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 5 of 10, showing records 101-125 of 250.

213 - 989 Johnson St Victoria - Vi Downtown
$724,000
2 Bed | 2 Bath | 1,089 SqFt
Listed with One Percent Realty
209 Nia Lane View Royal - VR View Royal
$1,675,000
3 Bed | 3 Bath | 2,587 SqFt
Listed with Pemberton Holmes - Cloverdale
312 - 922 Lyall St Esquimalt - Es Esquimalt
$647,500
1 Bed | 1 Bath | 750 SqFt
Listed with Pemberton Holmes Ltd. - Oak Bay
606 - 922 Lyall St Esquimalt - Es Esquimalt
$1,212,910
2 Bed | 3 Bath | 1,007 SqFt
Listed with Pemberton Holmes Ltd. - Oak Bay
202 - 2526 Bevan Ave Sidney - Si Sidney South-East
$849,000
3 Bed | 2 Bath | 1,341 SqFt
Listed with Macdonald Realty Ltd. (Sid)
205 - 2526 Bevan Ave Sidney - Si Sidney South-East
$699,000
2 Bed | 2 Bath | 1,114 SqFt
Listed with Macdonald Realty Ltd. (Sid)
303 - 2526 Bevan Ave Sidney - Si Sidney South-East
$869,000
2 Bed | 2 Bath | 1,228 SqFt
Listed with Macdonald Realty Ltd. (Sid)
304 - 2526 Bevan Ave Sidney - Si Sidney South-East
$529,000
1 Bed | 2 Bath | 919 SqFt
Listed with Macdonald Realty Ltd. (Sid)
405 - 2526 Bevan Ave Sidney - Si Sidney South-East
$739,000
2 Bed | 2 Bath | 1,114 SqFt
Listed with Macdonald Realty Ltd. (Sid)
407 - 2526 Bevan Ave Sidney - Si Sidney South-East
$499,000
1 Bed | 1 Bath | 853 SqFt
Listed with Macdonald Realty Ltd. (Sid)
1282 Pembroke St Victoria - Vi Fernwood
$1,498,000
4 Bed | 5 Bath | 3,394 SqFt
Listed with eXp Realty
120 - 539 Delora Dr Colwood - Co Royal Bay
$799,900
3 Bed | 3 Bath | 1,879 SqFt
Listed with Sutton Group West Coast Realty
104 - 694 Hoylake Ave Langford - La Thetis Heights
$534,900
3 Bed | 3 Bath | 1,512 SqFt
Listed with Royal LePage Coast Capital - Westshore
Open House
Open House - Sun, Nov 24th, 1:00 pm to 3:00 pm
202 - 3351 Luxton Rd Langford - La Happy Valley
$489,900
3 Bed | 3 Bath | 1,223 SqFt
Listed with RE/MAX Camosun
1525 Eagle Way North Saanich - NS Deep Cove
$1,495,000
5 Bed | 3 Bath | 3,055 SqFt
Listed with The Condo Group Real Estate
3171 Kingsley St Saanich East - SE Camosun
$1,359,000
6 Bed | 4 Bath | 2,373 SqFt
Listed with RE/MAX Camosun
109 - 2829 Meridian Ave Langford - La Westhills
$749,900
4 Bed | 3 Bath | 2,286 SqFt
Listed with Breakwater Realty Inc
1253 Solstice Cres Langford - La Westhills
$569,900
3 Bed | 2 Bath | 1,339 SqFt
Listed with Breakwater Realty Inc
1232 Solstice Cres Langford - La Westhills
$624,900
4 Bed | 3 Bath | 2,220 SqFt
Listed with Breakwater Realty Inc
2811 Meridian Ave Langford - La Westhills
$809,900
4 Bed | 4 Bath | 2,609 SqFt
Listed with Breakwater Realty Inc
307 - 826 Esquimalt Rd Esquimalt - Es Esquimalt
$325,000
1 Bed | 1 Bath | 500 SqFt
Listed with RE/MAX Alliance
3624 Urban Rise Langford - La Olympic View
$939,900
5 Bed | 4 Bath | 2,770 SqFt
Listed with Pemberton Holmes - Cloverdale
3628 Urban Rise Langford - La Olympic View
$929,900
5 Bed | 4 Bath | 2,664 SqFt
Listed with Pemberton Holmes - Cloverdale
724 Oliver St Oak Bay - OB South Oak Bay
$2,695,000
5 Bed | 5 Bath | 4,012 SqFt
Listed with Realtii Victoria
3504 Myles Mansell Rd Langford - La Walfred
$694,999
4 Bed | 4 Bath | 2,287 SqFt
Listed with Realtii Victoria

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.