Real Estate in Canada

Canada... a diverse smorgasbord of cultures and environments is just the beginning to what makes this such a great country to live in, work in, and play in! Opportunities abound within each province of Canada, so the only question is... which province in Canada is right for you and your family? One of the biggest deciding factors to where people choose to live in Canada is about a certain lifestyle... the major cities attract urbanites, the rural areas attract farmers & gardeners, the heavily forested & lake-filled areas attract outdoor enthusiasts and the various shorelines & the lakes themselves attract waterfront and cottage life enthusiasts. Another fantastic aspect of Canada is... no matter where you choose to live, you can access the rest of Canada to indulge in the other perks that other provinces offer! The real estate collection in Canada is just as diverse within each province. Home buyers will find vacant lots to build their dream homes (and possibly open a new business) and every type of dwelling imaginable including (but not limited to) cabins, cottages, ranchers, condominiums, triplexes & duplexes, multi-story homes, single family homes, mobiles, bungalows, townhouses, executive townhomes, split level houses, and private mansions. Land or property typically accompanies houses in Canada, so if you are on the hunt for a big yard, you will find lots of opportunities with houses for sale to check that off your list.

Real estate can be enjoyable (when viewing the MLS listings and fall in love with several homes), but it isn't until you have the financial backing and commitment from a lender that keeps it beyond your reach to make an offer on one of those homes. If you are ready to take the steps necessary to become a homeowner, then you should sit down with your lender and process a pre-approval application. Once you have been pre-approved by your lender, you will know exactly just how much money you are working with so let the house hunting process begin! Working with a real estate agent or broker can give you access to their expertise and services (a realtor acts as the go between with you and the seller once you find the perfect home). Some of the real estate terms you may come across with your realtor is a counteroffer (if the seller rejects your original offer, the seller can come back with an amendment to the offer at a different price or closing date), offer to purchase (a contract in writing that outlines the terms that the buyer agrees to in order to buy the home), deposit (a set amount of money set aside with your realtor or lawyer which will be paid to the seller at the time of closing) and lien check (this is a check to make sure there are no liens/monies owing by the seller against the home you want to buy).

When it comes to mortgages, many buyers turn to a lender like a bank, credit union or private lender to borrow the upfront funding to buy a new home. There are quite a few mortgage types/products available outside of the top three mostly attractive ones (a fixed rate, an adjustable rate & a variable rate). Mortgages can be open or closed and depending on your personal finances and the risk level you pose to a lender; you may be required to take out a high ratio mortgage (mortgage default insurance is mandatory as a security to the lender if a down payment is unavailable). There are mortgages that allow you to transfer a current mortgage (portable mortgage), mortgages that combine the fixed rate & variable rate (hybrid or 50/50 mortgage), and mortgages that are applicable to buyers that have or currently hold a mortgage (convertible mortgage). The monthly payment amount of any mortgage is based on quite a few bits of information such as the amount of money you wish to borrow (the principal amount), the agreed-upon interest rate (the percentage you will pay over the principal amount), the payment frequency (how often you will make a payment each month), and the number of years it will take you to pay the loan & interest back in full (the amortization).