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 7 of 10, showing records 151-175 of 250.

Open House
Open House - Sat, Nov 23rd, 2:00 pm to 4:00 pm
203 - 1515 Redfern St Victoria - Vi Jubilee
$498,750
1 Bed | 1 Bath | 520 SqFt
Listed with Newport Realty Ltd.
208 - 888 Government St Victoria - Vi Downtown
$2,199,900
2 Bed | 2 Bath | 1,520 SqFt
Listed with Newport Realty Ltd. - Sidney
311 - 888 Government St Victoria - Vi Downtown
$2,899,900
2 Bed | 3 Bath | 1,710 SqFt
Listed with Newport Realty Ltd. - Sidney
403 - 888 Government St Victoria - Vi Downtown
$1,749,900
2 Bed | 2 Bath | 1,423 SqFt
Listed with Newport Realty Ltd. - Sidney
2424 Central Ave Oak Bay - OB South Oak Bay
$2,175,000
4 Bed | 4 Bath | 3,146 SqFt
Listed with The Agency
906 - 1029 View St Victoria - Vi Downtown
$469,000
1 Bed | 1 Bath | 452 SqFt
Listed with Royal LePage Coast Capital - Chatterton
Prop - 177 - 1051 Shawnigan Lake Rd Malahat & Area - ML Shawnigan Lake
$409,900
3 Bed | 3 Bath | 1,450 SqFt
Listed with Sutton Group West Coast Realty
732 Bondi Close Langford - La Florence Lake
$789,000
4 Bed | 4 Bath | 2,875 SqFt
Listed with RE/MAX Camosun
12 - 9667 First St Sidney - Si Sidney South-East
$1,125,000
2 Bed | 3 Bath | 1,440 SqFt
Listed with Macdonald Realty Ltd. (Sid)
6 - 9667 First St Sidney - Si Sidney South-East
$1,100,000
2 Bed | 3 Bath | 1,390 SqFt
Listed with Macdonald Realty Ltd. (Sid)
206 - 989 Johnson St Victoria - Vi Downtown
$439,900
1 Bed | 1 Bath | 519 SqFt
Listed with Sutton Group West Coast Realty
105 - 2117 Charters Rd Sooke - Sk Sooke Vill Core
$434,900
3 Bed | 3 Bath | 1,400 SqFt
Listed with Maxxam Realty Ltd.
203 - 613 Herald St Victoria - Vi Downtown
$409,000
1 Bed | 1 Bath | 520 SqFt
Listed with Coldwell Banker Oceanside Real Estate
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
202 - 2500 Hackett Cres Central Saanich - CS Turgoose
$469,900
2 Bed | 2 Bath | 940 SqFt
Listed with RE/MAX Camosun
206 - 2500 Hackett Cres Central Saanich - CS Turgoose
$529,900
2 Bed | 2 Bath | 957 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
403 - 2500 Hackett Cres Central Saanich - CS Turgoose
$484,900
2 Bed | 2 Bath | 963 SqFt
Listed with RE/MAX Camosun
501 - 2500 Hackett Cres Central Saanich - CS Turgoose
$569,900
2 Bed | 2 Bath | 915 SqFt
Listed with RE/MAX Camosun
2756 Gosworth Rd Victoria - Vi Oaklands
$999,900
3 Bed | 3 Bath | 1,506 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
505 - 2500 Hackett Cres Central Saanich - CS Turgoose
$779,900
2 Bed | 2 Bath | 973 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
105 - 2500 Hackett Cres Central Saanich - CS Turgoose
$489,900
2 Bed | 2 Bath | 910 SqFt
Listed with RE/MAX Camosun
302 - 2500 Hackett Cres Central Saanich - CS Turgoose
$474,900
2 Bed | 2 Bath | 940 SqFt
Listed with RE/MAX Camosun
305 - 2500 Hackett Cres Central Saanich - CS Turgoose
$539,900
2 Bed | 2 Bath | 967 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 2:00 pm
306 - 2500 Hackett Cres Central Saanich - CS Turgoose
$539,900
2 Bed | 2 Bath | 957 SqFt
Listed with RE/MAX Camosun
402 - 2500 Hackett Cres Central Saanich - CS Turgoose
$479,900
2 Bed | 2 Bath | 940 SqFt
Listed with RE/MAX Camosun
2750 Gosworth Rd Victoria - Vi Oaklands
$999,900
3 Bed | 3 Bath | 1,757 SqFt
Listed with RE/MAX Camosun

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.