While you are searching for new real estate or looking for the best mortgage rates
, why don’t you take a short break and try some of our Canadian real estate trivia questions?
Question: How has the definition of a “first-time buyer” been expanded lately? Answer: A “first-time buyer” initially allowed for a person or persons to buy a home with just five percent down. It has recently been changed to include the following; a) purchasers who lost equity in their home and no longer have ten percent down, b) purchasers who had to relocate for job reasons, and c) purchasers who have either ended a joint family ownership or have split with a spouse.
Question: What does CMHC stands for? Answer: CMHC is an acronym for the Canada Mortgage and Housing Corporation. The Canada Mortgage and Housing Corporation is a Government of Canada organization which is designed to assist with the repair of existing homes and the purchase of homes.
Question: True or False? The square footage of a house is measured from the outside walls of the house and only includes living area that is above grade. Answer: True. However, real estate agents may use the term “total finished living area” to refer to the square footage of the house (both above grade and below grade).
Question: What does the term “semi-ensuite” refer to? Answer: A semi-ensuite refers to a bathroom which has both a door to the master bedroom and a door to the main living area.
Question: True or False? The best time to look for a home is before I get pre-approved for a mortgage. Answer: False, the best time to look for a home would be after you find out home much home you can afford. CompareMyRates.ca has mortgage calculators to assist you in starting the process.
In our next post for CompareMyRates.ca’s Roundtable Thursday, we will take a look at some more Canadian real estate trivia.