Acronyms, every industry has them and if you are not involved in real estate on a regular basis, it’s hard to know what many of them mean. Below is a list of common acronyms you may come across when buying or selling a home in Toronto.
A/C – Air Conditioning
APR – Annual Percentage Rate
BSMT – Basement
DTI – Debt To Income ratio
CMA – Comparative Market Analysis
CREA – Canadian Real Estate Association
DOM – Days On Market
FINTRAC – Financial Transactions and Reports Analysis Centre
FIN W/O – Finished Walk Out Basement
HELOC – Home Equity Line of Credit
HST – Harmonized Sales Tax
HVAC – Heating Ventilation Air Conditioning
HVR – Heat Recovery Ventilator
LL – Lower Level
LRO – Land Registry Office
LT – Land Titles
LTV – Loan To Value ratio
MPAC – Municipal Property Assessment Corporation
OH – Open House
OREA – Ontario Real Estate Association
PC – Price Change
PCMLTFA – Proceeds of Crime (Money Laundering) and Terrorist Financing Act
PC – Price Change
PITI – Principal, Interest, Taxes and Insurance
PMI – Private Mortgage Insurance
PST – Provincial Sales Tax
RECO – Real Estate Council of Ontario
RM – Room
REMIC – Real Estate and Mortgage Institute of Canada
SC – Sold Conditional
SO – Sam Obeid
SPIS – Seller property Information Statement
SFH – Single Family Home
SFR – Single Family Residential
TRREB – Toronto Regional Real Estate Board
UFFI – Urea formaldehyde foam insulation
VC – Void Cheque
VTB – Vendor Take Back Mortgage
WETT – Wood Energy Technology Transfer