Variance: Most commonly used in real estate regarding permission by the zoning authority to an owner permitting a minor violation of the zoning requirements for specific property. For example: setback requirements, use, or size of structure.
Variance is also used in statistical analysis to measure the amount of variability that exists in a set of numbers (formerly referred to as a frequency distribution). Variance is one of many statistical techniques gradually being introduced into real estate investment analysis decision strategies regarding acquisition and disposition of investment-grade property.
Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.