Synergy Mortgage, Author at Synergy Mortgage

20Nov

First-time Home Buyers Face Stressful Economics

Source: [The Star, November 15, 2016] RBC hikes rates a day after province offers tax refund to new buyers. First-time buyers in Toronto's hot property market must be wondering when they will catch a break. A second major bank announced Tuesday it was raising its mortgage rates — a day after the province introduced a tax refund designed to help first timers step on to the property ladder. Although the two events are unrelated and mortgage rates remain extremely low overall, housing [...]

Toronto, Ontario

20Nov

Minimum Down Payment Requirement – Effective February 15, 2016

Chana Charach, MB CANADA - NEW MINIMUM DOWN PAYMENT REQUIREMENT - Effective February 15, 2016 For homes priced up to $500,000.00 the minimum down payment is 5% For homes priced over $500,000.00 the minimum down payment is 5% plus 10% on the portion above $500 k. Example: If you want to buy a $750,000 home, you'll need to have a minimum down payment of $50,000, which is what you get when you add five per cent of $500,000 and 10 per cent [...]

Canada

20Nov

Newly Built Homes PTT Exempt (up to $750,000) – Effective February 16, 2016

Chana Charach, MB The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home with a fair market value of $750,000 or less. (A partial exemption is available up to $800,000) To qualify, you must be an individual and a Canadian Citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) and your birth date). The property must be located in B.C., and used [...]

British Columbia, Vancouver Real Estate

20Nov

Home Sale and Listing Activity Dip Below Historical Averages in October

Source: [Real Estate Board of Greater Vancouver, October 2016] Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver. Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average. “Changing market conditions compounded by a series [...]

Vancouver Real Estate

20Nov

Empty Home Tax (1%) – Effective early 2017

Chana Charach, MB Vancouver city council has voted to approve a tax on empty homes, the first of its kind in Canada. Self-reporting owners will be assessed a one per cent tax on homes that are not principal residences or aren't rented out for at least six months of the year. That means a $1-million home left vacant would be taxed $10,000. The intention is to tax housing in Vancouver on owners who are treating housing as an investment property. They are hoping [...]

Vancouver Real Estate

20Nov

Vancouver to Continue to Lead Canadian Economic Growth For the Next Year

[Source: BIV, November 14, 2016] Vancouver will lead the country in terms of economic growth in both 2016 and 2017, according to a Conference Board of Canada report released November 14. Overall this year, the city will see growth of 4%, driven in large part by the construction sector, followed by an increase of 2.8% next year. “Vancouver is on track to boast the fastest-growing metro area economy for the second straight year in 2016, as the region’s housing market remains one [...]

British Columbia, Canada, Vancouver Real Estate

20Nov

New Tax Reporting When You Sell Your Home – Effective 2016 Tax Year

How principal-residence tax changes will affect every Canadian homeowner [Source: Globe and Mail, Oct. 06, 2016] Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they [...]

British Columbia, Canada, Vancouver Real Estate

20Nov

How will the new ‘Stress Test’ impact you?

Chana Charach, MB Today's home buyer will be looking at lower purchase price limits now that the new 'stress test' has taken effect. At this point it is impossible to say with absolute clarity what the impact of this change will be. It is estimated that the new 'stress test' will reduce the amount of mortgage that borrowers qualify for by about 20 - 30%. This will have a significant effect on first time buyers because it will be harder to [...]

Canada, Vancouver Real Estate

03Aug

Barry Appleton - BC just violated NAFTA with its foreign property tax - and we could all pay for it

Is the new 15% metro Vancouver real estate tax a violation of our trade treaties?

[ Source: Financial Post, July 29, 2016 ] The British Columbia government has suddenly introduced a penalty tax forcing non-Canadian purchasers of residential real estate in the Greater Vancouver Regional District to pay a 15 per cent tax on all purchases registered from Aug. 2, 2016. This penalty tax discriminates by definition against foreign investors buying residential real estate in the Greater Vancouver Area: Canadian citizens buying residential real estate are exempt; foreign buyers must pay the tax. That discrimination is a [...]

Vancouver Real Estate

21Jul

3rd Quarter 2016 Canadian Economic Update – Your Dollars & Sense

QUARTERLY HIGHLIGHTS Q3 – JULY 2016 - VERICO’s Economic Consultant, Michael Campbell helps us to understand the impact of the Brexit vote to leave the EU on our markets, what’s going on with mortgage rates, and who is demanding “government do something about high prices in Vancouver”. – A VERICO Exclusive. INTERNATIONAL SCENE Brexit is important because it is a part of a much bigger story. The key to know is that the Brexit vote and demise of the European Union [...]

International Influence, Quarterly Economic Update, Vancouver Real Estate