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 9 of 10, showing records 201-225 of 250.

106 - 110 Presley Pl View Royal - VR Six Mile
$445,000
2 Bed | 2 Bath | 1,005 SqFt
Listed with Royal LePage Coast Capital - Chatterton
3457 Cobb Lane Saanich East - SE Maplewood
$969,000
4 Bed | 3 Bath | 2,000 SqFt
Listed with Sutton Group West Coast Realty
Open House
Open House - Sat, Sep 28th, 2:00 pm to 4:00 pm
1551 Westall Ave Victoria - Vi Oaklands
$1,599,000
4 Bed | 4 Bath | 2,802 SqFt
Listed with Pemberton Holmes - Cloverdale
934 Peace Keeping Cres Langford - La Walfred
$649,900
4 Bed | 4 Bath | 2,311 SqFt
Listed with Fair Realty
965 Walfred Rd Langford - La Walfred
$769,000
4 Bed | 4 Bath | 2,334 SqFt
Listed with Pemberton Holmes - Cloverdale
801 - 5388 Hill Rise Terr Saanich East - SE Cordova Bay
$2,550,000
2 Bed | 2 Bath | 2,020 SqFt
Listed with Royal LePage Coast Capital - Oak Bay
1214 Flint Ave Langford - La Bear Mountain
$898,000
5 Bed | 3 Bath | 2,600 SqFt
Listed with RE/MAX Alliance
3205 Pinder Pl Malahat & Area - ML Shawnigan Lake
$979,999
5 Bed | 3 Bath | 2,967 SqFt
Listed with DFH Real Estate Ltd.
Open House
Open House - Sat, Sep 21st, 12:00 pm to 2:00 pm
A - 7069 Grant Rd Sooke - Sk John Muir
$499,900
3 Bed | 3 Bath | 1,509 SqFt
Listed with RE/MAX Camosun
704 - 5388 Hill Rise Terr Saanich East - SE Cordova Bay
$1,899,900
2 Bed | 2 Bath | 1,809 SqFt
Listed with RE/MAX Camosun
1662 Connie Rd Sooke - Sk 17 Mile
$599,900
3 Bed | 2 Bath | 1,428 SqFt
Listed with Engel & Völkers Vancouver Island
1664 Connie Rd Sooke - Sk 17 Mile
$599,900
3 Bed | 2 Bath | 1,428 SqFt
Listed with Engel & Völkers Vancouver Island
Open House
Open House - Sun, Sep 22nd, 2:00 pm to 4:00 pm
1680 Hedgerow Pl North Saanich - NS Lands End
$1,790,000
3 Bed | 4 Bath | 3,329 SqFt
Listed with Coldwell Banker Oceanside Real Estate
5100 Jagtar's Way Saanich West - SW Prospect Lake
$2,900,000
4 Bed | 4 Bath | 3,500 SqFt
Listed with Sotheby's International Realty Canada
562 Gemini Dr Metchosin - Me Rocky Point
$1,945,000
7 Bed | 4 Bath | 4,982 SqFt
Listed with Pemberton Holmes - Cloverdale
803 - 5388 Hill Rise Terr Saanich East - SE Cordova Bay
$2,450,000
2 Bed | 2 Bath | 1,809 SqFt
Listed with Newport Realty Ltd. - Sidney
1282 Pembroke St Victoria - Vi Fernwood
$1,579,000
4 Bed | 5 Bath | 3,394 SqFt
Listed with Sutton Group West Coast Realty
201 - 4009 Rainbow Hill Lane Saanich East - SE High Quadra
$725,000
2 Bed | 2 Bath | 1,226 SqFt
Listed with Sutton Group West Coast Realty
105 - 3331 Radiant Way Langford - La Happy Valley
$509,900
4 Bed | 3 Bath | 1,580 SqFt
Listed with Sutton Group West Coast Realty
104 - 3326 Radiant Way Langford - La Happy Valley
$489,900
3 Bed | 3 Bath | 1,400 SqFt
Listed with Sutton Group West Coast Realty
101 - 3331 Radiant Way Langford - La Happy Valley
$499,900
3 Bed | 3 Bath | 1,420 SqFt
Listed with Sutton Group West Coast Realty
Open House
Open House - Sat, Sep 21st to Sun, Sep 22nd, 12:00 pm to 2:00 pm
1312 Champions Crt Langford - La Bear Mountain
$974,900
3 Bed | 4 Bath | 3,379 SqFt
Listed with Royal LePage Coast Capital - Westshore
702 - 5388 Hill Rise Terr Saanich East - SE Cordova Bay
$1,766,667
2 Bed | 2 Bath | 1,837 SqFt
Listed with Newport Realty Ltd. - Sidney
9 - 9667 First St Sidney - Si Sidney South-East
$399,000
0 Bed | 1 Bath | 574 SqFt
Listed with Macdonald Realty Ltd. (Sid)
PH1802 - 960 Yates St Victoria - Vi Downtown
$1,988,000
2 Bed | 3 Bath | 1,513 SqFt
Listed with The Condo Group Real Estate

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.