Synergy Mortgage, Author at Synergy Mortgage

24Mar

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

[Department of Finance Canada - March 18, 2020] Backgrounder The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and [...]

Canada, COVID-19, Economic Outlook

24Mar

Vancouver real estate board warns against holding open houses during pandemic

[CTV News - March 19, 2020] VANCOUVER -- The Real Estate Board of Greater Vancouver is "strongly recommending" against its members holding open houses during the COVID-19 pandemic. The board, which has approximately 14,000 Metro Vancouver real estate agents as members, announced the recommendation Thursday. It has also suspended its rule requiring properties that are listed for sale to be made available for showings. “Realtors want to do their part to help prevent the spread of illness in our communities and to [...]

COVID-19, Vancouver Real Estate

21Mar

Big banks to allow delayed mortgage payments to some in unprecedented response to coronavirus crisis

[Financial Post- March 18, 2020] 'This is a stunning reflection of how severe income losses could get' Canada’s six biggest banks are offering to ease up on customers whose lives have been disrupted by the new coronavirus, a largely unprecedented move that could include allowing borrowers to delay mortgage payments for up to six months. Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank all announced offers of [...]

Economic Outlook

21Mar

Trudeau unveils financial aid worth $82 billion to help Canadians weather coronavirus

[Financial Post - March 17, 2020] Prime Minister Justin Trudeau announced plans to roll out a fiscal package worth 3% of Canada’s economy as it grapples with fallout from the coronavirus pandemic. The measures will be worth a combined $82 billion (US$56.7 billion), Trudeau said Wednesday in Ottawa. This includes $27 billion in direct support for individuals and companies and $55 billion in temporary tax deferrals for both households and businesses. The outlook, however, seems to be deteriorating quickly. The price of [...]

Canada, Economic Outlook

22Jan

Bank of Canada keeps rates at 1.75%, trims 2020 economic forecast

[Global News - January 22., 2020] The Bank of Canada is keeping its key interest rate target on hold at 1.75 per cent and forecasting a slower-than-expected start for the Canadian economy for 2020. The central bank says in its latest forecast that the Canadian economy will grow by 1.6 per cent this year, down 0.1 of a percentage point from its projection in October. While some of the slowdown late last year is being chalked up to a strike at CN [...]

Bank of Canada announcements

11Jan

India, China trade places and Brazil gains ground as top sources of permanent residents to Metro Vancouver

[CBC - January 11, 2020] Julia Moioli and her husband were in search of adventure, access to nature and a better future when they moved to Metro Vancouver from São Paulo, Brazil, last August. Moioli, 24, says jobs were plentiful in São Paulo, but political turmoil after Brazil's national elections in 2018 left the young couple feeling uneasy. "It's very complicated with politics in Brazil right now and doesn't seem to get any better," said Moioli, who now studies tourism at Capilano University. [...]

International Influence

04Jan

Vancouver Looks Poised to Sell off False Creek South

[The Tyee - January 3, 2020] The warning signs are there. Greed may ruin a model for diverse affordability. The real-estate lords of Vancouver and their lieges in municipal government have cast their hungry gaze on what is North America’s best model of sustainable and socially equitable living: the neighbourhood of False Creek South. The current administration has cut off any negotiations on renewing leases for city-owned land there, leases set to expire in 2036, leaving social housing co-op and condominium owners uncertain of [...]

Vancouver Real Estate

03Jan

2020 may be the year when the ‘largest, broadest and fastest’ wave of debt crashes over the global economy. You have been warned

[South China Morning Post -December 30, 2019] The World Bank has provided a chilling analysis of the latest tidal wave of borrowing, which had reached US$55 trillion by 2018. Even though interest rates are low now, they provide no sure-fire protection against debt crises. Which will be the biggest international crisis of 2020: a North Korean missile crisis, the re-election of Donald Trump, a post-Brexit slump, a stock market crash or a climate crunch? Any or all of these are possible [...]

International Influence

02Jan

Assessed value of Lower Mainland homes to drop in 2020: BC Assessment

[Global News - December 9th, 2019] The government agency that assesses the value of B.C. homes says many Lower Mainland owners can expect a lower valuation next year. BC Assessment previewed 2020 home value assessments Monday, and said Lower Mainland single-family home values could fall by five to 15 per cent next year, depending on location. Condos and townhouses in the region could see a drop of zero to 15 per cent, according to the agency. On Vancouver Island, the situation is less [...]

British Columbia

26Dec

‘Less bad’ doesn’t mean good: What Vancouver’s housing market could hold in 2020

[December 24, 2019 - CBC] For the first time in five years, there were no major surges in any aspect of the market A funny thing happened in Vancouver's housing market in 2019: for the first time in many years, not much happened. "Condo prices have slowed down. The fear of missing out madness at open houses has gone away. So there's been a pause in the market," said Tom Davidoff, an associate professor at UBC's Sauder School of Business. One way to measure the relative [...]

Vancouver Real Estate