Canadian Real Estate Glossary

Canadian Real Estate Glossary


Impact Fees: Fees imposed by local governments on new developments or construction projects to help offset the costs and impacts associated with the increased demand for public services and infrastructure resulting from the development.

Improvement: Any permanent structure or addition to a property that enhances its value or utility, such as a building, fence, or driveway.

Income Property: A property that is purchased or developed with the intention of generating rental income or profits from its operation.

Incurable Defect:A significant flaw or issue with a property that cannot be reasonably fixed, even with extensive repairs or renovations.

Index: A benchmark or reference rate used to determine changes in interest rates for adjustable-rate mortgages or other financial instruments.

Infill Development: The process of constructing or redeveloping properties within already developed areas, typically in urban or suburban locations. It involves utilizing vacant or underutilized parcels of land to create new residential, commercial, or mixed-use projects.

Infill Housing: The construction of residential units in vacant or underutilized spaces within already developed areas, aiming to increase housing density and revitalize existing communities.

Inflation: The rate at which the general level of prices for goods and services is rising, reducing the purchasing power of a currency.

Ingress/Egress: The right to enter and exit a property, often referring to legal access to and from a public road or thoroughfare.

Initial Interest Rate: The starting interest rate offered on a loan or credit product, such as a mortgage or credit card. It is typically lower than the long-term or adjustable interest rate and is often used as an incentive to attract borrowers. Also known as the introductory rate or teaser rate.

Initial Public Offering (IPO): The first sale of a company's stock to the public, allowing investors to purchase shares and become partial owners of the company.

Inspection Contingency: A clause in a real estate purchase agreement that allows the buyer to conduct a professional inspection of the property and negotiate repairs or other concessions based on the findings.

Installment Contract: An installment contract is a legal agreement between a buyer and a seller in which the buyer agrees to make regular payments to the seller over a specified period until the full purchase price of a property or goods is paid off.

Installment Sale: A method of selling a property where the buyer makes periodic payments to the seller over time, rather than paying the full purchase price upfront.

Insurable Title: A property title that can be covered by a title insurance policy. It indicates that a thorough examination of the property's history and ownership records has been conducted, and there are no known defects, liens, or encumbrances that would jeopardize the buyer's ownership rights.

Insurance Binder: A temporary insurance policy that provides coverage until a permanent policy is issued or the closing of a property sale is completed.

Interest: The cost of borrowing money, usually expressed as a percentage of the loan amount or outstanding balance.

Interest-Only Loan: An interest-only loan is a type of loan where the borrower is only required to pay the interest on the principal amount for a specified period, typically ranging from a few months to several years. During this initial period, the borrower does not make any principal payments, resulting in lower monthly payments. However, once the interest-only period ends, the borrower is typically required to start making principal payments, which may result in higher monthly payments.

Interest Rate: The percentage charged by a lender for borrowing money, typically expressed as an annual percentage rate (APR).

Investment Property: A real estate property that is purchased with the primary goal of generating income or appreciation rather than for personal use.

Inventory: The total number of properties available for sale in a given market at a specific point in time.

Involuntary Lien: A lien placed on a property without the owner's consent, typically due to unpaid debts or legal judgments.

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