Here are some common abbreviations (shortened words) and acronyms (taking the first letter of each word in the term) you might come across when reviewing a Toronto real estate listing, as well as some general terms. Hopefully this helps you navigate your way around.
2pc (powder room), 3pc, 4pc, 5pc, 6pc, 7pc ensuite/washroom: Counting the number of pieces in a washroom. For example, a 7pc might consist of double vanities, a toilet, a shower, a steam shower, a tub and a jacuzzi tub.
B/I or BLT: Built-in
Brkfst: Breakfast area
CAC: Central Air Conditioning
CVAC: Central Vacuum
D/R: Dining Room
DOM: Days on Market
EBB: Electric baseboard (heating)
ELFs: Electric Light Fixtures (this is my favourite because I get asked about it all the time, unfortunately your home does not come with an actual elf).
FAG: Forced Air Gas (politically incorrect and rarely used now)
Fin: Finished (as in a basement)
Fr Drs: French doors
GFA: Gross floor area – the total amount of square feet permitted inside a building
H/I: Home Inspection
HDW: Hardwood (floors)
HVAC: Heating, ventilation and air conditioning
HWT: Hot Water Tank
L/L: Lower level
L/R: Living Room
LA: Listing Agent
REC: Rec room
ROW: Right of Way – a legal passage through land that does not belong to you in order to access land that does belong to you.
S/S: Stainless steel
Appraisal: An unbiased estimate of how much your home is worth. When a buyer purchases your home, their mortgage lender will send a third party appraiser to make sure the loan amount is accurate.
As Is/Where Is: The buyer will purchase the property exactly where it is and in the current state that it presently is in (i.e. if the railings are broken, the seller will not fix them, if there is a pile of garbage in the backyard, it will not be removed upon the buyer taking ownership). Usually an “as is/where is” clause is put in if the property is either presently unlivable or has not been lived in for quite some time.
Bridge Loan/Financing: A short-term loan taken out against your property in order to finance the purchase of another property. You would use bridge financing if your new home closed before your current home closes in order to be able to pay the balance.
Chattels: anything not permanently attached to the property (i.e. a standing lamp, a bed, movable kitchen island, etc).
CMA: Comparative Market Analysis – In a meeting to discuss the sale of your home, I would provide you with comparable sales, or a CMA.
COM: Committee of Adjustment – a group of citizens elected by the city that regularly hold public hearings to consider applications for minor variances and consents.
Conditional Sale: when you purchase or sell your home, sometimes there are conditions that need to be fulfilled in order to “firm up” the deal (i.e. home inspection, review the status certificate of a condo, secure financing, etc)
Exclusive listing: A listing not on the open market (the MLS). An exclusive listing still requires a contract with the listing agent.
Fixtures: anything permanently attached to the property (i.e. built-in bookcases, cabinets, etc).
LPAT: Local Planning Appeal Tribunal – independent group put together by the city that hears appeals for a variety of contentious municipal matters.
MLS: Multiple Listing Service – the database that real estate agents use to find current and sold listings.
POA: Power of Attorney – someone who acts on another person’s behalf, in this case in the sale of a home.
Probate: the process of reviewing/authenticating a person’s will, sometimes home sales will have to be conditional on this.
Toronto and Region Conservation Authority (TRCA): manages and provides upkeep for the ravine areas in Toronto