Home Buying Resources

We’re here to help – every step of the way.

We strive to make your home buying experience simple, smart and stress-free. Our Resources page includes common questions and answers to assist you with the home buying process. If you have any additional questions, please feel free to contact us directly or visit our presentation centre and our Sales Team will be happy to assist you.

Purchasing a new home provides you with many benefits:

  • You get to pick your floorplan and preferred location within a property,
  • Customizations such as selecting your colour scheme and upgrade options,
  • Warranties on your new appliances and the 2-5-10 Year Warranty on your home,
  • Flexible and later completion dates which may provide you with more time to arrange for down payment funds and align with anticipated changes in personal circumstances.

Buying a newly constructed home also affords you the peace of mind to enjoy your home without having to endure renovations and costly surprises that can be uncovered over time.

This is a personal preference. You can choose to be represented by a Realtor or purchase without one. Our knowledgeable team at Dawson + Sawyer is here to assist you with the purchasing process. If you are working with a Realtor, we are happy to co-operate with them to ensure you have an awesome purchasing experience.

Once you have confirmed with a Dawson + Sawyer Sales Representative your decision to purchase a home in one of our new properties, we will require a copy of your government issued photo ID, address, phone number, email, occupation, resident status, and Realtor name with brokerage details (if applicable). This will enable us to generate your Contract of Purchase and Sale. The Contract will be emailed to you to sign through a secure digital signing program, such as ‘DocuSign’. If you are working with a Real Estate Agent, they will be able to assist you with this process. Our Dawson + Sawyer Sales Team is available to assist you as well in person or by Zoom meeting. Upon signing your contract, your first deposit of $5,000 will be due.

The date when Dawson + Sawyer signs your contract is your Acceptance Date. You will have 7 days from your Acceptance Date to finalize your purchase. This is called your Rescission Period. We recommend obtaining mortgage approval during this time, and to consult with your family, accountant and lawyer if needed. If you would like to cancel your contract, you can do so prior to the end of your Rescission Period without penalty.

At the end of your 7-day Rescission Period, an increase in deposit is due and your Contract is now firm and binding. Congratulations! Now you get to start planning for your move into your new Dawson + Sawyer home!

We recommend having your mortgage approved with a commitment in writing from the bank before the end of your Rescission Period. Even if you have a pre-approval, the bank will still need to check your credit, confirm your employment, and sources of income. To prevent any unexpected surprises that prevent you from obtaining mortgage approval, it’s best to secure this confirmation before your contract is firm and binding. If you need to cancel your contract, there is no penalty to do so during the Rescission Period. Once your Rescission Period is over and your Contract is firm, you will be financially obligated to complete on your purchase.

To assist purchasers buying a pre-sale home, we have partnered with top banks and lenders to offer a Builder Capped Rate Mortgage. These trusted mortgage professionals are able to hold your mortgage approval until your completion date, even if it’s a year or two away! Once you are approved, this program protects you against changes in your employment and personal circumstances, future increases in interest rates, changes to bank or government lending policies, and subjective appraisal values - all of which can negatively affect your mortgage approval. Speak to a Dawson + Sawyer Sales Representative for more details.

When signing a Contract for a new home purchase, a deposit is due. The Deposit is the amount the developer requires a purchaser to pay in order to secure the home to show ‘good faith’ intentions to purchase the home. The deposit amount is usually expressed as a percentage of the purchase price and may be paid in multiple installments based on a pre-determined deposit structure. As the deposit structure may be different for each property and is subject to change, please speak with a Dawson + Sawyer Sales Representative for more details. The deposit forms part of the purchaser’s total down payment.

A Down Payment is the total amount required to be paid by a purchaser (upon closing), when purchasing a new home. The balance of the purchase price, if any, may be mortgaged or borrowed. The down payment required is based on many factors including the purchaser’s personal income, financial liabilities, type of employment, credit rating, and resident status. As everyone’s circumstances may vary, it is recommended to speak with a mortgage specialist to determine what the Purchaser’s down payment requirements are and whether they qualify for a mortgage.

For Canadian residents, the minimum down payment also depends on the total purchase price of the home, after any upgrade options and GST is added:

  • for a total purchase price below $500,000 it is 5%
  • for a total purchase price between $500,000 and $999,999 it is 5% on the first $500,000 and 10% on the balance
  • for homes priced at $1,000,000 or more, or if you are purchasing the home for investment, the minimum down payment required is 20%

Completion dates are estimates only and are subject to change. As there are many trades and suppliers to manage and inspections to co-ordinate with the City, unforeseen delays can happen. Depending on the actual time it takes to build your home, your completion date may be adjusted with a minimum of 30 day’s notice. We are proud that Dawson + Sawyer is a full service developer where management of the construction is done in-house. This gives us maximum control over construction costs, quality, and timing.

Assignments, or the transfer of your contract to a new purchaser, are not permitted. If partial assignments such as removing a spouse or adding an additional purchaser for financing purposes may be permitted with prior consent of the builder. Assignment fees and a minimum of 60 days notice to Dawson + Sawyer is required from your Completion Date. Speak with a Dawson + Sawyer Sales Representative for more details.

There are no rental restrictions in the Bylaws that prohibit you from renting out your new home. As the original owner, you will always have this right to rent. This offers maximum flexibility in the event you decide not to move into your new home or if you decided to live in the home and then rent it out in the future. Please note that changes in your home ownership can have tax implications. Please speak with your accountant or other tax professional to confirm if needed.

One of the biggest perks townhome or condo ownership provides is the freedom of a maintenance free lifestyle. Your monthly strata fee covers your portion of shared expenses such as: professional property management, building insurance, landscaping & in-ground irrigation maintenance, municipal utility for water & sewer, general maintenance and repairs (such as annual gutter cleaning and power washing), garbage and recycling pick-up, snow removal, pest control, maintenance of common areas and amenities. For more details, see a Dawson + Sawyer Sales Representative.

There are two taxes payable when purchasing a new or pre-sale home in BC: GST and Property Transfer Tax (if applicable). Taxes are due at the time of Completion.

GST is calculated at 5% of the Purchase Price. You may be eligible for the maximum rebate of $6300 (36% of the 5%) if you meet certain criteria and the price is less than $350,000. For a home between $350,000 and $449,999, you may be eligible for a partial rebate, and above $450,000 there is no GST rebate. To qualify for the GST New Housing Rebate, you must meet all of the following criteria:

  • You must be an individual and not purchasing the home under a company name, corporation, or holding company
  • You must be using the home as your primary residence or if the home is a rental property, have a signed lease of a minimum of 1 year to provide to the CRA
  • You must be a Canadian Citizen or Permanent Resident

Property Transfer Tax is calculated at a rate of 1% on the first $200,000 plus 2% on the balance of the Fair Market Value of the home (under $2,000,0000). There is an exemption available on new homes if the Fair Market Value is under $750,000, a partial exemption for homes up to $800,000, and no exemption for any home $800,000 or above. As with the GST New Housing Rebate, there are requirements that need to be fulfilled in order to qualify for the exemption or partial exemption:

  • You must be an individual and not purchasing the home under a company name, corporation, or holding company
  • You must be a Canadian Citizen or Permanent Resident, not a foreign entity
  • You must be using the home as your primary residence
  • You must reside in the home for a minimum of 1 year
  • You must move into the home within 92 days of completion

It is your responsibility for ensuring that you meet the requirements to be eligible for any rebates or exemptions. We recommend seeking legal advice to confirm your eligibility and consulting a mortgage professional to ensure that if you intend on financing the GST with your new home. The Property Transfer Tax cannot be financed along with the price of your new home and must be paid for separately upon completion.

  • The Estimate Completion Date is the date construction anticipates the home to be ready by at the start of sales. As construction progresses there may be times the Estimated Date is revised by delivery of a written notice from the Vendor to the Purchaser called a Notice of Estimated Completion Date.
  • The Completion Date is the confirmed closing date specified by written notice from the Vendor to the Purchaser. The Final Notice of Completion Date will be issued with at least 30 days notice from the date of delivery.
  • The Possession Date is the business day following the Completion Date where the Purchaser receives their keys and takes possession of their home provided the Vendor has received the Balance of the Purchase Price in accordance with the Contract of Purchase and Sale.