Wednesday, November 25, 2009, 2:28PM ET - Canadian Markets close in 1 hour and 32 minutes.
Did you go away for March break? It must have been our long winter (which just won't end) but it seems that this year, more families than ever decided to go on holiday this month.
Some March break travellers I know used their time share properties for their escape. Time share essentially means you have part ownership or the right to use property (most often a condo), usually for a certain number of weeks a year.
One of the great benefits of owning time share is that you can join an exchange program with other users around the world. In fact, I know families who have swapped their Orlando condo time for vacations in Hawaii and Europe.
However, there is no guarantee that you'll be able to arrange an exchange at the specific location and time of year you want. Getting vacations in popular destinations usually requires planning, often months ahead. There is usually an additional fee to join and use an exchange network.
Buying time share has its benefits but it is usually a substantial upfront purchase with ongoing maintenance fees for your portion of the property's upkeep, so you need to do your research before you sign on the dotted line.
Unfortunately, the industry has attracted its fair share of questionable practices so most provinces now have consumer protection laws that allow a cooling-off period for buyers to cancel their contracts. (Usually between seven and 10 days.)
But the consumer protection laws only apply to properties you buy in your jurisdiction, so you need to be especially careful buying offshore time share.
Here are some other great tips about buying time shares from the Ontario and Alberta consumer ministries.
- Never sign a contract until you've seen the property.
- Read the contract carefully. Understand the type of ownership and the length of the contract. Be sure to get independent legal advice before signing.
- Research the ability to exchange properties. If you can't exchange easily, will you be happy going often to the property you purchased?
- Find out how much you will have to pay in maintenance fees.
Like any other large purchase or investment, you need to consult with your financial adviser and a lawyer to ensure the purchase fits with your financial plan and the contract protects your rights.
Rates provided by 
| Mortgages Type | Rate |
|---|---|
| 1-yr Closed | 3.54% |
| 3-yr Closed | 4.15% |
| 5-yr Closed | 4.97% |
| GICs Type | Rate |
|---|---|
| 1-yr Annual | 0.95% |
| 3-yr Annual | 2.12% |
| 5-yr Annual | 2.77% |
| RRSP Type | Rate |
|---|---|
| 1-yr | 0.94% |
| 3-yr | 2.09% |
| 5-yr | 2.75% |
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