Real Estate Market In November

November 16, 2009

Chattels Versus Fixtures

You Need To Know the Difference
by Randen Pederson

Whether you are buying or selling, these are terms you will soon be familiar with. If you are listing your home and want to make sure your custom closet organizer does not go with the house, you need to know the difference. As referred to in the following article, "if the item is so attached to the home or the property that it requires a tool to remove it, then it is presumed to be a fixture. If it is not attached at all, or only attached by, for example, a plug or a hook on a wall, then it is a chattel."

In addition, once the chattels have been agreed upon, now it's a matter of determining who is responsible for the chattel after the move?

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Are We In a Hot Market?

We keep hearing that we are in a recession, but by the shopping bags and bidding wars, you would never know it. For now, it seems like the Real Estate Market is more stable than predicted. Following two articles regarding the current Housing Market and Luxury Home Market tell the whole story...

TREB Reported Strong Growth in the month of October. In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 - up by 20 per cent compared to the same month last year.

"Strong sales growth has occurred across many property classes - from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. "The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year."

Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.

"After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year."

You might also like

1. Real estate market calmer in August
2. Market Update – Mid November 2009
3. Real Estate in September
4. Toronto Real Estate Market Recovered Faster Than We Hoped
5. Where Is The Market?

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