Synergy Mortgage, Author at Synergy Mortgage

16Sep

Canadians have deferred $1B a month worth of mortgage payments since pandemic began

[CBC - September 10, 2020] Almost 1 million existing loans have been deferred and more people are taking out new loans, too More than three-quarters of a million Canadian homeowners have either deferred or skipped a mortgage payment during the COVID-19 pandemic began, to the tune of about $1 billion a month, Canada's national housing agency says. In a report on Thursday, the Canada Mortgage And Housing Corporation looked at the state of the mortgage market in Canada. The report is annual [...]

Economic Outlook

15Sep

Which mortgage product is right for you?

[Synergy Mortgage - September 15, 2020] When it comes to which is better – Fixed, Floating or Line of Credit – there is no wrong answer. They all have pros and cons, and the truth is, we can’t predict what mortgage rates will be in the future, or how the economy will affect the rates over time. The key decision making factor depends on you, your personality, and your personal and financial situation and goals. What we can absolutely commit to [...]

Mortgage Education Centre

14Sep

Bankruptcies expected to increase in fall months

[Toronto Sun - September 13, 2020] A lot of Canadians are in financial trouble because of COVID-19 closures. Maybe you’ve lost your job or your business as a result of the pandemic. You’re not alone. COVID has wiped out businesses big and small, pushing companies into insolvency. Although personal bankruptcies have not yet increased — partly thanks to the Canadian Emergency Response Benefit (CERB) and other government financial help — a significant spike in financial turmoil is expected when those supports disappear. Nobody could [...]

COVID-19

14Sep

B.C. amends law in effort to address sky-high condo and townhouse insurance

[CBC - September 13, 2020] Regulatory changes end insurance referral fees to strata managers, require commission disclosure by agents The B.C. government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums, which have risen by as much as 40 per cent. The Finance Ministry says effective Nov. 1, insurers or insurance agents will be required to give 30 days' notice to condo or "strata'' corporations if they intend not to renew a policy or to make any changes. It [...]

British Columbia, Vancouver Real Estate

12Sep

Canada real estate: House of Commons petition says tax on home equity will punish millions of residential owners

[Georgia Straight - September 3, 2020] A petition in the House of Commons opposes the idea of taxing home equity. It calls on Liberal Prime Minister Justin Trudeau to reject “any possibility of this tax being implemented in the future”. “It is wrong to punish homeowners with added taxes when they sell their home after years of investment,” the petition states. Home equity is the difference between the market value of a home and the unpaid mortgage. To illustrate, if a home is worth [...]

Canada, Vancouver Real Estate

08Sep

B.C.’s devastated tourism industry faces bleak outlook after summer season that never was

[CBC - September 7, 2020] Some businesses have tried to adapt, others face prospect of closure As summer winds down, tourism operators across the province are looking at staggering losses from a season constricted by the COVID-19 pandemic. Royce Chwin, the president of Tourism Vancouver, says 98 per cent of his group's members have reported a drop in revenue — at 50 per cent or more — for the first half of this year. "With the borders being shut down, either the U.S. or the [...]

British Columbia, COVID-19, Economic Outlook

04Sep

Vancouver real estate: Home prices rose in August amid recovery from COVID-19 pandemic

[CTV - September 2, 2020] VANCOUVER -- Metro Vancouver home sales hit 3,047 in August at a benchmark price of $1.04 million, as the housing market continued its recovery from the COVID-19 pandemic. The number of homes sold last month was nearly 20 per cent higher than the 10-year average for August, although there was a slight decrease from the 3,128 homes sold in July, The Real Estate Board of Greater Vancouver said on Wednesday. The benchmark price in August was 5.3 [...]

Vancouver Real Estate

31Aug

B.C.’s projected deficit soars to $320M due to COVID-19 pandemic

[News 1130 - August 31, 2020] VICTORIA (NEWS 1130) – The province is looking at a $320 million deficit instead of the $200 million surplus forecast just six months ago, according to the latest financials from the B.C. government. The COVID-19 pandemic has forced the province into millions of dollars worth of emergency spending to help British Columbians weather the health crisis, all while revenue from taxation, Crown corporations, and natural resources has been down. "The pandemic led to lower tax revenues, [...]

British Columbia, COVID-19, Economic Outlook

31Aug

Bank regulator changes rules for mortgage deferrals starting now

[CBC - August 31, 2020] As of July 30, there were roughly $170 billion in outstanding residential mortgage deferrals for big banks Canada's federal banking regulator is phasing out requirements around mortgage deferrals for homeowners hard-hit financially by the COVID-19 pandemic. The Office of the Superintendent of Financial Institutions says deferrals granted starting Monday and until the end of September will be able to get special capital treatments for loan and premium payments for up to three months, rather than six. For banks, [...]

Canada, COVID-19

30Aug

Sharp drop in foreign students and immigrants slowing real estate

[Vancouver Sun - August 27, 2020] House prices are more or less flat in Vancouver and Toronto, which are considered gateway cities for global migrants. Rental prices are softening in Vancouver and Toronto and housing prices are soon to follow as the number of new immigrants and foreign students falls sharply because of border restrictions aimed at combatting the spread of COVID-19. Average rents have dropped by eight per cent in Vancouver and Toronto in recent months. Hundreds of thousands of dwellings [...]

British Columbia, International Influence, Toronto, Ontario, Vancouver Real Estate