Synergy Mortgage, Author at Synergy Mortgage

12Jan

RBC hikes mortgage rates ahead of Bank of Canada rate decision

[Source: BNN, January 12, 2018] Royal Bank of Canada raised its posted five-year fixed mortgage rate on Thursday, the first of Canada’s Big Five banks to make the move ahead of the Bank of Canada’s interest rate decision next week. RBC increased its posted five-year fixed rate by 15 basis points to 5.14 per cent, with more rate hikes across the board. “Rate changes reflect recent activity by competitors, and the current costs that we incur for funds on the wholesale market [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

12Jan

Will the Bank of Canada hike rates next week? It looks more and more likely

[Source: Global News, January 8, 2018] The Bank of Canada (BoC) is likely to raise interest rates again when it makes its next monetary policy announcement on Jan. 17, according to economists at Canada’s big banks. Increasing the chances of another rate hike is the upbeat tone of the latest quarterly release of the so-called Business Outlook Survey, a closely watched barometer of business sentiment in this country, which the central bank released on Monday. Canadian companies are feeling optimistic about the future and [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

17Nov

Vancouver council votes to legalize and regulate Airbnb and other short-term rentals

[Source: The Georgia Straight, November 14, 2017] “Applying filters to data presented by the Inside Airbnb website shows a large number of Vancouver listings are for an entire place that is also available for more than 90 days of the year. That suggests some of these 2,408 units may not have full-time residents and are essentially operating as hotels.” Vancouver has joined a growing list of cities that have made peace with Airbnb. Today (November 14), city council voted seven to four [...]

British Columbia

17Nov

Starting next year, a B.C. realtor can’t represent both buyer and seller on one deal

[Source: Global News, November 15, 2017] In B.C., a single realtor can currently represent both buyer and seller on a home sale. It’s an arrangement that will end in March, as part of a slate of new rules that B.C.’s Office of the Superintendent of Real Estate (OSRE) introduced on Wednesday. The rules ban what’s called a “dual agency” deal, in which a realtor acts on behalf of the homebuyer and the seller at the same time. B.C. will be the first [...]

British Columbia, Vancouver Real Estate

22Oct

Planning a Move this Winter? Tips on How to Successfully Downsize

[Source: Next Step Organizing Services, October 22, 2017] Whether you're moving from a a big family home to a Yaletown condo or moving in with a partner, downsizing is necessary. Moving from a large home full of your stuff to a small space can be challenging, and while it's easy to say "just eliminate the extra stuff," doing it is not so easy. Here are some tips to make the transition as smooth as possible. 1. Be Prepared! Make a plan: create [...]

Home Design + Decor, Remodel + Renovation, Vancouver Real Estate

20Oct

The Tale of Two Housing Segments Continues in the Greater Vancouver Residential Real Estate Market

[Source: Business Insider, October 12, 2017] Affordability issues and mortgage regulations spur activity in the region's entry-level market. Price gap between condominiums and two-storey homes continues to narrow, benefiting move-up buyers. VANCOUVER, Oct. 12, 2017 /CNW/ - According to the Royal LePage House Price Survey1 released today, sales activity and consumer confidence across the Greater Vancouver residential real estate market continued to recover in the third quarter of 2017. While home price appreciation softened in the detached segment, condominiums continued to [...]

British Columbia, Vancouver Real Estate

20Oct

Government lowering small business tax rate to 9% over two years

[Source: CTV News, October 16, 2017] OTTAWA – The federal government is reducing the small business tax rate from 10.5% to 9%, to be phased in over two years, as it begins to unveil changes to its contentious tax reform proposal. The small business tax rate will drop to 10%, effective Jan. 1, 2018, and then to 9% effective Jan. 1, 2019. The rate reduction comes alongside other tweaks to the Liberal proposal to cut tax loopholes for businesses. The government is going [...]

Canada, Economic Outlook

20Oct

B.C. the ‘bright light’ for Canada’s economy

[Source: Journal of Commerce, October 20, 2017] Economic indicators are looking good for British Columbia, Canada and the world. At a provincial level, the economy is in great shape, Central 1 deputy chief economist Bryan Yu said at the recent CanaData West conference in Vancouver. "British Columbia is doing phenomenal regarding the economy and the outlook going forward is positive," Yu said. The province's economy is showing strong job growth and consumer demand as well as positive indicators for wages, population and [...]

British Columbia, Canada, Economic Outlook, International Influence, Vancouver Real Estate

20Oct

OSFI sets new mortgage rules beginning January 1, 2018

[Source: BIV, October 18, 2017] Starting January 1, 2018, Canadian homebuyers will need to meet stiffer guidelines in order to qualify for a mortgage with a federally regulated mortgage lender. As expected, Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions Canada (OSFI), confirmed October 17 that starting next year, all borrowers – even those who have down payments of 20% or higher and do not require mortgage insurance – will need to qualify for mortgages that are two [...]

British Columbia, Canada, Economic Outlook

18Oct

“Breaking Bad – News” – Big Changes Ahead

[Source: Synergy Mortgage, October 18, 2017] Stringent NEW Canadian Mortgage Rules take affect January 1st, 2018. Office Of The Superintendent Of Financial Institutions (OFSI) has finalized NEW mortgage rules applicable on all federally regulated banks. The new rules officially start January 1, 2018. This will dramatically change the lending landscape. The new rules apply to all bank mortgages and will make borrowing more difficult even for clients who have substantial down payments, strong income and excellent credit. Alternative lenders with relaxed qualification [...]

British Columbia, Canada, Economic Outlook, Mortgage Education Centre, Remodel + Renovation, Vancouver Real Estate