X hits on this document

PDF document

A consumer guide and workbook - page 9 / 79





9 / 79

Think about what kind of house you want…

Types of housing

New or Resale

Single family detached A free-standing home which sits on its own lot and is occupied by only one family.

Semi-detached A single family home that is joined to another one by a common wall.

Duplex Two units, one above the other. The owner may live in one unit and rent the other.

Row- or townhouse One of several single family homes joined by common walls. These can be condominium or freehold units.

Link or carriage Houses, freehold or condominium, joined by garages or carports which provide access between the front and rear yards. Builders sometimes join basement walls so that link houses appear to be single family homes on small lots.

here are advantages and disadvantages to both new and resale homes. Here are some of the characteristics of both that may help you make your choice. T

New Home


  • You may be able to

upgrade or choose certain items such as siding, finish materials, flooring, cabinets, plumbing and electrical fixtures.

  • The latest building code,

electrical and energy-efficiency standards will apply.

  • A builder warranty is usually available in all provinces and the

Yukon (but not the Northwest Territories). This can be important if a major system, such as plumbing or heating, breaks down.

  • Unless you are a builder, warranties do not apply to homes

you build yourself.

  • There may also be incentives provided by the provinces and

prospective borrowers should consult provincial or local authorities in this regard.


  • Neighbourhood amenities, like schools or shopping, may not

be complete if the house is in a new development.

  • There may be construction noise and traffic.

  • There may be little to no landscaping or trees.

  • The 7% GST applies to new housing. However, there is a

rebate, to a maximum of 2.5%, on homes which cost less than $450,000. In some provinces, the GST has been replaced by a Harmonized Federal and Provincial Sales Tax known as the HST.

Highrise condominium Multi-storey residential building containing condominium units. A condominium is not a type of house but a form of ownership.

Mobile or manufactured A factory-built, single family dwelling that is transported to your chosen location and placed on a foundation.

Resale Home


  • It will probably be

in an established neighbourhood.

  • Landscaping is

usually done and fencing installed.

  • It may have upgrades such as a built-in swimming pool or

finished basement.

  • There is no GST unless the house has been renovated

substantially, and then the tax is applied as if it were a new house.


  • Maintenance costs will likely be higher than for a new house.

  • You may require a professional home inspector to check for

structural or other problems, such as a leaky basement or faulty roof.

  • You may need to redecorate, or even renovate.




Document info
Document views155
Page views155
Page last viewedMon Oct 24 14:48:32 UTC 2016