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  • Home Buyers Guide

  • Pre-Approval

  • 5 Things to Know When Shopping for a Home

    Credit history


    Monthly debt







  • Home Loan Process Fees

    Down payment


    Closing costs




    Home inspections




  • Closing

    Required funds




    Extra time


    Power of attorney




  • Forms of homeownership

    One of your biggest decisions when looking for a home is what kind of ownership suits you. Options vary slightly between provinces, but the following are some of the most common ownership types in Canada.


    You own the building and
    the land it rests on. You are responsible for the costs and maintenance of the property, but you also have full use and control of the land and the building. This is subject to any rights of the Crown, local bylaws and any other restrictions in place at the time you purchase the property.

    Condominium Leasehold



    Instead of purchasing a specific unit, you buy a share in the entire building and are assigned a unit to live in. When you decide to sell your share, the co-operative’s board members can reject buyers they feel will not be an asset to the community. Mortgage loan insurance is not available for co-operatives,
    so you’ll need a down payment of at least 20%
    of the purchase price.

    (or “strata”)

    You own your unit and share ownership of the common areas with other unit owners.

    Common elements can include exterior walls, windows, gardens, driveways, hallways, elevators, lobbies and

    social areas.

    The condominium corporation is responsible for the repair and maintenance of the common property. The corporation may also regulate the types of changes you can make to your unit.

    You own the building or unit and rent or lease the land it sits on. This type of ownership is common for townhouses or apartments built on city-owned land and mobile units on leased land.