Perfect Sense 8635 86 McKenney Avenue : St. Albert : E4011461

Welcome to this 2258sq.ft designer women’s boutique in St. Albert!

Perfect Sense

 

MLS#: E4011461 Perfect Sense is a designer women’s boutique which carries a wide variety of clothing styles and accessories in a great selection of sizes, catering to juniors, seniors, and anyone in between!

RE/MAX: 2015 by the Numbers Canada

2015 by the Numbers

RE/MAX By The Numbers Canada 2016

House Prices in 1934

These were some ads for homes from a 1934 Montgomery Ward Christmas catalogue!

1934 Modern Home

1934 Modern Home

 

 

 

 

 

 

 

 

 

 

 

 

1934 Home

1934 Home

Cabarete Condominium For Sale – $90,000 USD

 

Exterior Front

Exterior Front

 

Looking for a second home in the sun? This 2 bedroom + 2 bathroom condo is located in a quiet gated community just a few minutes away from Cabarete beach in the Dominican Republic! This condo is 1044 square feet, and is designed so that one bedroom and one bathroom can be locked off if you’d like to rent it out. The complex features a swimming pool and a tropical garden, and is just minutes away from many amenities, including the local supermarket, restaurants, shops, and the ocean! Listed at $90,000 USD.

For more information, please contact Don Cholak at 780-718-8400 or email Don at don@doncholak.com.

Living Room

Living Room

 

Dining Room

Dining Room

 

Kitchen

Kitchen

 

Master Bedroom

Master Bedroom

 

Second Bedroom

Second Bedroom

 

Bathroom

Bathroom

 

Terrace

Terrace

 

Tropical Garden

Tropical Garden

 

Pool

Pool

 

 

Commercial/Industrial real estate update report

[Recently], world oil prices have fallen below $30.00 per barrel and
are at prices not seen since 2003. The world oil price situation continues to cast an economic pall
over the province as well as the City of Edmonton. Edmonton outperformed much of the province
during the year however, most fore-casters are indicating limited growth for 2016. There are no
apparent signs of short term recovery in oil prices. As such, The Network is forecasting another
weak year for 2016. The momentum of a strong economy of 2014 carried over for the first half of
2015 and this propped up sales to a high degree. There was a more dramatic drop off in activity in
the second half of the year. On this basis, The Network is forecasting that 2016 will be a weaker
year as compared to 2015 and is likely to be on par with 2009, which was the low point in the
2008/2010 economic downturn. Once again, recovery in the market will remain contingent upon a
recovery in world oil prices.
In 2016, The Network is launching a listing database which is available for members on a monthly
subscription basis. The listing database covers all multi-family, commercial and industrial offerings
of land and buildings within the Edmonton Metro Area. This includes listing data from all major
brokerage firms, as well as investment real estate offered through the MLS® System of the
REALTORS® Association of Edmonton, etc. The Network as of the date of the writing of this report is
tracking over 300 listings.

Source: https://images.magnetmail.net/images/clients/EREB/attach/2015yearendreview.pdf

Chocolate world to meet in Punta Cana

Cocoa and chocolate experts from all around the world will be gathering in Punta Cana for the World Cocoa Conference from 22-25 May 2016. The leading event for the cocoa and chocolate sector brings together the major players from the value chain. The meetings will take place at the Barcelo Bavaro Convention Center. The Dominican Republic is a world leader in cocoa production, now gradually beginning to produce chocolate, too.
More than 1,500 cocoa farmers, chocolate makers, government and private sector farming and sustainability experts are expected to attend the event from over 40 countries. This is the first time the event will have been held in Latin America.
The event is being organized by the International Cocoa Organization and the Ministry of Agriculture and National Cocoa Commission are hosting the event for the Dominican Republic. The agenda includes discussions for the Cacao Global Agenda.
President Danilo Medina will be giving the opening address at the conference, which will include talks on changing trends in cocoa production, consumption and global trade. It will also focus on the progress made in the implementation of the Global Cocoa Agenda with updates from major producing countries and the industry.
Information on adding value to cocoa, including differentiation, specialty products and branding will be discussed. The issues of improving cocoa farmers and improving farmer incomes, and finance and insurance solutions to manage risk across the value chain are also on the program.

Source: http://dr1.com/travelnews/archive/2016/tnews022316.html

Master of the Ocean opens in Cabarete

Starting today, Tuesday, 23 February 2016, the sails will unfold under the skies of Playa Encuentro in Cabarete for the celebration of the Master of the Ocean.
The Master of the Ocean, the only water sports competition featuring surfing, windsurfing, kiteboarding and stand-up paddleboarding (SUP) continues until 28 February 2016.
The annual event makes the most of the exceptional conditions for these watersports in the Cabarete area.
Founded by Marcus Bohm in 2013, the competition consists of 12 teams of four athletes. Each rider competes in a discipline, and the top 15 competitors move to a final stage where they compete for the Master of the Ocean title.
Cabarete is the perfect location as there is no wind in the morning for surfers and SUP enthusiasts, and consistent incoming trade winds from noon onwards, perfect conditions for windsurfers and kitesurfers.
The 2016 Master of the Ocean organizers say they will be hosting 2015 champion Zane Schweitzer and many other international riders including Samuel Perez-Hultz, Fiona Wylde, Luciano Gonzalez, Michael Gebhardt and Brian Talma.

Source: http://dr1.com/travelnews/archive/2016/tnews022316.html

Pro Cigar opens with classes at new La Aurora Cigar Institute

The La Aurora tobacco manufacturing company has announced the opening of a tobacco education facility, the La Aurora Cigar Institute, coinciding with the celebration of ProCigar Week (21-26 February 2016) in Santiago de los Caballeros. The tobacco school is on the second floor of the La Aurora cigar factory in Santiago, the Dominican Republic’s cigar country capital.
As the new institute’s main attraction, the courses on all aspects of cigars and tobacco education will be taught by some of the Dominican Republic’s leading experts in the field. There will be sessions on tobacco plant varietals, soils and cultivation, as well as more theoretical topics like the history of tobacco and its socio-economic role in the Dominican Republic. Practical coursework will include lessons on rolling, blending, cigar tasting and food-and-drink pairing, reports Cigar Aficionado.
The lecturers will include Angel Daniel Nunez (former president of General Cigar Co.), Benjamin Menendez, (former senior vice president at General), La Aurora president Guillermo Leon and La Aurora master blender Manuel Inoa.
As reported, typical courses run three days, with students eligible to receive a certificate of accreditation upon successful completion of the coursework and a final knowledge assessment. However, shorter courses have also been designed for students with only a few hours to spare.
The first block of full-day courses at the new La Aurora Cigar Institute will run from February 29 to March 2. More will be scheduled throughout the year.
The cigar and tobacco museum on the La Aurora site are also part of its factory tour program. The museum showcases not only the history and milestones of the La Aurora Cigar Co., but also the Dominican cigar industry as a whole.
Taking a course at the new institute is a way of combining a vacation with the learning experience about cigars.

Source: http://dr1.com/travelnews/archive/2016/tnews022316.html

Master of the Ocean ready for Cabarete

Cabarete will again be the center of the toughest water sports event in the Caribbean, the challenging Master of the Ocean, now in its 14th year.
Some 60 competitors from 12 countries have registered to compete in the event, which takes place between 23 and 28 February 2016 at Encuentro Beach in Cabarete, Puerto Plata. The winner of the event is the best athlete in the combination of windsurfing, surfing, stand up paddle-boarding (SUP) and kite-surfing.
Competitors are coming from Israel, Canada, the United States, Puerto Rico, Venezuela, Germany and host Dominican Republic.
The event, which is organized by Marcus Bohm, also has the backing of the Ministry of Tourism.
Bohm says it is the only event held around the world where the athletes compete in four disciplines at the same beach.
The organizers are promising five days of competition, free-style expression sessions and a full program of musical events in and around Cabarete.

Source: DR1 Travel News Feb 9
 

2016 Real Estate Forecast

The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business leaders. Chair Steve Sedgwick forecast that sales of residential homes in the Edmonton Census Metropolitan Area will remain relatively stable. A decline of about 2.3% from 2015 sales levels will result in less than 17,000 sales in 2016.

Edmonton CMA had a good year last year with all residential sales at 17,298. That is down 9% from 2014 but up over 1% from 2013. Sedgwick expects another solid year in sales of single family homes in the Edmonton area but with a small decrease of about 2.5%, as economic uncertainty continues. “The continuation of low oil prices and economic decline have made buyers cautious. While much of the decline is offset by record low lending rates, we don’t expect sales to pick up without a boost in our overall economy. That said, Edmonton has fared much better than many other places in Alberta. We expect continued growth and development in our city to continue to keep interest in our housing market strong.” explains Sedgwick.

Condo sales are expected to decline by a modest 2.7% throughout the region as the rental market eases up and migration slows down. The popular duplex/rowhouse category was strong in 2015 and looks to remain so through 2016 as more inventory comes available in this category. Duplex/rowhouses offer both affordability and an ownership model that appeals to many first time buyers.

Prices, as usual, will fluctuate through the year but the 12-month average price for a single family detached property is anticipated to decrease modestly about 2.7% as inventory grows. Condominium property average prices are projected to decrease at the same rate with many higher priced options keeping the average price inflated.

Sedgwick’s forecast was supported by four other speakers at the seminar including Todd Hirsch, Chief Economist, ATB Financial; John Rose, Chief Economist, City of Edmonton; Bruce Edgelow, VP of Strategic Initiatives, ATB Financial; and Christina Butchart, Senior Marketing Analyst Canadian Mortgage and Housing Corporation.

There are 3,300 REALTORS® operating in the greater Edmonton area which extends as far as Cold Lake, Wetaskiwin, Drayton Valley, Vegreville and Westlock.

A recent article in the Edmonton Journal stated that “Edmonton resale home prices will soften and sales will slide rufther in 2016 – but not as much as other places in Alberta battered by a faltering economy, says a forecast by the Realtors Association of Edmonton. ‘Edmonton and area has not felt the same effects of oil prices as the rest of Alberta has,’ Steve Sedgwick said Wednesday. ‘There’s a lot of exciting growth happening in Edmonton and we remain conservatively optimistic when it comes to our housing market.’

It’s an assessment backed by prominent economists, who say that Edmonton’s economy will slow in 2016, but not as much as other Alberta municipalities.

‘While you’re going to continue to see some very negative numbers and some very negative commentary about the province as a whole, people have to bear in mind that Edmonton is a bit of an island in the storm,’ said John Rose, chief economist for the City of Edmonton. Rose predicts a growth of 0.5 to one per cent for 2016 for the city and a slightly lower rate for the region.

Todd Hirsch, chief economist for ATB Financial, agreed Edmonton’s real estate market will endure an economic slowdown better than other Alberta markets because of its more diversified economy.

‘I do see the Edmonton real estate market faring generally in better shape than Calgary or Fort McMurray this year,’ Hirsch said. ‘It’s the centre of government, health care and education – broader sectors that support employment growth in Edmonton. I don’t see the downturn in the real estate market in Edmonton to be as severe as it will be in other parts of the province.’

Christina Butchart, senior marketing analyst for the Canada Mortgage and Housing Corporation, said the situation has shifted from a market that slightly favored sellers to a buyers’ market because of larger inventory and fewer sales.

Meanwhile, despite Alberta’s economic slowdown, the assessed value of the average Edmonton house has still gone up this year, said municipal officials this week. The typical single-family detached home is now worth $408,000, up 1.7 per cent from last year. The average value of condos, townhouses and duplexes went up 4.8 per cent.”

After reviewing the REA annual housing forecast, Don Cholak recommends selling sooner rather than later. “If selling in the next year, with a negative forecast in place, the sooner you sell, the better price you will receive. If you are planning on moving up in 2016, you stand to gain the most in this type of market. Lower price homes will not be impacted as much as the upper end market will be in 2016.”
 

Condo Document Facts

FACT #1: When the current owner of a condominium home wants to
sell they will be required to provide documents to the prospective
buyer.
FACT #2: Many lawyers and lenders will not allow the sale to proceed
without the documents being provided being compliant with the
condominium legislation and the information contained in these
documents being current.
FACT #3: Many sales are lost due to condominium documents not
available in a timely manner to complete the sale.
FACT #4: Condominium legislation is different for the sale of a unit by
the developer to one sold by a current owner.
FACT #5: These facts apply to all condominiums from 2 unit style homes
to commercial bay condos, professional and self-managed. No condo is
excluded in today’s market conditions.

Source: Condo Check January 2016 Brochure
 

Don Cholak #8 Producer with RE/MAX Professionals for 2015

I am proud to be the #8 Producer with RE/MAX Professionals for 2015, and I am grateful to all of my clients for making my first full year at RE/MAX a great one!
 

“2015 Prices and Inventory Up, Sales Decline”

Sales of residential property through the Edmonton Multiple Listing Service® (MLS®) System in 2015 in the Edmonton CMA were down 9% from 2014 but up over 1% from 2013. This decrease was reflected across all property types except duplex and rowhouse sales which were up 6%. Single family homes were down 9% over last year and condos were down 13%. There were 17,298 residential sales reported in 2015 as compared to 18,991 in 2014.

Although sales were down, prices are up year over year, with single family homes finishing the year over 1% higher relative to last year at an average price of $437,569. For 2015, the average price of a condo was $252,954 (up 0.4% from 2014) and the average price of all residential properties was $372,511 (up 1.5% from 2014).

“2015 was a steady year for real estate in Edmonton. Edmonton and the surrounding areas experienced a decline in sales due to economic uncertainty, but we saw a slight increase in price that demonstrated that the market remained relatively stable. This began to cool in the fall months as inventory remained higher than normal.” said REALTORS® Association of Edmonton Chair Geneva Tetreault. “We continued to see home buyers take advantage of low mortgage rates. An influx of listings at the beginning of the year, meant that buyers had a larger selection of homes and were able to take more time selecting properties than in previous years. We continue to see a tight market in the popular $400,000 price range for single family homes.”

The all-year sales-to-listing ratio was 54% (down 16% from 2014) with average days-on-market at 51 days (up from 47 last year). An increase of listings was highlighted by a year-end inventory of 5,088 properties, up dramatically from the end of 2014 where only 3,059 properties were available on the MLS® System.

As is seasonally normal, December all residential prices dropped slightly by 0.9% from November. The price of a single family detached property dropped from $432,862 in November to $424,629 in December. Condo prices dropped 1.8% in December to $248,956 while duplex/row house prices increased by 10% from November to $374,217.

Source: http://www.ereb.com/News&Events/LatestMarketStatistics.html
 

Holiday Fire Safety

Residential fires take their toll every day, every year, in lost lives, injuries, and destroyed property. According to the National Fire Protection Association, a home structure fire was reported every 86 seconds in the U.S. in 2014. The fact is that many conditions that cause house fires can be avoided or prevented by homeowners. Taking the time for some simple precautions, preventive inspections, and concrete planning can help prevent fire in the home – and can save property and lives should disaster strike.

• All electrical devices including lamps, appliances, and electronics should be checked for frayed cords, loose or broken plugs, and exposed wiring. Never run electrical wires, including extension cords, under carpet or rugs as this creates a fire hazard.
• Fireplaces should be checked by a professional chimney sweep each year and cleaned if necessary to prevent a dangerous buildup of creosote, which can cause a flash fire in the chimney. Cracks in masonry chimneys should be repaired, and spark arresters inspected to ensure they are in good condition and free of debris.
• When using space heaters, keep them away from beds and bedding, curtains, papers – anything flammable. Always follow the manufacturer’s instructions for use. Space heaters should not be left unattended or where a child or pet could knock them over.
• Use smoke detectors with fresh batteries unless they are hard-wired to your home’s electrical system. Smoke detectors should be installed high on walls or on ceilings on every level of the home, inside each bedroom, and outside every sleeping area. Statistics show that nearly 60% of home fire fatalities occur in homes without working smoke alarms. Most municipalities now require the use of working smoke detectors in both single and multi-family residences.
• Children should not have access to or be allowed to play with matches, lighters, or candles. Flammable materials such as gasoline, kerosene, or propane should always be stored outside of and away from the house.
• Kitchen fires know no season. Grease spills, items left unattended on the stove or in the oven, and food left in toasters or toaster ovens can catch fire quickly. Don’t wear loose fitting clothing, especially with long sleeves, around the stove. Handles of pots and pans should be turned away from the front of the stove to prevent accidental contact. Keep an all-purpose fire extinguisher within easy reach. Extinguishers specifically formulated for grease and cooking fuel fires are available and can supplement an all-purpose extinguisher.
• Have an escape plan. This is one of the most important measures to prevent death in a fire. Visit ready.gov for detailed information on how to make a plan. Local fire departments can also provide recommendations on escape planning and preparedness. In addition, all family members should know how to dial 911 in case of a fire or other emergency.
• Live Christmas trees should be kept in a water-filled stand and checked daily for dehydration. Needles should not easily break off a freshly-cut tree. Brown needles or lots of fallen needles indicate a dangerously dried-out tree which should be discarded immediately. Always use nonflammable decorations in the home, and never use lights on a dried-out tree.
• Candles add a festive feeling, and should be placed in stable holders and located away from curtains, drafts, pets, and children. Never leave candles unattended, even for a short time.
• Holiday lights should be checked for fraying or broken wires and plugs. Follow the manufacturer’s guidelines when joining two or more strands together, as a fire hazard could result from overload. Enjoy indoor holiday lighting only while someone is home, and turn them off before going to bed at night.

Source: Pillar to Post e-Newsletter

PGA’s Web.com Tour to Punta Cana in 2016

At a signing ceremony at the PGA TOUR headquarters in Ponte Vedra Beach, Florida on 28 October 2015, the PGA TOUR and representatives of Puntacana Resort & Club announced that the Web.com Tour will be played in Punta Cana next year.
The Corales Puntacana Resort & Club Championship will be the Web.com Tour’s first tournament in the Dominican Republic as well as the first to be played on any of the Caribbean islands.
Frank Elias Rainieri signed the three-year agreement on behalf of Puntacana Resort & Club. The first of three annual tournaments will be played from 30 May-5 June 2016.
The Tom Fazio-designed “Corales” course at Puntacana Resort & Club will be the host venue.
Opened in 2010, the course plays along the natural cliffs, bays, ocean coves and the inland lakes and coral stone quarries of the Caribbean Sea. The layout features six oceanfront holes and culminates with its last three holes known as the “Devil’s Elbow”, with the striking 18th hole requiring a dramatic forced carry over the cliff-lined Bay of Corales.
The Corales Puntacana Resort & Club Championship will feature a 156-player field, with an eligibility component similar to that used at other Web.com Tour events in Latin America. The purse will be US$625,000.
Sport Link of Bogota, Colombia, organizers of two other Web.com Tour events in Bogota and Cartagena, Colombia will be managing the event.
It is expected to continue to strengthen the sport in the Latin American region.

Source: http://dr1.com/travelnews/archive/2015/tnews112415.html

Punta Cana may reach 3 million visitors in 2015

The president of the Hotels & Tourism Projects Association in the East, Ernesto Veloz has predicted that for the first time, Punta Cana will have hosted three million visitors by year’s end. He said that another 4,000 hotel rooms are under construction. Veloz is forecasting that this will be one of the best seasons of the past 10 years with an approximate 10% growth rate this year. The Dominican Republic is expected to surpass the five million-tourist-mark this year.

Source: http://dr1.com/travelnews/archive/2015/tnews112415.html

Master of the Ocean to come to Cabarete

The only water sports competition featuring surfing, windsurfing, kiteboarding and stand-up paddleboarding (SUP) known as the Master of the Ocean will take place in Cabarete from 23 to 28 February 2016. The annual event takes advantage of the exceptional conditions in the Cabarete area for these watersports.
Founded by Marcus Bohm in 2013, the competition consists of 12 teams of four athletes. Each rider competes in a discipline, and the top 15 competitors move to a final stage where they compete for the Master of the Ocean title.
Cabarete is the perfect location as there is no wind in the morning for surfers and SUP enthusiasts, and consistent incoming trade winds from noon onwards, the perfect conditions for windsurfers and kitesurfers.
The 2016 Master of the Ocean organizers say they expect to host 2015 champion Zane Schweitzer and many other international riders including Samuel Perez-Hultz, Fiona Wylde, Luciano Gonzalez, Michael Gebhardt and Brian Talma.

Source: http://dr1.com/travelnews/archive/2015/tnews112415.html

Roof Leaks

Roof leaks are one of the leading causes of preventable property damage. A leaking roof can be disruptive and costly, and can eventually cause mold, damage to interior finishes, and even structural damage.

While it’s true that older roofs or those in disrepair are at greater risk for leaks, one of the most common causes of roof failure is poor workmanship during installation. This is not always readily apparent because it often takes a few years for a poor installation to manifest itself as a leak. Using a licensed, qualified roofing contractor for any installations or repairs is always recommended.

Let’s take a look at some of the factors that affect how a roof handles water and what they can mean when it comes to water leaks.

Pitched/sloped roofs: Pitched or sloped roofs are designed to shed water from one shingle to the next down to the roof edge, where the gutters and downspouts will carry the water away. Many people are surprised to learn that sloped roofs are not actually waterproof but instead rely on gravity and engineering to quickly move water off of the home.

Flat roofs: The most common type of flat roof is the built-up, or tar-and-gravel, roof. Flat roofs are designed to be waterproof and use a membrane such as roofing felt or specially-engineered foam to seal the surface. These roofs will have just enough slope to conduct water to a drain, which will funnel water down and off the roof surface. It’s critical to keep drains on flat roof clear of debris so water won’t back up and damage the integrity of the roof.

What causes leaks? Most roof leaks can be traced to poorly installed or worn flashing. Flashing usually consists of pieces of metal that cover gaps between the roofing material and items that penetrate through the roof such as chimneys, skylights, dormers, and roof/wall intersections. Wind and rain in just the wrong combination can cause a pitched roof to leak by compromising its water-shedding capabilities. In cold climates, ice can cause a perfectly good roof surface to leak. Ice can block the flow of water to the edge of the roof or to the drain. The water can then back up under the shingles and leak into the house.

Water leaks can have interior causes as well. Condensation in the attic due to leaking household air, or heating and/or air conditioning ducts can cause damage to the roof decking and structural framing. In severe cases it can cause water to drip back into the house. This can lead to mold and even structural damage if not corrected.

Proper installation and maintenance of roofs are key to preventing problems down the road. Homeowners should monitor their roof and attic, and contact a qualified roofing contractor at the first sign of any problems.

Source: Pillar to Post e-Newsletter
 

DR makes US News’ Travel Best of Caribbean List

The Dominican Republic has been included on two of the Best of Caribbean travel lists of the US News & World Report publication.
Puerto Plata and Punta Cana are both included the “Best Affordable Caribbean Destinations” list. Interestingly, the destinations are given the same weight as countries such as Puerto Rico, Curacao, Jamaica, Grenada, Dominica, US Virgin Islands, Barbados, and St. Kitts and Nevis.

The publication recommends a trip to Punta Cana:
“Thanks to a wealth of all-inclusive resorts, Punta Cana is an affordable haven for sun-worshippers. This resort town offers everything from pristine beaches and turquoise water to challenging golf courses and top-notch cuisine.”

And to Puerto Plata:
“This Dominican Republic beach town offers plenty for those seeking off-resort activities. Here, you can enjoy water sports in Cabarete and jaw-dropping sights like the Damajaqua Cascades [sic]. And with daily nonstop flights from the U.S., getting to Puerto Plata is a cinch.”
In the “beach bum” category, Punta Cana is on the Best Caribbean Beaches list.

Source: http://dr1.com/travelnews/archive/2015/tnews111015.html

Insurance, Insurance, Insurance

What do the policies cover and who do they protect?

When purchasing a property, the term “insurance” comes up a LOT. After the second or third time, the different insurance policies available may start to blend together but it’s good to understand the differences in all the different types of insurance, and it’s especially important to know who the insurance policies protect.

Mortgage Default Insurance (commonly referred to as Mortgage Insurance)

In Canada, Mortgage Default Insurance is required federally if a Buyer has a down payment of less than 20% of the purchase price of the home. This insurance protects the Lender in case of default by guaranteeing the full amount of the mortgage. It also allows Borrowers with limited savings to purchase a home sooner. This insurance premium can be paid in a lump sum at closing or, more commonly, blended in with your mortgage loan payments. The premium decreases with the more down payment you have.

Title Insurance

Many Lenders are now requiring that buyers purchase Title Insurance, which transfers risks related to title (ie: title fraud, un-discharged liens, encroachments, zoning issues, property tax arrears, survey problems, etc) from the homebuyer to the Title Insurance Provider. There are actually TWO types of Title Insurance:
1. Homeowner Policies – Protects the Homeowner (you), lasts as long as you own the property, and is priced based on the value of your property.
2. Lender Policies – Protects the Lender’s interest in your mortgage, lasts as long as you have your mortgage, and is priced based on the size of your mortgage.
Basically, Homeowner Policies protects you against claims about rightful ownership of a piece of property and Lender Policies protect the Lender to ensure the enforceability of the Title.

Mortgage Life/Disability Insurance

All Mortgage lenders in Canada are required to offer mortgage life and disability insurance. Premiums on Mortgage Life Insurance stay the same throughout the lifetime of your mortgage but the payout, if there is one, decreases with the mortgage. In the event of your demise, all funds are directed to your Lender to cover any remaining mortgage balance only. With the Mortgage Disability Insurance, if you become disabled and qualifies for benefits, monthly payments will be made directly to your Lender on your behalf. The amount paid is based on our actual mortgage payment at the time of your claim. This is not mandatory coverage. You can choose to apply or waive.

Life/Disability Insurance

Insurance providers offer other options to protect you and your family from your mortgage debt. Most commonly, they offer term and life and disability insurance. With Term Life Insurance, the payout, if there is one, never changes. Funds are released directly to your Estate and any remaining mortgage balance can be paid out by your Executor. If you have an existing policy, coverage can be increased to include your mortgage debt. Disability Insurance provides you coverage should an accident or disease prevent you from working. Depending on the type of policy you purchased, you should receive a monthly payout that will be enough to cover your monthly bills, including mortgage payments. (NOTE: When calculating what coverage you may need, keep in mind that payments from private disability insurance providers are tax-free whereas the payout from most corporate plans is taxable.)

Fire/Home Insurance

Fire/Home Insurance protects you, the Homeowner, against loss of use of your home or the personal belongings contained in your home due to fire or other accidents. It also gives your Lender the protection they need against the risks to your property that could compromise its value. Unless you pay cash for your home, proof of Fire Insurance must always be provided before closing to the lawyer so he/she can verify that the Lender has been noted as the first loss payable.

Source: e-Newsletter from Eva Neufeld, mortgage advisor with Mortgage Tailors