CALGARY REAL ESTATE GLOSSARY

Name: NEWHAUS
Address: 4034 16 St SW, Calgary, AB, T2T 4H4, CA
Telephone: +114032873880
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Plain-English definitions for the terms Calgary buyers, sellers, and investors actually encounter. Alberta- and Pillar 9™-specific where it matters. Last updated for the 2026 market.

Listings

MLS® (Multiple Listing Service): The cooperative database used by Canadian REALTORS® to share active and sold property data. In Calgary, MLS® is administered by Pillar 9™, the data feed used by CREB® members. MLS® and Multiple Listing Service® are trademarks owned by the Canadian Real Estate Association (CREA).
IDX (Internet Data Exchange): The MLS® rule that lets brokerages display active listings (not sold data) on their public websites. Anything you see on a public Calgary real estate website is IDX data — sold prices and history are restricted to authenticated VOW users.
VOW (Virtual Office Website): A registered, password-protected member area where consumers can access historical sold data after agreeing to MLS® terms of use. Calgary VOW access requires registration, email verification, and acceptance of Pillar 9™ terms.
Pillar 9™: The MLS® data and technology provider serving Calgary, Edmonton, and most Alberta real estate boards. Successor to the former CREB® and REALTORS® Association of Edmonton MLS® systems. All Calgary IDX and VOW feeds run on Pillar 9™.

Pricing

CMA (Comparative Market Analysis): A REALTOR®-prepared report that compares a subject property to recently sold, currently listed, and expired comparable homes to estimate a fair market price. The foundation of every well-priced Calgary listing.
List-to-Sale Ratio (Sale-to-Ask): The percentage difference between a home's listing price and final sale price. A ratio of 99% means the home sold 1% below ask; a ratio above 100% means it sold above ask. In Calgary's hottest inner-city pockets, multi-offer situations regularly produce 102–110% ratios.
Days on Market (DOM): The number of days a property is actively listed on MLS® before going under contract. Calgary inner-city DOM averaged 21–35 days in 2025–26. Homes that sit past 30 days typically need a price correction.

Process

Conditions Period: The window (typically 5–10 business days) after offer acceptance during which a buyer can satisfy or waive conditions like financing, home inspection, condo document review, and property insurance. Conditions are removed in writing before the deal becomes firm.
Possession Date: The day a buyer receives the keys and legal right to occupy the property. Possession typically occurs 30–60 days after a firm offer, or as negotiated. In Alberta, possession usually occurs at noon unless otherwise specified.
RPR (Real Property Report): An Alberta-specific land surveyor document showing the property boundaries, the location of all improvements (house, garage, decks, fences), and any encroachments. Most Calgary sellers must provide a current RPR with municipal compliance stamp at closing.
Municipal Compliance: A stamp issued by the City of Calgary confirming that the property's improvements meet zoning bylaws as shown on the RPR. Without compliance (or title insurance as a substitute), most lenders won't fund a Calgary purchase.
Title Insurance: A one-time policy protecting against title defects, survey issues, and certain fraud. In Alberta, title insurance is commonly used as an alternative to a current RPR with municipal compliance, costing $250–$500 at closing.

Condos

Condo Document Review: The buyer's review of a condominium corporation's bylaws, financial statements, reserve fund study, AGM minutes, and management agreement. A standard condition on Calgary condo purchases — typically completed within 5–10 business days by the buyer's lawyer or a specialty review service.
Reserve Fund Study: A 25- to 30-year forecast of a condominium corporation's major repair and replacement obligations and the funding required to meet them. Required by the Alberta Condominium Property Act and re-done every five years. A weak reserve fund signals future special assessments.
Special Assessment: A one-time levy charged to all condo unit owners when the reserve fund can't cover a major repair or replacement. A red flag during condo doc review.

Financing

Down Payment: The portion of a home's purchase price paid by the buyer up front. Canadian rules require: 5% on the first $500,000, 10% on the portion between $500K–$1.5M, and 20% on any amount over $1.5M. Down payments under 20% require CMHC mortgage insurance.
CMHC Insurance: Mortgage default insurance required when a buyer puts down less than 20%. Premiums range from 2.8% to 4% of the mortgage amount and are added to the loan principal. Provided by CMHC, Sagen, or Canada Guaranty.
Pre-Approval: A lender's commitment to fund up to a stated mortgage amount, valid 90–120 days, with a held interest rate. Calgary sellers in competitive segments routinely require a pre-approval letter accompanying any offer.
Stress Test: The federal mortgage qualification rule that requires borrowers to qualify at the higher of their contract rate plus 2%, or 5.25%. Reduces effective borrowing power by 20–25% relative to the contract rate.

Closing Costs

Land Transfer Fee (Alberta): Alberta does not charge a Land Transfer Tax. Instead, buyers pay two small Land Titles registration fees: $50 + $2 per $5,000 of purchase price (transfer fee) and $50 + $1.50 per $5,000 of mortgage (mortgage registration fee). On a $1M home, total is approximately $850.
Property Tax Adjustment: A pro-rated reimbursement between buyer and seller for property taxes already paid (or not yet paid) on the closing date. Calculated by the lawyer at closing.

Geography

Inner-City Calgary: Calgary communities developed pre-1960, generally within a 5 km radius of downtown. Includes Marda Loop, Altadore, South Calgary, Mount Royal, Elbow Park, Richmond, Bridgeland, and Mission. Characterized by mature trees, walkability, and a higher proportion of infill redevelopment.
Infill: A new home built on a redeveloped inner-city lot, usually replacing a demolished bungalow or post-war home. Modern Calgary infills are typically 2,000–3,500 sqft three-storey detached or semi-detached homes with rooftop decks and high-end finishes.

People

REALTOR®: A real estate licensee in Canada who is also a member of the Canadian Real Estate Association (CREA) and bound by its REALTOR® Code of Ethics. The REALTOR® trademark is registered to CREA.
Agency / Buyer Representation Agreement: The written contract that establishes the duties a real estate agent owes a client (loyalty, confidentiality, full disclosure, accounting, obedience, reasonable care). In Alberta, buyer representation must be in writing under the Real Estate Act.