A comprehensive list of terms found throughout these courses.
All the information found within the glossary was taken from the CMHC online glossary. For source information on these terms, please visit the CMHC Website.
Browse the glossary using this index
Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O
P | Q | R | S | T | U | V | W | X | Y | Z | ALL
A |
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 | Advocacy Agency | |
|---|---|---|
Serving both landlords and tenants, these agencies represent the concerns of renters and property owners to governments and serve as places to go for help or mediators in the case of disputes. | ||
| Amenities | |
|---|---|---|
| Conveniences such as stores, malls, transit, parking, restaurants, theaters, service outlets, needed from day to day. | ||
| Amortization | |
|---|---|---|
| The period of time, often a maximum of 25 years, required to reduce the mortgage debt to zero when all regular blended payments are made on time and provided the terms (payment and interest rate) remain the same. | ||
| Appraisal | |
|---|---|---|
| A process for estimating the market value of a particular property. | ||
| Appreciation | |
|---|---|---|
| The increase in value of something because it is worth more now than when you bought it. | ||
| Approved Lender | |
|---|---|---|
| A lending institution authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate mortgages that require mortgage loan insurance. | ||
| Arbitrator | |
|---|---|---|
| A person chosen to settle the issue between parties engaged in a dispute. | ||
| Arrears | |
|---|---|---|
| As a noun, an unpaid, overdue debt or an unfulfilled obligation. As a verb, the state of being behind in fulfilling obligations. | ||
| Assign | |
|---|---|---|
| To transfer the tenant responsible for a rental unit, which will occur when one tenant leaves before a lease expires and the lease is assumed by the incoming tenant. See sublet. | ||
| Assumption Agreement | |
|---|---|---|
| A legal document signed by a homebuyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the previous owner. | ||