When buying or selling a home, one question often causes confusion: What exactly comes with the property? That’s where the distinction between chattels and fixtures becomes critical. Misunderstanding the difference can lead to disappointment or even legal disputes at closing.

Let’s break it down:

What Are Chattels?

Chattels are moveable personal belongings that are not permanently attached to the home or property. These are generally not included in the sale unless they are specifically written into the Agreement of Purchase and Sale.

Examples of Chattels:

• Furniture (sofas, beds, dining sets)

• Portable appliances (like a countertop microwave)

• Window coverings (e.g. curtains hung on tension rods)

• Area rugs

• Freestanding shelving units

• Lawn equipment (e.g. a push mower)

 Agent Tip: If there's anything you want included, list it clearly in the offer. If it’s not in writing, it’s not enforceable.

What Are Fixtures?

Fixtures are items that are permanently attached to the home or land. These are typically included in the sale, unless the seller specifically excludes them in writing.

Examples of Fixtures:

• Built-in appliances (wall ovens, dishwashers)

• Light fixtures and chandeliers

• Wall-mounted TVs (often debated, see note below)

• Bathroom mirrors fastened to the wall

• Installed cabinetry or vanities

• Curtain rods and brackets

 Seller Tip: If there’s a fixture you plan to take with you, be upfront about it and exclude it in writing in the listing and Agreement of Purchase and Sale.

Why It Matters

Understanding the difference between chattels and fixtures is more than just technical it helps you:

•  Avoid surprises or disputes on closing day

•  Negotiate more effectively

•  Protect your legal rights

Real-World Example

A buyer assumed the wall-mounted TV was included, but on moving day, the seller took the TV and left only the wall bracket. Because it wasn’t clarified in the agreement, it became a source of conflict after closing.

 Lesson: When in doubt write it out. Even something that “seems obvious” can be interpreted differently by buyers and sellers.

Final Thoughts

Whether you’re buying your first home or selling your fifth, understanding what stays and what goes is key to a smooth transaction. A good rule of thumb:
If it’s attached, it’s likely a fixture. If it’s freestanding, it’s probably a chattel.

Still unsure? That’s what I’m here for.

 Thinking of buying or selling? Let’s make your move stress-free.

Deciding whether to sell or rent out your home in Ontario can be a tough choice, especially in today’s real estate market. With shifting interest rates, evolving housing demand, and changing rental trends, making the right decision requires careful consideration. Whether you're looking to maximize your return on investment or create a steady income stream, here’s what you need to know.

Leasing Your Property: Pros and Cons

Advantages of Renting

✅ Steady Income: Renting can provide a consistent revenue stream, particularly if your rental income covers or exceeds mortgage payments. With Ontario’s average rent at $2,351 as of late 2024, rental properties can be a valuable asset.

 ✅ Long-Term Value: Holding onto your property allows you to benefit from potential price appreciation, with home values expected to rise 4-6% in 2025.

 ✅ Flexibility: If market conditions aren’t ideal for selling, leasing gives you time to wait for a better opportunity while still making money. 

✅ Tax Benefits: Landlords can deduct expenses such as maintenance, insurance, mortgage interest, and property management fees, making renting financially attractive.

Challenges of Renting

❌ Landlord Responsibilities: Maintenance, repairs, and tenant management fall on your shoulders, which can be time-consuming and stressful. 

❌ Vacancy Risks: Rental prices in Ontario have dipped slightly (-6% YoY in late 2024), and with more rental units becoming available, finding quality tenants may take longer. 

❌ Property Wear and Tear: Even with responsible tenants, rental properties experience gradual depreciation, requiring ongoing maintenance.

 ❌ Difficult Evictions: Ontario has strict tenant protections, making it challenging for landlords to evict problem tenants. Unfortunately, eviction is not a quick process—it can take anywhere from 85 to 138 days after an eviction notice is given. If the tenant refuses to vacate and requires removal by the Sheriff’s office, the timeline could stretch to 168 days.

Here’s a general breakdown of the eviction process:

• Provide written notice to the tenant

• File an application with the Landlord and Tenant Board (LTB) (7-60 days after written notice)

• Attend the LTB hearing (typically 56 days after the application is filed)

• Receive an eviction order (about 22 days after the hearing)

• Enforce the eviction order if necessary (can take up to 30 additional days)

These timelines are approximations, and actual cases may take more or less time. The Landlord and Tenant Board is actively working to improve service standards, but landlords must be prepared for potential delays and legal fees.

Selling in 2025: Is It the Right Time?

Why Selling Might Be a Smart Move

🏡 Market Stability: The Ontario housing market is currently balanced, meaning there’s a fair demand for homes, and prices are not dropping significantly. 💰 Capitalizing on Demand: If your home is in a high-demand area, selling now could yield a strong return, especially with projected price increases of up to 6% this year. 📈 Interest Rate Relief:While mortgage rates remain higher than pre-pandemic levels, the Bank of Canada is expected to lower them further in 2025, potentially increasing buyer demand.

When Selling May Not Be Ideal

🔻 Affordability Issues: Many buyers are still struggling with high costs, which could slow down home sales in certain price ranges. 🔻 Future Price Growth: If your property is in a growing market, holding onto it for a few more years may yield better returns.

Which Option is Best for You?

The choice between selling and renting depends on your financial situation, market trends, and long-term goals. If you need immediate liquidity or want to reinvest, selling might be your best bet. If you prefer a steady income stream and can manage a rental property, leasing could be a lucrative option—though landlords must be aware of Ontario’s tenant-friendly eviction laws.

Not sure what’s best for your situation? Contact me today for expert guidance tailored to your real estate goals. Let’s explore your options together and make the most of Ontario’s evolving market!

📞 Laurita Almeida
📱 289-700-3097
📧 [email protected]

Buying or selling a home is a big deal, and one step you don’t want to skip is the home inspection. It’s like a health check-up for the house revealing potential problems before they become expensive nightmares. Whether you’re a buyer or a seller, understanding what to look for during an inspection can save you time, money, and stress.

Why Are Home Inspections Important?

For buyers, a home inspection helps ensure you're making a sound investment. No one wants to move in and discover a leaky roof or faulty wiring. A thorough inspection can give you leverage to negotiate repairs or even reconsider a purchase if the issues are too severe.

For sellers, getting a pre-listing inspection can help you avoid surprises. Fixing problems beforehand can make your home more attractive to buyers and prevent last-minute deal-breakers.

What to Look for During a Home Inspection

1. Foundation and Structural Issues

Cracks in the foundation, uneven floors, or doors that don’t close properly could indicate serious structural problems. These can be costly to fix and should never be ignored.

2. Roof Condition

A roof in poor condition can lead to leaks, mold, and costly repairs. Look for missing shingles, water stains on ceilings, or signs of sagging.

3. Electrical System

Old or faulty wiring is not only a fire hazard but can also lead to expensive rewiring costs. Check for outdated panels, flickering lights, or exposed wires.

4. Plumbing and Water Damage

Leaky pipes, water stains, or low water pressure could indicate plumbing issues. Inspect under sinks, around toilets, and in the basement for any signs of water damage.

5. Heating and Cooling Systems

A broken HVAC system can be a costly fix. Make sure the heating and cooling units are working properly and have been maintained.

6. Pest Infestations

Termites, rodents, or other pests can cause significant damage. Look for droppings, chewed wood, or signs of nests.

7. Mold and Mildew

Musty smells, black spots on walls, or excessive moisture can indicate mold problems. Mold can affect air quality and lead to health issues.

What to Do After the Inspection

• For Buyers: If major issues are found, you can negotiate repairs with the seller, ask for a price reduction, or decide to walk away.

• For Sellers: Addressing problems before listing can make your home more appealing and prevent delays in closing the deal.

Final Thoughts

A home inspection is one of the most important steps in the buying or selling process. It gives buyers peace of mind and helps sellers avoid unexpected surprises. Whether you're looking to move in or move on, a good inspection can make all the difference!

289 700 3097

 Email: laurita@lauritarealtor.ca

www.lauritarealtor.com

Buying a home is one of the biggest financial decisions you’ll ever make. While most buyers focus on the purchase price and mortgage payments, many overlook the additional costs that come with homeownership. To avoid surprises, it’s essential to budget for these hidden expenses. Here’s what you need to know if you’re planning to buy a home in Ontario.

1. Closing Costs

Closing costs are expenses that must be paid before you officially take ownership of your home. These typically range from 1.5% to 4% of the home’s purchase price and include:

• Land Transfer Tax: In Ontario, buyers must pay a land transfer tax, which varies based on the purchase price. First-time homebuyers may qualify for a rebate of up to $4,000.

• Legal Fees & Disbursements: A real estate lawyer is required to finalize the purchase, conduct a title search, and register the property in your name. Expect to pay between $1,500 and $2,500.

• Title Insurance: This protects you from title fraud or issues with property ownership and usually costs between $250 and $400.

• Home Inspection: While not mandatory, a home inspection helps identify potential problems. Costs range from $350 to $600.

2. Mortgage-Related Costs

If you’re taking out a mortgage, additional expenses may apply:

• Mortgage Default Insurance: If your down payment is less than 20%, you’ll need mortgage insurance through CMHC, Sagen, or Canada Guaranty. This can add thousands to your mortgage.

• Appraisal Fee: Lenders may require an appraisal to verify the property’s value, costing $300 to $500.

• Mortgage Registration Fee: A small fee (around $75 to $150) is required to register your mortgage with the province.

3. Property Taxes & Home Insurance

• Property Taxes: These vary by municipality but generally range from 0.5% to 2.5% of your home’s value annually.

• Home Insurance: Lenders require homeowners to have insurance, which can cost $800 to $2,000 per year, depending on coverage and location.

4. Moving & Immediate Expenses

• Moving Costs: Hiring professional movers can range from $1,000 to $3,000, depending on distance and services required.

• Utility Set-Up: Some utility providers charge connection fees for electricity, gas, and water.

• Repairs & Renovations: Even in a move-in-ready home, you may need to budget for small repairs, paint, or furniture.

5. Ongoing Maintenance & Condo Fees

• Home Maintenance: Experts suggest setting aside 1% to 3% of your home’s value annually for repairs.

• Condo Fees: If purchasing a condo, monthly fees can range from $200 to $800+ to cover building maintenance and amenities.

Final Thoughts

Being aware of these hidden costs will help you budget effectively and avoid financial strain. If you’re considering buying a home in Ontario, I’m here to guide you through the process and ensure you’re prepared for every expense.

📞 Contact me today for expert advice on your home-buying journey!