Canadian Real Estate Glossary

Canadian Real Estate Glossary


Occupancy Cost: The total expenses incurred by a tenant or occupant of a property to utilize and maintain the space, including rent or lease payments, utilities, taxes, insurance, and maintenance fees. It represents the financial burden associated with occupying and operating a property.

Occupancy Permit: A document issued by the local government or municipality that certifies a property is suitable for occupancy and meets relevant building codes and regulations.

Off-Market: Refers to a property that is not actively listed for sale on the open market but may still be available for purchase.

Offer: A formal written proposal made by a buyer to purchase a property, specifying the price, terms, and conditions.

Open House: A scheduled period of time during which a property is available for potential buyers to view without an appointment.

Open Listing: A non-exclusive listing agreement where the seller can engage multiple real estate agents to market and sell the property, and the agent who brings the buyer receives the commission.

Open Space: An area of land or property that is primarily undeveloped or not built upon, typically characterized by natural features, vegetation, or designated for recreational or conservation purposes.

Operating Expenses: The ongoing costs associated with owning and operating a property, such as property taxes, insurance, maintenance, and utilities.

Opportunity Cost: The potential loss or sacrifice of alternative options or benefits when choosing one course of action over another.

Option Agreement: A legal agreement that gives a buyer the exclusive right, but not the obligation, to purchase a property within a specified time period.

Oral Agreement: A verbal agreement or contract between two or more parties that is not documented in writing. It outlines the terms and conditions agreed upon by the involved parties but may be more difficult to enforce or prove compared to a written agreement.

Original Principal Balance: The original amount of money borrowed in a mortgage loan before any payments or interest have been applied.

Origination Fee: A fee charged by lenders to cover the administrative costs associated with processing a new loan application. It is typically expressed as a percentage of the loan amount and is paid by the borrower at the time of closing.

Outbuilding: A separate structure or building on a property that is not connected to the main dwelling, such as a garage, shed, or workshop.

Over-improvement: Refers to making improvements or renovations to a property that exceed the value or market standards for the area, resulting in a potential lower return on investment.

Overhang: The portion of a roof or structure that extends beyond the exterior walls of a building.

Owner Financing: A financing arrangement in which the seller provides financing to the buyer instead of or in addition to a traditional mortgage from a lender.

Owner-Occupied: Refers to a property that is owned and used by the owner as their primary residence.

Ownership: The legal right to possess, use, and control a property.

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