British Columbia Archives - Synergy Mortgage

22Apr

Bank of Canada keeps benchmark rate at record low but economic outlook brightens

Bank forecasting a 6.5% increase in GDP growth in 2021, up from 4% [CBC - April 21, 2021] The Bank of Canada opted to keep its benchmark interest rate steady at a record-low 0.25 per cent Wednesday, saying the pandemic recovery "continues to require extraordinary monetary policy support." At the same time, it significantly increased its growth estimates, forecasting a 6.5 per cent increase this year, up from an earlier prediction of four per cent. The bank said in a statement that it intends to [...]

Bank of Canada announcements, British Columbia, Canada, COVID-19, Economic Outlook, Vancouver Real Estate

17Mar

B.C. economy set to grow in 2021, 2022, forecast suggests

[News 1130 - February 25, 2021] VANCOUVER (NEWS 1130) – B.C.’s economy is looking up — at least for now — according to a new forecast. Central 1 suggests the provincial economy is going to grow by 4.2 per cent this year and by 4.5 per cent in 2022. Exports and the demand for housing are expected to be the main drivers as economies around the world bounce back from the impacts of the COVID-19 pandemic. Vaccine rollout and development are also [...]

British Columbia, Economic Outlook

05Mar

Land Owner Transparency Registry – NEW RULES FOR ALL BC LANDOWNERS

NEW RULES: If you are an existing property owner in BC and your title is held by a reporting body, or if you are buying real estate in BC and are an individual or a reporting body there are new rules. Starting on November 30, 2020, every application to register an "interest in land" under the Land Title Act (British Columbia) must be accompanied by a "transparency declaration". So every homebuyer in BC will be required to make this declaration [...]

British Columbia

03Mar

B.C. to extend rent freeze to end of 2021, increase protections against ‘renovictions’

[CBC - March 1, 2021] NDP government says it's meeting recommendations from a 2018 task force on rental issues The British Columbia government says it will introduce legislative changes to extend a rent freeze through to the end of this year to stop illegal "renovictions" and improve the dispute resolution process for tenants and landlords. The province has already introduced and extended a rent freeze during the COVID-19 pandemic, and it says in a news release Monday that new legislative changes will keep it in [...]

British Columbia, Economic Outlook, Vancouver Real Estate

24Feb

Time to complete your speculation and vacancy tax declaration

[Real Estate Board of Greater Vancouver - February 22, 2021] Residential property owners in communities where the speculation and vacancy tax (SVT) applies will soon receive their declaration package and can complete it online at: https://gov.bc.ca/spectax All owners on the title, including spouses and relatives, must complete a declaration to claim an exemption or determine eligibility for a tax credit. Corporations must also complete a declaration for all residential properties in taxable regions. The deadline to complete a declaration is March 31. Property owners needing help can: phone 833-554-2323 (toll-free in Canada and [...]

British Columbia, Vancouver Real Estate

18Feb

Why detached home prices in Greater Vancouver have been rising, while condo prices have stayed static

[CBC - February 3, 2021] Single-family home prices increasing at level not seen since mid-2010s COVID-19 doesn't affect all people equally — and it doesn't affect the housing market equally either. The average selling price of a detached home in Greater Vancouver rose for the sixth straight month in January, the first time that had happened since 2013. At $1.83 million it's the third highest monthly figure in the history of the Greater Vancouver Real Estate Board. To the east, the Fraser Valley [...]

British Columbia, COVID-19, Vancouver Real Estate

18Feb

Bidding wars are back: Record-setting January for Fraser Valley home sales

[CTV News - February 2, 2021] VANCOUVER -- Winter is normally a slow season for real estate, but there were more homes sold in the Fraser Valley real estate region last month than any previous January. Total sales of 1,718 across all residential property types is 76 per cent higher than January 2020 and 72 per cent above the 10-year average for the month. That’s a new record for January sales in the Fraser Valley. The biggest surge was in detached [...]

British Columbia, Vancouver Real Estate

16Jan

LAND OWNER TRANSPARENCY REGISTRY (LOTR)

[Land Owner Transparency Registry - January 15, 2021] B.C. Real Estate Beneficial Ownership Disclosure Law Takes Effect November 30, 2020 The Land Title and Survey Authority of British Columbia (LTSA) operates the Land Owner Transparency Registry (LOTR), a first-of-its- kind registry to improve transparency of land ownership in BC. What is LOTR? A searchable registry that maintains information about “interest holders” under the Land Owner Transparency Act. These are individuals who do not have direct ownership of land but are considered to have [...]

British Columbia, Mortgage Education Centre

06Jan

Suburb bidding wars spike as Metro Vancouver home sales resilient during pandemic: realtors

[News 1130 - January 5, 2021] VANCOUVER (NEWS 1130) — Home sales in the suburbs are booming, with bidding wars now a regular occurrence, realtors say, while recent data shows how resilient Metro Vancouver property sales have been through the pandemic. According to the 2020 numbers, the sales were 2.8 per cent below the 10-year average for the Vancouver area. However, the early months of the pandemic saw sales all but stop. This comes despite sales all but stopping in the [...]

British Columbia, Vancouver Real Estate

05Jan

News Modest increase in most B.C. properties, with shift to larger homes: BC Assessment

[CTV - January 4, 2021] VANCOUVER -- Property owners across B.C. can expect a modest increase to their homes’ assessed value this month, bucking concerns of a COVID-related collapse, with the lion’s share of the growth being felt in already high-priced single family homes. While low interest rates have likely kept money cheap and prices high, the pandemic may be partly to blame for the shift to larger properties, with buyers looking for bigger spaces to accommodate all the things many [...]

British Columbia, Vancouver Real Estate