All tagged Robert Sheldon

The Homeowner Protection Act, 2024: A Guide to NOSI Changes

The Personal Property Security Act (PPSA) outlines rules for security interests in personal property. At law, when personal property is attached to real property, it becomes a "fixture." Under the old PPSA legislative scheme, a Notice of Security Interest (NOSI) would be registered on title to indicate a security interest in a fixture, often when the fixture is leased or under a rent-to-own arrangement. Common examples of rented fixtures include furnaces, air conditioners, water heaters, and water softeners.  The government has made changes to the legislation because NOSIs were being registered without the knowledge and consent of the homeowner, and sometimes fraudulently.

THE (FINANCIAL) STRUGGLE IS REAL

As you know, this year will be an exciting yet challenging one. We are hopeful that the interest rates will fall and stabilize for home buyers, but we are also approaching that time when many mortgage holders are renewing their mortgage at a substantially higher interest rate than what they started with at the height of the pandemic. Based on a recent Royal LePage survey, 15% of the Ontarians in the survey will be renewing their mortgages this year alone and 74% of these mortgage holders are worried about their mortgage renewals. Not to mention that variable rate holders are already feeling the weight on their shoulders, from interest rates to gas and food prices. Unfortunately, financial struggle and re-organization is inevitable for many.