Gulf Islands Real Estate

Glossary of Terms

A

Acre : An acre is the most commonly used measurement unit for property size in British Columbia.
Unit Translation :

1 acre = 4840 sq. yards = 0.405 hectares = 4046.24 sq. metres = 43560 sq. feet
2.471 acres = 1 hectare = 10,000 sq. metres
640 acres = 1 sq. mile = 259 hectares = 2.59 sq. km

C

CRD : "Capital Regional District" - A level of provincial government in British Columbia.

F

Foreshore Lease : When you buy waterfront property, you only own up to the high water mark. Everything from the high water mark on out is considered public domain. However you can get a Foreshore Lease which would enable you to build a dock or have a mooring buoy (Subject to other government approvals).

G

GPM : "Gallons per Minute" is an unit of measurement to gauge flow rate from a water source such as a well.
Gallon Unit Translation :

1 British gallon = 4 quarts = 4.546 litres
1 American gallon = 4 quarts =3.785 litres

GST : "Goods & Services Tax" - The GST is a Value Added Tax (VAT) currently at 5% which is applied to most goods and services in Canada. GST is payable on Real Estate, when you buy a house from the builder / developer, or buy a lot in a new property subdivision. GST is also payable on an agent's commission.

O

Open Plan : This term applies to the kitchen or the dining room. If a house is built with an open plan design, the kitchen and/or dining room, along with the living room, is one large area with the individual subareas defined by the placement of furniture and counters. In a Close Plan Design the kitchen and/or dining room are separate rooms.

P

Pending : Offer has been made on property. Offer has been accepted. All subjects have been removed. Awaiting closing date. Technically, the property is not yet sold.

S

Semi-LakeFront : means that there is a public road between the main house and the LakeFront.

Semi-OceanFront : means that there is a public road between the main house and the OceanFront.

Semi-WaterFront : means that there is a public road between the main house and the WaterFront.

Contact Li Read at RE/MAX Salt Spring, 131 Lower Ganges Road, Salt Spring Island, BC, V8K 2T2, Toll-Free 1-800-731-7131