Synergy Mortgage, Author at Synergy Mortgage

31May

Why Variable Rate drops are creating a surge in activity

Why Variable Rate drops are creating a surge in activity This Spring we’re seeing lenders getting aggressive with their pricing for variable rate mortgages: a sign that lenders are fighting for market share, making it a great time to be shopping for a mortgage! First a reminder of the difference between fixed vs variable. Fixed rates are often well suited to first-time buyers or those who haven’t owned a home for long because they want to know with absolute certainty what [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

30May

Vancouver’s real estate market is reeling, Or is it balancing

[Source: Real Estate Professional - May 30, 2018] “As far as the overall market period for the whole Lower Mainland here, things have quieted down dramatically,” said REMAX sales agent Ron Antalek. “Burnaby is down 48% on the 10-year average, so it’s a very different market than it was in the fall.” New mortgage lending rules in tandem with provincial government regulation have created a whole new landscape, according to Antalek. “Unfortunately, we see a combination of the new lending rules implemented [...]

British Columbia, Vancouver Real Estate

30May

Bank of Canada maintains overnight rate target at 1¼ per cent

[Source: Bank of Canada - May 30, 2018] The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent. Global economic activity remains broadly on track with the Bank’s April Monetary Policy Report (MPR) forecast. Recent data point to some upside to the outlook for the US economy. At the same time, ongoing uncertainty about trade policies is dampening global [...]

Bank of Canada announcements, Canada

03May

NDP failed to think through its “speculation tax”

[Source: Western Investor - April 18, 2018] It is becoming blatantly obvious that members of the current B.C. government have scant experience in business or real estate, says Western Investor editor Frank O'Brien The B.C. provincial NDP government should immediately change the speculation tax it rolled out in its February budget with spectacularly ugly results. The tax makes every other Canadian a foreign buyer and even taxes British Columbians who have managed to secure a seasonal recreational property, such as a ski [...]

British Columbia

03May

Vancouver single-family home sales see weakest April in decades

[Source: CBC News - May 02, 2018] Just over 170 detached homes were sold in the city last month. Vancouver saw its weakest April for single-family home sales in nearly 30 years last month, data shows. The numbers are in line with the downward trend in detached home sales the city has seen all year — which experts say doesn't bode well for the rest of the calendar year, given the fact that the spring months are usually the busiest time for sellers. On Wednesday, The [...]

British Columbia, Vancouver Real Estate

02May

What is the Qualifying Rate?

[Source: Invis, May 3, 2018] You’re probably aware that there have been many mortgage rule changes over the last several years, and you’re almost certainly affected whether you’re an existing homeowner or first-time buyer. These rules are designed to ensure a stable long-term housing market, and to make sure Canadians can handle their debt should rates begin to rise. As a result of the rule changes, lenders must ensure that you can handle payments at a certain qualifying rate. That rate [...]

British Columbia, Canada, Mortgage Education Centre

17Mar

Too Much Too Late? – The NDP’s Affordablity Plan

In the NDP budget speech on February 20, 2018, Finance Minister Carole James highlighted some of the government's 30-point plan for making, buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign buyers, and increase the supply of available housing. Many are wondering if this is too much too late! Some of the new changes are as follows: INCREASE PROPERTY TRANSFER TAX - one time tax at time of title [...]

British Columbia, Economic Outlook

08Mar

‏B.C. government hints at changes to speculation tax so it doesn’t impact locals with vacation homes

‏[Source: CBC, March 7th, 2018] B.C. government hints at changes to speculation tax so it doesn't impact locals with vacation homes. ‏British Columbians who own vacation homes in certain areas, including Gulf Islands, currently in limbo. BC. Finance Minister Carole James gave hints on Wednesday the government would be generous with exemptions to local residents that have vacation homes that could be impacted by the new speculation tax. "We're working on those details now, including all of the issues people have been [...]

British Columbia

21Feb

16 things that really affect you announced in today’s BC Budget 2018

[Source: DailyHive, February 20, 2018] Earlier today, British Columbia’s New Democratic Party (BC NDP) delivered its first provincial budget for the first time in about two decades. The ambitious budget prepared by BC Minister of Finance Carole James focuses on housing affordability, childcare, and increasing provided services. She forecasts consecutive balanced budgets, with annual surpluses of $219 million for 2018-19, $281 million for 2019-20, and $284 million for 2020-21. However, total provincial debt will rise by $11.8 billion to $77.1 billion by 2020-21 [...]

British Columbia, Economic Outlook

21Feb

How the B.C. budget tackles the province’s housing crisis

[Source: BC CTV News, February 20, 2018] Ever since the B.C. NDP formed government last summer, the public has been waiting to see how the party plans to address the province's out-of-control housing market – and now the wait is over. In her 2018 budget speech Tuesday, Finance Minister Carole James highlighted some of the government's 30-point plan for making buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign [...]

British Columbia, Economic Outlook