Canadian Real Estate Glossary

Canadian Real Estate Glossary


Gated Community: A residential community that is enclosed and secured by gates or walls, often featuring amenities such as controlled access, private streets, and shared facilities.

Grace Period: A specified period of time after a payment due date during which a late fee or penalty is not assessed.

Graduated Payment Mortgage (GPM): A type of mortgage loan where the initial payments start lower and gradually increase over time. GPMs are designed to accommodate borrowers who expect their income to rise in the future.

Greenfield Site: A piece of undeveloped land, typically in a rural or suburban area, that is available for new construction or development, often without any existing infrastructure or buildings.

Gross Building Area: The total floor area of a building, including all finished and unfinished spaces, measured from the exterior walls and including common areas.

Gross Rent Multiplier (GRM): A formula used to estimate the value of an income-producing property by dividing the property's sale price by its annual gross rental income.

Gross Scheduled Income: The total potential income that a property can generate from all rentable spaces, without considering vacancies or expenses.

Gross Up: A term used to describe the process of increasing the amount of a payment or income to account for taxes or other deductions. Grossing up is commonly done when an employer wants to ensure that an employee receives a specific net amount after taxes. 

Ground Lease: A lease agreement in which a tenant leases land from a landlord, typically for an extended period, to construct and operate a building or other improvements.

Guarantor: A person or entity that agrees to be legally responsible for another person's debt or obligation if the original borrower fails to fulfill their obligations.

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