Canadian Real Estate Glossary

Canadian Real Estate Glossary


Vacancy Rate: The percentage of rental units or properties that are currently unoccupied or available for rent in a specific area or market.

Vacate: To leave or move out of a property, typically referring to tenants who are no longer occupying a rental unit.

Variable Rate Mortgage: A mortgage with an interest rate that fluctuates over time based on changes in the market interest rates.

Vaulted Ceiling: A type of architectural ceiling design that features an arched or curved shape, creating a visually striking and spacious effect. It is characterized by a high point or ridge along the center of the ceiling, with the sides sloping or curving downward to meet the walls.

Vendor: The party who is selling a property.

Verification of Deposit (VOD): The process of verifying a borrower's savings or deposit account balance by contacting their financial institution directly.

Verification of Employment (VOE): The process of verifying a borrower's employment status and income by contacting their employer directly.

Vesting: The way in which a property is owned or titled, typically involving multiple individuals or entities.

Veterans Affairs Canada (VAC): A government department that provides various programs and services for veterans, including housing assistance and mortgage loan guarantees.

Virtual Tour: A digital presentation or video that allows potential buyers to view a property remotely, providing a detailed visual representation of the space.

Void: A term used to describe a legal document or contract that is considered null and has no legal effect.

Voluntary Lien: A lien that is willingly placed on a property by the owner, such as a mortgage or home equity loan.

Voting Shares: Shares of a corporation that carry voting rights and allow the shareholder to participate in decision-making processes.

Voucher: A document or receipt used to verify and track expenses, often used in rental subsidy programs or reimbursement processes.

VRBO (Vacation Rental by Owner): An online platform that allows property owners to list and rent out their vacation homes or rental properties directly to travelers.

Vulnerable Sector Check: A type of background check conducted by the police to determine if an individual has a criminal record that may pose a risk to vulnerable populations, such as children or seniors.

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