Your home is probably your largest asset and an investment for you and your family. Purchasing a home in BC can be rewarding and will provide you with many years of secure home ownership - and with the right market - a return on your investment and borrowing.
There are many reasons to purchase a home in Canada, and with current lending rates as low as 2.19%, financing your purchase is very affordable. There are many choices for those looking to purchase a home, whether you are a first-time buyer, looking to relocate, immigrating to Canada or simply want a change. The following page gives some examples of typical home ownership and provides informaiton about finding your home, choosing an area and securing finance.
Home Ownership
Many Canadians own their own home - rather than spending money each month renting a property, you can often secure a similar or better home for the same amount of money each month. Home ownership in Canada is greater than rental and the current lending rates (September 2020) are very affordable at around 2.19% from the mainstream banks.
As a home owner, you have the ability to decorate and manage your property as you wish. There are several property types that you can choose from in BC, and Vancouver Island has all of the following property types available.
Single Family Detatched Homes
A single family detatched property is one that has no adjoining walls and the property usually stands alone on the lot. This type of property is a great choice for families where yard space is important and those that wish for more privacy.
Semi-Detached Homes
A semi-detached home is one that is joined to a neighbouring property, usually with a common or partition wall. These are popular in larger residential areas, and may or may not share entrace driveways or landscaping as part of the lot.
A Duplex
A duplex is typically two dwellings that are either side-by-side (similar to a semi-detahced home) or where one property is above another. For example a duplex may be one residence that occupies the top floor of a building, and where the second residence occupies the lower floor.
Town House
A town house in British Columbia is used to describe dwellings where a number of homes are joined together in a 'complex' with adjoining common walls and usually with several storeys. These are similar to terraced housing found in the UK.
Apartment
An apartment is a property that is accessed from a common hallway and where there are several apartments in the same building. These are similar to flats in the UK and offer a great option for first-time buyers or lower income families to move onto the property ladder.
Manufactured Homes (Mobile Homes)
A manufactured home is a dwelling that is located on a rented or owned pad. usually pre-manufactured and registered, these provide an economical home ownership. Manufactured homes may or may not be fitted with wheels and may be able to be moved from one location to another and are often sited in manufactured home parks that offer residence several shared amenities.
