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Ontario Canada Homes & Real Estate Glossary V
From Vacancy Factor, Value-added, Variance, to Virtual Storefront

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Vacancy factor - A measure of the loss of gross rental income due to vacancies. The rate is expressed as a percentage of the total rentable square footage available in a property. Vacancies could be due to market competition or terminating leases.

Vacant space - Existing tenant space currently on the market for lease, not including sublease space available.

Value-added - A phrase generally used by advisers and managers to describe opportunity style investments in underperforming and/or undermanaged commercial properties with the objective of realizing value creation over a short term time span.

Variance - A legal allowance granted by an authorized zoning body to a property owner, upon proof of need, to depart from the literal requirements of a zoning ordinance in utilizing his property in cases that, due to special circumstances, would cause a unique hardship.

Verification of deposit - A form utilized by mortgage lenders to corroborate the deposits or cash assets of a potential borrower when monthly statements are not available or not usable.

Verification of rent - A form utilized by mortgage lenders to confirm monthly rents paid and the history of any late payments.

Virtual storefront - A business presence, in the form of a website, on the internet constructed to offer and complete sales. Storefronts may exist as businesses only on the Internet or may be online portals for traditional "brick and mortar" businesses.



D.W. Howard Realty Ltd, Brokerage

384 Ridge Road North
Ridgeway, ON L0S 1N0, Canada

905-894-1703
Phone
905-894-4476   Fax


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