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 4 of 10, showing records 76-100 of 250.

9342 Webster Pl Sidney - Si Sidney South-East
$899,000
3 Bed | 3 Bath | 1,848 SqFt
Listed with Macdonald Realty Ltd. (Sid)
2C - 835 Dunsmuir Rd Esquimalt - Es Esquimalt
$379,900
1 Bed | 1 Bath | 555 SqFt
Listed with Coldwell Banker Oceanside Real Estate
1E - 835 Dunsmuir Rd Esquimalt - Es Esquimalt
$699,900
3 Bed | 2 Bath | 1,205 SqFt
Listed with Coldwell Banker Oceanside Real Estate
1B - 835 Dunsmuir Rd Esquimalt - Es Esquimalt
$414,900
1 Bed | 1 Bath | 555 SqFt
Listed with Coldwell Banker Oceanside Real Estate
1780 Lands End Rd North Saanich - NS Lands End
$1,780,000
4 Bed | 3 Bath | 3,828 SqFt
Listed with Macdonald Realty Ltd. (Sid)
2395 Azurite Cres Langford - La Bear Mountain
$824,900
3 Bed | 3 Bath | 1,719 SqFt
Listed with Royal LePage Coast Capital - Westshore
1037 Sandalwood Crt Langford - La Luxton
$909,900
4 Bed | 4 Bath | 2,950 SqFt
Listed with RE/MAX Camosun
208 - 1018 Pentrelew Pl Victoria - Vi Rockland
$1,025,000
2 Bed | 2 Bath | 1,242 SqFt
Listed with Newport Realty Ltd.
102 - 1018 Pentrelew Pl Victoria - Vi Rockland
$690,000
1 Bed | 1 Bath | 738 SqFt
Listed with Newport Realty Ltd.
501 - 1201 Fort St Victoria - Vi Rockland
$1,675,000
2 Bed | 3 Bath | 1,526 SqFt
Listed with Newport Realty Ltd.
7033 Brailsford Pl Sooke - Sk Sooke Vill Core
$679,000
6 Bed | 6 Bath | 2,897 SqFt
Listed with Pemberton Holmes - Sooke
205 - 1201 Fort St Victoria - Vi Rockland
$1,200,000
2 Bed | 2 Bath | 1,268 SqFt
Listed with Newport Realty Ltd.
207 - 1201 Fort St Victoria - Vi Rockland
$1,250,000
2 Bed | 2 Bath | 1,357 SqFt
Listed with Newport Realty Ltd.
211 Kitchen Rd Gulf Islands - GI Salt Spring
$1,495,000
3 Bed | 3 Bath | 2,382 SqFt
Listed with Engel & Völkers Vancouver Island - Victoria
302 - 916 Lyall St Esquimalt - Es Esquimalt
$1,929,400
2 Bed | 2 Bath | 1,754 SqFt
Listed with Pemberton Holmes Ltd. - Oak Bay
2F - 835 Dunsmuir Rd Esquimalt - Es Esquimalt
$449,900
2 Bed | 1 Bath | 614 SqFt
Listed with Coldwell Banker Oceanside Real Estate
212 - 3333 Glasgow Ave Saanich East - SE Quadra
$509,900
2 Bed | 2 Bath | 800 SqFt
Listed with Day Team Realty Ltd
Open House
Open House - Thu, Nov 21st to Fri, Nov 22nd, 12:00 pm to 4:00 pm
2229 Deerbrush Cres North Saanich - NS Bazan Bay
$724,900
3 Bed | 3 Bath | 1,535 SqFt
Listed with Newport Realty Ltd.
4101 Alberg Lane Saanich East - SE Mt Doug
$1,599,000
4 Bed | 4 Bath | 3,250 SqFt
Listed with eXp Realty
2A - 835 Dunsmuir Rd Esquimalt - Es Esquimalt
$689,900
2 Bed | 2 Bath | 950 SqFt
Listed with Coldwell Banker Oceanside Real Estate
6981 Grant Rd Sooke - Sk Sooke Vill Core
$470,000
3 Bed | 3 Bath | 1,393 SqFt
Listed with Pemberton Holmes - Westshore
6983 Grant Rd Sooke - Sk Sooke Vill Core
$470,000
3 Bed | 3 Bath | 1,393 SqFt
Listed with Pemberton Holmes - Westshore
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
623 Selwyn Close Langford - La Thetis Heights
$519,900
3 Bed | 3 Bath | 1,569 SqFt
Listed with Royal LePage Coast Capital - Westshore
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
625 Selwyn Close Langford - La Thetis Heights
$509,900
3 Bed | 3 Bath | 1,569 SqFt
Listed with Royal LePage Coast Capital - Westshore
6122 Somenos Rd Zone 03 - Duncan - Z03 West Duncan
$399,000
3 Bed | 3 Bath | 1,500 SqFt
Listed with Royal LePage Coast Capital - Oak Bay

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.