2.  Cash for a down payment + mortgage payments  Property taxes  Home insurance  Condo owners—condo fees  Utilities, maintenance and services

3.  The tenant pays the landlord RENT  Possibly utilities such as water, heat, electricity and parking  Services such as phone, cable and internet  Tenant insurance for contents

4. Aziza works full time. Her husband Hassan is a student with a part-time job.  They rent a 2-bedroom loft apartment  They pay $975 a month in rent  The rent includes heat, water, electricity, parking, laundry, and cable TV.  They have a phone plan that includes unlimited calling within Canada and the US and 400 min. of overseas calling for $59.95/month.  They do not have a lease, and pay rent month to month.

5. The Martins are a retired couple with no children living at home. They own a 2-bedroom condo.  Their mortgage payments are $981.72/month  The pat condo fees of $540 per month. These fees include heat, electricity, water, and maintenance.  They pay $387.92 in insure their condo each year.  Their property taxes are $1976.47 a year.  They have a cable/phone/internet bundle that costs $99/month

6. Tom and Hyo-Jin are a working couple with a 5-year-old child. They own a 3-bedroom detached home.  Their mortgage payments are $1465.33/month  They pay $336.52 twice a year for home insurance.  Their property taxes are $2358.60 a year  They pay for water, sewer, and electricity every two months. The bills for the last year were: $210.23, $199.51, 186.88, $188.76, $213.75, $193.69  Their home is heated by natural gas. Their bills for all of last year totalled to $893.89  They rent a water heater for $52.95 EVERY 3 MONTHS.  They Have a phone plan that includes unlimited calling within Canada and the US and costs $49.95/month

7.  What are the different housing needs in each situation?  Were the costs of buying or renting more/less than you thought?  Do you think you will buy or rent your first home?

8. In order to create a budget and plan financially, it is good to look at the total costs in a year. Example: 1) Determine the annual expense of a monthly rent of $665 2) Determine the annual expense of Bi-weekly mortgage payments of $856.21 3) Determine the annual expense of semi- annual home insurance payments of $546.75

9.  Your rental home must be safe and in good repair.  You must have access to services such as heat, hot and cold water, electricity, and fuel.  You have a right to privacy, through the landlord can enter the home for repairs, to show it to prospective tenants or in an emergency  Your landlord can raise the rent once every 12 months and must give you 90 days written notice of the increase.

10.  You must pay your rent on time  You must keep the home reasonably clean  You are responsible for repairing any damage you cause to the unit.  If you sign a lease agreeing to rent the property for a specified period of time, you must honour the lease and give 60 days notice before the end of the lease if you do not intend to renew  If you have a month-to-month rental, you must give 60 days written notice before moving out.

11. Devon is two months behind on rent. The landlord threatens to cut off the electricity and heat if he does not pay up. Explain whether or not the landlord can legally carry out her threat and what rights the landlords have.

12. Option 1  One bedroom apartment within walking distance from the college  Rent: $625 a month, including heat, electricity, water and parking.  Must sign a 1-year lease Option 2 College residence Share a room and washroom with another student Room includes: beds, desks, shelves, a small fridge, a microwave, cable service (but no TV), and local telephone service Shared kitchen available Cost: $6800 for September to April, including utilities and an $1800 meal card.

13. Give reasons for your answers. Show clear calculations of the statements that you make. Think: What are the annual expenses? Which is least expensive? What are the additional costs for each? What are the benefits of each?

14. p. 484 #1-9, 11, 12