Vietnamese–English Real Estate Glossary
Buying a home comes with a lot of new words. Here are the ones that matter most in BC, explained simply, with the English term you'll hear from your lawyer, lender, and realtor.
Money & Financing
- Down Payment
- The cash you pay up front toward the purchase price, the rest is covered by your mortgage. In BC the minimum depends on the price of the home.
- Mortgage
- A loan from a lender to buy a home, secured by the property itself. You repay it in regular payments over an amortization period.
- Amortization
- The total length of time it takes to pay off your mortgage in full, commonly 25 years in Canada. A longer amortization lowers each payment but raises total interest.
- Mortgage Pre-Approval
- A lender’s early estimate of how much they will lend you and at what rate. It tells you your realistic budget before you shop.
- CMHC / Mortgage Default Insurance
- Insurance required when your down payment is under 20%. It protects the lender, and its premium is added to your loan.
Taxes & Closing Costs
- Property Transfer Tax (PTT)
- A one-time BC tax paid at closing when a property changes hands, calculated on the fair market value using marginal brackets. First-time and new-build exemptions may apply.
- Closing Costs
- The extra costs on top of the purchase price, PTT, legal fees, title insurance, inspection, appraisal, and sometimes GST. Budget roughly a few percent of the price.
- GST (on new homes)
- A 5% federal tax that applies to newly built homes, not to typical resale homes. Rebates may reduce it in some cases.
- Completion Day
- The day ownership legally transfers, funds are paid, and the property becomes yours. Possession (getting the keys) is often the next day.
The Buying & Selling Process
- Offer (Contract of Purchase and Sale)
- The written proposal you make to buy a home, including price, deposit, dates, and conditions. Once accepted and conditions removed, it becomes binding.
- Subjects / Conditions
- Things that must be satisfied before a sale is final, such as financing, inspection, or reviewing strata documents. "Subject removal" is when you waive them.
- Deposit
- A sum you put down after your offer is accepted to show you are serious. It is held in trust and applied to your down payment at completion.
- Possession Date
- The date you actually get the keys and can move in, usually set out in the contract, often just after completion.
Property & Ownership Types
- Strata (Condo/Townhouse)
- A form of ownership where you own your unit and share the common property with other owners. Monthly strata fees fund shared maintenance and reserves.
- Strata Fees
- Monthly payments every strata owner makes toward shared costs, insurance, maintenance, amenities, and the contingency reserve fund.
- Detached House
- A standalone home on its own lot with no shared walls, and usually no strata fees. Typically the most expensive property type.
- Mortgage Helper
- A rentable suite within a home (like a basement suite) whose rental income helps offset your mortgage payment.
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