How Vacation Ownership Works
Vacationers make a one-time purchase of a furnished resort suite. Products vary in cost but are based upon an interval of time. In timeshare programs, the interval is typically one week. Other vacation ownership options such as fractionals, offer longer-use periods.
In some vacation ownership programs, the time purchased is expressed in terms of “points”. In this system, the points become a “currency” that allows owners to increase their accommodation options, locations, amenities, and other travel services.
Regardless of the form of vacation ownership, the initial purchase price is based on the unit size, resort amenities, location, and season of use. There will also be an annual fee for resort maintenance and property management.
Many resorts offer owners the opportunity to exchange their timeshare or belong to an exchange company that arranges exchanges on behalf of its members. Exchange programs offer vacation options in resorts throughout Canada and around the world.
For more information and tips on purchasing, exchanging, or selling your timeshare, please view the resources prepared by CVOA’s American counter-part, ARDA. Their website www.vacationbetter.org is full of helpful information. We also recommend you read ARDA’s brochure Understanding Vacation Ownership, which you can download here.