Home > Blossary: Canadian Real Estate
Common Canadian real estate terms providing a basic understanding of the terminology used in residential real estate transactions in Canada.

Category: Business

26 Terms

Created by: mbourgaize

Number of Blossarys: 6

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Day from which all calculations of interest, tax adjustments, utility bill adjustments are made to the credit of either the buyer or the sellers. Usually the same as possession date. Source: ...

Domain: Real estate; Category: Residential

Number of years it takes to repay the entire amount of the mortgage by periodic payments to the creditor. Source: Vancouver Island Real Estate Board; Random House Webster's Unabridged Dictionary.

Domain: Real estate; Category: Residential

Estimate of the market value of a property, used by lenders to determine the amount of the mortgage. Source: Vancouver Island Real Estate Board.

Domain: Recording equipment; Category: Residential

Value of a property set by the British Columbia Assessment Authority for the purposes of calculating property tax. Source: Vancouver Island Real Estate Board.

Domain: Real estate; Category: Residential

When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender or to the buyer. Source: Vancouver Island Real Estate ...

Domain: Real estate; Category: Residential

Real estate transaction completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer. ...

Domain: Real estate; Category: Residential

Portions of a condominium development owned in common, or shared, by the unit owners, such as a swimming pool, exercise room, lobby. A strata fee is charged to the owner of every unit for the use of ...

Domain: Real estate; Category: Residential

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