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Though it's been noted a thousand times before it’s nevertheless true; buying a home is one the most important financial decisions you will make. If you're planning to buy or sell a home in South Surrey / White Rock, then you'll want to make use of the information that we've assembled here in our resource section. Take a look through this section to get the information you need and don't hesitate to contact us with any questions. As always, our commitment is to provide you with the best information along with the best service to make your next move the right move.
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Glossary

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High-Ratio Mortgage:

A mortgage loan higher than 80% of the lending value of the property. This type of mortgage may have to be insured — for example by CMHC or a private company — against payment default.

Half-bath

A room that contains a toilet and sink, but no tub or shower.

Hazard Insurance

Insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.

Hectare

An area equal to 100 meters by 100 meters

Historic Preservation

A movement to protect buildings with historic value from destruction or extensive renovation.

Historic Structure

A building recognized by the Canadian Government as a historical building and is registered

Home Equity

The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.

Home Equity Line of Credit

An open-ended loan, paid as revolving debt, that is backed by the equity in the property or home.

Home Equity Loan

A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.

Home Inspection

A thorough examination of a house's visible structural parts and systems, conducted before purchase.

Home Warranty

A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.

Household Income

The total income of all members of a household.

Housing Price Index (HPI)

The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.

High-ratio Mortgage:

A mortgage that exceeds 80 per cent of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer to protect the lender against default by the borrower who has less equity invested in the property.

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