Let’s Go Through It Together.

Going Over The Basics.

These are the terms you’ve probably already heard or understand. We still have to go over them before getting into some of the development lingo! Just like a new home, before we build up, we have to establish our foundation.

Detached & Attached Homes

A detached home is a standalone house that is not connected to any other buildings. An attached home is a dwelling that is attached to one or more other homes, such as a townhouse or duplex.

Freeholds & Leaseholds

Freehold ownership is the most common form of home ownership in which the owner owns the land and the building on it outright. Leasehold ownership is when the owner only has the right to use the property for a certain period of time, typically for a long-term lease.

Stratas

Strata refers to a form of property ownership in which a building or complex is divided into individual units or lots that are owned by different people. Each owner has the right to use their unit and shares ownership of common areas, such as hallways, parking lots, and recreation areas.

Lot Size

Lot size refers to the area of land that a property sits on. It is usually measured in square feet or acres. Lot size can be an important factor in determining the value of a property, as well as its potential uses and development possibilities.

Title

Title refers to the legal ownership of a property. When someone purchases a property, they receive a legal document called a title, which shows that they have ownership rights to the property. The title includes information about the property, such as its legal description, location, and any registered encumbrances or liens.

The Development Must-Knows!

These definitions will be some of the more important ones that you should be familiar with as home owner in a booming city!

Land Assembly

This is when multiple adjacent properties are combined together into one large parcel of land. Land assembly can be used for different purposes, such as for the construction of large-scale developments like shopping centers or residential towers.

Read More on the Land Assembly Process Here!

Official Community Plan (OCP)

An Official Community Plan (OCP) is a document that outlines a municipality's long-term vision for its community's future development, including land use, transportation, housing, and other important aspects. It guides local governments in making decisions on issues such as rezoning and development permits.

Zoning Bylaws

These are rules that govern how land can be used in a municipality, including where different types of buildings can be located, how tall buildings can be, and what activities are allowed in certain areas. Zoning bylaws are used to guide development and maintain a consistent community character.

Rezoning

Rezoning is the process of changing the permitted use of a piece of land. It usually involves changing the zoning bylaws to allow for a different type of development or activity, such as changing a residential area to a mixed-use area or allowing for higher density development.

Density

Density refers to the number of people, buildings or units in a given area. It can be used to describe how crowded an area is or how many residential units are built on a certain piece of land.

Have Questions?

Into the details

These terms deal with more of the specifics of development & investment details. When you’re starting to see these words used regarding your property, consider reaching out to an professional our a member of our team to ensure you and your home are protected!

  • FAR (Floor Area Ratio) and FSR (Floor Space Ratio) are measures used to determine how much floor area can be built on a given parcel of land. They calculate the ratio of the total floor area of a building to the area of the lot it is built on.

  • A proforma is a financial statement that outlines the projected income, expenses, and profit for a real estate investment. It is used to estimate the potential return on investment and to help guide decisions about whether to move forward with a project.

  • Current Use refers to the current or existing use of a property. It can be residential, commercial, industrial, or any other use permitted by zoning bylaws. Proposed use defined as the intended use of a property. For example, a vacant lot may be intended for residential development, while a commercial property may be intended for retail use.

  • This is a measure of the rate of return on an investment property. It is calculated by dividing the net operating income of the property by its current market value. Cap rate is used to evaluate the potential profitability of a real estate investment.

  • Carrying costs are the ongoing expenses associated with owning and maintaining a property. These costs can include things like interest, property taxes, insurance, maintenance, repairs, and utilities.

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