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Canadian Real Estate / Mortgage Glossary : M

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Looking at the economy as a whole, particularly the interaction of its various components with one another.

 Maintenance Fee
A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.

 Manufactured Housing
Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.

Expressed as percentage points, the amount that a lender adds to an index to arrive at the final interest rate. For example, if the index is 9 percent and the margin 2.75 percent, the final interest rate is 11.75 percent.

 Marital Deduction
For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.

 Market Conditions
Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.

 Market Value
Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.

A credit card issued by MasterCard International which is distributed by many financial institutions around the world. Card holders borrow money against a credit line and pay it back with interest if the balance is carried over from month to month.
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The date on which the principal balance of a loan becomes due and payable. It also marks the date when a bond pays off its principal.

 Maximum Financing
A mortgage made on a property in which the lender's lowest permissible down payment has been made.

 Meals and Entertainment
Expenses that are deductible in your business may include meals and entertainment, such as the cost of taking a client to a restaurant and a sporting event. These expenses, however, are only partially deductible (50 % in Canada)

 Mechanical Systems
A house's heating, cooling, plumbing and electrical apparatus.

 Median Price
In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.

A method of resolving a dispute using a neutral party (a "mediator") who actively works to resolve the differences. A mediator cannot make a binding decision, as opposed to an arbitrator, who can.

 Merged Credit Report
A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.

 Metes and Bounds
A surveyor's legal description of a parcel of land, defined by measurements and angles.

Looking at the individual parts of the economy, with emphasis given to the market process and how it works.

 Mileage Allowance
The number of miles, specified in a lease, that a car may be driven over the life of the lease.

 Mileage Limitation
see "Mileage Allowance."

 Mill Rate
In reference to property taxes, a unit of taxation is a set ratio made by the city or municipal district.

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