British Columbia Archives - Synergy Mortgage

28Jul

Bank of Canada researchers argue in favour of inflation overshoots following recessions

[Globe and Mail - July 28, 2021] Central bankers should let inflation run temporarily above target when the economy is coming out of a severe recession, according to new Bank of Canada research that provides a window into how the central bank is thinking about inflation as the pandemic wanes. The paper, published last week by three senior bank economists, argues that monetary policy should allow inflation to rise above the bank’s 2-per-cent target following major recessions where interest rates hit [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

28Jul

Banking on mom and dad

[Toronto Sun - July 24, 2021] As housing prices hit an all-time high and continue to rise across the country, homeownership is out of reach for about three-quarters of Canadians, leaving many new homebuyers counting on the Bank of Mom and Dad. “With the housing market pricing many Canadians out of the market, younger generations are forced to turn to their parents to close the gap,” says Manulife Bank president and CEO Rick Lunny. If you’re thinking of helping your child purchase [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

22Jul

A new wave of buyers expected to hit B.C. real estate market

[The Globe and Mail - July 2, 2021] Throughout the pandemic, home sales soared, and in some markets, set record prices. Industry insiders say that postpandemic, the B.C. housing market is expected to boom again – driven by Canadians returning home and the federal government’s plan to bring in more than 1.2 million immigrants by 2023. The wave is already happening according to Jacky Chan, president of BakerWest Real Estate Inc., who works closely with developers. BakerWest is the new Vancouver [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

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