Buying a presale small development can be a thrilling venture, offering the promise of a brand-new home tailored to your desires. However, beneath the surface lies a potential minefield of risks, particularly when it comes to the integrity and intentions of the builder. Are you dealing with someone genuinely invested in providing quality or someone merely looking to push through to the next deal, regardless of the consequences?

The cornerstone of any presale purchase lies in the builder's integrity and commitment to quality. It's a lesson learned through experience, as highlighted in a recent encounter with a presale deal in East Vancouver. As an agent, my responsibility is to safeguard my clients' interests, which often entails scrutinizing the builder and the property for any red flags.

In this particular case, warning signs were evident from the outset. Despite noting numerous deficiencies during the initial viewing, my clients chose to proceed cautiously, mindful of the importance of a thorough inspection. The subsequent inspection revealed a staggering 60 deficiencies, along with a myriad of paint issues, further underscoring the need for diligence. 

Attempting to address these issues in a collaborative manner, we proposed a walkthrough with the builder and both agents. However, it quickly became apparent that the builder was not receptive to constructive dialogue, leaving us disheartened by the lack of cooperation.

Navigating the negotiation process proved equally challenging, with the builder displaying reluctance to acknowledge the extent of the deficiencies. Despite our efforts to reach a fair resolution, the builder's proposed compensation fell woefully short of the mark, highlighting a blatant disregard for accountability.

Attempting to address these issues in a collaborative manner, we proposed a walkthrough with the builder and both agents. However, it quickly became apparent that the builder was not receptive to constructive dialogue, leaving us disheartened by the lack of cooperation.

Navigating the negotiation process proved equally challenging, with the builder displaying reluctance to acknowledge the extent of the deficiencies. Despite our efforts to reach a fair resolution, the builder's proposed compensation fell woefully short of the mark, highlighting a blatant disregard for accountability.

Ultimately, my clients faced a difficult decision: proceed with the purchase, armed with the protection of a contractual agreement, or walk away from the deal altogether. After careful consideration, they opted to proceed, fully aware of the potential challenges that lay ahead.

As we neared completion and observed that some of the deficiencies had been addressed, we made another attempt to negotiate a resolution, but it appeared that finding common ground was becoming increasingly unlikely.

On the day of completion, my clients were prepared to move in as scheduled. However, the builder chose to delay signing until the very end of the day, refusing to communicate with their lawyer or realtor. This unexpected turn of events added immense stress to an already challenging day. The clients found themselves in a predicament, needing to arrange storage for their belongings and hastily secure temporary accommodation. It was a chaotic and frustrating ordeal.

This experience underscores the urgent need for industry-wide reforms aimed at ensuring transparency and accountability in presale developments. Implementing standard holdback clauses and enlisting third-party inspectors to evaluate deficiencies and determine appropriate compensation could help mitigate conflicts and promote fair dealings.

While developers and builders play a vital role in meeting the demand for housing, it's imperative that their actions align with ethical standards and a commitment to quality. Only by holding them accountable can we foster trust and integrity within the industry, ensuring that future presale ventures are characterized by transparency, fairness, and above all, the assurance of a home built to last.

MAIN STREET

The poster child for City Living with a young family Main Street.

An eclectic art hub, fused with an abundance of educational options from pre-K right into College. A culturally diverse delight for your taste buds with no shortage of emerging chef’s, craft breweries, café’s and wine bars. Not to mention the vast amount of green space for exploring, dog walking, picnics and playtime. Main Street succeeds in blending its independant spirit with emerging new families and young professionals.

Main Street grows with you, without asking you to forget who you are.

Fuel up at one of the over 25 coffee bars Main Street has to offer before embarking on your own walking art tour, as Main Street is home to the highest number of multicultural and incredibly vast murals in the city. Continuing your outdoor exploration, you will quickly get a feel for each of the 8 distinct neighbourhoods that Main Street encompasses (Downtown Eastside, Old JapanTown, Chinatown, Strathcona, Mount Pleasant, Riley-Park/Little Mountain, Punjabi Market, and Sunset) as you investigate the rich culinary flavours, the unique blends of old and new, and the individual personalities of each area.

Main Street also offers an abundance of preschool, elementary and high school options. It is abundant in playgrounds and parks. Main Street continues to meet a balance of city living and family dwelling, which is why we are quickly seeing it become one of the fastest growing communities for thriving young families!

-Matt Henry Team