Terminology Tuesday: Chattels

In real estate, the term “chattels” refers to items that are not permanently attached to a property and can be removed without damaging the home. In simple terms, they’re the things you can pick up and take with you when you move.

Common examples of chattels include appliances like refrigerators, stoves, washers and dryers (unless built-in), as well as furniture, area rugs, and even things like window coverings if they’re not permanently installed. Because chattels are considered personal property—not part of the real estate itself—they are not automatically included in a sale unless specifically written into the agreement.

This is where things can get important for both buyers and sellers. If a buyer falls in love with a particular item—say, a sleek stainless steel fridge or custom bar stools—they need to make sure it’s listed as an included chattel in the Agreement of Purchase and Sale. On the flip side, sellers should clearly identify anything they intend to take with them to avoid misunderstandings.

The key takeaway? Don’t assume anything. In real estate, what stays and what goes should always be clearly spelled out in writing—because when it comes to chattels, if it’s not included, it’s not coming with the house. 

Market Media Monday - March 30, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Canadian Real Estate’s Biggest Crash Since The ‘90s To Worsen: BMO ]
"Canadian real estate’s downturn shows no signs of reversing, according to a Big Six bank. BMO Capital Markets is warning investors that home prices haven’t moved in nearly a decade, once adjusted for inflation. Now in the middle of the largest correction since the 90s, the bank sees inflation accelerating in the coming months, eroding real prices further."

[ TD cuts housing forecast but warns pent-up demand could be ‘unleashed faster or more forcefully than expected’ ]
"The buyers are out there. They’re just waiting. And according to a new TD Economics report released Thursday, the window for winning them over may finally be opening. Economist Rishi Sondhi says a pool of pent-up demand is waiting in the wings in markets across Canada, particularly in Ontario and B.C., and that improved economic conditions and affordability gains could help unlock it heading into 2027."

[ Ontario’s budget banks on a housing resale rebound in 2026 — but real estate players aren’t so sure ]
"The Ontario government is budgeting on a housing resale market rebound this coming year, with its new fiscal plan counting on more homes changing hands and hundreds of millions of dollars more revenue from land transfer taxes."

[ 9 Tips for a Successful Mortgage Renewal in Canada ]
"Renewing your mortgage can significantly impact your financial situation. Whether you’re a first-time buyer or a seasoned homeowner, assessing your options when your mortgage is up for renewal and shopping for the best rates is critical to saving money over the life of your mortgage. Read on for valuable tips and advice for your next mortgage renewal."

[ Mortgage affordability worsens in most major Canadian cities, report says ]
"It became harder for Canadians in most major cities to afford a mortgage in February, a new report by Ratehub.ca found on Thursday."

[ Why waiting to lock in your variable rate often backfires ]
"One of the biggest draws of variable-rate mortgages is that they give you options. For starters, variable mortgage prepayment penalties are generally cheaper than their fixed-rate counterparts."

Market Media Monday - March 23, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Home sales, listings and prices down nationally, says CREA ]
"The latest real estate numbers are out and they paint a picture of a Canadian housing market on a downward slide. By most measures in Canada, real estate is down. According to the Canadian Real Estate Association (CREA), there are fewer sales and prices are declining in February from the previous month."

[ Home purchased for nearly $1M sells at 45% loss in southern Ontario ]
"Hamilton has seen price declines in the last year or more. Last month, it was one of five major cities that saw a decline in prices year-over-year, according to a House Price Index report from Wahi, a Canadian real estate platform, and Real Property Solutions, a Canadian provider of property valuation services. Hamilton’s price index was down six per cent last month."

[ The Bank of Canada is holding its interest rate. For now ]
"The Bank of Canada (BoC) announced it is holding its interest rate steady at 2.25%. The March 18 decision is the second rate hold of 2026 as the BoC also held its rate in January. TD Economist Maria Solovieva said that inflation is currently within the BoC’s target of 1-3%, and while GDP growth is muted, it’s still within a reasonable range. Even with tariffs, the economy is still chugging along for now."

[ Mortgage Digest: Bond yield spike drives latest fixed mortgage rate hikes of up to 30 bps ]
"Canadian fixed mortgage rates have moved decisively higher, with lenders rolling out increases of up to 30 basis points as bond yields continue their rapid climb."

[ Bank of Canada Interest Rate Explained and How It Shapes Your Mortgage ]
"The Bank of Canada’s policy rate, also known as the overnight rate, plays a critical role in shaping the financial landscape of the country. It directly influences borrowing costs, including mortgage rates, and can have a significant impact on homeowners and prospective buyers. Understanding how changes in the policy rate affect your mortgage is essential for managing your finances effectively."

Terminology Tuesday: Amortization

If you’ve ever looked at a mortgage breakdown and wondered why most of your early payments seem to go toward interest rather than the loan itself, you’re already brushing up against the concept of amortization.

Amortization refers to the total length of time it takes to pay off your mortgage in full, assuming regular payments and a consistent interest rate. In Canada, the most common amortization period is 25 years, though longer or shorter options may be available.

Here’s how it works: your mortgage payment is structured so that you pay both principal (the amount you borrowed) and interest (the cost of borrowing) with each payment. However, in the early years of the mortgage, a larger portion of your payment goes toward interest. Over time, that balance gradually shifts, and more of each payment starts reducing the principal.

Think of amortization as the timeline of your debt payoff. A longer amortization period (like 30 years) typically means lower monthly payments, but you’ll pay more interest overall. A shorter amortization (like 20 years) increases your monthly payment but helps you save significantly on interest and become mortgage-free sooner.

It’s also important not to confuse amortization with your mortgage term. The term is the length of your contract with a lender (often 3–5 years), while amortization is the full schedule to pay off the loan.

Understanding amortization helps you make smarter decisions about your mortgage—whether you’re buying your first home or planning how to pay it off faster.

Market Media Monday - March 16, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ CMHC reports February housing starts up 4.5 per cent from January ]
"Canada Mortgage and Housing Corp. says the annual pace of housing starts rose 4.5 per cent in February. The national housing agency said the seasonally adjusted annual rate of housing starts was 250,900 units in February compared with 240,148 units in January."

[ Canada inflation cools as Iran war clouds next BoC move ]
"Canada’s inflation downshift in February landed at exactly the moment policymakers least wanted a surprise. Annual CPI eased to 1.8%, undercutting economist expectations of 1.9% and moving below the Bank of Canada’s 2% target just as the Iran war pushed global oil prices sharply higher."

[ Homeowners with stronger credit scores are increasingly defaulting on mortgage payments ]
"Homeowners with stronger credit scores are increasingly defaulting on their mortgage payments, an alarming trend that reveals the impact of higher mortgage rates on traditionally lower-risk borrowers."

When will I actually get the keys?

You've bought your next house and you're excited because the big day is coming.  But now you have to plan and coordinate the move.  And of course, one of the most usual questions is: when will I actually get the keys for the new place?

This can vary a bit, depending on a number of factors.  In my experience, the transaction often closes by noon and you can get your keys.  The lawyers typically have everything all set to go a couple days before closing, so it's usually a relatively smooth process.  Of course, surprises do sometimes pop up that need to be dealt with on the fly, but these are usually addressed by the title search date.

And even if there are no problems, the closing is dependent on the lawyer receiving the money from your mortgage company.  Some lenders are better at being prompt than others.  Or if you're selling as well as buying, and you require the proceeds of the sale toward the purchase, then the lawyer could be held up waiting for your sale to close before closing your purchase.  Which also could be held up by the other buyer's mortgage lender, among other things.

The standard wording in the Ontario Real Estate Association's Agreement of Purchase and Sale requires the deal to close "no later than 6:00pm".  So, while you will often have the keys earlier in the day, it's safest to be prepared to wait until the end of the business day, around 4:30 or 5:00pm.  I have occasionally seen them squeak through that late.  You just hope it doesn't get held over to the next day... It doesn't happen often, but it's not impossible.

Terminology Tuesday: FINTRAC

FINTRAC stands for the Financial Transactions and Reports Analysis Centre of Canada. It is Canada’s financial intelligence unit, responsible for detecting, preventing, and deterring money laundering and terrorist financing. In the real estate world, FINTRAC regulations require brokerages and real estate professionals to verify client identities, keep specific records, and report certain types of transactions.

If you’ve bought or sold property in Canada, you’ve likely been asked to provide identification and answer questions about the source of your funds. That process isn’t random — it’s part of the federal anti-money laundering and terrorist financing regulations overseen by FINTRAC.

For buyers and sellers, this often means:

• Providing valid government-issued photo ID
• Confirming whether you’re acting on your own behalf or for someone else
• Disclosing beneficial ownership information (in certain cases)
• Answering questions about large cash transactions or unusual payment structures
  
• Confirming whether you are a Politically Exposed Person or a Head of International Organization

While it can sometimes feel like extra paperwork, these requirements help protect the integrity of Canada’s housing market. Real estate has historically been a target for money laundering, and FINTRAC’s oversight is designed to increase transparency and accountability across the industry.

In short, when your REALTOR® asks for identification or additional documentation, it’s not about inconvenience — it’s about compliance with federal law and protecting both clients and the broader real estate market.