Synergy Mortgage, Author at Synergy Mortgage

30Aug

COVID-19: Use CERB aid extension to plan for tax, debt obligations, says credit counsellor

[Vancouver Sun - August 29, 2020] The transition from CERB to EI will squeeze down the incomes of many British Columbians, but not planning for debts and taxes will come with consequences, says the Credit Counselling Society’s Scott Hannah British Columbians who are relying on the Canada Emergency Response Benefit face some tough decisions when the program ends Sept. 27 that credit counsellors worry they aren’t preparing for. The concerns start with not accounting for future tax liabilities that will be owing [...]

Canada, COVID-19

30Aug

A tax on home equity would hurt Canadians during the best of times — but right now it would be reckless

[The Star - August 15, 2020] Every so often, an idea comes along that is so out of touch and unfair that it unites pretty much everyone in their disapproval. Recently, the Canadian Mortgage and Housing Corporation (CMHC) appeared to be doing exactly that when media reports suggested the federal housing agency is researching a new home equity tax on primary residences. According to reports, CMHC is spending $250,000 in partnership with the University of British Columbia’s School of Population to investigate [...]

British Columbia, Canada, Toronto, Ontario, Vancouver Real Estate

30Aug

CERB is transitioning to EI. What does that mean?

[CBC - August 21, 2020] New benefits are introduced and EI is being revamped. Here's what you need to know The federal government announced on Thursday that the Canada emergency response benefit (CERB) will be extended an additional month and then transition to a modified employment insurance (EI) program. The changes will come into effect on Sept. 27 and will be in place for one year, with three additional programs proposed for those who do not qualify for EI. Here's what you need to know about [...]

Canada, COVID-19

30Aug

B.C. projected to lead West in post-COVID economic recovery – under ideal circumstances

[CBC - July 16, 2020] “Numerous advantages” point to British Columba leading the West and potentially the rest of Canada in an economic recovery from COVID-19 over the next year, according to an outlook from the Conference Board of Canada. But the authors of the board’s unveven recovery – provincial outlook, released August 24,concede that if a vaccine is not found and the nation is forced into another national lockdown, all bets are off the table. “The country’s ability to avoid a [...]

British Columbia, COVID-19, Economic Outlook

30Aug

Tenants given up to July2021 to repay rent in instalments under B.C. government guidelines

[CBC - July 16, 2020] The B.C. government has released a framework for how — and when — rent that went unpaid during the pandemic is expected to be gradually repaid to landlords. In March, the province announced a freeze on evictions for unpaid rent, along with a monthly rebate for renters. The eviction freeze is set to be lifted Sept. 1, meaning tenants will have to pay full rent for September. Tenants will still owe their landlord rent that was missed [...]

British Columbia, COVID-19, Economic Outlook, Vancouver Real Estate

29Aug

Mortgage insurers cool to extending six-month pandemic payment deferrals

[Financial Post - August 14, 2020] Concerns about what happens if the debt holiday ends before the economy bounces back More than 760,000 borrowers have deferred or skipped a mortgage payment during the pandemic, which is equal to around 16 per cent of mortgages in bank portfolios, according to the Canadian Bankers Association. Homeowners counting on mortgage payments being deferred beyond the six-month break they have received during the pandemic might want to reconsider, as home-loan insurers that have permitted postponements appear [...]

COVID-19, Economic Outlook

29Aug

Physical distancing is changing how we use our homes, backyards and public spaces. Designers are taking note

[Globe and Mail - August 8, 2020] In early April, about a month into the COVID-19 lockdown, Daniel Rotsztain, an artist, writer and cartographer living in Toronto, built what he calls a “social distance machine". Imagine a giant hula hoop, jutting two metres in all directions, worn around the neck like an Elizabethan collar, minus the Shakespearean ruffles. As Rotsztain filmed, his friend Bobby Gadda donned the contraption and tried to walk around downtown streets, sidewalks and parks. Invariably, his device bumped [...]

COVID-19, Home Design + Decor, Remodel + Renovation

29Aug

Government is why housing in Canada is unaffordable and more taxes won’t help

[Financial Post - August 5, 2020] Opinion: A home equity tax would be but the latest example of politicians using housing as their personal ATM The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their [...]

Canada, International Influence, Toronto, Ontario, Vancouver Real Estate

28Aug

After a record-breaking summer, Canadian real estate braces for autumn uncertainty

[CTV News - August 20, 2020] TORONTO -- Canada's housing market shattered records in July despite the economic uncertainty surrounding the COVID-19 pandemic -- and with the usually busy fall real estate season drawing near, experts are divided about whether the boom will continue. Last month marked the highest monthly sales figure on record, the Canadian Real Estate Association reported, while the national average sales price jumped to a record $571,500. Part of the fuel behind rising prices has been driven by [...]

Canada, COVID-19, Economic Outlook

28Aug

Canadian home sales, prices hit record high in July as low mortgage rates drive buyers into market

[Globe and Mail - August 17, 2020] Canadian home sales and prices surged to a record high in July, as buyers flooded the market and took advantage of low mortgage rates after the coronavirus pandemic briefly slowed activity in the spring. The number of homes sold jumped 26 per cent on a seasonally adjusted basis from June to July, according to the Canadian Real Estate Association, with Toronto, Montreal and Vancouver soaring along with surrounding regions such as Hamilton-Burlington in Ontario [...]

Canada, COVID-19, Economic Outlook, Toronto, Ontario