Mortgage and Real Estate Glossary
Alberta Equity's glossary contains hundreds of terms. With this tool, you can click or search through the largest real estate and mortgage glossary in Canada!
- Half-bath
- A room that contains a toilet and sink, but no tub or shower.
- Hazard Insurance
- Insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.
- Hectare
- An area equal to 100 meters by 100 meters
- Historic Preservation
- A movement to protect buildings with historic value from destruction or extensive renovation.
- Historic Structure
- A building recognized by the Canadian Government as a historical building and is registered
- Hold Back
- An amount of money withheld by the lender during the progress of construction of a house to ensure that construction is satisfactory at every stage. The amount of hold-back is generally equivalent to the estimated cost to complete construction.
- Holding Period
- The length of time a capital asset is owned. Assets held 12 months or less are short-term; those owned more than 12 months are long-term properties.
- Home Banking
- A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
- Home Equity
- The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
- Home Equity Debt
- Debt secured by your home.
- Home Equity Line of Credit
- An open-ended loan, paid as revolving debt, that is backed by the equity in the property or home.
- Home Equity Loan
- A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
- Home Inspection
- A thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Home Office
- A part of your home or other structure on your property for which you qualify to take a deduction for its business use.
- Home Warranty
- A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
- Homeowner's Association
- An elected group that governs a subdivision or planned community. It collects fees from owners to maintain common areas and enforce covenants, conditions and restrictions set by the developer and the association itself.
- Homeowner's Insurance
- A policy that includes hazard coverage, covering loss or damage to property, as well as coverage for personal liability and theft.
- Homeowner's Insurance Binder
- A document accompanying a homeowner's insurance policy. Its sole purpose is to verify that the homeowner's property is, in fact, properly insured.
- Homeowner's Warranty
- A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
- Household Income
- The total income of all members of a household.
- Housing Discrimination
- The illegal practice of discriminating against buyers or renters of dwellings on the basis of race, colour, religion, national origin, sex, family status or disability.
