GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Allowances

allowances: 1. An amount of something that is permitted or within guidelines.; 2. Money set aside by builders for amenities or services such as driveways, landscaping, carpeting, and fixtures. These amenities are usually standard, but they can have optional designs.

builder upgrades Refined features or materials that a builder offers for an extra charge.
custom builder A contractor that constructs or remodels houses based on plans submitted by the client.
fixture Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.
semi-custom home A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
speculation builder A developer that builds houses without a commitment from a purchaser.
speculation home A house built before a buyer has been found, on the assumption that one will be found.
upgrades Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.