The Dangers of Buying New Construction in Vancouver

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Purchasing a new construction home in Vancouver has been a popular option for decades. But the process of purchasing new construction is fraught with risk for potential buyers.
Most buyers are completely unaware of the dangers of buying new construction in Vancouver. That’s true of people moving to Vancouver as well as those already living in Vancouver.
In this video I detail the 10 dangers of buying a new construction home in Vancouver…whether it’s a presale condo, a new townhouse or a new construction house…this video is going to be invaluable to you if you are considering buying a new home in Vancouver.
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People moving to Vancouver, BC reach out every single day, and I ABSOLUTELY love helping them. Don't hesitate to reach out if you are thinking of moving here because I can help make that transition SO much easier on you!!!
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Sebastian Albrecht - Realtor
Royal LePage Westside
Call/Text Direct - 604-831-4837
email: sebastian@albrechtgroup.ca
website: www.albrechtgroup.ca
A.E. LePage Realtor of the Year - CANADA - 2019
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Опубликовано:

6 апр 2024

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Комментарии : 17

@IhorLeshchenko-tm5uj 3 месяца назад

Thank you for your work and your videos. This kind of content is very valuable, especially for people who recently moved to Canada and need to learn all the secrets of the Canadian real estate market.

@LivingInVancouver-BC 3 месяца назад

My pleasure @IhorLeshchenko-tm5uj! Appreciate you watching! I'm happy to hear that you are finding the content helpful and valuable!

@samuelaraujo9959 3 месяца назад

what a great video. So direct and informative. Thank you so much for this video, Sebastian! Do you also work with apartments in Downtown Vancouver (West End)?

@LivingInVancouver-BC 3 месяца назад

Hey @samuelaraujo9959! Thanks for saying that (and for checking out the channel)...happy that you found the video helpful! And yes, I do work quite a bit downtown (and in the West End). Let me know how I can help!

@OrdinaryFilmmaker 3 месяца назад

Thanks for this video Sebastian. I only bought new once, and while they met the date, square footage and requirements, it took 1.5 years to fix all the deficiencies. I've found buying used to be more relaxing. Just need to have that inspector on a used home. I've never waived that. Does it make a difference when purchasing a home in vancouver to be cash financing the whole price?

@LivingInVancouver-BC 3 месяца назад

Hi @OrdinaryFilmmaker! Those deficiencies can definitely take a while to get wrapped up. I find that's where the quality of the developer can really show. The best developers have that customer service dialed in. They understand that keeping you happy post-sale goes a long way to building their reputation...and the less professional developers let the ball drop here. The subjects/conditions that are in (or omitted) from an offer can make a difference...but it's really dependent on market conditions and the motivations of the seller. It'll really be case by case dependent on how much of an impact it makes to not have a subject to financing. But as a general rule, it'll help make your offer more attractive.

@OrdinaryFilmmaker 2 месяца назад

@@LivingInVancouver-BC We'll be out there in a month so I'll send you my capability map of what we are looking for. We haven't prioritized it yet, but it's helpful to understand what is in our heads. News, used, condo, house... we're still trying to understand what makes sense with only budget being the overriding constraint.

@LivingInVancouver-BC 2 месяца назад

100%!

@LillianBelanger-rc7ow 3 месяца назад

First! Thank you for your videos!

@LivingInVancouver-BC 3 месяца назад

@LillianBelanger-rc7ow You are welcome! Are you looking to move to Vancouver?

@LillianBelanger-rc7ow 3 месяца назад

@@LivingInVancouver-BC I live in Vancouver already! I work in constructing new condos, but I’d love to live in one of them one day ☺️

@LivingInVancouver-BC 3 месяца назад

Cool! Living in a brand new home can definitely be pretty sweet. :)

@LivingInVancouver-BC 3 месяца назад

What do you think about buying a new construction home in Vancouver? Call/Text Direct - 604-831-4837 email: sebastian@albrechtgroup.ca Book a call: www.calendly.com/albrechtgroup

@AlexSuperTramp- 2 месяца назад

sadly the RE industry in Canada is low trust these days

@LivingInVancouver-BC 2 месяца назад

@AlexSuperTramp I believe that in BC there are actually quite a lot of protections in place for consumers...far more than ever before (and more than in just about every other jurisdiction). In my opinion, there's no better time than the present to purchase a home. But, you are spending a lot of money and there are definitely areas where a buyer should be cautious.

@frankielee908 2 месяца назад

The danger of the Developer "running away." My sister is in a mess when her developer of the condo she bought [MYR 1.2 million - +/-900sqft] vanished after the lockdown. Now is still in the legal battle and despite not having to get her incomplete condo, she still needs to pay the bank and the interests. Imagine this happened in 2021 and now 2024 still pending the issue, and every month still has to pay off the banks for something you bought but didn't get. Lesson, don't buy from just about any developer - find those really credible ones.

@LivingInVancouver-BC 2 месяца назад

That's a great point @frankielee908. It's one that I definitely should have added in. This is definitely a risk of buying from lesser known or reputable builders. It's a really tough business and requires a LOT of capital...and when markets shift downwards or interest rates rise some of the smaller developers can quickly get in trouble. So sorry to hear that your sister has gone through that. It really is a nightmare to experience. :/