Mortgages 101 - Types of Homes

Strata Property

A form of ownership in which the homeowner purchases and owns a unit of housing and shares financial responsibility for common areas.

Detached/Freehold

A property where you own both the property and the land on which it is built.

Condo

An attached home that is a strata property usually with a shared common entrance.

Townhouse

An attached home that is a strata property usually with its own entrance.

Leasehold

An attached or detached home built on land which is leased from the city or another owner.

 

What is a Mortgage

Terms and Rates

Mortgage Types

Closing Terms and Costs

Paying Off Your Mortgage Sooner

Types of Homes

Finalizing Your Mortgage

 

(source: Canadian Association of Accredited Mortgage Professionals)

 

 

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