Vancouver New Home + Condo Guide – August 24, 2024
The first and only complete guide to pre-construction homes and condos
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CHANGES COMING
YOUR WAY
MARLENE EISNER
EDITOR
New Home + Condo Guide
EMAIL: marlene.eisner@nexthome.ca
TWITTER: @MarleneEisner
Heraclitus said, “Everything changes, and nothing remains still.” Although the Greek philosopher lived around 500 BCE, the idea that the only constant in life is change, is certainly something we can relate to.
Last July, Angus Reid released a survey that showed almost 90 per cent of B.C.’ers preferred to receive their news via the internet. We heard that message, and we listened. Since then, we have been working on some major changes on how you receive New Home + Condo Guide. This is our last print edition and as of Sept. 9, our magazine will be available to you in a digital-only format every month, right into your inbox.
While the way you receive the magazine will change, our up-to-date market-specific and informative content we are known for will stay the same. As a fully downloadable digital flip-style magazine, you’ll be able to read about all the latest new-home developments in Metro Vancouver, receive timely expert advice from industry insiders on ways to finance a new home, new government incentives, interest rate cuts (and increases) and how they can affect you, as well as market trends and new releases.
Subscribe today through the QR code on this page and receive your Sept. 9 digital edition without having to leave the comfort of your home. Meanwhile, we hope you enjoy this issue, which as always, is packed with everything you need to help you on your homebuying journey.
Let us know what you think, we’d love to hear from you.
What to expect after the contract is signed Page 26
HOT PROPERTIES
FIND YOUR NEXT HOME
This page features a few of the latest properties to keep your eye on in the Metro Vancouver area.
PREVIEWS & REGISTRATIONS
BRIDGE CITY
Home type: Condominiums
Developer: Oviedo Properties
On the map: Surrey
Web: livebridgecity.com
Info: A community of 967 new homes that bridge the gap between cities, neighbourhoods and families. Meticulously designed layouts and high-quality finishes bring a sense of space and comfort to these modern homes, all of which have a generously sized private patio or balcony. A 50,000 sq. ft. amenity space includes the Skyview lounge and terrace with a kitchen, an entertainment space with digital gaming, game room and karaoke/screening room, a state-of-the-art fitness club and wellness spa, and even a pet spa to wash and groom your pet. Register today.
JERICHO PARK
Home type: Condominiums
Developer: Essence Properties
On the map: Langley
Web: jerichobyessence.com
Info: The pace of nature, the pulse of a city, here abundant greenspaces and plentiful urban conveniences exist in effortless balance. Centred around a lush courtyard and landscaped gardens, Jericho Park is a collection of 385, one-to-three-bedroom homes offering an oasis amidst the urban bustle. Thoughtfully designed shared spaces encourage connection and recreation, with amenities that include a gym, yoga studio, lounge, multi-purpose room, sports simulator and study-work room. Register today.
PORTICO
Home type: Condominiums
Builder: Wanson Group
On the map: Coquitlam Web: lifeatportico.ca
Info: Offering one-to-three-bedroom homes with 10-ft.-high ceilings, enclosable
Lumon retractable glass balconies, spacious kitchens and customizable dens. Amenities include a south-facing courtyard for outdoor socializing, and inside, a fully equipped fitness centre and a versatile social lounge with spacious kitchenette with a large island, bar fridge, plus seating and a pool table. Register today.
VICTORY
Home type: Condominiums
Developer: Maskeen
On the map: Surrey Web: victorybymaskeen.com
Info: A master-planned community pf modern one,- two,- and three-bedroom residences located in the Boliver Heights neighbourhood. With more than 20,000 sq. ft. of amenities including a large lounge with a full kitchen and outdoor covered terrace for entertaining, upscale fitness room, co-working lounge and outdoor courtyards. Located in a vibrant, safe and family-friendly neighbourhood within walking distance of shopping, recreation, schools, parks, transportation and Skytrain. Register today.
VIVERE
Home type: Condominiums
Developer: Solterra
On the map: Surrey
Web: viverebysolterra.ca
Info: One-, two- and three-bedroom residences in North Guildford. Experience modern living with luxurious interiors, high-end finishes and state-of-the-art amenities, all in a prime location. Homes feature contemporary kitchens with premium appliances, elegant bathrooms with designer fixtures and spacious living areas filled with natural light. Register today.
BRIDGE CITY
VICTORY
HOT PROPERTIES SURREY – LANGLEY – ABBOTSFORD – MISSION
SURREY
1. PIANO 105A & City Parkway concordpiano.ca
2. PARK GEORGE 9908 King George Blvd 604-583-9866 parkgeorge.com
3. DISTRICT NW University Drive & 105 Avenue thind.ca
4. CENTURY CITY HOLLAND PARK 13583 98 Avenue centurycitysurrey.com
5. PURA 105 Ave & 132 St livepura.ca
6. AMAYA LIVING 106 Ave & 140 St amayaliving.ca
7. SEQUOIA 133 Street & 104 Avenue sequoiawestvillage.ca
8. THE BEVERLY 17538 100 Avenue 778-400-4773 escapetothebeverly.com
19. JERICHO PARK 200th Street & 80th Avenue 604-357-3008 jerichobyessence.com
FORT LANGLEY
20. LEAH 9122 King Street 604-293-3477 leahtownhomes.com
ABBOTSFORD
21. THE RAIL DISTRICT 2774 Montrose Avenue 604-850-0040 raildistrict.ca
The Developer reserves the right to make modifications or substitutions to project design, specifications, features, appliances, pricing and floor plans in its sole discretion and without notice or obligation. Dimensions, square footage and floor plans are illustrative, approximate and provided for reference only. Final dimensions, square footage and floor plans may vary and will be determined by final strata plan measurements. Artist’s renderings and maps are interpretations only. This is not an offering for sale. Any such offering may only be made with a disclosure statement. E.&O.E. Sales & Marketing by Prima Marketing.
THE MANHATTAN
EVERYTHING YOU ASPIRE TO
For those that love the magnetic energy and endless opportunities of New York City, then turn your gaze to The Manhattan, by ML Emporio, one of Surrey’s most exciting new projects. Driven by a vision to deliver an unprecedented lifestyle experience, The Manhattan is a place with unrivalled connectivity, convenience, cultural richness and vitality, where expectations are met — and exceeded.
WHERE YOU’LL WANT TO BE
Designed for hip urbanites who like to work hard, play hard and live well, The Manhattan is right in the heart of it all. Located just steps from the upcoming Centre Block, this coveted location is slated to be Surrey’s economic, cultural and transit hub by 2027. Once complete, the two towers will rise from a lively podium, with restaurants and retail spaces alongside beautifully
landscaped public plazas. Perfect for singles and families, everything you need is just a five-minute walk away — the library, city hall, KPU and two existing SFU campuses, and the Central City Shopping Centre, with a T&T Supermarket, Walmart, Shoppers Drug Mart, restaurants and coffee shops.
A PLACE LIKE NO OTHER
Visually striking, the tower’s distinctive modern design rises 43 storeys into the sky. Comprised of full height window walls, metal panels and organic materials, the structure is carved by the alchemy of light and shadow, forming a striking architectural statement expressive of the vibrant streetscapes below and the tranquil fluidity of life within. Living your best life starts the moment you enter The Manhattan. With a concierge to welcome you
home, the stresses of the day melt away as you walk through the boutique-hotel-style lobby, its warm wood panels and natural stone inviting you and your guests into a world of opulence and grace. The magic continues when you open the door to your home. Kitchens are meticulously crafted for optimal form and function with integrated Fisher & Paykel appliances. The Developer has created something unique for this project, the Emporio Kitchen - select homes will include the versatility of a portable kitchen on wheels with a retractable dining extension, and linear kitchen is elevated with an extendable counter for added culinary prep surface. With conveniently located USB charging stations and thoughtfully placed task and ambient lighting, working from home suddenly takes on a whole new vibe.
SALES CENTRE 10522 King George Blvd, Surrey
CONTACT
604-363-5654 or register at ManhattanSurrey.ca
Melt away your daily stresses in the deep soaker tub, beautifully complemented with a half-glass enclosure. Vanities with deep drawers have ample storage for plush towels,
and stylish mirrored medicine cabinets keep daily necessities close at hand. In the evening, with a glass of wine in hand, unwind in your balcony to enjoy dinner with a sunset view.
AMENITIES FOR YOUR LIFESTYLE
The amenities at The Manhattan have been thoughtfully designed with you in mind. Experience the Sinatra Lounge, with its loft-style dining room and chef kitchen — caterers welcome —and a whisky lounge on the upper floor, or take it outside to Central Park on level eight, where there is a dog run, dining areas, BBQ, firepit, kids’ playground, tennis table and a
place to practise yoga. The Exchange is a co-working space with a private meeting room, and for after work, you can head to Madison Centre, a two-level, loft-style games area with a billiards room, a bar, a poker table and golf simulator.
Don’t miss out, The Manhattan offers 422 homes ranging from studio to three-bedroom condominiums with large balconies, a concierge and retail space on the ground floor. Be sure to register today at ManhattanSurrey.ca to stay up to date on the grand opening scheduled for late summer.
THE TOPMOST
WHAT’S THE BEST RATE I CAN GET?
Your credit score plays a big part in the interest rate for which you will qualify. The riskier you appear as a borrower, the higher your rate will be. However, the rate is not the most
important aspect of a mortgage. Many rock-bottom rates often come from no-frills mortgage products. Even if you qualify for the lowest rate, you often have to give up other things such as pre-payments, portability privileges and at times the highest penalties if you pay off your mortgage earlier. Therefore, it’s critical to focus on a mortgage with the best terms and rate. If not, it can end up costing you thousands more in the long run.
WHAT’S THE MAXIMUM MORTGAGE AMOUNT FOR WHICH I CAN QUALIFY?
There are two calculations you will need to complete to determine the amount for which you qualify. The first is your gross debt service (GDS) ratio, which evaluates your proposed new housing costs (mortgage payments, taxes, heating costs and strata/condo fees, if applicable). Generally, this amount should be
no more than 35 per cent to 39 per cent of your gross monthly income. For example, if your gross monthly income is $4,000, you should not spend more than $1,560 in monthly housing expenses. Second, you need to calculate your total debt service (TDS) ratio, which measures your total debt obligations (including housing costs, loans, car payments and credit card bills). Your TDS ratio should be no more than 42 per cent to 44 per cent of your gross monthly income.
The GDS and TDS will depend on your credit. Keep in mind that these numbers are prescribed maximums and that you should strive for lower ratios for a more affordable lifestyle. Before falling in love with a potential new home, get pre-qualified, so you can stay within your price range and view homes you can reasonably afford.
HOW MUCH MONEY DO I NEED FOR A DOWN PAYMENT?
The minimum down payment required is five per cent of the home’s purchase price. If the property is more than $500,000 and under $1 million, you will need to put down five per cent up to $500,000 and 10 per cent down on the balance. This is with properties that are priced less than $1 million. Properties priced more than $1 million require at least a 20 per cent down payment.
WHAT HAPPENS IF I DON’T HAVE THE FULL DOWN PAYMENT AMOUNT?
There are programs available that enable you to use funds for a down payment such as your savings, Registered Retired Savings Plan (RRSP), First Time Home Savings Account (FHSA), or a gift from a parent, grandparent, child or siblings. Also, you can borrow the down payment from a line of credit, loan or credit cards. However, to qualify, you have to be within the TDS ratios as mentioned above.
WHAT
WILL A
LENDER LOOK AT WHEN QUALIFYING ME FOR A MORTGAGE?
Most lenders look at these five factors:
1. Income
2. Debts
3. Employment history
4. Credit history
5. Value and marketability of the property you wish to purchase
WHAT CREDIT SCORE DO I NEED
TO QUALIFY?
Generally, you are a good candidate for a mortgage if your credit score is 650 and above. The higher the score, the better, giving you more options and advantages. These days, almost anyone can obtain a mortgage, but for those with a lower credit score, the options will be more limited and interest rates could be higher.
WHAT HAPPENS IF MY CREDIT SCORE ISN’T GREAT?
There are several things you can do to boost your credit fairly quickly. Here are five steps to help attain a speedy credit score boost:
1) Pay down your credit cards. The number one way to increase your credit score is to pay down your credit cards to below 50 per cent of your limits.
2) Limit the use of your credit cards. Racking up a large amount and then paying it off in monthly installments can hurt your credit score. If there is a balance at the end of the month, this affects your score.
3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders view your file.
4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. Use these cards periodically and then pay them off.
5) Don’t let mistakes build up. Always dispute any mistakes or situations that may harm your score. If a cell phone bill is incorrect and the company will not amend it, dispute this by making the credit bureau aware of the situation.
HOW MUCH WILL I HAVE TO PAY FOR CLOSING COSTS?
It is recommended that you put aside at least 1.5 per cent of the purchase price of the home (in addition to the down payment), to cover closing costs. You must have this amount but it doesn’t mean you are going to spend it. The following are some of the closing costs:
• Legal costs
• Property tax adjustments
• Strata/condo fee adjustments
• Home inspection
• Property and fire insurance
• Property/land transfer tax (if applicable)
• Cost to register property in land title office, etc.
You will need to have more than 1.5 per cent of the purchase price if you purchase a property over $500,000, as you will need to pay for the property transfer tax.
HOW MUCH WILL MY MORTGAGE PAYMENTS BE?
Monthly mortgage payments vary based on several factors, including: The size of your mortgage; whether you are paying for mortgage default insurance; your mortgage amortization; your interest rate; and your frequency of making mortgage payments.
To get more details about these and other questions, talk to a mortgage expert who can analyze your personal situation and provide you with more information, so you can make an informed decision on buying your home.
Alisa Aragon-Lloyd has been a mortgage expert for more than 13 years. She prides herself in helping her clients build wealth using many different strategies in real estate. She is licensed with Bridgestone Financing Pros and is on the board of directors for the Homebuilder Association of Vancouver (HAVAN) and is a multiple award-winning member.
SURREY CITY CENTRE AN EXCITING NEW DOWNTOWN HUB
by MICHELLE HOPKINS
Considered the province’s newest emerging metropolis, Surrey City Centre is evolving into a dynamic and exciting new downtown hub. This will be home to a concentrated business district, while it expands its downtown core southward to accommodate the approved SkyTrain extension along Fraser Highway. In fact, the city envisions Surrey City Centre as the Lower Mainland’s future second downtown.
LIFESTYLE
It’s fair to say, it’s hip, it’s happening and it’s exciting — perfect for urbanites wanting to be at the pulse of a thriving city centre.
VIBE
Over the last 10 years, this neighbourhood has transformed into a diverse downtown centre with rapid transit, services, amenities, parks, and more – all in a vibrant, walkable, cosmopolitan community.
MEET THE NEIGHBOURS
Currently home to more than 45,000 residents, this diverse enclave is experiencing a more than five per cent population growth comprised of many young professionals attracted to what this lively community offers. With campuses of two major universities and numerous colleges including Simon Fraser University (SFU), Kwantlen Polytechnic University (KPU), Douglas College, Sprott Shaw College, Stenberg College,
and a technology district, you could say some cool, bright people have chosen to reside here.
IN THE AREA
This walkable, transit-friendly community is Surrey’s developing wellness and technology hub, close to Surrey Memorial Hospital. Among its highlights are Holland Park, Civic Plaza, City Hall, the library and restaurants. It is also close to some of Surrey’s top schools.
PLANES, TRAINS & AUTOMOBILES
There are three Expo Line SkyTrain stations located within this
neighbourhood, providing direct access to downtown Vancouver in 40 minutes, along with numerous other regional centres. Additionally, there is a Planned Expo Line extension from City Centre to Fleetwood by 2025, and Langley in the future.
REAL ESTATE: (NEW BUILDS)
As expected, growth is exploding here with an anticipated 43,000 more housing units by 2041. As of November 30, 2020, there were at least 28,000 homes, 4.4 million sq. ft. of office space, and 250,000 sq. ft. of retail space either under construction, approved, or proposed.
HOT SPOTS
CENTRAL CITY BREWERS & DISTILLERS
A gold medal awardwinning brewery, it has become one of Canada’s best craft breweries. Besides its great selection of craft beers, it’s a destination for craft beer snobs and their friends.
Simon Fraser University (SFU) opened its Central City Campus in 2005, and opened their new cuttingedge Sustainable Energy & Environmental Engineering Building in 2019. It’s a hotbed of intellectual gatherings.
DOMINION BAR + KITCHEN
Inside the Civic Hotel, this upscale casual restaurant garners five-stars for its locally sourced ingredients, beautifully prepared and paired with equally inspiring handcrafted cocktails and beers.
SFU
nexthome.ca/winter-homebuying
VANCOUVER – DOWNTOWN VANCOUVER
1. CLARIDGE HOUSE 498 West 41st Avenue
604-941-8305 polyhomes.com
2. GRYPHON HOUSE 6191 West Boulevard 604.620.8295 gryphonhousevancouver.com
3. WEST WIND 2620 Acadia Road 604-260-8446
10. GRACE
7. SHIFT 35th Ave & Quebec St. aragon.ca/shift
8. THE CONSERVATORY 6080 Gray Avenue 604-821-8291
9. CURV 1059 – 1075 Nelson Street thecurv.ca
14. ITALIA 2323 Fir Street italiabysolterra.ca
15. MARCO POLO 6409 Cambie Street 604-620-8295 marcopolobygryphon.com
16. W16 BY OLSON KUNDIG 3220 Cambie Street 604-648-1800 W16byolsonkundig.com
THE BENEFITS OF BUYING FROM AN AWARD-WINNING
LOCAL BUILDER
When it comes to finding your dream home or downsizing to a more manageable space, choosing to buy from local, award-winning builders offers numerous benefits. Builders who are members of the industry’s leading association, HAVAN, are not only well-versed in creating beautiful, functional homes, but they also bring a unique touch of quality, care and advanced building knowledge, often building beyond code to ensure the home you are buying is an investment to last a lifetime. Here’s why opting
for a locally crafted home could be the best decision you make.
EXCEPTIONAL QUALITY AND CRAFTSMANSHIP
Local builders pride themselves on their attention to detail and superior craftsmanship. Their homes are designed with longevity in mind, often exceeding standard building practices. For instance, our featured project, Fox and Aikins built by HAVAN member Park Ridge Homes, is a stunning community of townhomes, utilizing high-performance doubleglazed windows and a 98 per cent efficient iFLOW Hydronic Air-Handler system, to ensure your home is energy-efficient and built to last. The innovative sealant system, developed
by an in-house air-barrier team, guarantees a quality build that stands the test of time.
THOUGHTFUL DESIGN AND LIVABILITY
As the 2024 grand HAVAN Best Residential Community Awardwinning builder, Park Ridge Homes understands the needs of modern families and downsizers alike. The homes in Fox and Aikins are designed to support a variety of lifestyles, with open-concept floorplans and flexible, highly livable spaces. Whether you are a young family seeking a space to grow or a downsizer wanting to stay in your beloved neighbourhood, these homes offer the perfect blend of sophistication and comfort.
WENDY MCNEIL
PHOTO: NICOLE ROBERTSON
Each home is meticulously planned to maximize natural light and space, featuring nine-ft. ceilings on the main floor and oversized windows that frame breathtaking west-facing sunsets. The community’s design emphasizes outdoor living, with extra-large decks and patios providing the perfect setting to savour every moment of the day.
CONNECTION TO THE COMMUNITY
Park Ridge Homes has a deep understanding of the areas they develop, often choosing locations that offer a rare and special viewpoint or historical significance. In the featured community, the name pays homage to the nostalgia of the past while marking the start of a new path for families. This connection to the land and its history adds a layer of charm and significance to the new homes.
The community’s identity optimizes its location and views, with the tagline “Make every hour magic,” emphasizing the incredible sunset views and the new memories to be made. This thoughtful integration of natural beauty and community spirit runs through the entire project, creating a neighbourhood where families of all kinds can thrive.
DESIRABLE LOCATIONS AND SMART GROWTH
This prime location that enhances the lifestyle of its residents is nestled in a quiet South Surrey neighbourhood, close to popular trails, shops, and restaurants. The area’s vision for smart
growth ensures that the community remains vibrant and sustainable, with new commercial and industrial jobs in the surrounding area and a new elementary school opening in 2025.
The homes are also conveniently located near major transportation routes, making it easy for residents to commute to work or explore the nearby White Rock and Crescent Beach areas. This blend of convenience and tranquility makes the community an ideal place to call home.
SUSTAINABILITY AND ENERGY EFFICIENCY
Award-winning HAVAN builders such as Park Ridge Homes are committed to sustainability and energy efficiency, often going above and beyond to ensure their homes meet stringent environmental standards. The homes in our featured community are built to Step 3 of the energy code, featuring quality-built, energy-efficient designs. From tankless hot-water heaters to high-performance windows, every aspect of these homes is designed to minimize environmental impact and reduce utility costs.
CREATING A SENSE OF BELONGING
One of the most significant advantages of buying from a local builder is the sense of community they foster. Our featured project includes a two-storey clubhouse and shared indoor and outdoor amenities, such as a sport-court and playground, creating a neighbourhood feel, where residents can connect and build lasting relationships.
The natural coastal colour palettes, fibre cement siding with stone accents, and lush landscaping all contribute to an inviting neighbourhood atmosphere. The thoughtful design and communityoriented amenities ensure that you’ll feel right at home from the moment you move in.
Buying from local, awardwinning builders offers unparalleled benefits, from exceptional quality and thoughtful design to a deep connection with the community and
a commitment to sustainability. To view this project and other HAVAN award-winning projects, check out havan.ca/awards
Representing the home building industry in Metro Vancouver since 1974, the Homebuilders’ Association Vancouver (HAVAN), a not-for-profit society is proudly affiliated with the provincial and national Canadian Home Builders’ Associations. Visit www.havan.ca Follow Wendy @HAVANofficial or email wendy@havan.ca
As we navigate through 2024, Canada has already witnessed two interest rate cuts, with the possibility of another two, perhaps even three, on the horizon. While these rate reductions signal a positive shift, they alone won’t restore full confidence in the real estate market. The rate cuts are just the beginning; other fundamental changes are needed to cultivate a steady and thriving marketplace.
One significant area requiring attention is the mortgage stress test. Originally implemented to ensure borrowers could withstand potential rate increases, the stress test has now become a barrier for many would-be homeowners. In today’s environment, where rates are already trending downward, easing or even eliminating the stress test could provide much-needed relief for buyers. This move would align the lending criteria with the current economic realities, making homeownership more accessible to a broader range of Canadians.
Another critical change that could support the market is the introduction of a 35-year amortization period. Extending the amortization period would lower monthly payments, making homeownership more affordable for first-time buyers. This extended timeline can be a gamechanger, particularly in Canada’s high-priced markets, where every dollar counts. Combined with rate cuts, this could offer the breathing room that many buyers need to enter the market confidently.
Furthermore, the requirement for a substantial deposit has kept many potential buyers on the sidelines. Lowering the deposit requirement, especially for true first-time homebuyers, could unlock the doors to homeownership for many. This change would not only stimulate the market but also provide a pathway for younger Canadians who are currently priced out of the market. With more accessible financing options, the market could see a surge in activity, driven by a new wave of buyers eager to invest in their first homes.
The buying public is poised and ready, as evidenced by the flurry of activity that occurs whenever a tremendous deal is offered at a new development. This behaviour underscores the fact that the public is wise, informed and patiently waiting for the right opportunity. The current market offers some of the best deals we’ve seen in more than a decade. Developers who are in tune with today’s buyer demands are presenting exceptional offerings that cater to the current economic climate.
Savvy buyers recognize the value in these opportunities and are taking advantage of them. We believe we are at the lowest point of the market,
where interest rates may continue to fall, but prices will not follow suit. Those who choose to purchase now are positioning themselves in a winning situation. As rates decline and other fundamental changes take hold, these buyers will benefit from the foresight of entering the market at this opportune time.
Ultimately, while interest rate cuts are an essential step toward revitalizing the real estate market, they must be accompanied by other critical measures. Removing the stress test, extending amortization periods and lowering deposit requirements will create a more inclusive and vibrant market. The conditions are ripe for those ready to seize the moment.
Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca
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by SARA DUCK
BURNABY – NEW WESTMINSTER
BURNABY
1. OASIS AT CONCORD BRENTWOOD 4863 Dawson Street concordoasis.com
2. JUNEAU 604-299-9191 juneaubyamacon.com
3. CEDAR CREEK 7166 14th Street 604-529-8868 liveatcedarcreek.com
4. ALASKA 4455 Alaska St 604-299-9191 alaskabyamacon.com
You’ve bought a pre-sale home — congratulations! But the question “now what?” may naturally cross your mind. Closing the purchase of a presale home can feel intimidating to even the most seasoned homebuyer. There are a few areas everyone should be familiar with, so all the boxes are checked to reduce any homebuyer anxiety.
Below is a review of some simple steps you’ll need to take to ensure a smooth transition into your presale home, so you can focus on the excitement of new homeownership.
1. SUBMIT A DEPOSIT
Once your offer is accepted, you’ll be asked to submit a deposit that holds the home while you execute your final due diligence. Deposits are typically five to 10 per cent of your unit price, although deposit and payment structures vary based on the development. This deposit is safeguarded by what’s called a rescission period. For a period of
seven days, your pre-sale home is secured for you. During this time, you reserve the right to cancel the purchase before those seven days are up. This period is where you double-check all important details such as financing before officially sealing the deal.
Most deposits are designed in a graduated deposit structure, which is an installment payment schedule. However, not all deposit payments follow the same schedule and amount breakdown. Different developers may use individualized structures according to what is best for the seller and the purchaser.
2. SPEAK WITH A LAWYER OR NOTARY
A real estate lawyer or notary will help you with the finer and final details of your purchase. They arrange the transfer of funds between yourself and the development and ensure that all legal matters are handled correctly. They also ensure that you fully understand your contractual obligations and the obligations of the developer.
3. SECURE YOUR FINANCES
It’s important to note that the pre-sale deposit does not
necessarily negate the need for a down payment. Paying a deposit to the developer and paying a down payment to qualify for a mortgage loan can be two unrelated pieces, as a mortgage lender may request additional funds outside of the presale deposit. Pre-sale purchasing can require different budgeting than resale homes. The good news is, when purchasing a presale, mortgage payments do not begin until the building is complete and the new owner can take possession.
Because deposit payments vary in their structure and schedule, understanding the terms and timelines of your pre-sale purchase is critical. Ensure your realtor, agency or developer will notify you when key payments are due and that your calendar is set to remind you. For more in-depth information about deposit structures, look to your realtor to discuss your options and opportunities.
While you likely would have been pre-approved for financing ahead of time, now is the time to reconnect with your mortgage broker to ensure that this specific purchase is approved. Let them know if you’ve had any changes in income or purchasing power. Once your mortgage is approved, make note of the deposit and payment schedules and be prepared to fulfill your financial obligations.
4. EXECUTE THE WALKTHROUGH
A deficiency walkthrough is the crucial last step in your homebuying process before you obtain ownership of your pre-sale home. This is usually your first opportunity to see your nearly ready new home. Prior to completion, you should receive a “Notice of Completion Date” from the developer’s agent. This typically
occurs 10 days prior to completion, but timing can vary.
After the walkthrough, you will be presented with a list of any noted deficiencies for you to acknowledge. Usually, the developer will then fix these issues before your move-in date. It is always recommended that you bring your realtor along to review the list with you prior to signing.
5. TAKE POSSESSION AND MOVE INTO YOUR NEW HOME
After the deficiencies are addressed, your new home will be ready for you. A few days prior to the established possession date, reconnect with your lawyer or notary to finalize the transaction. They will register the property to your name and your mortgage will begin. With these final details, you can accept the keys to your new home. Enjoy seeing your pre-sale vision come to life and get ready to move in!
PROFESSIONAL ADVICE
If you have any questions about the process from purchase to possession of your pre-sale home, speak with your real estate agent or a sales centre representative associated with the development in which you are looking to buy. Both of these professionals can provide tailored information for your specific purchase.
Brittany Reimer is managing director of MLA Canada’s Fraser Valley branch. Brittany uses her experience, relationships and passion for the real estate marketing industry to help push MLA into a new frontier.
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NORTH SHORE
1. PARK WEST 1633 Capilano Road parkwestliving.ca
2. EXECUTIVE ON THE PARK 660 Clyde Avenue 604-926-2398 executiveonthepark.com
3. HAWKSLEY 3963 Uplands Way liveathawksley.com
4. BADEN PARK 904 Lytton Street badenparkbyanthem.com
4. EDGEWATER AT POIRPOISE BAY 5915 Beachgate Lane onnie.com
LANGFORD
5. THE SCENE 2746 Peatt Road 236-259-4202 livethescene.ca
6. ELIZA AT ROYAL BAY 365 Latoria Boulevard elizacondos.com
NEW HOME & CONDO DEVELOPMENTS
These listings are meant to offer a comprehensive overview of new home and condo developments currently being marketed throughout Metro Vancouver and the Fraser Valley.
ABBOTSFORD
Downtown Gate TH 604-357-1943 Coming Soon
Falcon Ridge SF 604-309-0540 From $789,000
High Street Village LR/TH highstreetvillage.ca Now Selling
JEM LR jemliving.ca Coming Soon
Laurel on Mill Lake LR laurelmilllake.com Coming Soon
McKenzie Mews TH mckenzie-mews.com Coming Soon
Montvue LR montvueliving.ca Coming Soon
Onyx at Mahogany LR 778-255-7099 Now Selling
SCOUT MR 778-548-0770 Coming Soon
The Peak at Mountainview TH mymountainview.ca Call
The Rail District TH raildistrict.ca Register Now
BURNABY
O2 Metrotown HR o2metrotown.com Now Selling
Arbour MR/TH 604-559-5795 Now Selling
Azure at Southgate HR azureatsouthgate.com Now Selling
