Synergy Mortgage, Author at Synergy Mortgage

01Jul

REAL ESTATE: Home Sales Vital To Economic Recovery

[BC Local News - June 5, 2020] Having pushed the restart button and emerged into the “New Normal,” we discover that B.C.’s economic engine is but a shadow of its former self. Citizens and businesses must now face the long-term consequences of the national measures taken to combat the Covid-19 pandemic. No amount of government stimulus funding will make up for the loss of personal income, investments and business revenue incurred during the shutdown, and all the federal stimulus money [...]

British Columbia, COVID-19, Economic Outlook

01Jul

Reopening B.C.: Priorities changing as real estate market ramps up

[Vancouver Sun - June 26, 2020] Vancouver chiropractor Beverley Steinhoff is looking to swap views for gardens. She is listing her 1,700-sq.-ft. condo at the top of south Granville — which looks out on the city, mountains and ocean, and is close to several parks — so she can move into a townhome in Shaughnessy that has a beautiful garden. “We’ve always had a lot of access to green space where we live, but we wanted more privacy,” she said. As open houses [...]

British Columbia, COVID-19

24Jun

How to get around Canada’s harsh new mortgage rules – Come July 1, 2020, it will be a lot harder to get the feds to back your mortgage.

[Financial Post - June 16, 2020] The tighter lending rules coming into force July 1 will make it harder for some Canadians to buy homes, but mortgage pros say panicking won’t do you any good. The Canadian Mortgage and Housing Corporation (CMHC) announced plans in early June to reduce borrowing limits, demand higher credit scores and restrict down payments for anyone who needs default insurance from the agency. That kind of insurance is mandatory for “high-ratio” buyers putting less than 20% [...]

Canada, Mortgage Rate Outlook

06Jun

An argument for not getting your mortgage at a bank

[Globe and Mail - June 4, 2020] A pandemic financial hardship story has revealed the expensive trap built into mortgages offered by big banks. If you have to get out of a mortgage before it comes up for renewal, expect to pay a penalty to the lender. But penalties differ among lenders, with banks at the high end. An Ontario real estate agent recently decided to put her house up for sale because her income had dropped as a result of the [...]

Vancouver Real Estate

06Jun

Mortgage rule changes: CMHC tightens requirements for homebuyers

[Yahoo Finance - June 4, 2020] Qualifying for a mortgage is about to get harder for anyone who doesn’t have at least a 20 per cent down payment for a home, which is likely to have an outsized effect on first-time buyers. Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage. At least one applicant’s credit scores will need to be 680, up from the previous minimum of 600. To ensure borrowers can keep up [...]

Canada

09May

The pandemic has pushed many financially stressed households to the brink. Here’s a budgeting guide to navigate the crisis

[Vancouver Sun - April 29, 2020] The COVID-19 pandemic isn’t just a health crisis. It’s also a financial crisis affecting virtually every household in British Columbia in some way. With so many workers laid off, furloughed or having work hours reduced, a lot of individuals and families are faced with the need to radically cut spending. And many are likely struggling just to stay afloat. March data from the MNP Consumer Debt Index – providing an early snapshot of the pandemic’s impact [...]

British Columbia, COVID-19

24Apr

Forced Selling May Be Headed For Canada’s Housing Market – Some previously priced-out homebuyers might have a shot at getting into pricey housing markets right now.

[Huffpost - April 22, 2020] A sharp rise in joblessness, combined with the bust-out of the short-term rental market, will send Canadian house prices down in the short term, some market experts are saying. And for some homebuyers ― those who are still in decent financial shape in this crisis ― that presents a rare opportunity for bargains in some of Canada’s priciest cities. So far, experts aren’t predicting a huge price decline. Stephen Brown, senior Canada economist at U.K.-based Capital Economics, [...]

COVID-19, Vancouver Real Estate

23Apr

How Much Money Do I Need To Retire?

Another informative article at Income.ca

Income.ca

23Apr

‘COVID Clauses’ Await Buyers In Canada’s Housing Market

[Huffpost - April 20, 2020] TORONTO (Reuters) ― In Canada’s typically busy home-selling season, wary buyers are donning masks and gloves to view properties while realtors offer virtual tours and coronavirus clauses as the real estate industry copes up with the outbreak. Canadian home resales are forecast to fall by about 30 per cent to a 20-year low this year, Royal Bank of Canada estimates. Home sales slumped 14.3 per cent in March from February. Armed with new COVID clauses, some agents are still trying. The COVID clauses include confirming [...]

COVID-19

21Apr

The Home Front: Virtual home design showroom tours are the new norm

[Vancouver Sun - March 28, 2020] If you’re stuck at home for any length of time, everything within your four walls starts to receive a lot of attention; from those you live with, to that dust you’ve never noticed before, to the sofa you’ve grown tired of. Strolling around home design showrooms is suddenly off the table for many, or has certainly become a lot more restricted, with many retailers closing their doors to the public, amidst the coronavirus situation, with [...]

Home Design + Decor