Real estate glossary
Hard words from buying, selling and renting a home, explained in plain English. Under each one we quote the Ontario law or the official source word for word, and say where to check.
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Buying and selling process
Words you will hear from offer to closing, in contracts and from your agent.
- Chattels and fixtures동산과 부착물 (포함 품목)Chattels are movable items such as a fridge or washer; fixtures are attached to the home, such as light fixtures or built-ins. List what is included and excluded item by item in the agreement to avoid disputes.
- Title search and requisition date등기 조사 (타이틀 서치)Before closing, your lawyer checks Ontario’s online land records to confirm who owns the home and whether mortgages, liens, easements or other claims are registered. Problems must be raised by the requisition date.
- Deposit디파짓Money the buyer pays after the offer is accepted, to show the deal is serious. It is held in a brokerage trust account and counted toward the price on closing.
- Listing agreement리스팅 계약 (매도 대리 계약)The contract a seller signs to hire a brokerage to sell their home. It sets the term, the listing price, the commission and HST, the holdover period, whether the home goes on MLS, and what the brokerage will do.
- Sale of property condition매도 조건An offer condition that depends on the buyer’s current home selling by a deadline. It protects the buyer from carrying two homes, but sellers may dislike it because their deal then hangs on someone else’s sale.
- Seller Property Information Statement (SPIS)매도인 정보 진술서 (SPIS)A written form where the seller answers questions about the home (defects, repairs, renovations, permits) from their own knowledge. It is optional in Ontario and is not a warranty, so buyers should still inspect.
- Agreement of Purchase and Sale매매 계약서 (APS)The standard Ontario contract for buying a home (OREA Form 100; Form 101 for resale condos). Signed by the buyer it is an offer; once the seller signs in time it binds both sides to its price, deposit and closing date.
- Buyer representation agreement바이어 대리 계약 (BRA)The contract a buyer signs with a brokerage. It sets the dates, the fee, the services you get and how it ends, and in return the brokerage must promote and protect your best interests.
- Multiple representation복수 대리 (양측 대리)One brokerage or one designated representative acting for both seller and buyer (or two competing buyers) in one deal. It needs written disclosure and every client’s written consent, and then nobody gets price advice.
- Multiple offers복수 오퍼 (경쟁 오퍼)Two or more buyers make written offers on the same home. In Ontario the seller’s brokerage must tell every buyer who offered how many offers there are, and may share offer contents only on the seller’s written direction.
- Estate sale (selling a deceased person’s home)상속 매물 (유산 매각)A sale of a home after the owner has died, made by the estate trustee once the court has confirmed their authority (probate). It usually takes longer, and “as is” terms are common.
- Pre-emptive offer (bully offer)선제 오퍼 (불리 오퍼)An offer made before the seller’s announced offer date, to avoid competing with other buyers. It usually has a short deadline, and the seller’s agent may handle it only as the seller directed in writing beforehand.
- Latent defect숨은 하자 (잠재 하자)A defect that a careful look would not reveal and that makes a home unfit to live in or dangerous. In Ontario a seller must disclose known latent defects, while visible (patent) defects are the buyer’s job to find.
- FINTRAC identification신분 확인 (FINTRAC)Under Canada’s anti-money-laundering law, your agent must verify who you are (usually with photo ID) and keep a record for at least five years. FINTRAC gets a report only in set cases, such as $10,000 or more in cash.
- Counter-offer (sign-back)역제안 (사인백)Sending an offer back with changed terms (price, dates, conditions) instead of accepting it as it is. A counter-offer ends the original offer and starts a new one with its own deadline for the other side to accept.
- Offer오퍼A written proposal to buy a home that states the price, deposit, closing date and conditions. If the seller signs it within the time limit, it becomes the binding Agreement of Purchase and Sale.
- Offer presentation오퍼 제출과 제시How offers are submitted and reviewed by the seller. In Ontario an agent must pass every written offer to the client as soon as possible, and holding offers until a set date needs the seller’s written direction.
- Final walkthrough입주 전 최종 점검 (워크스루)A visit by the buyer right before closing to confirm the home and the included items are as agreed. It is not a legal right but a clause in your contract, and any problem must reach your lawyer before closing.
- Self-represented party자기 대리 당사자 (SRP)A buyer or seller who is not a client of any brokerage. The other side’s agent cannot give them advice or opinions, may only give limited help, and must first provide and explain RECO’s disclosure form.
- Statement of adjustments정산서The lawyer’s closing calculation: the price minus the deposit, plus or minus the seller’s prepaid property tax, condo fees and similar items split at the closing date, giving the balance due on closing.
- Waiver and notice of fulfillment조건 포기서와 충족 통지The written notice that clears a condition in a conditional deal before its deadline: a waiver gives up the condition, a notice of fulfillment says it was met. Once all conditions are cleared, the deal is firm.
- Conditional offer조건부 오퍼An offer that depends on conditions such as mortgage approval, a home inspection or a condo status certificate review. If a condition is not met or waived by its deadline, the deal ends and the deposit is returned.
- Real estate commission중개 수수료 (커미션)The fee paid to a brokerage for selling or buying a home. No law sets a rate: it is agreed in the listing or buyer representation agreement as a set amount or a percentage of the price, and 13% HST is added.
- Irrevocable period철회 불가 기간The deadline written in an offer until which the side that signed it cannot take it back. The other side must sign and return the offer before that time for a contract to form; after it, the offer is dead.
- Closing클로징The day you pay the balance and the home becomes yours. The two lawyers exchange money and documents electronically, the transfer is registered in Ontario’s electronic land registry, and you get the keys.
- Closing costs클로징 비용The extra money you need on closing besides the price and down payment: land transfer tax (twice in Toronto), legal fees, title insurance, adjustments and more. CMHC suggests planning for about 1.5% to 4% of the price.
- Title insurance타이틀 보험Insurance that pays if a hidden title problem (fraud, a registry error, an unknown claim, a boundary or permit issue) causes you a loss. One premium at closing. Not mandatory; your lawyer must explain other options.
- Land registry (Ontario land titles system)토지 등기 제도 (랜드 레지스트리)Ontario’s official record of who owns land and what is registered against it, such as mortgages, leases and liens. It is fully online, and documents are registered by authorized users, usually lawyers.
- Holdback홀드백 (잔금 보류)Money the buyer’s lawyer keeps back from the price on closing until something is settled, such as agreed repairs, a non-resident seller’s tax certificate or a construction lien holdback.
- Home inspection홈 인스펙션 (주택 점검)A visual check of a home’s major systems (foundation, roof, electrical, plumbing, heating) by an inspector before you buy, with a written report. It is not a guarantee, and Ontario does not yet license home inspectors.
- Firm offer확정 오퍼An offer with no conditions such as financing or inspection. The moment it is accepted the deal is binding, and a buyer who backs out can lose the deposit and be sued for the seller’s losses.
- RECO Information GuideRECO 정보 안내서RECO’s consumer guide that every Ontario agent must give you and explain before providing services or help. It covers client vs self-represented party, representation agreements, multiple representation and complaints.
Mortgages and money
Loans, rates, down payments and the other money words behind a purchase.
- Appraisal감정 평가 (어프레이절)An independent appraiser’s opinion of a home’s market value, ordered by the lender. The mortgage is based on the appraised value, not the price you agreed to pay, so if it comes in low you must cover the gap yourself.
- Fixed vs variable rate고정 금리와 변동 금리A fixed rate stays the same for the whole term (usually 1 to 5 years); a variable rate moves with the bank’s prime rate. Variable mortgages with fixed payments can hit a trigger rate, where no principal is paid.
- Down payment다운페이먼트The part of the price you pay with your own money instead of a mortgage. In Canada the minimum is 5% of the first $500,000 and 10% of the rest; homes of $1,500,000 or more cannot be insured, so you usually need 20%.
- Refinancing리파이낸스Paying off your current mortgage and replacing it with a new one, often to borrow more against your home’s equity or to change the rate or amortization. Banks normally cap the new loan at 80% of the home’s value.
- Vendor take-back mortgage매도인 융자 (VTB 모기지)A loan from the seller to the buyer for part of the price, registered on the home as a mortgage. The seller acts as the lender and the buyer repays it with interest over an agreed term.
- Mortgage모기지A loan to buy a home, secured by the home itself. You repay principal and interest over a set number of years; in Ontario the lender’s right is registered on title as a “charge” and removed when the loan is paid off.
- Mortgage renewal모기지 갱신Setting a new term and rate for the balance left when your mortgage term ends. Banks must send a renewal statement at least 21 days before maturity, and you can renew with the same lender or switch to another.
- Mortgage default insurance모기지 보험 (CMHC 보험)Insurance the law requires when your down payment is under 20%. It protects the lender, not you. The premium (2.80% to 4.00% of the loan) is added to the mortgage; Ontario’s 8% sales tax on it is paid at closing.
- Mortgage pre-approval모기지 사전 승인A lender’s early estimate, before you make an offer, of how much it may lend you and at what rate. It holds a rate for a set time but is not a commitment: the home still needs an appraisal and a full review.
- Mortgage stress test모기지 스트레스 테스트A check that you could still make your payments at a higher rate than your contract rate: the greater of your rate plus 2% or 5.25%. It applies to insured and uninsured mortgages and lowers what you can borrow.
- Basis point베이시스포인트A unit for changes in interest rates. One basis point is 0.01 of a percentage point, so 25 basis points is 0.25 percentage points and 100 basis points is 1.00 percentage point.
- Bridge financing브릿지 론 (브릿지 파이낸싱)A short-term loan that covers the gap when your new home closes before the money from selling your current home arrives. Lenders usually require a firm sale agreement on the home you are selling.
- Amortization and term상환 기간과 모기지 기간Amortization is the total years to pay off the principal; the term is the length of your current contract. Insured loans are capped at 25 years (30 for first-time buyers and new builds); terms usually run 1 to 5 years.
- Prepayment penalty중도 상환 위약금A charge the lender takes when you pay off, break or move a closed mortgage before the term ends: usually three months’ interest or the interest rate differential (IRD), whichever is higher, as set in your contract.
- Bank of Canada policy interest rate캐나다 중앙은행 기준금리The Bank of Canada’s target for the overnight rate, announced on eight fixed dates a year. It is 2.50% after the October 28, 2026 decision, and bank prime rates and variable-rate mortgages move with it.
- Commitment letter (mortgage approval letter)커밋먼트 레터 (모기지 승인서)The lender’s official approval of your mortgage on stated terms. Unlike a pre-approval, it becomes a binding contract once signed, and a financing condition is normally waived only after you receive it.
- Private mortgage프라이빗 모기지 (사설 모기지)A mortgage from a private person, investor group or company, not a bank or credit union. It can be easier to get, but rates and fees are higher. It is usually used for one or two years, so you need an exit plan.
- Prime rate프라임 금리The base rate each bank uses for loans such as variable-rate mortgages and HELOCs. It usually moves with the Bank of Canada policy rate, and a variable rate is set as prime plus or minus a number, like “prime − 0.8%”.
- GDS and TDS ratiosGDS와 TDS (부채 상환 비율)GDS is the share of your gross income that housing costs take (mortgage payment, property tax, heat, half the condo fees); TDS adds all other debts. An insured mortgage cannot exceed 39% GDS and 44% TDS.
- HELOCHELOC (주택 담보 신용 한도)A revolving credit line secured by your home: you borrow, repay and borrow again up to a limit. The rate is usually variable, payments are often interest-only, and banks cap it at 65% of value (80% with the mortgage).
- Loan-to-value ratioLTV (담보 대비 대출 비율)Your mortgage divided by the home’s value (the lower of price and appraisal). Above 80% you need mortgage default insurance; refinancing normally stops at 80%, and the revolving part of a HELOC at 65%.
Taxes and government programs
Taxes you pay when you buy or sell, and the programs that give money back.
- Underused Housing Tax (UHT)미활용 주택세 (UHT, 연방)A federal 1% tax on vacant or underused homes. The Act, as amended in 2026, says no tax is payable and no return is needed for 2025 and later years; only duties for 2024 and earlier years remain.
- Non-resident seller withholding (section 116)비거주자 매도인 원천징수 (ITA 116조)When the seller is a non-resident of Canada, section 116 of the Income Tax Act makes the buyer hold back 25% of the price (50% for some rental or business property) for the CRA unless the CRA issues a certificate.
- Non-Resident Speculation Tax (NRST)비거주자 투기세 (NRST)A 25% Ontario tax on the price when a foreign national (not a citizen or permanent resident), foreign corporation or taxable trustee buys residential property in Ontario, paid on closing on top of land transfer tax.
- Vacant Home Tax (Toronto)빈집세 (토론토)A City of Toronto tax that requires every residential owner to declare occupancy each year and charges 3% of the MPAC assessed value on a home vacant six months or more, or not declared at all.
- HST new housing rebate신축 주택 HST 환급A rebate of part of the 13% HST on a new home bought from a builder to live in: up to $6,300 federal (homes under $450,000), up to $24,000 Ontario, plus extra rebates for first-time buyers since 2025.
- Capital gains tax on real estate양도소득세Under Canada’s Income Tax Act, half of the profit on selling a property that was not your principal residence (price minus cost base minus selling costs) is added to your income and taxed; your own home is exempt.
- Federal budget연방 예산 (제안과 법의 차이)The federal government’s tax and spending plan, presented to Parliament. Most of it is proposals: they take effect only when a law passes or a regulation changes, so check the status and date of each housing measure.
- Foreign buyer ban외국인 주택 구매 금지법A federal law that bars non-Canadians and foreign companies from buying homes, since January 1, 2023; set to end January 1, 2027. Budget 2026 proposes 2029 for existing homes and exempting new homes (not law yet).
- Estate Administration Tax (probate tax)유산 관리세 (상속 검인세)The Ontario tax an estate pays when the court issues an estate certificate (probate). For applications since 2020, there is no tax up to $50,000; above that it is $15 for each $1,000 over $50,000.
- Property tax재산세A yearly tax you pay to your municipality while you own the home, calculated as the MPAC assessed value (still based on January 1, 2016, not today’s price) times the municipal and education tax rates.
- Principal residence exemption주거주지 면제A rule in Canada’s Income Tax Act that makes the gain on selling the home you ordinarily lived in tax-free. A family can designate one home per year, and you must designate it on your tax return for the year of sale.
- Residential property flipping rule주택 플리핑 규정 (365일 규칙)Since January 1, 2023, profit on a home (or pre-construction contract) sold after less than 365 days is fully taxed as business income, not a capital gain, and the principal residence exemption cannot be used.
- First-time home buyer land transfer tax refund첫 집 구매자 토지양도세 환급If you have never owned a home anywhere, Ontario refunds up to $4,000 of its land transfer tax and Toronto up to $4,475 of its own. Your lawyer usually claims it at closing so you pay less right away.
- Toronto municipal land transfer tax (MLTT)토론토 시 토지양도세 (MLTT)Toronto’s own land transfer tax, paid on top of the Ontario tax when you buy in the city. Rates match Ontario’s up to $2,000,000; single family homes (condos too) over $3,000,000 pay higher rates, raised April 1, 2026.
- Land transfer tax토지양도세A provincial tax the buyer pays on closing when buying a home or land in Ontario. It is worked out in steps from 0.5% to 2.5% of the price, and homes inside the City of Toronto pay a second, municipal tax on top.
- Home Buyers’ Plan (HBP)홈 바이어스 플랜 (HBP, RRSP 인출)A federal program that lets you take up to $60,000 out of your RRSP (retirement savings) tax-free to buy a first home, as long as you pay it back over 15 years.
- First Home Savings Account (FHSA)FHSA (첫 집 저축 계좌)A registered account for saving toward a first home. You can put in $8,000 a year and $40,000 in total, deduct the contributions from your income, and withdraw the money tax-free to buy your first home.
- MPAC Request for Reconsideration (RfR)MPAC 재검토 요청 (RfR)A free request asking MPAC to review your property’s assessed value or class. It is usually due by March 31 of the tax year. If you disagree with the result, you can appeal to the Assessment Review Board within 90 days.
Condos
Documents, fees and rules that only condos have.
- Common elements공용 부분 (공용 시설)Everything in a condo that is not a unit: lobbies, hallways, elevators, outer walls and pipes. A balcony you alone use is often an "exclusive-use common element". This line decides who repairs and insures what.
- Status certificate스테이터스 서티피케이트A report from the condo corporation on a unit and the building: fee arrears, budget, reserve fund, lawsuits, insurance and rules. Due within 10 days of the request and fee (max $100); your lawyer reviews it.
- Reserve fund적립금A condo corporation’s savings used only for major repair and replacement of common elements. Owners fund it through condo fees, a study checks it at least every 3 years, and a shortfall means special assessments.
- Condo audited financial statements콘도 감사 재무제표A condo corporation’s yearly financial report, checked by an independent auditor who reports on it. It has a balance sheet, operations and reserve fund statements; the latest one comes with the status certificate.
- Condo fees콘도 관리비Monthly common expenses each condo owner pays: upkeep of common elements, building insurance, management and the reserve fund. Your share is set in the declaration and the yearly budget; unpaid fees become a lien.
- Condo declaration, by-laws and rules콘도 선언문, 정관, 규칙The three documents that govern a condo: the declaration ranks highest, then the by-laws, then the rules, and none may conflict with the Condominium Act. Pet, rental, renovation and parking limits live here.
- Condo board of directors콘도 이사회 (보드)The group of at least three directors, elected by the owners, who run a condo corporation. They set the budget and fees, sign contracts and make rules, and must act honestly and with care.
- Condominium콘도미니엄A form of ownership where you own your unit and share the common elements with every other owner. Ontario’s Condominium Act, 1998 governs it, and all owners form a condo corporation run by an elected board.
- Special assessment특별 부과금A one-time extra charge a condo corporation adds to owners’ condo fees when the budget or reserve fund cannot cover a cost. The board can levy it without an owner vote; your share follows your fee percentage.
Pre-construction and new homes
What you need to know when you buy a home before it is built.
- 10-day cooling-off period10일 숙려 기간 (취소 기간)The 10 days in which a new-condo buyer can cancel in writing for any reason, once they have the signed agreement, disclosure statement and CAO guide, and get money back with interest (Condo Act s. 73). Resales have none.
- Development charges and closing levies개발 부담금과 클로징 부가 비용Municipal development charges and education, parkland and similar levies that a builder’s contract passes to the buyer at final closing. They can be tens of thousands of dollars, so negotiate a cap before you sign.
- Disclosure statement공개 문서 (디스클로저 스테이트먼트)The document package a builder must give every new condo buyer (Condominium Act, s. 72): the project, draft declaration and rules, first-year budget, fees, amenities and leasing plans. It starts the 10-day cooling-off.
- Pre-construction early termination (project cancellation)분양 계약 조기 종료 (프로젝트 취소)A pre-construction project is cancelled when an Early Termination Condition (sales, financing, approvals) is not met by its date, or the builder goes bankrupt. Condo deposits are held in trust and refunded with interest.
- Assignment sale어사인먼트 매매 (분양권 전매)Selling your rights under a pre-construction purchase agreement to a new buyer before you take title. The builder usually must consent and may charge a fee, and HST and income tax can apply to the profit.
- Interim occupancy임시 입주 (인테림 오큐펀시)The period when you can move into a finished pre-construction condo before the building is registered and title passes to you. You have no ownership or mortgage yet; you pay the builder a monthly occupancy fee.
- Occupancy date and critical dates입주 예정일과 핵심 날짜The date a builder promises your new home will be ready. The Tarion Addendum lists tentative, firm and outside dates on its Statement of Critical Dates; miss the firm date and you can claim $150 a day, up to $7,500.
- Pre-delivery inspection (PDI)입주 전 점검 (PDI)A walk-through of a new home with the builder before you move in. Damaged, unfinished, missing or broken items go on the PDI Form, which becomes the official record of the home’s condition.
- Pre-construction deposit structure프리컨 디파짓 일정How a pre-construction contract splits the deposit into instalments: at signing, after set months and at occupancy. Condo deposits must be held in trust with interest and refunded if the project is cancelled.
- Pre-construction purchase프리컨스트럭션 (분양)Buying a condo or house from the builder before it is built, from plans and a model. Deposits are paid in instalments, a new condo has a 10-day cooling-off period, move-in can take years, and Tarion and HCRA rules apply.
- Tarion warrantyTarion (신축 주택 보증)The organization that administers Ontario’s new home warranty. The builder gives the warranty and Tarion backs it: deposit protection and delay compensation before move-in, and 1-, 2- and 7-year defect coverage after.
- Tarion warranty claims (1-, 2- and 7-year)Tarion 하자 보증 청구 (1·2·7년)How a new-home owner uses the 1-, 2- and 7-year statutory warranty: tell the builder in writing, file Tarion’s forms on time, let the builder repair, and ask Tarion to step in if it does not.
Renting and landlords
The rights, forms and rules for tenants and landlords in Ontario.
- Above-guideline rent increase (AGI)가이드라인 초과 인상 (AGI)Rent can go above the yearly guideline only with LTB approval, for three reasons: a big rise in municipal taxes, major building work, or outside security costs. Work and security: up to guideline + 3% a year.
- Guarantor (co-signer)보증인 (개런터)A person who promises in writing to pay if the tenant does not pay rent or breaks the lease. An Ontario landlord may require one only under the same rule for every applicant, and the guarantor takes on real risk.
- Tenant insurance세입자 보험Insurance a tenant buys for their own belongings and their liability for damage to others. The landlord’s policy covers only the building, and the Ontario standard lease lets a landlord require liability coverage.
- Tenant screening세입자 심사How a landlord checks a rental applicant’s credit, rental history and income. In Ontario the Human Rights Code and O. Reg. 290/98 limit what can be asked, and a rent-to-income cut-off (the "30% rule") is illegal.
- Property left behind by a tenant세입자가 두고 간 물건Belongings a tenant leaves in the unit after moving out. The rules depend on how the tenancy ended: often right away after a notice, 72 hours after a Sheriff eviction, 30 days if the unit was abandoned.
- Ontario Standard Lease온타리오 표준 임대 계약서The government lease form that most private home rentals in Ontario signed on or after April 30, 2018 must use. It has 17 sections, and any extra term that takes away a right under the Residential Tenancies Act is void.
- Month-to-month tenancy (automatic renewal)월 단위 임대 (계약 자동 연장)In Ontario, when a fixed-term lease (such as one year) ends, it turns into a month-to-month tenancy on the same terms. The tenant does not have to move or sign again, and the landlord needs a legal reason to end it.
- Ending a tenancy (N9, N11)임대 계약 끝내기 (N9, N11)A tenant ends an Ontario tenancy with Form N9 at least 60 days ahead (28 for weekly rentals), ending on the last day of a rental period. A one-year lease rolls into month-to-month, and eviction needs an LTB order.
- Rent deposit (last month’s rent)임대 보증금 (마지막 달 월세)The only deposit an Ontario landlord may collect: at most one month’s rent, used only as the last month’s rent, with interest paid to the tenant every year at the rent increase guideline. Damage deposits are illegal.
- Housing discrimination (Human Rights Code)임대 차별 금지 (인권법)Ontario’s Human Rights Code bans rental discrimination and harassment because of race, place of origin, citizenship, creed, sex, age, family status (children), disability and more. Apply to the HRTO within one year.
- Rent control exemption for newer units임대료 규제 면제 (2018년 11월 15일 이후 신축)Buildings, additions and most new basement units first occupied after November 15, 2018 are not covered by the rent increase guideline. The landlord still needs 90 days’ notice on Form N1, once every 12 months.
- Rent increase guideline임대료 인상 한도 (가이드라인)The most a landlord can raise the rent in a year without LTB approval, set by Ontario each year: 2.1% for 2026 and 1.9% for 2027. Rent can go up once every 12 months, after 90 days’ written notice on Form N1.
- Subletting and assigning a lease전대와 임대 계약 양도A sublet is temporary; an assignment hands over your lease for good. Both need the landlord’s consent; a specific person can’t be refused unreasonably. If assignment itself is refused, you can leave on 30 days’ notice.
- Residential Tenancies Act, 2006주거 임대법 (RTA)The Ontario law that covers most home rentals. It sets the rules for rent increases, evictions, repairs and deposits, and sends disputes to the Landlord and Tenant Board (LTB).
- Landlord entry rules집주인 출입 규정 (24시간 통지)An Ontario landlord may enter a rented home only with written notice 24 hours ahead giving the reason, the day and a time between 8 a.m. and 8 p.m. Exceptions: emergencies, consent at the door, showings to new tenants.
- Landlord’s duty to maintain and repair집주인의 수리·관리 의무An Ontario landlord must keep a rental in good repair, fit to live in and up to health, safety and housing standards, even if the tenant knew of problems. If not, tenants can call the city or file Form T6.
- Eviction process in Ontario퇴거 절차 (온타리오)In Ontario there is one legal path to evict a tenant: a notice on an LTB form for a reason the law allows, an LTB application, a hearing, an eviction order, then the Sheriff. Landlords cannot change the locks themselves.
- Vital services (heat, water, electricity)필수 서비스 (난방·물·전기 차단 금지)Hot or cold water, fuel, electricity, gas, and heat from September 1 to June 15. A landlord cannot cut them off or block them, even if rent is late, and can face LTB orders and fines.
- N12 notice (landlord’s own use)N12 통지 (집주인·구매자 본인 거주 퇴거)Notice to end a tenancy so the landlord, a buyer or close family can move in (at least a year for a landlord’s own use). Needs a 60-day notice, often one month’s rent in compensation; tenants may wait for an LTB hearing.
- N13 notice (demolition, conversion or major repairs)N13 통지 (철거·용도 변경·대수선 퇴거)A notice to end a tenancy so the landlord can demolish the unit, convert it to non-residential use, or do repairs that need a permit and an empty unit. It needs at least 120 days’ notice, usually with compensation.
- N4 notice (non-payment of rent)N4 통지 (월세 미납 퇴거 통지)The LTB form a landlord gives when rent is not paid. It sets a date at least 7 days away to pay or move out. If the tenant pays it all in time, the notice is void, and the notice alone cannot force anyone out.
Property, land and legal rights
Ownership, boundaries, zoning and the rights and limits that come with land.
- Garden suite가든 스위트 (뒷마당 별채)A small separate home in the backyard of a house, semi or townhouse, with its own kitchen and bathroom, that does not face a public lane. It needs a building permit, and in Toronto it cannot be split off and sold.
- Matrimonial home가정 주택 (배우자 동의)A home that married spouses ordinarily live in as their family residence. Under Ontario’s Family Law Act, one spouse cannot sell or mortgage it without the other spouse’s consent, even if only one name is on title.
- Building permit건축 허가 (빌딩 퍼밋)The city’s approval you need before building, adding on, changing structure or plumbing, or creating a basement unit (Building Code Act s. 8). It must be closed by a final inspection; an "open permit" can hold up a sale.
- Encroachment경계 침범 (인크로치먼트)When a fence, shed, eaves, deck or driveway crosses the lot line onto a neighbour’s or the city’s land. A survey reveals it; it is fixed by agreement, an easement or removal, and title insurance may cover the loss.
- Joint tenancy and tenancy in common공동 소유 방식 (조인트 테넌시)Two ways to own a home together in Ontario. Joint tenants have a right of survivorship (a share passes automatically on death); tenants in common hold separate shares that pass through the estate.
- Official plan공식 계획 (오피셜 플랜)A municipality’s long-term policy on how land should be used. Zoning by-laws must conform to it (Planning Act s. 24 (1)), so a rezoning for a use the plan does not allow also needs an official plan amendment.
- Legal non-conforming use기존 비적합 용도A use that was lawful on the day a zoning by-law was passed may carry on even if the by-law prohibits it, as long as the use continues (Planning Act s. 34 (9) (a)). If the use stops, the protection can be lost.
- Laneway suite레인웨이 스위트 (골목 쪽 별채)A small separate home at the back of a lot that shares a property line with a public lane, with its own kitchen and bathroom. In Toronto it is allowed in most residential zones with a building permit.
- Minor variance마이너 배리언스 (소규모 예외 허가)Permission from a city’s Committee of Adjustment to depart a little from a zoning rule, such as a setback or height. It must pass the tests in section 45 of the Planning Act and is decided at a public hearing.
- Missing middle housing미싱 미들 주택 (중간 규모 주택)Mid-sized homes between a detached house and a high-rise condo, such as duplexes, triplexes, fourplexes and low-rise apartments. Toronto allows fourplexes city-wide; Ottawa announced mortgage insurance changes.
- Title fraud소유권 사기 (타이틀 사기)When someone uses forged papers, a fake power of attorney or a stolen identity to sell or mortgage a home without the owner knowing. Ontario’s Land Titles Act has ways to fix the register and a compensation fund.
- Stacked and back-to-back townhouses스택·백투백 타운하우스A stacked townhouse has homes stacked one above another. A back-to-back townhouse shares side and rear walls with neighbours and has no backyard. Some combine both. Every home has its own outside door.
- Zoning용도 지역 (조닝)Municipal rules under the Planning Act that say what each piece of land may be used for and how big, how tall and where buildings can be. Check zoning before you plan an addition, a basement unit or a home business.
- Lien유치권·담보권 (린)A legal claim registered against a home by someone who is owed money, such as an unpaid contractor, a condo corporation or a tax authority. It must be paid or discharged before the home can close cleanly.
- Temporary use by-law임시 용도 바이로A by-law allowing a use the zoning prohibits, for a set time only (Planning Act s. 39): up to 3 years (20 for a garden suite), extended up to 3 years at a time. When it ends, the use has no non-conforming protection.
- House types in the GTA주택 종류 (디태치드, 세미, 타운하우스)What detached, semi-detached, townhouse, link, duplex and condo apartment mean in GTA listings, how you own the land and building in each type, and how upkeep, fees and rules differ.
- Easement and right-of-way지역권 (이즈먼트)과 통행권A right someone else (a neighbour, a utility, the city) has to use part of your land for a set purpose, such as crossing it or running pipes. You still own the land but cannot build over it, and it binds the next owner.
- Additional residential units (ARUs)추가 주거 유닛 (ARU, 한 필지에 3세대까지 보장)Ontario rules that stop cities from banning up to three homes on one urban lot with a house, semi or townhouse, such as a basement unit or a garden or laneway suite. You still need a building permit.
- Survey (SRPR)측량도 (서베이)A plan and report by a licensed Ontario Land Surveyor showing the lot lines, how far buildings sit from them, and any easements or encroachments. The seller usually does not have to provide a new one.
- Severance (consent to sever land)토지 분할 (세버런스)The approval (a "consent") you need to split a lot or to sell or mortgage part of one. It comes from sections 50 and 53 of the Planning Act, and a deal made without it may not pass any interest in the land.
- Power of sale파워 오브 세일 (대출 기관 매각)How an Ontario lender sells a home when the borrower stops paying the mortgage, without going to court. It must give notice and wait at least 35 days; money left after the debt and costs goes back to the owner.
- Freehold프리홀드 (단독 소유)Owning both the land and the building outright, in fee simple. Unlike a condo there are no condo fees and no corporation, but you are responsible for every repair, from the roof to the fence.
- Legal basement apartment (secondary suite)합법 지하 유닛 (세컨더리 스위트)A second self-contained home inside a house, usually the basement. It is legal when zoning allows it, it has a building permit, it meets the Building Code (ceiling, fire separation, alarms, exits) and ESA passed it.
- Holding provision (H symbol)홀딩 조항 (H 기호)An "H" (or "h") symbol added to a zone. The use set out in the by-law can start only after the by-law is amended to remove the H (Planning Act s. 36), for example once roads are in place.
- Parcel of Tied Land (POTL)POTL (공용 부분 콘도 타운하우스)A freehold home whose lot carries a share in a common elements condominium that owns the private road, visitor parking and landscaping. You pay a monthly fee, and the share cannot be split from the lot when you sell.
Market and prices
Market words from the news and reports, and how to read prices.
- Household debt service ratio (interest only)가계 부채 상환 비율 (이자 기준)The share of household disposable income (money left after taxes) that goes to interest on mortgages and other debt. In 2025: Canada 8.65%, Ontario 10.4%. Not the same as lenders’ GDS/TDS.
- Household saving rate가계 저축률The share of disposable income (money left after taxes and similar payments) that households do not spend. Statistics Canada publishes it for Canada and each province. In 2025 it was 4.4% in Canada and 3.4% in Ontario.
- Seasonally adjusted계절 조정A number with the usual yearly pattern taken out, such as busy springs and slow winters. It is used to compare one month with the month before.
- Labour Force Survey노동력 조사A monthly Statistics Canada survey of about 65,000 households that counts people who work, who look for work, and who do neither. Unemployment and employment rates come from it. October 2026 results came out November 6.
- Days on market (DOM)매물 등록 기간 (DOM)The number of days a listing sat on the MLS® before it sold. Relisting resets the listing count (LDOM), so TRREB also reports property days on market (PDOM), counted from when the home first came up for sale.
- Buyer’s market and seller’s market매수자 시장과 매도자 시장A buyer’s market has more homes for sale than buyers; a seller’s market has more buyers than homes. Read it from the sales-to-new-listings ratio and months of inventory; it changes how you negotiate.
- Trade balance (trade surplus or deficit)무역수지 (무역 흑자·적자)What a country sells to other countries (exports) minus what it buys from them (imports). More exports means a surplus; more imports means a deficit. Statistics Canada publishes it every month.
- Inflation (CPI)물가 상승률 (인플레이션)How much prices for goods and services have risen from a year ago, in percent. Canada measures it with the consumer price index (CPI), and the Bank of Canada moves its policy rate to keep it near 2% (range 1% to 3%).
- Comparative market analysis (CMA)시세 분석 (CMA)A report in which an agent estimates what a home would sell for by comparing recent sales of similar homes (comps) and current listings. It differs from a lender’s appraisal and the MPAC assessment used for property tax.
- New Condominium Apartment Price Index신축 콘도 가격 지수A quarterly Statistics Canada index of how developers’ selling prices for new condo units change over time. It compares units of the same quality, and the 2017 average is set to 100.
- Unemployment rate실업률The share of the labour force (people working or looking for work) who have no job and are looking. Statistics Canada publishes it monthly. In October 2026 it was 6.7% in Canada and 7.3% in Ontario.
- Census metropolitan area인구조사 대도시권The big-city area Statistics Canada uses for its numbers: a core city plus the neighbouring municipalities tied to it, mainly by commuting. It must have at least 100,000 people.
- Housing starts주택 착공The number of new homes on which construction has begun. CMHC publishes it every month, and it shows how many new homes will be ready to live in a few years from now.
- Monetary Policy Report통화 정책 보고서A report the Bank of Canada publishes four times a year with its outlook for inflation and economic growth and the main risks. It comes out on the same day as a policy rate decision.
- Average, median and benchmark price평균가, 중간값, 벤치마크 가격The average adds up all sale prices and divides; the median is the middle sale; the benchmark is the MLS® HPI price of a "typical" home. Averages swing with the mix of homes sold, so use the benchmark for trends.
- Home staging홈 스테이징Preparing a home for sale by decluttering, cleaning, small repairs and arranging furniture and decor so it looks its best in photos and showings. The listing must still be accurate and not misleading.
- GDP (gross domestic product)GDP (국내총생산)The value of everything made and every service provided in a country over a period. Statistics Canada publishes it monthly (by industry) and quarterly; up means the economy is growing, down means it is shrinking.
- MLS® (Multiple Listing Service®)MLS (매물 공유 시스템)The co-operative system REALTORS® use to share listings and sell homes together. In the GTA it is TRREB’s MLS® System: full data for member agents only, with part shown on public sites such as REALTOR.ca.
Neighbourhoods and census data
Words from our neighbourhood guides, such as the census, crime rates and district codes, and how to read those numbers.
- Visible minority가시적 소수자A census population group based on the federal Employment Equity Act: people, other than Indigenous people, who are not white. Korean is one of the groups.
- Neighbourhood Improvement Area (NIA)동네 개선 지역(NIA)A neighbourhood the City of Toronto named for priority support under its Toronto Strong Neighbourhoods Strategy (TSNS 2020). 31 were named in 2014; there are 33 of the 158 today. Borders match regular neighbourhoods.
- Mother tongue모국어In the census, the first language a person learned at home as a child and still understands. It is a different question from the language used most at home now, and from citizenship.
- Ethnic or cultural origin민족·문화적 기원The census question about the ethnic or cultural roots of a person’s ancestors. People can give more than one origin, so all origins added together are more than the population.
- Crime rate per 100,000범죄율(주민 10만 명당)The number of reported crimes in a year for every 100,000 residents of an area. It is used to compare areas with different populations. It counts residents only, so busy areas with many visitors show higher rates.
- Census센서스(인구조사)Statistics Canada’s count of every person and home in Canada, taken every 5 years. Answering is required. Age, language, immigration, housing and income numbers come from it. Our neighbourhood guides use the 2021 Census.
- Immigrant (census)이민자(센서스 기준)In the census, a person who is or has ever been a landed immigrant or permanent resident, including those who later became citizens. Recent immigrants got that status in 2016 to 2021.
- City of Toronto neighbourhood토론토시 네이버후드The 158 areas the City of Toronto uses for statistics and service planning. They are built from census tracts and changed from 140 to 158 in 2022.
- TRREB district codeTRREB 구역 코드The district names TRREB uses to split the City of Toronto, such as C01, E01 and W01. They are used in listings and market reports, and their borders are not the same as the City’s 158 neighbourhoods.
Commercial real estate
Words used to value commercial property: warehouses, shops, offices and business sales.
- Vacancy rate공실률The share of units or space that is empty. Used to work out “money not received because of vacancy” when estimating a rental building’s income and value.
- Record of Site Condition (RSC)부지 상태 기록 (Record of Site Condition, RSC)A record, filed on a government registry, that a professional has confirmed the land’s environmental condition suits a new use. Needed first when changing industrial or commercial land to housing and similar uses.
- Income approach수익환원법A way to value a property from the income it earns. Used mainly for income-producing commercial buildings: net operating income divided by the cap rate.
- Net operating income (NOI)순영업이익 (NOI)A building’s income minus vacancy loss and the operating costs the owner pays. Loan interest and principal are not included. The starting point for commercial value.
- Net lease and gross lease순임대와 그로스 임대 (Net lease, Gross lease)Kinds of commercial lease, by how much of the costs such as property tax the tenant pays. With the same rent, the money left for the landlord differs.
- Goodwill영업권 (Goodwill)The value you cannot see in a business, such as regulars, location and name. It is part of the price when a restaurant or shop is bought or sold. It is similar to “key money” (권리금) in Korea.
- Tenant improvement allowance (TI)임차인 인테리어 지원금 (TI)Money a landlord gives a tenant toward renovating the rented space. Along with free-rent months it is one of the perks (tenant inducements) used to attract tenants.
- Highest and best use최고·최선의 사용 (Highest and best use)An appraiser’s concept: the use of a property that is physically possible, legally permissible, financially feasible and maximally productive, giving the highest value.
- Cap rate (capitalization rate)캡 레이트 (자본화율)A building’s yearly net operating income (NOI) divided by its price. Commercial value is often estimated as NOI ÷ cap rate.
- Seller’s discretionary earnings (SDE)판매자 재량 이익 (SDE)The profit of a small owner-run business with the owner’s pay and personal costs added back. Used with a multiple to estimate the value of a restaurant, auto shop or convenience store.
- EBITDAEBITDA (이자·세금·감가상각 전 이익)Earnings before interest, taxes, depreciation and amortization. A common way to estimate a business’s value is to apply a multiple to EBITDA.
- Phase I environmental site assessment (ESA)Phase I 환경 평가 (환경 조사)A first-stage review by a qualified professional, from records and a site visit, of how likely it is that the land or water is contaminated. Especially important when buying a repair shop, gas station or factory site.
People and organizations
The people in a deal, and the regulators and associations in Ontario.
- REALTOR®, salesperson and broker리얼터 (REALTOR®), 세일즈 레프, 브로커In Ontario anyone who trades in real estate for others must be registered with RECO as a salesperson or broker and work for a brokerage. REALTOR® is not a licence; it is a trademark only CREA members may use.
- Mortgage broker모기지 브로커A person licensed by Ontario’s financial regulator (FSRA) who finds and arranges a mortgage between you and a lender. Unlike a bank employee, a broker works with many lenders, and is usually paid by the lender.
- Real estate lawyer부동산 변호사The lawyer who searches title, reviews the paperwork, registers the transfer and settles the money when you buy or sell in Ontario. Only a lawyer may make the statements a transfer must contain, so both sides need one.
- Real estate boards and associations (TRREB, OREA, CREA)부동산 협회 (TRREB, OREA, CREA)Voluntary member associations of agents. TRREB runs the GTA MLS® System and monthly market stats, OREA makes Ontario’s standard forms, CREA runs REALTOR.ca and the REALTOR® trademark. RECO, not they, is the regulator.
- Brokerage브로커리지 (중개 회사)The RECO-registered company that real estate agents work for. Your representation agreement is with the brokerage, not the individual agent, and deposits are held in the brokerage’s trust account.
- Ontario Land Tribunal (OLT)온타리오 토지 심판소 (OLT)Ontario’s tribunal that hears appeals of city land-use decisions, such as zoning by-laws, official plans and development applications. Deadlines are short (often 20 days) and the law limits who may appeal.
- Landlord and Tenant Board (LTB)임대차 심판소 (LTB)The Ontario tribunal that decides disputes between landlords and tenants: evictions, unpaid rent, repairs and rent increases. It works like a simpler court, and most hearings are held by Zoom or phone.
- Condominium Authority of Ontario (CAO) and CAT콘도 관리청 (CAO)과 콘도 심판소 (CAT)The not-for-profit body under Ontario’s Condominium Act that gives condo information, director training and the Condo Registry, plus its online tribunal (CAT) for disputes about records, pets, parking and nuisances.
- CMHC (Canada Mortgage and Housing Corporation)CMHC (캐나다 모기지주택공사)A federal Crown corporation (a company owned by the Government of Canada). Buyers know it best for mortgage loan insurance, which lenders need when your down payment is under 20%.
- FSRA (Financial Services Regulatory Authority of Ontario)FSRA (온타리오 금융서비스규제청)Ontario’s financial regulator. It licenses and oversees mortgage brokerages, brokers and agents, keeps a public licence register and reviews complaints, but it cannot recover money for you.
- HCRAHCRA (신축 주택 건설 규제청)The regulator that licenses everyone who builds or sells new homes in Ontario and enforces their code of ethics. Building or selling without a licence is illegal; check any builder in the Ontario Builder Directory.
- MPACMPAC (부동산 평가 공사)The corporation that sets the assessed value of every property in Ontario for property tax, still based on January 1, 2016 values; it does not collect tax, and you can ask for a free review if you disagree.
- RECO (Real Estate Council of Ontario)RECO (온타리오 부동산 협의회)The regulator of real estate agents and brokerages in Ontario. Under TRESA it handles registration, enforces the Code of Ethics, investigates complaints, and runs deposit insurance and the public register.
- Trust in Real Estate Services Act, 2002 (TRESA)TRESA (온타리오 부동산 중개법)Ontario’s consumer-protection law for real estate agents and brokerages, formerly REBBA 2002. Big changes on December 1, 2023: the Information Guide, self-represented parties, offer-count disclosure, tougher discipline.
No term matches. Ask me through the consultation form and I will explain it and add it here.
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I explain what a contract word means and how it applies to your situation, in Korean or English.