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My Rates

6 Months 4.75%
1 Year 3.04%
2 Years 2.89%
3 Years 2.89%
4 Years 2.94%
5 Years 2.79%
7 Years 3.44%
10 Years 3.84%
*Rates subject to change and OAC
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M09002521
BROKERAGE LICENSE ID
11931
Dan Wowk Mortgage Broker

Dan Wowk

Mortgage Broker


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1515 Rebecca St, Oakville, Ontario

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BLOG / NEWS Updates

Almost no annual growth for national HPI

The national HPI has grown at a below-inflation rate of 0.5% over the last 12 months, the smallest gain since November 2009. Moreover, the fact that monthly gains are reported for May and June does not mean that the market recently turned the corner. These two months typically register the strongest growth rates in a year. Indeed, the two latest rises were among the weakest in history for months of May and June. If seasonally adjusted, the national HPI would been down in both months this year. However, the weakness is not regionally broad-based. The national HPI was dragged down by 12-month home price declines in Western Canada metropolitan areas (Vancouver, Calgary, Edmonton and Winnipeg) and a tiny increase in Victoria. In Central Canada and in the East, home price growth ranges from decent to strong (left chart). This is consistent with the state of home resale markets. For example, the Vancouver market turned favorable to buyers at the end of last year, while the Toronto market remained balanced and Montreal’s market has never been this tight since 2005. That being said, a rebound in home sales recently occurred in Canada which was also felt in the largest Western metropolitan areas. This should help limit home-price deflation in these areas. The Teranet–National Bank Composite National House Price Index increased 0.8% in June, a second gain in a row after an eight-month string without a rise. Highlights: On a monthly basis, the index rose in 8 of the 11 markets covered: Winnipeg (0.1%), Quebec City (0.3%), Montreal (0.8%), Toronto (1.3%), Halifax (1.5%), Hamilton (+1.6%), Victoria (+2.1%) and Ottawa-Gatineau (+2.2%). The index was down in Calgary (-0.1%) and Vancouver (-0.3%), and flat in Edmonton. From June 2018 to June 2019, the Composite index rose 0.5%, the smallest 12-month gain in ten years. The HPI declined in Vancouver (-4.9%), Calgary (-3.8%), Edmonton (-2.6%) and Winnipeg (-0.4%). It was up in Victoria (0.3%), Quebec City (1.5%), Halifax (2.7%), Toronto (2.8%), Hamilton (4.8%), Montreal (5.4%) and Ottawa-Gatineau (6.3%). Source: National Bank Financial Markets; Marc Pinsonneault

Condos Vs. Apartments: The Difference Matters

Condos are usually managed by a Homeowners Association (HOA), but each individual unit has a separate owner. You have the option to purchase a condo, just like you would a house. If you choose to rent a condo, the owner of the unit would be your landlord. On the other hand, you cannot purchase individual apartment units. Instead, apartments typically have one owner, most likely a corporation, and are leased to individual tenants. So your landlord would be a management company. The rules governing a condo and an apartment are different based on the owner. For instance, in an apartment, the property management company enforces rules, and those same rules apply to all of the units. Rules can be trickier in condos. Aside from guidelines set by the HOA for areas outside of the units, restrictions for condos may vary per unit, with owners setting their own regulations. The rules set by the HOA include fees, which help pay for maintenance of common areas and building exteriors. In some cases, HOAs have restrictions on the number of units that can be rented. This is something to keep in mind when thinking about purchasing a condo, with the intention of renting it. Rent for an apartment is a fixed amount for the extent of the lease and can increase when its time for you to renew. Some apartments offer month-to-month or short-term leases, but the contracts are usually for a year. Payments for an apartment depend on the market rate and unit availability. Also, some apartments will require you to have renters insurance. Utilities are often not included in your rent, so that would be an additional cost. If you are renting a condo, your payments will also be a fixed amount for the rental period unless your agreement states otherwise. Rental payments for a condo are decided by the landlord. Some owners include HOA fees and utilities as part of the rent for a flat fee rather than based on usage, which is found with most apartments. Units in apartment complexes have standard features that are the same across the community. Sometimes there are different floor plans available and options for standard or upgraded appliances if the landlord is investing in the property. Amenities can include free parking, an on-site laundry facility, pool, gym, community room available to rent for events, a business office, a park, playground, car wash and other conveniences that make a property appealing. The more luxury the apartment, the wider the range of available niceties. Condo community amenities are pretty much the same found in an apartment complex. Inside the units, the features are sometimes more unique and upscale (granite countertops, hardwood floors, vaulted ceilings) than apartments because quality amenities can create higher property value for the owners. One key difference is that you are not allowed to renovate an apartment and usually cannot make renovations to a rental condo unless the owner gives you permission. Free maintenance is a perk of renting an apartment. Some complexes offer services that include submitting work orders online and 24-hour on-call emergency maintenance, so you are still able to receive service after hours. Issues are usually resolved in a timely manner and can be fixed even if you are not home. In a condo, you or the property owner are typically responsible for the maintenance of the unit, which could mean more out-of-pocket costs to you in the long run. It is important to discuss and get these terms in writing before you move into the unit. If you have issues with your rental condo, you have to contact the owner who may not be available at your convenience, which could mean a longer wait time for repairs to be completed. Usually, the HOA covers the maintenance of common areas including the outside of buildings. Renting an apartment typically offers a more professional experience. Renting a condo can be a more laid-back arrangement with fewer services than an apartment. Knowing your preferences and needs can help you find the home that is best for you when choosing based on the difference between a condo and an apartment. The decision is really about what you are seeking as an individual in terms of short-term versus long-term goals and desired standard of living.

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