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Your Housing Options

It is important to understand the different types of housing options available to you in your area and the factors you need to consider when you are looking to purchase your home.


Detached homes are individual units where the owners own the structure and the land it occupies. Semi-detached homes are much the same except there is one common wall between two titleholders.

Things you need to consider:
  • Space
  • Ability to style/decorate yard, exterior and interior of home
  • Privacy
  • A good way to build equity
  • More work (maintenance, repair and renovations)
  • Neighbourhood


A type of apartment or shared building complex allowing for individual ownership of the dwelling units but joint ownership of the land, common areas and facilities, including swimming pools, tennis courts, health facilities, parking lots and grounds. Buildings are usually attached or semi-attached. To maintain the exterior or common grounds of the complex and to pay property taxes, a condo fee is usually charged.

Things you need to consider:
  • Low maintenance (you are usually not responsible for snow removal or any yard maintenance)
  • Ability to style/decorate the individual unit
  • Condo fees (how much?)
  • Neighbours
  • Number of parking stalls
  • Any restrictions

Home on leased land

There are a few places where you can purchase a free-standing home but the land is owned by another individual, corporation or the government.

Things you need to consider:
  • Space
  • Lease (is there a monthly fee to lease the land?)
  • Right of access (Synergy Credit Union requires a signed form by the landowner granting the right to access the leased land)
  • Who pays the property tax? The homeowner or the landowner?
  • How long is the lease for and can it ever be cancelled?
  • Higher interest rates in the future

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Mortgage Switch Program

Ready to move? Are you looking at different mortgage options? We will pay up to $1,500 of the fees associated with moving your mortgage.
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Mortgage Pre-Approval Form

A mortgage pre-approval is a great first step in your homebuying journey. By being pre-approved, you can confidently begin your house search.

Up Next: You and your Realtor

Your Realtor can help you find what you are looking for and help you secure the purchase.
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