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 8 of 10, showing records 176-200 of 250.

502 - 2500 Hackett Cres Central Saanich - CS Turgoose
$489,900
2 Bed | 2 Bath | 825 SqFt
Listed with RE/MAX Camosun
2746 Gosworth Rd Victoria - Vi Oaklands
$999,900
3 Bed | 3 Bath | 1,748 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd to Sun, Nov 24th, 1:00 pm to 3:00 pm
503 - 2500 Hackett Cres Central Saanich - CS Turgoose
$669,900
2 Bed | 2 Bath | 1,015 SqFt
Listed with RE/MAX Camosun
3607 Urban Rise Langford - La Olympic View
$846,999
4 Bed | 4 Bath | 2,961 SqFt
Listed with Pemberton Holmes - Cloverdale
2229 Malaview Ave Sidney - Si Sidney North-East
$799,900
2 Bed | 2 Bath | 1,396 SqFt
Listed with Macdonald Realty Victoria
3310 Hockering Rd Colwood - Co Lagoon
$2,485,000
4 Bed | 4 Bath | 3,965 SqFt
Listed with RE/MAX Alliance
881 Hayden Pl Malahat & Area - ML Mill Bay
$787,489
4 Bed | 3 Bath | 2,762 SqFt
Listed with RE/MAX Alliance
2221 Galaxy Pl Saanich East - SE Arbutus
$1,498,880
4 Bed | 4 Bath | 2,496 SqFt
Listed with Pemberton Holmes Ltd. - Oak Bay
Open House
Open House - Sat, Nov 23rd, 2:00 pm to 4:00 pm
1 - 10490 Resthaven Dr Sidney - Si Sidney North-East
$629,900
3 Bed | 3 Bath | 1,340 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd, 2:00 pm to 4:00 pm
2 - 10490 Resthaven Dr Sidney - Si Sidney North-East
$599,900
3 Bed | 3 Bath | 1,311 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd, 2:00 pm to 4:00 pm
4 - 10490 Resthaven Dr Sidney - Si Sidney North-East
$639,900
3 Bed | 3 Bath | 1,306 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Sat, Nov 23rd, 2:00 pm to 4:00 pm
5 - 10490 Resthaven Dr Sidney - Si Sidney North-East
$649,900
3 Bed | 3 Bath | 1,306 SqFt
Listed with RE/MAX Camosun
1428 Oliver St Oak Bay - OB South Oak Bay
$2,399,900
4 Bed | 5 Bath | 4,000 SqFt
Listed with RE/MAX Camosun
143 Price Rd Gulf Islands - GI Salt Spring
$599,000
2 Bed | 1 Bath | 1,020 SqFt
Listed with RE/MAX Salt Spring
860 Victoria Ave Oak Bay - OB South Oak Bay
$2,225,000
4 Bed | 5 Bath | 2,962 SqFt
Listed with The Agency
2197 Lafayette St Oak Bay - OB South Oak Bay
$2,250,000
4 Bed | 4 Bath | 2,514 SqFt
Listed with The Agency
507 - 967 Whirlaway Cres Langford - La Florence Lake
$424,900
2 Bed | 2 Bath | 906 SqFt
Listed with Royal LePage Coast Capital - Chatterton
Lot 2 Lakeview Ave Saanich East - SE High Quadra
$1,299,900
5 Bed | 4 Bath | 2,805 SqFt
Listed with Sutton Group West Coast Realty
Lot D Eagle Rock Terr Saanich East - SE High Quadra
$1,299,900
4 Bed | 4 Bath | 3,009 SqFt
Listed with Sutton Group West Coast Realty
Open House
Open House - Sat, Nov 23rd, 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
87A - 2500 Florence Lake Rd Langford - La Florence Lake
$339,000
2 Bed | 2 Bath | 1,163 SqFt
Listed with Royal LePage Coast Capital - Westshore
10986 Madrona Dr North Saanich - NS Deep Cove
$1,095,000
3 Bed | 2 Bath | 1,541 SqFt
Listed with DFH Real Estate Ltd.
305 - 986 Heywood Ave Victoria - Vi Fairfield West
$1,229,000
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
Open House
Open House - Sat, Nov 23rd, 1:00 pm to 3:00 pm
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

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.