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Glossary

Home value and equity glossary

Plain definitions of the words in appraisal reports, assessment notices and refinance offers: appraisal, assessment, AVM, CUSPAP, loan-to-value, HELOC, the qualifying rate, IRD penalties, straight switches and appeal steps.

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Appraisal
A designated appraiser's opinion of market value on a date, following CUSPAP; lenders order it, you usually pay.
Assessment
The value your assessor uses to share property tax, as of a set valuation date.
AVM (automated valuation model)
A computer estimate of value from sales and property data. Lenders may use one alongside other tools.
AACI / CRA
Appraisal Institute of Canada designations: AACI for any property type, CRA for homes of up to four units.
CUSPAP
Canadian Uniform Standards of Professional Appraisal Practice, the standards AIC members follow.
Loan-to-value (LTV)
What you owe against the home ÷ its value.
Refinance
Replacing your mortgage with a larger one to take out equity; limited to 80% of value without insurance.
HELOC
A revolving line of credit secured by your home; the revolving part is limited to 65% of value.
Minimum qualifying rate
The rate your payments are tested at: the greater of your rate + 2 points or 5.25% (OSFI).
IRD (interest-rate differential)
A penalty based on the gap between your rate and today's rate for the time left.
Blend-and-extend
Adding money to your mortgage with the same lender at a blended rate, without breaking it.
Straight switch
Moving your mortgage to a new lender at renewal with the same amount and amortization; exempt from the qualifying rate since November 2024.
Valuation date
The date an assessment reflects (Ontario: January 1, 2016; BC: July 1 of the prior year).
Request for Reconsideration (RfR)
Ontario's free first step to challenge an MPAC assessment.
Board of Revision
The local appeal board for assessments in Saskatchewan and Manitoba.
Reconsideration of value
Asking a lender to have the appraiser review a low appraisal with new evidence. Not a formal appeal.