Canadian Real Estate Glossary

Canadian Real Estate Glossary


Hazard Insurance: Insurance coverage that protects against damage or loss to a property caused by specified perils, such as fire, storms, or theft.

Hectare: A unit of land measurement commonly used in real estate, equal to 10,000 square meters or approximately 2.47 acres.

High Density: A term used in real estate to describe a type of development characterized by a significant number of residential or commercial units built within a relatively small area of land, typically resulting in a concentrated population or high building occupancy.

High Rise: A term used in real estate to refer to a tall building or structure with multiple floors, typically designed for residential, commercial, or mixed-use purposes, often found in urban areas.

Home Equity: The difference between the market value of a property and the outstanding balance of any liens or mortgages on it, representing the owner's financial interest in the property.

Home Equity Line of Credit (HELOC): A financial product offered by lenders that allows homeowners to borrow against the equity in their homes. It functions as a revolving line of credit, providing flexibility in accessing funds for various purposes, such as home improvements or debt consolidation.

Home Inspection: A professional examination of a property's condition, typically conducted before a purchase to identify any structural, mechanical, or other issues.

Home Rule: A concept in governance that grants local authorities or communities the ability to exercise a degree of self-governance and decision-making within a defined geographic area, typically with a certain level of autonomy from higher levels of government.

Homeowners Association (HOA): An organization in a residential community that establishes and enforces rules, regulations, and fees for the maintenance and management of common areas and amenities.

Homeowners Insurance: Insurance coverage that protects homeowners against damage or loss to their property, as well as liability for accidents or injuries that occur on the property.

HUD: The U.S. Department of Housing and Urban Development, a federal agency responsible for implementing and overseeing housing programs and policies.

HUD-1 Settlement Statement: A standardized form used in real estate transactions in the United States, itemizing the closing costs and financial transactions between the buyer, seller, and lender.

HVAC: Stands for Heating, Ventilation, and Air Conditioning, referring to the systems and equipment used to control indoor temperature, airflow, and climate.

Holding Period: The length of time that an investor or property owner holds a particular investment property before selling it.

Housing Discrimination: The unfair and illegal practice of treating individuals or groups differently based on protected characteristics, such as race, color, religion, sex, national origin, familial status, or disability, in any aspect of housing, including renting, selling, financing, or advertising. 

Housing Ratio: The percentage of a borrower's monthly gross income that is used to pay for housing expenses, including mortgage principal, interest, taxes, and insurance.

House Flipping: The practice of buying a property, renovating or improving it, and then selling it quickly for a profit.

Housing Market: The overall market conditions and trends affecting the buying, selling, and pricing of residential properties in a specific area.

Hybrid Mortgage: A type of mortgage loan that combines features of both fixed-rate and adjustable-rate mortgages, typically starting with a fixed interest rate for a specified period and then adjusting periodically.

Hard Money Loan: A short-term, high-interest loan typically used by real estate investors or individuals with poor credit, secured by the value of the property being purchased.

Home Warranty: A service contract that covers the repair or replacement of certain home systems and appliances for a specified period after the purchase of a property.

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