Calgary Real Estate Glossary —
Plain Language. Every Term.

The date used to calculate how property taxes, condo fees, and utilities are split between buyer and seller at closing. If the seller has prepaid property taxes beyond the possession date, the buyer reimburses the difference — and vice versa. Your real estate lawyer calculates and handles all adjustments in the statement of adjustments.

A broad term for a licensed real estate professional — but in Alberta it is used loosely and the distinctions matter. A REALTOR® is a licensed real estate professional who is a member of the Canadian Real Estate Association (CREA) and bound by its Code of Ethics and Standards of Business Practice — this is a higher standard than simply holding a licence. A real estate agent is a licensed professional who may or may not be a REALTOR®. A broker is a more senior licence that allows the holder to operate a brokerage. In everyday Calgary real estate, "agent," "REALTOR®," and "sales associate" are often used interchangeably — but when precision matters, the REALTOR® designation carries specific professional and ethical obligations. See also: REALTOR®, Broker, Brokerage.

The total length of time to pay off your mortgage in full — typically 25 or 28 years in Canada. A longer amortization means lower monthly payments but more interest paid over time. Not to be confused with the mortgage term, which is the length of your current rate agreement (typically 1–5 years).

A formal, regulated opinion of a property's market value prepared by a licensed appraiser — required by lenders to confirm they aren't lending more than the property is worth. An appraisal is different from a REALTOR®'s Comparative Market Analysis (CMA): a CMA is used for pricing decisions; an appraisal is a regulated document used by lenders. Cost: typically $400–$700.

The provincial association representing licensed real estate professionals across Alberta. AREA develops standard forms used in Alberta real estate transactions — including the Real Estate Purchase Contract — provides education and advocacy for REALTORS®, and works alongside RECA (the regulator) to maintain professional standards in the industry. When you sign a purchase contract in Calgary, the forms are AREA-approved standard documents.

The property is sold with no repairs, improvements, or credits from the seller. The buyer accepts the property in its current condition. Sellers still have disclosure obligations for known material defects — "as-is" does not eliminate the requirement to disclose hidden issues that affect value or safety.

The value assigned to a property by the City of Calgary for property tax purposes — calculated annually using a mass appraisal methodology. Assessed value is not the same as market value and should never be used to determine listing price. Assessed values often lag real market conditions by months or years.

The remaining amount owed by the buyer at closing after the deposit has been applied — effectively your down payment minus deposit, plus any closing cost adjustments. Your real estate lawyer calculates this in the statement of adjustments and advises on what funds to bring to your signing appointment.

A short-term loan that lets you access the equity from your current home before its sale closes — so you can complete the purchase of your new home without waiting for your sale proceeds. Typically requires a firm sale on your current home. Interest rates are higher than a regular mortgage. The loan repays itself automatically when your sale closes. Essential for many simultaneous buy-sell transactions in Calgary.

A type of condominium where each owner holds title to an individual parcel of land — rather than a unit within a building. Common in Calgary for townhome developments, some acreage properties, and certain single-family developments. You own your lot outright and are responsible for structures on it, but share ownership of common property (roads, amenities) through the condo corporation and pay monthly condo fees. A Real Property Report is typically required for bare land condos, unlike standard apartment-style condos.

An offer submitted before a seller's scheduled offer date — intended to pressure the seller into accepting before other buyers can submit offers. Common in competitive Calgary markets when a property has announced it will review offers on a specific date. A bully offer is typically significantly above list price with few or no conditions. Sellers are not obligated to accept or even consider a bully offer — they can hold to their offer date. Buyers using this strategy must be prepared to commit firmly and quickly.

An informal term for a multiple offer situation where two or more buyers submit competing offers on the same property, often driving the final sale price above the list price. Common in Calgary's seller's market conditions — particularly in the detached homes segment under $800K and in desirable SW communities. In a bidding war, buyers must decide how high to go, whether to waive conditions, and how to structure their offer to stand out. Having a pre-approved Calgary mortgage broker and an experienced Calgary REALTOR® is critical — decisions are made quickly and mistakes are costly. See also: Multiple Offers, Bully Offer.

A licensed real estate company through which REALTORS® and agents operate. In Alberta, every licensed real estate professional must be registered with and work under a brokerage. The brokerage holds the trust accounts for deposits, is responsible for ensuring its registrants comply with RECA regulations, and is the entity legally responsible for real estate transactions. When you sign a listing agreement or buyer representation agreement, you are technically signing with the brokerage — not just the individual REALTOR®. In Calgary, brokerages range from large national brands (RE/MAX, Century 21, Royal LePage) to independent boutique offices and newer models like eXp Realty, which operates as a cloud-based brokerage.

In Alberta real estate, a broker is a person who holds a broker-level licence from RECA — a more senior licence than a sales associate or associate broker. A broker of record is the individual responsible for managing and supervising a brokerage and its registered agents. Not every person called a "broker" in conversation is a licensed broker — the term is often used loosely to refer to any real estate professional. For precision: a mortgage broker is licensed under separate mortgage broker legislation and finds mortgage products for borrowers across multiple lenders. A real estate broker holds a broker-level real estate licence. The two are distinct professions with separate licensing bodies.

A licensed REALTOR® who represents the buyer's interests in a transaction — searching for properties, advising on pricing, negotiating offers, and guiding the buyer through conditions and closing. In most Calgary transactions, the buyer's agent is paid by the seller as part of the total commission, meaning buyer representation typically costs the buyer nothing directly.

A heating system that uses a boiler to heat water (or produce steam) which is then circulated through pipes to radiators, baseboard heaters, or in-floor radiant tubing throughout the home. Also called hydronic heating. Boiler systems are common in older Calgary homes — particularly pre-1980 inner-city properties — and in some higher-end newer construction where radiant in-floor heat is a luxury feature. Key characteristics buyers should understand: boiler systems do not use ductwork, meaning they cannot distribute central air conditioning — a Calgary home with a boiler system typically requires a separate system (ductless mini-split or standalone AC units) for cooling. Boilers are generally very durable and efficient heating systems, but an aging boiler (28+ years) approaching end of life is a significant replacement cost ($5,000–$15,000+). Radiators and baseboard convectors connected to a boiler system can be mistaken for electric baseboard heaters by buyers unfamiliar with hydronic systems — ask your inspector to confirm the heating type. For homes with in-floor radiant heat, confirm whether the system is hydronic (boiler-fed) or electric, as operating costs differ significantly.

A market condition where there are more homes for sale than active buyers — typically defined as more than 4–5 months of supply. In a buyer's market, buyers have more negotiating power, more time to decide, and more choice. Prices are generally stable to declining. Calgary's market varies significantly by price range and property type — a buyer's market in condos may coincide with a seller's market in detached homes.

A measure of investment property return calculated as Net Operating Income (NOI) divided by purchase price, expressed as a percentage. Used to compare income properties. A higher cap rate generally indicates higher return but may also reflect higher risk. Calgary residential cap rates typically run 2–5% depending on property type and location.

Mortgage default insurance required when your down payment is less than 20% of the purchase price. Protects the lender — not the borrower — against default. The premium (0.6%–4% of the insured amount) is added to your mortgage balance. Required by federally regulated lenders; not available on homes over $1 million or investment properties. See also: Mortgage Insurance.

The fee paid to REALTORS® for facilitating a real estate transaction — typically paid by the seller from the sale proceeds at closing. In Calgary, commission is negotiable between the seller and the listing brokerage. The total commission generally covers both the listing agent and the buyer's agent — paying the buyer's agent from the seller's proceeds is the standard practice that attracts buyer agents to show the property. The buyer typically pays no direct commission. Discount brokerages exist at lower rates but often with reduced service levels — the right question is not "what is the lowest commission?" but "what is my best net result?"

A type of mortgage registration that allows the lender to secure additional lending against the property in the future without a new registration — up to a set maximum. Offers flexibility if you want to borrow more later. The trade-off: collateral mortgages can be harder to transfer to another lender at renewal, potentially limiting your ability to shop for better rates.

A detailed analysis prepared by a REALTOR® comparing a property to similar homes that have recently sold, are currently listed, or failed to sell in the same area. Used to establish a recommended listing price or to advise a buyer on fair value before making an offer. A well-prepared CMA is the foundation of every pricing decision. Provided at no cost by CalgaryListings Group.

A term in a purchase offer that must be satisfied before the sale becomes final. Common conditions: financing (time to confirm mortgage approval), home inspection (time to have the property inspected), and condo document review (time to review the corporation's financials). During the conditions period you can withdraw from the purchase if a condition cannot be satisfied — typically with your deposit returned. Once all conditions are removed in writing, the sale is firm and legally binding.

A form of property ownership — not a building type. You own your unit individually and share ownership of common property (hallways, amenities, parking) with other owners through a condo corporation. You pay monthly condo fees for maintenance and reserve fund contributions. Any property type can be a condo: apartment, townhome, or bare land. See our full guide to buying a condo in Calgary.

A condition period in which the buyer reviews the condo corporation's documents — including the reserve fund study, financial statements, meeting minutes, bylaws, estoppel certificate, and insurance certificate. Buyers can withdraw from the purchase based on what they find. CalgaryListings Group reviews every condo document package with buyers before conditions are removed.

An investment property metric measuring annual pre-tax cash flow as a percentage of the total cash invested — down payment plus closing costs plus any immediate renovation costs. Unlike cap rate (which ignores financing), cash-on-cash reflects the actual return on your out-of-pocket dollars. Example: $8,000 annual cash flow on $80,000 invested = 10% cash-on-cash return. Useful for comparing leveraged investment scenarios. See also: Cap Rate, Net Operating Income.

A legal notice registered on a property's title at the Alberta Land Titles Office, indicating that someone other than the registered owner has a claim or interest in the property. Common types: a buyer who has a signed purchase contract, a lender with a security interest, or a party claiming an ownership interest. A caveat does not transfer ownership but prevents title from being transferred without the caveator's consent or a court order. Your real estate lawyer identifies and resolves any caveats before closing.

The local real estate board serving Calgary and surrounding area — the organization that operates the Calgary MLS® system and provides market data, education, and professional services to member REALTORS®. CREB® publishes monthly market statistics (benchmark prices, sales volumes, days on market, months of supply) that are the most authoritative source of Calgary real estate market data. When you see references to Calgary market reports, they are almost always sourced from CREB®.

One-time costs payable at closing in addition to your down payment. In Alberta, typical buyer closing costs include: legal fees ($1,200–$2,000), title insurance ($200–$400), home inspection ($450–$700), and property tax adjustments. Unlike some provinces, Alberta has no provincial land transfer tax — a significant saving for buyers compared to Ontario or BC. Budget approximately 1.5–3% of the purchase price for closing costs. Sellers have their own closing costs: legal fees, real estate commission, and any mortgage prepayment penalty.

The date on which the legal transfer of ownership is completed — title is registered in the buyer's name, the seller's mortgage is discharged, and sale proceeds are released to the seller. In Alberta, the closing date and possession date are typically the same day, though occasionally the legal closing occurs a day before possession. Your real estate lawyer manages all legal and financial transactions on closing day.

A written response to an offer that modifies one or more terms — typically price, possession date, conditions, or inclusions. A counter offer voids the original offer. The other party can accept, counter back, or walk away. There is no limit on the number of counter offers in a negotiation.

Two ratios lenders use to determine how much mortgage you qualify for. GDS (Gross Debt Service) is housing costs (mortgage payment, property taxes, heat, 50% of condo fees) as a percentage of gross income — most lenders cap at 39%. TDS (Total Debt Service) adds all other debt payments (car loans, credit cards) — most lenders cap at 44%. High existing debts reduce your purchasing power.

A sum of money paid by the buyer when an offer is accepted — typically 1–5% of the purchase price, paid within 24–48 hours. Held in trust by the listing brokerage and applied to your down payment at closing. If you remove all conditions and then fail to complete the purchase without legal justification, you may forfeit your deposit. If a condition cannot be satisfied and you withdraw, your deposit is typically returned in full.

The portion of the purchase price paid upfront from your own funds — not borrowed. Minimum in Canada: 5% on the first $500,000, 10% on the portion from $500,001–$999,999, 20% on homes $1M+. Less than 20% down requires CMHC mortgage insurance. Sources: savings, RRSP (Home Buyers' Plan), FHSA, gift from immediate family.

A duplex is a building with two separate units — either stacked (one above the other) or side by side — on a single title. An owner may live in one unit and rent the other. A semi-detached (or half-duplex) is one of two units sharing a common wall, each on its own title. Semi-detached homes are common throughout Calgary's inner-city and established communities. Semi-detached units are freehold — no condo fees — while stacked duplexes are sometimes structured as bare land condominiums.

A legal right under Alberta's Dower Act giving a married spouse the right to remain in and use the matrimonial home — and the right to refuse consent to its sale — even if they are not on the title. A spouse must sign a dower consent form before a property can be legally sold and title transferred. Relevant in separation and divorce situations. See our guide to selling during divorce in Calgary.

When one brokerage represents both the buyer and the seller in the same transaction. In Alberta, dual agency is permitted — but when it occurs, the agent cannot provide full representation to both parties simultaneously. The party who was previously a client is moved to customer status (also called limited representation), meaning the agent can still assist them but cannot provide advice, negotiate on their behalf, or advocate for their interests. The agent's full fiduciary duties remain with the original client. Both parties must be informed and consent to this arrangement in writing. If you want full representation, you have the right to seek independent representation from another brokerage.

When a structure physically crosses onto an adjacent property — a fence on the wrong side of the line, a garage extending onto a neighbour's lot. Encroachments are title issues that must be resolved before a buyer can take clean title. Resolution: removal of the structure, a registered encroachment agreement, or a lot line adjustment. Identified on a Real Property Report (RPR).

A registered right allowing a third party to use a portion of a property for a specific purpose — without owning it. Common easements in Calgary: utility easements allowing the city or utility companies to access underground lines, shared driveway easements between adjacent properties, and drainage easements along rear lot lines. Easements are registered on title and transfer with the property — they are the new owner's responsibility to honour. Visible on the title search and sometimes on the RPR. Most utility easements are routine and don't affect use of the property.

The difference between your home's current market value and the outstanding balance on your mortgage. Equity builds through mortgage paydown, property value appreciation, and improvements. It is the net financial interest you hold in the property — the amount you would receive if you sold and paid off your mortgage today (before selling costs).

A legal document from a condo corporation confirming the current state of a unit — monthly fee amount, any fee arrears owed, and any pending or recently levied special assessments. One of the most closely scrutinized documents in a condo transaction. Fee arrears and pending special assessments appear here and can be grounds for buyers to renegotiate or withdraw.

White or grey crystalline mineral deposits that appear on concrete, brick, or masonry surfaces — particularly on basement walls and foundation floors. Efflorescence forms when water migrates through concrete, dissolves soluble salts, and deposits them on the surface as the water evaporates. It is not structurally significant on its own, but it is unambiguous evidence that water is moving through the foundation material. Where water goes regularly, carbonation, rebar corrosion, and eventual deterioration follow. Never dismiss efflorescence as cosmetic — it is a symptom of an ongoing moisture migration process. Ask your home inspector to assess the source and severity.

An executor is named in a deceased person's will to administer the estate, confirmed by a court Grant of Probate. An administrator is appointed by the court when there is no valid will (intestacy) or when the executor cannot act — confirmed by a Grant of Administration. Both have authority to sell estate property once the appropriate court documents are in place. See our guide to selling an inherited property in Calgary.

The Alberta legislation (formerly the Matrimonial Property Act) governing how property is divided between spouses upon separation or divorce. Provides a general presumption of equal division of family property — including the matrimonial home — subject to adjustment by agreement or court order. The actual split of proceeds from a home sale is determined by a separation agreement or court order, not by the act alone.

A sale where all conditions have been removed in writing — both parties are legally bound to complete the transaction. Once firm, neither party can back out without significant legal consequences and potential deposit forfeiture. Contrast with a conditional sale, where the buyer still has conditions to satisfy.

A mortgage where the interest rate is locked for the duration of the term — typically 1–5 years. Your payment stays the same regardless of what happens to interest rates. Provides certainty and predictability. Generally higher than variable rates at the time of signing but protects against rate increases during the term.

A registered account for first-time home buyers introduced in 2023. Contribute up to $8,000/year and $40,000 lifetime. Contributions are tax-deductible (like an RRSP) and qualifying withdrawals for a first home purchase are tax-free (like a TFSA). One of the most powerful financial tools available to first-time Calgary buyers — open one and maximize contributions as early as possible.

The legal process where a lender takes ownership of a property after a borrower fails to make mortgage payments. In Alberta, the lender typically applies to court for an Order Nisi (foreclosure order) and may ultimately sell the property to recover the outstanding debt. Foreclosed properties are sometimes sold below market value — but purchasing one involves legal complexity and typically no seller disclosure.

A form of property ownership where you own the land and all structures on it outright — no shared ownership, no condo corporation, no monthly fees. You are solely responsible for all maintenance. Contrast with condominium ownership, where you own a unit individually but share ownership of common property. Most detached houses in Calgary are freehold.

The most common heating system in Calgary homes — a furnace heats air and a blower forces it through a network of ducts and registers throughout the home. Forced air systems run on natural gas (most common in Calgary), propane, oil, or electricity. Key advantages for Calgary buyers: the ductwork that distributes heat can also distribute central air conditioning — meaning adding central AC to a forced air home is relatively straightforward compared to a home with a boiler system. The same ductwork also works with HRV (heat recovery ventilation) units, humidifiers, and air filtration systems. What to check: the age and condition of the furnace (most furnaces last 20–28 years — a furnace over 15 years old may need replacement soon, budget $4,000–$8,000), the condition of the ductwork (older ducts may contain asbestos insulation wrap or deteriorated fibreglass liner), the presence and age of a humidifier on the furnace, and whether the system has been serviced annually. High-efficiency vs mid-efficiency: high-efficiency furnaces (AFUE 90%+) vent through PVC pipe through a wall; mid-efficiency furnaces (AFUE 80%) vent through a metal flue through the roof. In Calgary's climate, high-efficiency furnaces are the current standard and are significantly less expensive to operate.

Gross Debt Service ratio — your monthly housing costs (mortgage payment, property taxes, heat, 50% of condo fees if applicable) as a percentage of your gross monthly income. Most lenders cap GDS at 39%. If your housing costs exceed this threshold, you may qualify for a smaller mortgage or be declined. See also: TDS Ratio.

Court-issued documents confirming legal authority to administer an estate. A Grant of Probate is issued to an executor named in a valid will. A Grant of Administration is issued when there is no will (intestacy) or the executor cannot act. Both are required before estate real property can be legally sold and title transferred in Alberta. See our guide to probate sales in Calgary.

An assessment by a qualified inspector of a property's structural and mechanical condition — foundation, roof, electrical, plumbing, HVAC, and more. In Calgary, inspections typically cost $450–$700 and take 2–4 hours. Issues identified can be used to renegotiate the price, request repairs, or withdraw from the purchase entirely during the conditions period. Not legally required — but strongly recommended on every resale property.

A federal program allowing first-time home buyers to withdraw up to $60,000 from their RRSP tax-free for a home purchase. Must be repaid to your RRSP over 15 years — missed repayments are added to your taxable income. RRSP funds must have been in the account for at least 90 days. Can be combined with the FHSA for maximum first-time buyer advantage.

A condition in a purchase offer allowing the buyer to withdraw if their current home does not sell within a specified period. Protects the buyer from owning two properties simultaneously. Sellers are less enthusiastic about these offers — in competitive markets, conditional offers are often rejected in favour of cleaner ones. Also called "subject to sale." See our guide to selling and buying at the same time.

Upward movement of a concrete slab — basement floor, garage floor, or exterior concrete — caused by the soil beneath it swelling as it absorbs moisture. In Calgary, heaving is directly linked to the city's expansive clay soils, which absorb water and swell significantly, then shrink and crack as they dry. Signs include raised or humped sections of basement floor, cracks in the slab with one side elevated above the other, and doors in the basement that no longer close properly. Heaving is distinct from settling (where the slab sinks). In many cases a heaved basement floor is a significant nuisance without indicating structural failure of the foundation walls — but significant or progressive heaving can signal deeper soil or moisture problems. Always ask your inspector whether floor heaving is cosmetic or indicative of an underlying issue. Repair cost: $3,000–$15,000+ depending on extent.

Inclusions are items the seller agrees to leave with the property — typically specified in the purchase contract. Standard inclusions in Calgary: window coverings, light fixtures, built-in appliances, garage door openers, and central vacuum systems. Exclusions are items the seller intends to take — chandeliers, custom built-ins, or specific appliances. Always confirm what is included and excluded in writing before conditions are removed. Verbal agreements about inclusions are not enforceable. If it matters to you, put it in the contract.

New construction built on an existing lot in an established neighbourhood — typically replacing an older home that has been demolished. Infill development is widespread throughout Calgary's inner-city communities (Killarney, Capitol Hill, Renfrew, Hillhurst, etc.) as densification policy encourages higher-density use of existing serviced lots. Infill homes may be detached or semi-detached. Buyers should confirm zoning and any planned adjacent infill that could affect views, light, or street character.

The window of time during which an offer cannot be withdrawn by the party who made it — giving the receiving party time to consider and respond. In Calgary purchase contracts, the buyer sets an irrevocable date and time on their offer; the seller must accept, counter, or let the offer expire within that window. A short irrevocable period (a few hours) creates urgency. A longer period (24–48 hours) gives the seller more time but may allow competing offers to arrive. Once the irrevocable period expires without acceptance, the offer is void.

A mortgage prepayment penalty calculated as the difference between your current mortgage rate and the rate the lender can now offer for your remaining term, multiplied by your outstanding balance and remaining months. Applies when you break a fixed-rate mortgage early — such as when selling. In a period of falling rates, IRD penalties can be very large ($15,000–$40,000+). Always get a written payout statement from your lender before listing your home.

A heating system where heat is delivered through the floor surface rather than through vents or radiators. In Calgary, in-floor heating comes in two forms: Hydronic (water-based) — hot water from a boiler circulates through tubing embedded in or beneath the floor slab or subfloor. Highly efficient, very comfortable, and expensive to install ($10–$20/sq ft). The most common form in Calgary luxury homes and custom builds. Also called slab heat when the tubing is embedded in a concrete slab. Electric — electric heating cables or mats installed beneath tile or hardwood floors. Lower installation cost but higher operating cost than hydronic — typically used in bathrooms and smaller spaces rather than whole-home heating. Key buyer considerations: Hydronic in-floor heat requires a boiler — meaning no ductwork and no central air conditioning without a separate system (see: Boiler System). Confirm the system type, the boiler age and condition, when it was last serviced, and whether the manifolds and zone controls are functioning. A failing hydronic system embedded in a concrete slab is very expensive to repair — pipe replacement requires breaking and re-pouring the slab. Ask the seller for service records. Electric in-floor systems under tile are more accessible but confirm the circuits are properly sized and protected.

A legal claim registered against a property's title as security for a debt — most commonly a mortgage, but also builder's liens (from unpaid contractors or suppliers), judgment liens (from court judgments), or CRA liens (unpaid taxes). A lien must be discharged before title can transfer cleanly to a buyer. Your real estate lawyer's title search identifies all registered liens and ensures they are paid off at closing from the sale proceeds. Buying a property without a title search risks inheriting the previous owner's debts.

A form of property ownership where you own the building or unit but not the land beneath it — you lease the land from a landowner (the lessor) for a defined term, typically 99 years. At the end of the lease term, ownership reverts to the landowner unless the lease is renewed. Leasehold properties are relatively uncommon in Calgary but do exist — particularly on First Nations land (such as Tsuu T'ina Nation / Tsuut'ina Nation land in the SW, where some properties in the Redwood Meadows area operate on leasehold), and occasionally in specific commercial or institutional situations. Key buyer considerations: mortgage financing on leasehold properties is more difficult — fewer lenders will finance them and those that do often require the remaining lease term to significantly exceed the mortgage amortization. Resale is also more limited for the same reason. Insurance may also be more complex. Before purchasing any leasehold property, confirm the remaining lease term, the annual lease payments, renewal terms, and consult with a real estate lawyer who has specific leasehold experience. See also: Lease Land.

Land that is owned by one party (the landowner or Crown) and leased to another for a defined period — on which a home or structure is built. The home owner pays annual lease fees to the landowner rather than owning the land outright. In the Calgary area, the most well-known lease land context is Redwood Meadows — a community in Rocky View County adjacent to the Tsuut'ina Nation reserve, where residential properties sit on leased First Nations land. Buyers in lease land communities own the home but make annual land lease payments to the Nation or landowner. Critical financing consideration: many conventional lenders will not mortgage lease land properties, or will only do so with significant additional requirements and conditions. Some buyers must purchase with cash or through specialized lenders. Always confirm financing availability with your mortgage broker before making an offer — this is not a detail to discover after conditions are removed. Resale values and buyer pools are typically more restricted than freehold equivalents.

The government record confirming legal ownership of a property — registered at the Alberta Land Titles Office. The title shows the registered owner(s), any mortgages or liens on the property, caveats, encroachment agreements, and easements. A title search is conducted by your real estate lawyer before closing to confirm there are no unexpected claims or issues.

The REALTOR® who represents the seller — markets the property, negotiates offers on the seller's behalf, and guides the seller through conditions and closing. Also called the seller's agent. The listing agent's commission is paid from the sale proceeds, typically covering compensation for both the listing agent and the buyer's agent.

The mortgage amount as a percentage of the property's appraised value. A $400,000 mortgage on an $500,000 home = 80% LTV. Higher LTV means more lender risk — which is why CMHC insurance is required above 80% LTV (less than 20% down). Lower LTV generally qualifies you for better mortgage rates.

The family home occupied by a married couple — given special legal status under Alberta's Family Property Act and Dower Act. Both spouses have rights to the matrimonial home regardless of whose name is on the title. Both signatures are typically required to sell, and dower consent is required from a non-titled spouse. A court can order the sale if spouses cannot agree.

The shared database of properties listed for sale by REALTORS®, accessed through the Canadian Real Estate Association's systems. In Calgary, properties listed on the MLS® appear on REALTOR.ca and on individual brokerage websites like calgarylistings.com. The MLS® provides maximum exposure for sellers and is the most comprehensive source of listings for buyers.

A licensed professional who works with multiple lenders to find the best mortgage rate and terms for a borrower — rather than representing a single bank. Mortgage brokers are paid by the lender, not the borrower, in most cases. Access to multiple lenders often means better rates and more options than going directly to your bank. CalgaryListings Group works with Calgary mortgage broker Al Zayat.

A federal requirement that forces lenders to qualify borrowers at a rate higher than their actual mortgage rate — specifically the greater of the Bank of Canada's qualifying rate (currently 5.25%) or your actual rate plus 2%. This means if your rate is 5%, you're tested at 7%. The stress test reduces how much mortgage you qualify for. Applies to all federally regulated lenders regardless of down payment amount.

When two or more buyers submit competing offers on the same property simultaneously — common in Calgary's seller's market conditions. Sellers are not required to disclose how many offers exist or what other buyers are offering. Each buyer typically submits their best offer; the seller accepts, counters one, or rejects all. Strategies in a multiple offer situation: offer above list price, minimize or waive conditions (with caution), offer a flexible possession date, and write a clean contract with few asks. CalgaryListings Group advises specifically on multiple offer strategy for each situation.

Insurance required when your down payment is less than 20%. Protects the lender against borrower default — not the borrower. The premium (0.6%–4% of the insured mortgage) is added to your mortgage balance. Not available on homes over $1 million or investment properties. Allows buyers to enter the market with as little as 5% down.

Total rental income from an investment property minus all operating expenses — property taxes, insurance, maintenance, property management fees, utilities paid by the owner, and vacancy allowance. Mortgage payments are not included in NOI. NOI is the starting point for calculating cap rate (NOI ÷ purchase price) and is the key metric for comparing income properties regardless of financing structure. A property with strong NOI but poor cash-on-cash return may be over-leveraged; a property with high cash-on-cash but weak NOI may be priced too high relative to income.

A formal written contract presented by a buyer to a seller, specifying the purchase price, deposit amount, conditions, possession date, and inclusions. In Alberta, this is done on a standard Real Estate Purchase Contract form. When accepted and signed by both parties, it becomes a legally binding agreement subject to any stated conditions being satisfied.

A mortgage that allows you to repay any amount at any time without penalty. Offers maximum flexibility — useful if you expect to sell, receive a large lump sum, or want to pay off your mortgage quickly. Trade-off: open mortgages come with significantly higher interest rates than closed mortgages. Most buyers choose closed mortgages with prepayment privileges.

A foundation system where a home is supported on vertical structural columns (piles) driven or drilled into the ground to reach stable load-bearing soil or bedrock — rather than sitting on a conventional poured concrete perimeter foundation. In Calgary, piling foundations are used in areas where near-surface soil conditions are poor — soft soils, high water tables, riverbank areas, and some newer communities built on filled or marginal land. Communities along the Bow and Elbow Rivers, and some developments in the south and southeast, are more likely to have homes on piles.

A properly engineered and installed piling foundation is structurally sound — the presence of piles alone is not a red flag. However, buyers should be aware of several considerations: some insurers and lenders treat piling foundations differently and may require additional documentation or engineering reports; resale can be affected in some market segments where buyers are unfamiliar with the system; and maintenance or modification of a piled home (adding a basement, underpinning) is significantly more complex and expensive than on a conventional foundation. Always confirm the foundation type with your inspector and discuss any financing or insurance implications with your mortgage broker and insurer before removing conditions.

A grey flexible plastic plumbing pipe (polybutylene, marked "PB" on the pipe) widely used in Calgary homes built approximately 1978–1995. Poly-B was popular because it was significantly cheaper and easier to install than copper. The problem: it degrades over time when exposed to chlorinated municipal water, becoming brittle and prone to cracking and leaking — most commonly at the plastic fittings and connectors rather than in the pipe runs themselves. Failure is often hidden inside walls, causing water damage before it becomes visible. Many Alberta insurers will not cover Poly-B homes or charge significantly higher premiums. If you are buying a Calgary home built between 1978 and 1995, ask your inspector to specifically check for Poly-B. Full repipe with PEX tubing typically costs $8,000–$15,000. Always confirm insurance availability before removing conditions on a home with Poly-B plumbing.

The date the buyer legally takes ownership of the property and receives the keys — negotiated in the purchase offer. In Alberta, possession typically occurs at noon. The buyer must have home insurance in place from this date. Your lawyer handles the title transfer and fund disbursement on possession day. The possession date is one of the most important terms negotiated in any offer.

A mortgage that can be transferred from your current home to a new one — keeping the same rate and terms. Valuable if you locked in at a rate lower than current market rates. Not all mortgages are portable. The new property must qualify under the lender's criteria. Confirm portability with your mortgage broker before listing your home — it affects your payout calculation and may save you from a significant prepayment penalty.

A formal assessment by a lender confirming how much mortgage you qualify for, based on verified income, credit, and financial documents. Typically includes a rate hold for 60–120 days. Stronger than a pre-qualification (which is unverified). Sellers in Calgary's market expect buyers to be pre-approved before making offers. Connect with Calgary mortgage broker Al Zayat to get pre-approved.

Terms in a closed mortgage allowing you to make additional payments beyond your regular schedule without triggering a prepayment penalty. Common structures: increase your regular payment by up to 20%, make a lump-sum payment of up to 20% of the original mortgage per year. Prepayment privileges allow you to pay down your mortgage faster and reduce total interest paid without giving up the rate certainty of a closed mortgage. Always confirm the specific prepayment terms of your mortgage before signing — they vary significantly by lender.

A mortgage from a non-bank lender — either a trust company or mortgage investment corporation (B-lender) or a private individual (private lender). Used when a borrower doesn't qualify with a federally regulated bank due to credit issues, self-employment income, or property type. Interest rates are higher than A-lenders (banks), often 7–12%+ for private mortgages. Typically short-term (1–2 years) with the intention of moving back to an A-lender after improving qualification. Calgary mortgage broker Al Zayat advises on whether a B-lender or private mortgage is appropriate for your situation.

A Canadian tax provision allowing you to sell your primary home completely tax-free on the capital gain — no capital gains tax on the profit from selling your principal residence. To qualify, the home must have been your principal residence for each year claimed. Does not apply to investment properties, rental properties, or properties used for business. One of the most significant tax advantages available to Canadian homeowners.

A form completed by the seller disclosing known material defects — hidden issues not visible on a reasonable inspection that could affect the value or safety of the property. In Alberta, sellers are legally required to disclose known material latent defects. The disclosure statement is not a substitute for a home inspection — it only covers what the seller knows. When in doubt, err toward disclosure: undisclosed material defects can result in post-sale legal liability.

A naturally-occurring radioactive gas produced by the breakdown of uranium in soil and rock. It seeps into buildings through foundation cracks, construction joints, and gaps around pipes and drains. Radon is completely odourless, colourless, and tasteless — entirely undetectable without a test. It is the second-leading cause of lung cancer in Canada after smoking, responsible for approximately 3,200 Canadian deaths per year. Health Canada's action guideline is 200 Bq/m³ — the level at which mitigation is recommended. Alberta has among the highest radon levels in Canada due to the uranium content in the underlying geology, with a significant proportion of Alberta homes exceeding Health Canada's guideline. Testing during the conditions period is strongly recommended on every Calgary home purchase — long-term tests (90+ days) are most accurate. If levels are elevated, Active Soil Depressurization (ASD) can reduce levels by 80–99%. See our full guide on the Calgary Home Hazards Guide.

The most effective method of reducing radon levels in a home. A vent pipe is installed through the foundation slab and connected to a fan that continuously draws radon-laden air from beneath the slab and exhausts it outside, preventing radon from entering the living space. An ASD system typically reduces radon levels by 80–99% and costs $1,500–$3,500 in Calgary. Installation is completed by a certified radon mitigation professional and takes one day. The system runs continuously and requires minimal maintenance — typically an annual check of the fan and manometer (pressure gauge). If a home has an existing ASD system, ask for documentation of post-mitigation radon test results confirming the system is working effectively.

A registered trademark of the Canadian Real Estate Association (CREA) that can only be used by licensed real estate professionals who are members of CREA and their local real estate board — in Calgary, that is CREB® (Calgary Real Estate Board). REALTOR® membership requires adherence to CREA's Code of Ethics and Standards of Business Practice, which go beyond the minimum licensing requirements set by RECA. Not all licensed real estate agents are REALTORS® — but all REALTORS® are licensed agents. The ® symbol is always required — writing "Realtor" without the registered trademark symbol is technically incorrect. REALTORS® in Calgary have access to the MLS® system, professional education, and are subject to professional discipline through both RECA and CREA. When choosing representation, the REALTOR® designation signals a commitment to a professional code of conduct above the minimum licensing standard.

The independent regulatory body governing real estate, mortgage brokerage, and property management professionals in Alberta. RECA licenses all real estate professionals, sets standards of conduct, investigates complaints, and disciplines members who violate the rules. When you work with a licensed Calgary REALTOR®, they are regulated by RECA. If you have a complaint about a real estate professional's conduct, RECA is the body to contact. RECA is distinct from CREB® (the local board) and AREA (the provincial association) — RECA regulates, the others represent.

A legal document prepared by a licensed Alberta Land Surveyor showing the location of all structures on a property relative to its legal boundaries. Combined with a compliance stamp from the City of Calgary, it confirms all structures comply with current bylaws. Sellers are typically required to provide a current RPR with compliance stamp. See our full guide to Real Property Reports in Calgary.

The condo corporation's savings account for future major repairs — roof replacement, parkade resurfacing, elevator replacement, window replacement. An adequately funded reserve means the corporation can pay for major repairs without levying a special assessment. An underfunded reserve is a significant red flag. Always review the reserve fund study before buying a condo.

Two distinct events in a mortgage's life. Renewal occurs at the end of each mortgage term — you negotiate new rates and terms with your existing or a new lender, continuing your existing mortgage balance and amortization. No legal fees, no penalties. Refinancing means restructuring your mortgage mid-term or at renewal — changing the amount, accessing equity, or restructuring the product entirely. Refinancing mid-term triggers a prepayment penalty (three months' interest for variable; IRD for fixed). At renewal there is no penalty — making it the best time to shop lenders or access equity.

An arrangement where the seller continues to occupy the sold property as a tenant for a defined period after possession day — paying rent to the new owner. Used to bridge a gap between selling the current home and taking possession of the next one. Also used in estate sales where probate is pending and a buyer moves in as a tenant while waiting for the Grant to be issued.

A self-contained living unit within or attached to a single-family home — with its own kitchen, bathroom, sleeping area, and separate entrance. In Calgary, secondary suites are common in basements, garages (carriage suites), and above garages (backyard suites). A secondary suite can meaningfully offset mortgage costs through rental income. Whether a suite is legal, illegal, or non-conforming has significant implications for buyers, sellers, lenders, and insurers.

A secondary suite that has been permitted and inspected by the City of Calgary and meets all current building code, fire code, and zoning requirements — including egress windows, ceiling height minimums, fire separation between units, separate electrical panels, and smoke/CO detectors. A legal suite is disclosed on the listing, can be advertised as rental income, and is fully insurable. Lenders will allow rental income from a legal suite to be factored into mortgage qualification (typically 50–100% of rental income depending on the lender). Always confirm suite legality with the City of Calgary before purchasing a home with a suite.

A secondary suite that has never been permitted or does not meet current building code and zoning requirements. In Calgary, illegal suites are common — particularly in older homes where basement suites were finished without permits. Risks for buyers: the City of Calgary can order the suite closed; lenders will not count rental income from an illegal suite in mortgage qualification; home insurance coverage may be voided or limited if a tenant is in an illegal suite; the suite may not be safe for habitation. Sellers must disclose suite status. Legalizing an existing illegal suite typically costs $20,000–$60,000+ depending on what upgrades are required.

A suite that was legally permitted and built under older bylaws but no longer meets current City of Calgary requirements — typically because zoning or building code standards have changed since the permit was issued. A non-conforming suite is not the same as an illegal suite: it was legal when built and can continue to operate, but cannot be significantly expanded or altered without meeting current code. Lenders and insurers treat non-conforming suites differently — always disclose suite status and confirm lender and insurer position before purchasing.

A common informal term for hydronic in-floor radiant heating where hot water tubes are embedded directly in a concrete floor slab. The concrete slab absorbs and radiates heat evenly across the entire floor surface — one of the most comfortable heating methods available, with no drafts, no noise, and no dust circulation. The term "slab heat" distinguishes this configuration from hydronic in-floor systems installed beneath wood subfloors (where the tubing is stapled beneath the subfloor rather than encased in concrete). See the full entry under In-Floor Heating for complete detail on hydronic vs electric systems, buyer considerations, and service history questions.

The process of preparing and presenting a property for sale to appeal to the broadest range of buyers — typically involving decluttering, furniture arrangement, the addition of rental furniture and décor in vacant properties, and attention to lighting, colour, and flow. Staged homes consistently sell faster and for more money than unstaged equivalents. In Calgary, professional staging consultations typically cost $300–$600; full vacant staging ranges from $2,000–$6,000+ per month depending on property size. CalgaryListings Group includes a staging consultation with every listing and coordinates professional staging where appropriate. The return on staging investment is consistently positive — particularly in the move-up and luxury segments.

A market condition where there are more buyers than available homes — typically under 2–3 months of supply. Produces faster sales, multiple offers, and prices at or above list price. Calgary's market varies significantly by price range and property type — always look at the specific segment you're buying or selling in, not just city-wide averages.

A legal agreement between separating spouses outlining the division of assets, debts, and responsibilities — including the matrimonial home. Lenders typically require a signed separation agreement before approving a mortgage for a separating spouse. The separation agreement (or court order) determines how sale proceeds are divided, not CalgaryListings Group. Drafted by family lawyers.

A one-time charge levied on all condo unit owners to cover expenses the reserve fund cannot — typically an unexpected major repair or reserve shortfall. Can range from a few thousand to tens of thousands of dollars per unit. Can be levied after you purchase even if you weren't an owner when the issue arose. Always review meeting minutes for any discussion of upcoming assessments before buying a condo.

A financial document prepared by your real estate lawyer summarizing all money flowing at closing — purchase price, mortgage advance, deposit credit, property tax adjustment, condo fee adjustment, and any other credits or debits. Shows exactly what you need to bring to your lawyer appointment (if anything beyond your down payment deposited to trust) and what the seller receives net.

A condition in a purchase offer giving the buyer a set period — typically 5–10 business days — to confirm mortgage approval for the specific property being purchased. Even if you are pre-approved, a financing condition protects you: the lender still needs to approve the specific property (appraisal, title, strata documents if applicable). If financing cannot be confirmed, you can withdraw and receive your deposit back. In competitive multiple-offer situations, some buyers waive this condition — only appropriate if you have absolute certainty your financing is in place. Calgary mortgage broker Al Zayat can advise on your specific situation.

A concrete floor slab that is structurally supported from beneath by beams or a foundation rather than resting directly on compacted soil. In Calgary residential construction, suspended slabs are used in specific situations — most commonly in homes where the soil conditions beneath a garage or basement floor are unsuitable for a conventional slab-on-grade (a slab poured directly on compacted soil or gravel). They are also found in some custom and luxury homes as a higher-performance floor system. Why it matters for buyers: a suspended slab over a basement is structurally sound and often superior to a slab-on-grade in poor soil conditions — but the space beneath it (a crawl space or void) requires inspection. Moisture management, vapour barriers, and access for mechanical systems in that void space are important considerations. Some buyers encounter the term when a home inspection notes a crawl space or void beneath the garage floor — understanding that this is a suspended slab rather than a structural defect prevents unnecessary alarm. Ask your inspector to specifically assess the condition of any crawl space or void beneath a suspended slab.

The legal process used in Alberta to transfer title from a deceased joint tenant to the surviving joint owner — without probate. Requires a certified copy of the death certificate and a completed application form, registered at the Alberta Land Titles Office. The fastest path to clear title when a property was held in joint tenancy. See our guide to selling an inherited property in Calgary.

Total Debt Service ratio — all monthly debt payments (housing costs plus car loans, credit cards, student loans, and other debts) as a percentage of gross monthly income. Most lenders cap TDS at 44%. High existing debts significantly reduce how much mortgage you qualify for. Paying down debt before applying for a mortgage can meaningfully increase your purchase limit.

The length of your current mortgage agreement — typically 1–5 years in Canada. At the end of your term, you renew at the current market rate (or negotiate a new rate). Not the same as the amortization period. A 5-year term on a 25-year amortization means your rate is locked for 5 years, but your mortgage continues for 28 years total.

Insurance protecting against financial losses from title defects — issues with the property's ownership history not discovered before closing, such as outstanding liens, encroachments, fraud, or survey errors. In Calgary, typically costs $200–$400. Most lenders require it. Covers issues arising after you take ownership — it does not prevent problems but compensates after. Sometimes offered in lieu of a compliant Real Property Report (RPR).

A mortgage where the interest rate fluctuates with the lender's prime rate — when rates go up, your rate goes up; when they go down, yours does too. Variable rates have historically averaged lower than fixed rates over time but carry more risk. Prepayment penalty for breaking a variable-rate mortgage is typically just three months' interest — much lower than the IRD penalty for fixed-rate mortgages.

Permission from the City of Calgary to deviate from standard land use bylaw requirements — such as building closer to a property line than normally permitted. Required when a structure on a property doesn't meet current setback requirements and the owner wants to legalize it rather than remove it. Part of the resolution process for non-compliant structures identified on an RPR. Takes 4–12 weeks and costs $200–$500+.

A below-grade foundation system constructed using pressure-treated lumber rather than poured concrete or concrete block. Approved by the National Building Code of Canada, PWF foundations were used in some Calgary residential construction from the 1970s through the 1990s. A properly installed and maintained PWF can perform well for decades — but buyers should be aware of key considerations: moisture management is critical, as wood rot is irreversible in a way that concrete deterioration is not; drainage systems must be fully functional; some Alberta insurers are uncomfortable with PWF and may charge higher premiums or require additional inspections; and some lenders require additional documentation or engineering confirmation before advancing funds. A home inspector examining a PWF home should probe wood members for softness and check the drainage system carefully. Always confirm insurer and lender position before removing conditions on a PWF home.

A perforated pipe — typically corrugated plastic in newer homes, clay tile in older ones — installed around the perimeter of a foundation at footing level to collect and divert groundwater away from the foundation, routing it to a sump pit or to daylight. Most Calgary homes built after approximately 1960 have a weeping tile system. When the system fails or becomes blocked, groundwater builds up around the foundation and eventually infiltrates through the walls or floor. Signs of a failed weeping tile system: chronic basement dampness, a sump pump that runs frequently (especially after rain or snowmelt), water staining at the base of foundation walls, and efflorescence on lower basement walls. Replacing a failed weeping tile system requires excavating around the foundation — cost: $15,000–$40,000+ depending on perimeter size. Some homeowners install interior drainage systems as a less expensive alternative — cost: $8,000–$20,000.

A Wood Energy Technology Transfer (WETT) inspection is an assessment of a wood-burning appliance — fireplace, wood stove, insert, or chimney — by a WETT-certified inspector or technician. In Alberta, most home insurers require a current WETT inspection report before providing coverage on a home with a wood-burning appliance. Without a satisfactory WETT report, the insurer may exclude wood-burning appliance coverage or refuse to insure the home at all. If you are buying a Calgary home with a wood-burning fireplace or stove, confirm with your insurer whether a WETT inspection will be required and who is responsible for obtaining it. Cost: $150–$350 for a basic WETT level 1 inspection. If deficiencies are found, repairs must be made before the insurer will provide coverage — factor this into your conditions strategy.

City of Calgary regulations determining how a property can be used — residential (R-1, R-2, etc.), commercial, industrial, mixed-use, and more. Zoning affects what you can build on a property, how many units are permitted, setback requirements, and secondary suite allowances. Before purchasing a property with development intentions, always confirm zoning allows your intended use. The City of Calgary's Development Map is the primary reference for Calgary zoning information.