Buying Your Home

Real Estate 101: Mortgage Information & Glossary

Posted on Jun 01, 2017 in Buying Your Home



Basic Definitions

Mortgage
A long-term loan primarily for the purpose of buying a home. A mortgage is a legal agreement in which the borrower pledges the property being purchased as security for the loan.

Principal
The amount of the loan - the cash you actually borrow.

Term
The number of months or years the mortgage covers. Normally, it will be anywhere...

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Canadian Government Change to Minimum Down Payment on Insured Mortgages

Posted on Dec 11, 2015 in Buying Your Home



Policy Change


The Canadian government announced today that it is increasing the minimum down payment on insured mortgages from 5 per cent to a two tiered system under which the minimum down payment on houses priced above $500,000 will remain at 5 per cent, but there will be an additional 10 per cent required on the portion of the house price above...

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Depreciation reports now required for most stratas

Posted on Jan 28, 2014 in Buying Your Home

Strata Properties VancouverStrata corporations with five or more units must now provide the most recent depreciation report as part of the new Information Certificate (Form B).

Strata corporations of four or fewer strata lots are not required to provide a depreciation report. A strata corporation can exempt itself from the obligation to obtain a depreciation report by passing...

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Making Your Kitchen More Attractive to Buyers

Posted on Nov 12, 2013 in Buying Your Home

What's one of the most important rooms in your home? 

When it comes to selling your property quickly, and for the best price, the answer is clearly the kitchen. In fact, one of the most common explanations a particular buyer gives for not making an offer is, "I liked the house, but I wasn't too keen on the kitchen."

That doesn't mean you must do a maj...

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How Long Does it Take to Find a New Home?

Posted on Oct 24, 2013 in Buying Your Home



If you're planning to look for a new home sometime in the future, you may be wondering how long the process will take. How much time should you set aside for viewings? How many of the listed homes should you see?

Of course, the process varies from person to person. According to the Department of Housing & Urban Development, home buyers view an aver...

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New Family Law Act – major changes to division of property and debt

Posted on May 03, 2013 in Buying Your Home

Family Law PropertyThe new Family Law Act came into force on March 18, 2013, replacing the outdated Family Relations Act (1979). The legislation was developed after consultation with more than 500 organizations, community groups, the legal community and other stakeholders. It aims to meet the changing needs of families, including common-law families, which are growin...

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