British Columbia Archives - Synergy Mortgage

01Jul

Buying or selling your home right now? Here’s what the real estate landscape looks like these days

[CBC - June 22, 2020] The World Health Organization declared COVID-19 a pandemic in March. Subsequently, the number of home sales in Canada fell sharply as social distancing measures were put in place, open houses got cancelled and fewer new listings became available. Three months on, the Canadian real estate market is no longer in free fall — sales and listings numbers are rising (though both are down significantly compared to last year), and prices have remained fairly steady — but there continues [...]

British Columbia, Economic Outlook

01Jul

Not even the pandemic slowed Vancouver real estate

[The Globe and Mail - June 15, 2020] Stories about Vancouver’s housing market often border on the absurd, and the latest seemingly tall tale fits that mould: Home prices have actually ticked higher during the COVID-19 pandemic. The phenomenon is not limited to Vancouver. Prices of houses and condos in Toronto were also higher in May than they were in February. Vancouver, however, remains in its own hard-to-believe category. The benchmark price of a house on the city’s west side in [...]

British Columbia, Economic Outlook

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

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

25Mar

UPDATE from Synergy Mortgage during COVID-19 Crisis

[Synergy Mortgage - March 24, 2020] We hope all of our valued clients are doing well and staying safe during these unprecedented times. We are OPEN FOR BUSINESS as we are able to work remotely online via phone and email, as are our lenders. Appraisers have shifted their practices and are now able to perform appraisals without physically viewing the inside of a property. Lawyers and notaries continue to meet in person with clients in a safe manner, as they are [...]

British Columbia, COVID-19, Economic Outlook

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

20Dec

Property Watch: B.C’s 2020 real estate forecast is decidedly cloudy

[BC Business - December 19, 2019] Will the market continue its rebound in 2020, or fall prey to a slowdown driven by rising supply? All bets are off. It’s been a whirlwind of a year for the B.C. housing market. Gossip about real estate, often considered British Columbians’ favourite pastime, quieted to a whisper at the start of 2019. Sales volumes reached six-year lows and prices began falling—a rare event for the 68 percent of B.C. residents who own a home, [...]

British Columbia, Economic Outlook

18Dec

Armed with new data, B.C. set for crackdown on tax evasion in Vancouver property market

[Globe and Mail - December 11, 2019] Government policies aimed at reducing speculation in Vancouver’s property market have worked to curb foreign buying and speculative demand. That was merely part one, says high-profile immigration lawyer and analyst, Richard Kurland, who’s been studying the impact of those policies. “Part 1 was putting the machine together,” Mr. Kurland says. “Part 2 is using the machine to go after tax evaders in the Vancouver property market. At the end of the day, we are [...]

British Columbia, International Influence, Vancouver Real Estate

12Dec

B.C.’s speculation tax increasing from 0.5% to 2% in 2020

[CBC - December 10, 2019] The B.C. government has announced it is raising the Speculation and Vacancy Tax on Dec. 31 from 0.5 per cent to two per cent for foreign owners and for satellite families, the majority of whose income is not reported on a Canadian tax return. Some new exemptions to the tax will be brought in while others currently in place will be phased out. Stricter rules also coming for exemptions - The province says the $115 million in revenue collected from the [...]

British Columbia, Vancouver Real Estate