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5 Popular Home heating systems in Canada

With winter approaching, it’s time to think about how to keep your home warm. Depending on where you live and the type of home you have, there are different heating systems to choose from. Here are 5 popular options used by Canadians to stay warm through the cold months.

Furnaces

Furnaces are one of the most commonly used heating systems across Canada. They work by heating air, water, or steam, which is then circulated throughout a space to maintain warmth. Furnaces are a central component of many heating systems, especially in colder climates
There are several types of furnaces based on the fuel they use:

  • Natural Gas Furnace

  • Electric Furnace

  • Oil Furnace

  • Propane Furnace

  • Wood or Pellet Furnace

 Heat pump

A heat pump is an energy-efficient system that heats and cools buildings by moving heat instead of creating it. In winter, it pulls heat from the air, ground, or water outside and brings it indoors to warm the space. In summer, it does the opposite, acting like an air conditioner by removing heat from inside and releasing it outside to cool the space.

Electric Baseboard Heating

Electric baseboard heating is a system that uses electricity to heat individual rooms. The heaters are installed along the bottom of walls and have metal elements inside that warm up when electricity flows through them. As the air near the floor heats up, it rises and spreads warmth throughout the room. It’s simple to use but can be more expensive in areas with high electricity costs.

Boiler Systems

Boiler systems are heating systems that use water to distribute heat throughout a building. Boilers can be powered by various fuels, including natural gas, oil, electricity, or propane. They are efficient and provide consistent heat, but the installation can be complex and costly compared to other heating systems.

In conclusion, selecting the right heating system is essential for maintaining comfort and energy efficiency during the long Canadian winter. Each option has its benefits and considerations, so it’s important to assess your specific needs, budget, and home layout. Whether you opt for a furnace, heat pump, boiler, or any other system, investing in the right solution will ensure you stay warm and cozy all season long. Stay warm out there!

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Important STRATA documents you should be reading before buying.

As a buyer, there are going to be tons of documents you need to be aware of, and it's important to make sure you read them all. I understand it can be overwhelming, but your realtor can help with this. As professionals, we are very familiar with these documents and can guide you through the process to ensure you don’t miss any important information.

In this article, I will be providing you with details about some of the most important strata documents that deserve your attention.

Form B Information Certificate (Form B)

The "Form B: Information Certificate" provides essential details about a strata lot and the strata corporation, often requested by potential buyers. It's crucial to use the most up-to-date version of Form B, no older than 1 month, as it is regularly updated. As of April 1, 2023, the form must also include a summary of the strata corporation's insurance coverage.

Bylaws and Rules

In a strata, bylaws are the formal rules that cover how things are run and how owners and residents need to behave. They include things like who’s responsible for maintenance, whether pets are allowed, rental limits, noise control, and how common areas can be used. Bylaws need approval from most of the owners to be put in place.

Rules are more about everyday stuff like using shared spaces, visitor parking, or where smoking is allowed. These are easier to change and are set by the strata council. If there’s ever a conflict, bylaws will always come first over rules.

Strata Plan

A strata plan is a crucial legal document that defines how a property is divided into individual units (strata lots) and common areas shared by all owners. It goes beyond simply marking boundaries; it specifies who owns what and how responsibilities are divided. For example, it outlines the exact borders of your unit, showing where your ownership ends and shared spaces begin. It also details the common property, like hallways, parking, and amenities, which are jointly owned and maintained by everyone in the strata. Also, it assigns a unit entitlement, which determines how much each owner contributes to common expenses and how much voting power they have in decisions about the building. This document ensures that every owner understands their rights and responsibilities, making it a vital part of strata living.

Depreciation Report

A Depreciation Report is a useful tool that helps us understand the health of our strata building and plan for the future. It gives a clear picture of how long things like the roof, plumbing, and other shared systems will last and when they might need repairs or replacement. It also offers advice on how much money we should set aside to cover those upcoming costs, so we aren’t hit with any surprises. By keeping everything in good shape, we can ensure the building stays well-maintained and everyone knows what to expect down the road.

Strata Meeting Minutes

The Strata meeting minutes are a written summary of what happens during a strata council meeting. They capture key decisions, discussions, and any upcoming plans for the building or community. These minutes help keep everyone informed, even if they couldn’t attend the meeting, and provide a record of important issues like repairs, finances, or rule changes. It’s a simple way to stay updated on what’s happening in the strata and how decisions are being made that affect the building and residents.

These are the documents that you and your realtor should review closely to make a well-informed decision when buying a strata. Be sure to seek professional advice for peace of mind. Remember, our job is to ensure you're happy with your decision and avoid mistakes that could end up costing you money and time.

Thank you for reading, 

Your Realtor, Valeria Leal

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A:

Acceptance: Acceptance is a written statement from the seller that confirms approval of a buyer's offer.

Acre: An acre is a unit of land measurement in the U.S. customary measurement system. It is usually used to measure large areas of land such as a farm, a large residential home site, or a park.

Addendum: An addendum is a modification or addition attached to a real estate contract. It outlines terms that were not included in the original purchase or sale agreement.

Agency: Agency is the relationship between a real estate agent and a buyer or seller.

Amortization: Amortization is the schedule that is used to determine your monthly payment for a loan.

Appraisal: An appraisal is an assessment of a property's value at a specific point in time. The goal of the appraisal process is to determine the property's market value.

Assessed Value: The value assigned to a property by a public tax assessor for the purposes of taxation.

B

Broker: A licensed professional who negotiates and arranges real estate transactions.

Buyer's Agent: A real estate agent who represents the buyer's interests in a transaction.

Bylaws: Rules and regulations established by an organization, such as a homeowners association, to govern its operations.

C

Closing: The final step in a real estate transaction where ownership of the property is transferred from the seller to the buyer.

Closing Costs: Expenses incurred during the closing process, including fees for appraisal, title insurance, and legal services.

Commission: The fee paid to a real estate agent or broker for their services, typically a percentage of the sale price.

D

Deed: A legal document that transfers ownership of property from one person to another.

Down Payment: An upfront payment made by the buyer as a portion of the purchase price, typically expressed as a percentage.

E

Earnest Money: A deposit made by the buyer to show their serious intent to purchase the property, held in escrow until closing.

Equity: The difference between the market value of a property and the outstanding mortgage balance.

F

Foreclosure: The legal process by which a lender takes possession of a property due to the borrower's failure to make mortgage payments.

Fixed-Rate Mortgage: A mortgage with a fixed interest rate that remains the same for the entire term of the loan.

H

Homeowners Association (HOA): An organization that enforces rules and maintains common areas in a residential community.

Home Inspection: An examination of a property's condition by a licensed inspector before the sale is finalized.

I

Interest Rate: The percentage charged by a lender for borrowing money, expressed as an annual percentage of the loan amount.

Investment Property: Real estate purchased for the purpose of generating income or profit.

L

Lien: A legal claim against a property for unpaid debts, such as taxes or mortgage payments.

Listing: A property that is for sale and has been entered into a real estate database by a real estate agent.

M

MLS (Multiple Listing Service): A database of properties for sale, accessible to real estate agents and brokers.

Mortgage: A loan used to purchase real estate, secured by the property itself.

O

Offer: A formal proposal to purchase a property at a specified price and terms.

Open House: An event where a property for sale is open to potential buyers for viewing.

P

Pre-Approval: A lender's conditional approval of a loan amount based on a preliminary review of the buyer's financial situation.

Principal: The original amount of money borrowed on a mortgage, excluding interest.

R

Refinance: The process of obtaining a new mortgage to replace an existing one, often to secure a better interest rate or terms.

REALTOR®: A licensed real estate professional who is a member of the National Association of REALTORS®.

S

Short Sale: A sale of a property in which the proceeds are less than the amount owed on the mortgage, requiring lender approval.

Survey: A detailed map and measurements of a property's boundaries and features.

T

Title: Legal ownership of a property, documented by a deed.

Title Insurance: Insurance that protects against losses resulting from defects in the title.

U

Underwriting: The process by which a lender evaluates a loan application to determine the risk of lending money to the borrower.

V

Variable-Rate Mortgage: A mortgage with an interest rate that can change periodically based on market conditions.

W

Walk-Through: A final inspection of the property by the buyer before closing to ensure it is in the agreed-upon condition.

This glossary covers many of the essential terms used in real estate transactions and can serve as a helpful reference for anyone involved in buying, selling, or investing in property.

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