The most common form of home ownership in Canada is known as FREE HOLD
This is simply the concept where a person(s) own a piece or tact of land upon which a building(s) are located.
The second most common form of home ownership is CONDOMINIUM.
Whether it’s the condominium townhouse or condominium apartment the status is the same.
A definition would be, “The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements used jointly with other owners. In other words you have the right to occupy and enjoy a specific unit within the complex, sharing ownership (and related costs) attributed to the common areas.”
A lesser form of ownership is the LEASEHOLD.
Two forms of leasehold are as follows:
1.)a number of years ago, the Ontario Government, to offset “expensive land costs” bought the land, which allowed builders to build residences on the lots and sell them to buyers who entered into lease agreements to occupy the land, enjoy the use of the land, for a stipulated monthly fee with an option to buy out the lease at pre-determined prices and pre-determined rates. 2.)A number of people(s) have offered the opportunity to occupy pieces of land (lots) in controlled “Parks.” Where the parks offer water, sewage and road accessibility in return for a rental fee. The occupant must provide his or her own living unit. This unit can be bought from the previous occupant or put their own unit there.
CO-OPERATIVE
A further form of ownership is CO-OPERATIVE
A definition would be,The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements. Used jointly with other owners however, the owner does not own his/her specific unit but he/she becomes a shareholder of the corporation, which owns all real property and occupies by way of a tenancy agreement subject to a shareholders agreement administered by an elected board of directors.
This is a form of ownership that is rather miniscule in the overall areas of real estate ownership that exists in Ontario. Picture in your mind, an apartment building with lots of living units. Some 2 bedrooms, 2 baths, some 1 bedroom, 1 baths all different square footages, all different amenities. You have the right to occupy a specific unit.
You share in the building and in accordance to the size and amenities that you occupy you will pay accordingly.
In other words if you own a 2 bedroom, 2 bath, vs. a 1 bedroom, 1 bath each owner has only 1 vote in the shareholders meeting, you may pay twice as much towards the costs of operating the building.
Another form of ownership gaining popularity is TIME SHARE.
This is where you own the right to occupy a specific unit for a specific period of time. Usually the same week(s) each year or you can trade them with other Time Share owners for different dates or locations.
Rates For
Fri, Jul 30, 2010
6:05 am
| 1 Year (Closed) | |
| CIR: 2.70 | Bank: 5.65 |
| 1 Year (Convertible) | |
| CIR: 2.70 | Bank: 5.65 |
| 1 Year (Open) | |
| CIR: 2.70 | Bank: 5.65 |
| 2 Years | |
| CIR: 3.45 | Bank: 3.65 |
| 3 Years | |
| CIR: 3.5 | Bank: 4.1 |
| 4 Years | |
| CIR: 3.89 | Bank: 5.24 |
| 5 Years | |
| CIR: 4.19 | Bank: 5.80 |
| 7 Years | |
| CIR: 5.15 | Bank: 6.0 |
| 10 Years | |
| CIR: 5.49 | Bank: 6.19 |
