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Canadian Mortgage Glossary

Every term below is one Canadians actually search for a definition of. Each entry answers it in two sentences here, then links to the full page where there is one. Ontario and Alberta are treated separately wherever the term genuinely differs between them, which is more often than most glossaries admit.

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What does this mortgage term mean?

How to use this

Find the term alphabetically below, or jump to the stage you are at further down the page. Alphabetical order helps if you already know the word. If you do not, the stage groupings will get you there faster.

Amortization vs term: The term is how long your current contract runs, commonly one to five years. The amortization is how long the whole mortgage takes to pay off, commonly 25 or 30 years, so you will sign several terms over one amortization.
APR and semi-annual compounding: APR folds certain lender fees into a single annual figure, so it is usually higher than the interest rate alone. Canadian fixed mortgages are compounded semi-annually by statute, which is why the effective cost differs from a simple monthly calculation.
Assumable mortgage: An assumption is a buyer taking over the seller’s existing mortgage on its existing terms. It is rare in Canada because the lender must approve the buyer, and most lenders would rather write a new mortgage.
B lender: A B lender is an alternative lender that takes files the big banks decline, usually on income or credit, and prices for the extra risk. It is a step between an A lender and a private lender, not a last resort.
Blend and extend: Blending mixes your existing rate with a current one and extends the term, so you avoid a straight penalty. It is not always cheaper than breaking, which is why the comparison matters more than the mechanism.
Bona fide sale clause: A bona fide sale clause says you can only break the mortgage early if you are genuinely selling the property to an unrelated buyer. On a no-frills product it can mean you cannot refinance or switch lenders at all before maturity.
Bond yields and fixed rates: Canadian fixed mortgage rates track Government of Canada bond yields, not the Bank of Canada policy rate. That is why a fixed rate can move on a day the Bank does nothing at all.
Chattel mortgage: A chattel mortgage is secured against a movable structure rather than the land it sits on, which is how most mobile and some modular homes are financed. Terms are shorter and rates differ from a conventional land-and-building mortgage.
CMHC premium: The default insurance premium is a percentage of the mortgage that rises as the down payment shrinks, from 0.60 percent up to 4.00 percent in the 90.01 to 95 percent band. The premium is normally added to the mortgage, but Ontario’s 8 percent sales tax on it cannot be financed.
Co-signer vs guarantor: A co-signer goes on title and on the mortgage, and the debt appears on their credit. A guarantor backs the debt without going on title, which lenders allow less often than people expect.
Collateral charge: A collateral charge registers against your title for more than you borrowed, so the lender can lend you more later without a new registration. The cost shows up when you leave, because it usually has to be discharged and re-registered rather than simply transferred.
Dower rights, Alberta: Alberta’s Dower Act gives a married person rights in the matrimonial home even when they are not on title. A spouse’s consent is normally required before the home can be mortgaged or sold.
Estoppel certificate, Alberta: An estoppel certificate is the Alberta condominium disclosure document a lender reviews before funding. It is the same role Ontario’s status certificate plays, under a different statutory name.
First Home Savings Account: The FHSA is a registered account for a first home where contributions are deductible and qualifying withdrawals are tax free. It can be used together with the Home Buyers’ Plan on the same purchase.
Fixed vs variable: A fixed rate holds for the whole term. A variable rate moves with prime, and in Canada it commonly keeps the payment the same while changing how much of it goes to principal.
GDS and TDS ratios: GDS is the share of your gross income going to the mortgage payment, property taxes and heat, at about 39 percent. TDS adds every other debt payment on top, at about 44 percent, and it is usually TDS that limits the budget.
Gifted down payment: A gifted down payment is money from an immediate family member that does not have to be repaid, confirmed by a signed gift letter. If it has to be repaid it is a loan, and a lender has to count it as debt.
High ratio mortgage: A high ratio mortgage is one with less than 20 percent down, which means default insurance is mandatory. A conventional mortgage has 20 percent or more down and does not require it.
Home Buyers’ Plan: The Home Buyers’ Plan lets a first-time buyer withdraw from an RRSP for a home purchase without immediate tax, then repay it over time. It can be used alongside an FHSA rather than instead of one.
Insured, insurable and uninsured: Insured means under 20 percent down with mandatory default insurance the borrower pays for. Insurable means 20 percent or more down on a file that still meets insurer rules, and uninsured means a file that cannot be insured at all.
Interest adjustment date: The interest adjustment date is the day your mortgage interest formally starts, which is often not your closing day. The gap between the two is charged as a one-off interest adjustment on your statement of adjustments.
Interest rate differential: IRD is one of the two ways a lender calculates the penalty for breaking a closed mortgage early, the other being three months’ interest. On a fixed mortgage the lender generally charges the greater of the two, and which comparison rate they use is what makes the number large or small.
Land transfer tax, Alberta: Alberta charges no provincial land transfer tax. What you pay instead is a Land Titles registration fee on the transfer and on the mortgage, which is far smaller.
Land transfer tax, Ontario: Ontario charges land transfer tax on a marginal scale, bracket by bracket, with a first-time buyer refund of up to 4,000 dollars. Toronto adds a municipal land transfer tax on top of it.
Matrimonial home, Ontario: Ontario’s Family Law Act restricts dealing with a matrimonial home without the other spouse’s consent, whether or not they are on title. It is the Ontario counterpart to Alberta’s Dower Act.
Monoline lender: A monoline lender does mortgages and nothing else, with no branches and no chequing accounts. They are federally regulated and often price better than a branch, which is much of why brokers use them.
Mortgage discharge fee: The discharge fee is what a lender charges to release its registration when you pay out or move the mortgage, typically in the low hundreds. Your payout statement carries the exact figure for your file.
Open vs closed mortgage: An open mortgage can be paid off at any time without penalty, and prices accordingly. A closed mortgage restricts prepayment to set privileges, and breaking it early triggers a penalty.
Porting a mortgage: Porting moves your existing mortgage and its remaining term to a new property instead of breaking it. It is a contract privilege rather than a right, you still have to requalify, and the two closings have to line up.
Power of sale vs foreclosure: Ontario lenders generally use power of sale, a contractual remedy that does not transfer title to the lender. Alberta uses judicial foreclosure through the court, where section 40(1) of the Law of Property Act limits the lender’s ability to pursue a shortfall.
Pre-approval vs pre-qualification: A pre-qualification is an estimate from numbers you state. A pre-approval reviews documents and holds a rate, but it is still not a commitment to lend on a specific property.
Prepayment penalty and privileges: Prepayment privileges are what you are allowed to pay down each year without penalty. The prepayment penalty is what you owe if you break the contract, calculated as three months’ interest or as an interest rate differential.
Prime rate vs policy rate: The Bank of Canada policy rate is the central bank’s target for overnight lending between banks. Prime is the rate each lender sets off the back of it, and it is prime, not the policy rate, that your variable mortgage actually follows.
Private mortgage lender: A private lender is an individual, a syndicate or a mortgage investment corporation lending its own money, usually short term and on the property rather than your income. It is a bridge to a better option, not a destination.
Purchase plus improvements: Purchase plus improvements lets you finance renovations into the mortgage at purchase, based on the improved value. The money is held back and released after the work is done and inspected, which is the part people are not expecting.
Rate hold: A rate hold reserves a rate for you while you shop, commonly for about 180 days. It costs nothing and it protects you from an increase without locking you out of a decrease.
Readvanceable mortgage: A readvanceable mortgage pairs a mortgage with a line of credit that grows as you pay the mortgage down. It is almost always registered as a collateral charge, which is what makes it harder to leave.
Statement of adjustments: The statement of adjustments is the lawyer’s final accounting of who owes what on closing day, including prepaid property taxes and utilities. It is where the number you actually wire comes from.
Status certificate, Ontario: A status certificate is the Ontario condominium disclosure package a lender reviews before funding. Alberta’s equivalent document is the estoppel certificate.
Stress test: The stress test qualifies you at the greater of your contract rate plus two percent or a 5.25 percent floor, not at the rate you will actually pay. It is a common reason a budget comes in smaller than expected.
Switch vs refinance: A switch moves the same balance to a new lender at maturity, and many lenders will cover the cost of it. A refinance changes the amount borrowed, which means new legal work, a new registration and a full requalification.
Title insurance: Title insurance covers defects in title, survey problems and certain kinds of fraud. Ontario lenders generally require it as standard practice, while in Alberta it is optional for the buyer though usually still a lender condition.
Trigger point: The trigger point is where a fixed-payment variable mortgage balance has grown to a contractual ceiling and the lender requires action. It comes after the trigger rate, not at the same moment.
Trigger rate: The trigger rate is the point where your fixed payment on a variable mortgage no longer covers the interest, so none of it goes to principal. Only fixed-payment variable mortgages have one; an adjustable-payment mortgage changes the payment instead.
Variable vs adjustable: In Canada a variable-rate mortgage usually keeps the payment fixed and changes the principal and interest split. An adjustable-rate mortgage changes the payment itself every time prime moves, which is the opposite of how the terms are used in the United States.
Vendor take-back: A vendor take-back is the seller lending the buyer part of the purchase price, secured against the property. It is the Canadian name for what the United States calls seller financing.

The citable fact: this glossary defines 46 Canadian mortgage terms, and treats Ontario and Alberta as separate answers wherever the term actually differs between the two provinces.

Getting approved

Which terms matter when you are getting approved?

Short answer

These are the terms that decide how much you can borrow and whether a lender will say yes. If your budget came back smaller than you expected, the answer is almost always in this group.

Amortization vs term: The term is how long your current contract runs, commonly one to five years. The amortization is how long the whole mortgage takes to pay off, commonly 25 or 30 years, so you will sign several terms over one amortization.
B lender: A B lender is an alternative lender that takes files the big banks decline, usually on income or credit, and prices for the extra risk. It is a step between an A lender and a private lender, not a last resort.
Chattel mortgage: A chattel mortgage is secured against a movable structure rather than the land it sits on, which is how most mobile and some modular homes are financed. Terms are shorter and rates differ from a conventional land-and-building mortgage.
CMHC premium: The default insurance premium is a percentage of the mortgage that rises as the down payment shrinks, from 0.60 percent up to 4.00 percent in the 90.01 to 95 percent band. The premium is normally added to the mortgage, but Ontario’s 8 percent sales tax on it cannot be financed.
Co-signer vs guarantor: A co-signer goes on title and on the mortgage, and the debt appears on their credit. A guarantor backs the debt without going on title, which lenders allow less often than people expect.
First Home Savings Account: The FHSA is a registered account for a first home where contributions are deductible and qualifying withdrawals are tax free. It can be used together with the Home Buyers’ Plan on the same purchase.
GDS and TDS ratios: GDS is the share of your gross income going to the mortgage payment, property taxes and heat, at about 39 percent. TDS adds every other debt payment on top, at about 44 percent, and it is usually TDS that limits the budget.
Gifted down payment: A gifted down payment is money from an immediate family member that does not have to be repaid, confirmed by a signed gift letter. If it has to be repaid it is a loan, and a lender has to count it as debt.
High ratio mortgage: A high ratio mortgage is one with less than 20 percent down, which means default insurance is mandatory. A conventional mortgage has 20 percent or more down and does not require it.
Home Buyers’ Plan: The Home Buyers’ Plan lets a first-time buyer withdraw from an RRSP for a home purchase without immediate tax, then repay it over time. It can be used alongside an FHSA rather than instead of one.
Insured, insurable and uninsured: Insured means under 20 percent down with mandatory default insurance the borrower pays for. Insurable means 20 percent or more down on a file that still meets insurer rules, and uninsured means a file that cannot be insured at all.
Monoline lender: A monoline lender does mortgages and nothing else, with no branches and no chequing accounts. They are federally regulated and often price better than a branch, which is much of why brokers use them.
Pre-approval vs pre-qualification: A pre-qualification is an estimate from numbers you state. A pre-approval reviews documents and holds a rate, but it is still not a commitment to lend on a specific property.
Stress test: The stress test qualifies you at the greater of your contract rate plus two percent or a 5.25 percent floor, not at the rate you will actually pay. It is a common reason a budget comes in smaller than expected.

The citable fact: the stress test, GDS and TDS between them decide the size of almost every Canadian mortgage approval, and all three are federal rules that apply identically in Ontario and Alberta.

Choosing a rate

Which terms matter when you are choosing a rate?

Short answer

These terms describe how a rate is set, what moves it, and what you are agreeing to when you pick one. Fixed and variable are not simply two prices for the same thing.

APR and semi-annual compounding: APR folds certain lender fees into a single annual figure, so it is usually higher than the interest rate alone. Canadian fixed mortgages are compounded semi-annually by statute, which is why the effective cost differs from a simple monthly calculation.
Bond yields and fixed rates: Canadian fixed mortgage rates track Government of Canada bond yields, not the Bank of Canada policy rate. That is why a fixed rate can move on a day the Bank does nothing at all.
Fixed vs variable: A fixed rate holds for the whole term. A variable rate moves with prime, and in Canada it commonly keeps the payment the same while changing how much of it goes to principal.
Open vs closed mortgage: An open mortgage can be paid off at any time without penalty, and prices accordingly. A closed mortgage restricts prepayment to set privileges, and breaking it early triggers a penalty.
Prime rate vs policy rate: The Bank of Canada policy rate is the central bank’s target for overnight lending between banks. Prime is the rate each lender sets off the back of it, and it is prime, not the policy rate, that your variable mortgage actually follows.
Rate hold: A rate hold reserves a rate for you while you shop, commonly for about 180 days. It costs nothing and it protects you from an increase without locking you out of a decrease.
Trigger point: The trigger point is where a fixed-payment variable mortgage balance has grown to a contractual ceiling and the lender requires action. It comes after the trigger rate, not at the same moment.
Trigger rate: The trigger rate is the point where your fixed payment on a variable mortgage no longer covers the interest, so none of it goes to principal. Only fixed-payment variable mortgages have one; an adjustable-payment mortgage changes the payment instead.
Variable vs adjustable: In Canada a variable-rate mortgage usually keeps the payment fixed and changes the principal and interest split. An adjustable-rate mortgage changes the payment itself every time prime moves, which is the opposite of how the terms are used in the United States.

The citable fact: Canadian fixed mortgage rates follow Government of Canada bond yields while variable rates follow each lender prime, which is why the two can move in opposite directions in the same week.

Closing

Which terms come up at closing?

Short answer

These are the terms that appear on your lawyer’s paperwork and in the costs you pay on closing day. This is where Ontario and Alberta diverge most sharply.

Assumable mortgage: An assumption is a buyer taking over the seller’s existing mortgage on its existing terms. It is rare in Canada because the lender must approve the buyer, and most lenders would rather write a new mortgage.
Collateral charge: A collateral charge registers against your title for more than you borrowed, so the lender can lend you more later without a new registration. The cost shows up when you leave, because it usually has to be discharged and re-registered rather than simply transferred.
Dower rights, Alberta: Alberta’s Dower Act gives a married person rights in the matrimonial home even when they are not on title. A spouse’s consent is normally required before the home can be mortgaged or sold.
Estoppel certificate, Alberta: An estoppel certificate is the Alberta condominium disclosure document a lender reviews before funding. It is the same role Ontario’s status certificate plays, under a different statutory name.
Interest adjustment date: The interest adjustment date is the day your mortgage interest formally starts, which is often not your closing day. The gap between the two is charged as a one-off interest adjustment on your statement of adjustments.
Land transfer tax, Alberta: Alberta charges no provincial land transfer tax. What you pay instead is a Land Titles registration fee on the transfer and on the mortgage, which is far smaller.
Land transfer tax, Ontario: Ontario charges land transfer tax on a marginal scale, bracket by bracket, with a first-time buyer refund of up to 4,000 dollars. Toronto adds a municipal land transfer tax on top of it.
Matrimonial home, Ontario: Ontario’s Family Law Act restricts dealing with a matrimonial home without the other spouse’s consent, whether or not they are on title. It is the Ontario counterpart to Alberta’s Dower Act.
Purchase plus improvements: Purchase plus improvements lets you finance renovations into the mortgage at purchase, based on the improved value. The money is held back and released after the work is done and inspected, which is the part people are not expecting.
Readvanceable mortgage: A readvanceable mortgage pairs a mortgage with a line of credit that grows as you pay the mortgage down. It is almost always registered as a collateral charge, which is what makes it harder to leave.
Statement of adjustments: The statement of adjustments is the lawyer’s final accounting of who owes what on closing day, including prepaid property taxes and utilities. It is where the number you actually wire comes from.
Status certificate, Ontario: A status certificate is the Ontario condominium disclosure package a lender reviews before funding. Alberta’s equivalent document is the estoppel certificate.
Title insurance: Title insurance covers defects in title, survey problems and certain kinds of fraud. Ontario lenders generally require it as standard practice, while in Alberta it is optional for the buyer though usually still a lender condition.
Vendor take-back: A vendor take-back is the seller lending the buyer part of the purchase price, secured against the property. It is the Canadian name for what the United States calls seller financing.

The citable fact: Ontario charges provincial land transfer tax on a purchase and Alberta charges none, only Land Titles registration fees, which is the single largest closing cost difference between the two provinces.

Renewal and switching

Which terms matter at renewal or when you are switching?

Short answer

These terms govern what it costs to leave, to move, or to change your mortgage before or at maturity. They are the most expensive terms on this page to misunderstand.

Blend and extend: Blending mixes your existing rate with a current one and extends the term, so you avoid a straight penalty. It is not always cheaper than breaking, which is why the comparison matters more than the mechanism.
Bona fide sale clause: A bona fide sale clause says you can only break the mortgage early if you are genuinely selling the property to an unrelated buyer. On a no-frills product it can mean you cannot refinance or switch lenders at all before maturity.
Interest rate differential: IRD is one of the two ways a lender calculates the penalty for breaking a closed mortgage early, the other being three months’ interest. On a fixed mortgage the lender generally charges the greater of the two, and which comparison rate they use is what makes the number large or small.
Mortgage discharge fee: The discharge fee is what a lender charges to release its registration when you pay out or move the mortgage, typically in the low hundreds. Your payout statement carries the exact figure for your file.
Porting a mortgage: Porting moves your existing mortgage and its remaining term to a new property instead of breaking it. It is a contract privilege rather than a right, you still have to requalify, and the two closings have to line up.
Prepayment penalty and privileges: Prepayment privileges are what you are allowed to pay down each year without penalty. The prepayment penalty is what you owe if you break the contract, calculated as three months’ interest or as an interest rate differential.
Switch vs refinance: A switch moves the same balance to a new lender at maturity, and many lenders will cover the cost of it. A refinance changes the amount borrowed, which means new legal work, a new registration and a full requalification.

Renewal is the point in the whole mortgage where the most money is won or lost in the shortest conversation. The Renewal Negotiation Playbook covers what to say and where you have room to push.

The citable fact: on a fixed-rate mortgage the lender generally charges the greater of three months interest and the interest rate differential, and which comparison rate the lender uses is what decides whether that penalty is small or very large.

If it goes wrong

Which terms come up when a mortgage goes wrong?

Short answer

Nobody reads these until they need to. Ontario and Alberta use genuinely different enforcement systems, so the province you are in changes what happens next.

Power of sale vs foreclosure: Ontario lenders generally use power of sale, a contractual remedy that does not transfer title to the lender. Alberta uses judicial foreclosure through the court, where section 40(1) of the Law of Property Act limits the lender’s ability to pursue a shortfall.
Private mortgage lender: A private lender is an individual, a syndicate or a mortgage investment corporation lending its own money, usually short term and on the property rather than your income. It is a bridge to a better option, not a destination.

The citable fact: Ontario lenders generally proceed by power of sale while Alberta uses judicial foreclosure, where section 40(1) of the Law of Property Act limits a lender pursuing a borrower for a shortfall.

Ontario and Alberta

Which mortgage terms actually differ between Ontario and Alberta?

Short answer

Most mortgage rules in Canada are federal and identical in both provinces, including the stress test, down payment minimums and default insurance. What differs is land transfer tax, spousal consent, condominium disclosure, enforcement when a mortgage fails, and who regulates the broker.

Mortgage terms that mean something different in Ontario and in Alberta.
Term	Ontario	Alberta
Land transfer tax	Charged on a marginal scale, with a first-time buyer refund of up to $4,000. Toronto adds a municipal land transfer tax.	None. Land Titles registration fees apply instead, on both the transfer and the mortgage.
Sales tax on the insurance premium	8 percent on the premium, and it cannot be added to the loan, so it is cash at closing.	None.
Condominium disclosure	Status certificate.	Estoppel certificate.
Spousal consent on the family home	Family Law Act, matrimonial home consent.	Dower Act consent.
Enforcement when a mortgage fails	Power of sale, a contractual remedy.	Judicial foreclosure, with section 40(1) of the Law of Property Act limiting a shortfall claim.
Broker regulator	FSRA. Pekoe holds Brokerage Licence #13321.	RECA. Pekoe is RECA licensed.

The citable fact: Pekoe Mortgages is licensed in both provinces, as FSRA Brokerage Licence #13321 in Ontario and through RECA in Alberta, which is why every term on this page is answered for both.

Downloads

Is there a printable version of any of this?

Short answer

Yes. Four worksheets cover the situations these terms come up in, each with its figures sourced on the page itself. They are plain PDFs, free, and no email address is required to open one.

Downloadable Pekoe worksheets, free and sourced.
Worksheet	What it covers
First-Time Buyer Guide	Down payment minimums, the stress test, GDS and TDS, the FHSA and Home Buyers Plan, and what closing actually costs in each province.
Closing Cost Worksheet	Every closing line item for Ontario and Alberta, with space to fill in your own numbers and total them.
Mortgage Document Checklist	What a lender asks for, by situation: salaried, self-employed, newcomer, separating, refinancing, renewing.
Renewal Checklist	What to do in the months before maturity, and how to read the renewal offer line by line.

The citable fact: every figure in all four Pekoe worksheets carries the source it came from on the same page, and none of them states a mortgage rate.

Frequently asked questions

What is the difference between a mortgage term and the amortization?

The term is how long your current contract runs, commonly one to five years. The amortization is how long the whole mortgage takes to pay off, commonly 25 or 30 years, so most people sign several terms over one amortization.

Does Alberta charge land transfer tax?

No. Alberta charges no provincial land transfer tax at all. You pay Land Titles registration fees instead, on both the transfer of land and the mortgage registration, and they are far smaller than an Ontario land transfer tax bill on the same price.

What is a trigger rate and does every variable mortgage have one?

A trigger rate is the point where your fixed payment no longer covers the interest, so none of it goes to principal. Only fixed-payment variable mortgages have one. An adjustable-payment mortgage changes the payment itself instead, so it never reaches a trigger rate.

Is the Ontario sales tax on mortgage insurance added to my mortgage?

No. The default insurance premium itself is normally added to the mortgage, but the 8 percent Ontario sales tax charged on that premium cannot be. CMHC states that the sales tax cannot be added to the loan amount, so budget it as cash at closing.

What is the difference between a status certificate and an estoppel certificate?

They are the same document under two names. Ontario condominiums issue a status certificate and Alberta condominiums issue an estoppel certificate, and a lender reviews either one before funding a condominium purchase.

What is the difference between insured, insurable and uninsured?

Insured means less than 20 percent down, where default insurance is mandatory and the borrower pays the premium. Insurable means 20 percent or more down on a file that still meets insurer rules, and uninsured means a file that cannot be insured at all.

What is a collateral charge and why does it matter?

A collateral charge registers against your title for more than you actually borrowed, so the lender can advance more later without a new registration. The cost shows up when you leave, because it usually has to be discharged and re-registered rather than simply transferred to a new lender.

Is a B lender the same as a private lender?

No. A B lender is a regulated alternative lender that takes files the big banks decline, usually on income or credit, and prices for the extra risk. A private lender is an individual, syndicate or mortgage investment corporation lending its own money, usually short term and secured on the property rather than your income.

Which province has tougher enforcement if I default?

They are different rather than simply tougher. Ontario lenders generally use power of sale, a contractual remedy that does not transfer title to the lender. Alberta uses judicial foreclosure through the court, where section 40(1) of the Law of Property Act limits the lender in pursuing a borrower for a shortfall.

Can I use the FHSA and the Home Buyers Plan on the same purchase?

Yes. They are separate programmes and a first-time buyer can use both on the same home. Check current contribution and withdrawal limits at canada.ca before relying on a figure, because they change.

Is Pekoe licensed in both Ontario and Alberta?

Yes. Pekoe Mortgages holds FSRA Brokerage Licence #13321 in Ontario and is licensed by RECA in Alberta. We work files remotely anywhere in either province.

Is Pekoe chat a real person or an AI bot?

A real, licensed broker answers during business hours. Outside those hours you can leave your question and a broker replies directly. There is no AI persona pretending to be an advisor.

Still not sure which term applies to you?

Definitions only take you so far. Tell us the actual situation and we will tell you which of these terms is about to matter and which is not.

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