20 Real Estate Terms in Canada - List for Canadian Home Buyers, Sellers & Agents
Are you ready to conquer the Canadian real estate market, but feeling a bit daunted by the abundance of jargon and complexities? Don't worry, you're not alone! The real estate industry can be a minefield to navigate, but with the right knowledge, you'll be able to understand the ins and outs of the market and make informed decisions.
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Appraisal - An assessment of a property's value by a professional appraiser.
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Closing Costs - The expenses incurred by a buyer and seller when a real estate transaction is completed, including legal fees, title insurance, and land transfer taxes.
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Commission - The fee paid to a real estate agent for their services in buying or selling a property.
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Condo Fees - The monthly fees paid by condo owners for maintenance and upkeep of the common areas.
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Equity - The difference between the current market value of a property and the outstanding mortgage balance.
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Home Inspection - An examination of a property's condition by a qualified inspector.
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Listing - A property that is for sale and has been listed by a real estate agent
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Mortgage - A loan used to purchase a property, secured by the property itself.
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Multiple Listing Service (MLS) - A database of real estate listings used by real estate agents to share information and cooperate with each other on sales.
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Offer - A written proposal to buy a property, outlining the price and terms of the sale.
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Pre-Approval - The process of getting approved for a mortgage before starting the home-buying process.
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Property Tax - The tax paid by property owners to the municipal government, based on the assessed value of the property.
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Real Estate Agent - A licensed professional who helps buyers and sellers with the buying and selling process.
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Seller's Market - A market where there are more buyers than there are properties for sale, resulting in higher prices and more competition among buyers.
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Title - The legal ownership of a property, held by the person or entity named on the deed.
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Title Insurance - An insurance policy that protects against defects in title, such as liens or other encumbrances.
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Underwriting - The process by which a lender evaluates a borrower's creditworthiness and ability to repay a loan.
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Variable Rate Mortgage - A mortgage with an interest rate that can fluctuate based on market conditions.
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Zoning - The process by which local governments regulate the use of land within their jurisdictions, including the types of buildings that can be constructed and the uses to which they can be put.
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Appurtenances - Physical or non-physical items that are attached to or come with a property, such as fixtures, appliances, or easements.
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