STOREYS Editorial Team
STOREYS is the leading real estate news site in the country, providing the most accurate and up-to-date coverage of the Canadian market.
Glossary
Public Realm Improvements
Public realm improvements are developer-funded upgrades to public spaces that enhance livability and property values.
Glossary
Mortgagee in Possession
A mortgagee in possession is a lender who takes control of a property after borrower default to manage or rent it before foreclosure.
Glossary
Lease Surrender Agreement
A lease surrender agreement is a negotiated contract ending a lease early, often involving compensation or release of obligations.
Glossary
Green Infrastructure
Green infrastructure uses natural or engineered systems like bioswales or green roofs to manage stormwater and improve sustainability.
Glossary
Escrow Holdback
An escrow holdback is money withheld at closing until repairs or conditions are met, protecting buyers and ensuring compliance.
Glossary
Underused Housing Tax
The Underused Housing Tax is a federal 1% annual tax on vacant or underused homes owned by non-resident, non-Canadian entities.
Glossary
CMHC MLI Select
CMHC MLI Select is an insurance program for multi-unit housing that rewards affordability, accessibility, and energy efficiency.
Glossary
Portfolio Mortgage Insurance
Portfolio mortgage insurance is coverage lenders buy for pools of low-ratio mortgages to manage risk and enable securitization.
Glossary
Mortgage Trigger Rate
A mortgage trigger rate is the point at which fixed payments on a variable-rate loan no longer cover interest, requiring adjustments.
Glossary
Progress Draw Mortgage
A progress draw mortgage releases funds in stages during construction, with inspections verifying completion before each advance.
Glossary
Assignment of Rents
An assignment of rents lets lenders collect tenant income directly if a borrower defaults, providing extra loan security.
Glossary
Sublet
A sublet is when a tenant rents their unit to another person temporarily while retaining legal responsibility under the lease.
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