bed | 3 Bath | 2,314 SqFt
Listed with Royal LePage Coast Capital - Sooke
504 - 967 Whirlaway Cres Langford - La Florence Lake
$424,900
2 Bed | 2 Bath | 889 SqFt
Listed with Royal LePage Coast Capital - Westshore
604 - 967 Whirlaway Cres Langford - La Florence Lake
$439,900
2 Bed | 2 Bath | 889 SqFt
Listed with Royal LePage Coast Capital - Westshore
509 - 1311 Lakepoint Way Langford - La Westhills
$499,000
1 Bed | 1 Bath | 870 SqFt
Listed with Royal LePage Coast Capital - Oak Bay
607 - 60 Saghalie Rd Victoria West - VW Songhees
$950,000
2 Bed | 2 Bath | 1,032 SqFt
Listed with Sotheby's International Realty Canada
10222 Resthaven Dr Sidney - Si Sidney North-East
$699,900
3 Bed | 2 Bath | 1,276 SqFt
Listed with Realtii Victoria
10224 Resthaven Dr Sidney - Si Sidney North-East
$699,900
3 Bed | 2 Bath | 1,276 SqFt
Listed with Realtii Victoria
306 Lone Oak Pl Langford - La Mill Hill
$879,900
4 Bed | 4 Bath | 3,519 SqFt
Listed with Sutton Group West Coast Realty
310 Lone Oak Pl Langford - La Mill Hill
$829,900
3 Bed | 2 Bath | 2,071 SqFt
Listed with Sutton Group West Coast Realty
1010 Hampshire Rd Oak Bay - OB South Oak Bay
$1,898,800
3 Bed | 3 Bath | 2,095 SqFt
Listed with Century 21 Queenswood Realty Ltd.
T1 - 1588 North Dairy Rd Saanich East - SE Cedar Hill
$899,900
2 Bed | 3 Bath | 1,277 SqFt
Listed with Newport Realty Ltd.
402 - 950 Whirlaway Cres Langford - La Florence Lake
$449,900
2 Bed | 2 Bath | 976 SqFt
Listed with Maxxam Realty Ltd.
404 - 950 Whirlaway Cres Langford - La Florence Lake
$439,900
2 Bed | 2 Bath | 976 SqFt
Listed with Maxxam Realty Ltd.
860 Victoria Ave Oak Bay - OB South Oak Bay
$2,485,000
4 Bed | 5 Bath | 2,962 SqFt
Listed with The Agency
3317 Kingsley St Saanich East - SE Mt Tolmie
$1,268,000
6 Bed | 4 Bath | 3,084 SqFt
Listed with Fair Realty
310 - 767 Tyee Rd Victoria West - Es Esquimalt
$299,900
1 Bed | 1 Bath | 404 SqFt
Listed with Newport Realty Ltd.
549 Ridge Pointe Pl Colwood - Co Olympic View
$899,900
5 Bed | 4 Bath | 3,069 SqFt
Listed with Engel & Völkers Vancouver Island
2307 Azurite Cres Langford - La Bear Mountain
$849,900
4 Bed | 3 Bath | 2,435 SqFt
Listed with Royal LePage Coast Capital - Westshore

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.