Industry News - Synergy Mortgage

25Oct

Bank of Canada holds key interest rate at 5%

[Daily Hive - October 25, 2023] The Bank of Canada (BoC) is holding its key interest rate at 5%, with the bank rate at 5.25% and the deposit rate at 5%. This is the third consecutive rate hold of the year and the BoC’s seventh rate announcement. In 2022, the BoC hiked its interest rate seven times. Then, in January 2023, another increase followed, bringing the key rate to 4.5%. The Bank held its key rate at 4.5%, precisely as experts predicted, until [...]

Bank of Canada announcements

17Sep

Navigating Mortgage Renewal When Rates are Rising

[Synergy Mortgage - September 16, 2023] When it comes to mortgage renewal, especially during times of rising interest rates, your mortgage broker can be your secret weapon for optimizing your financial strategy. Their expertise and market insights can make all the difference in securing a mortgage that aligns with your financial goals. In this blog post, we’ll delve into how your mortgage broker can be a valuable ally in navigating higher rates during mortgage renewal. 1. Market Knowledge: Mortgage brokers are well-versed [...]

Mortgage Education Centre, Vancouver Real Estate

17Sep

The Advantages of Buying a Home in British Columbia: Tips on Affordability

[Synergy Mortgage - September 16, 2023] The Advantages of Buying a Home in British Columbia: Tips on Affordability British Columbia, with its stunning landscapes, vibrant cities, and a high quality of life, has always been a desirable place to live. If you’re considering relocating to this beautiful province, one of the most significant decisions you’ll face is whether to rent or buy a home. While renting may seem like a convenient option, there are numerous benefits to buying and owning a [...]

British Columbia, Canada, Vancouver Real Estate

16Sep

Buying a home in Metro Vancouver? New forms provide information about competing bids

[Vancouver Sun - July 6, 2023] The new forms must be completed by sellers starting July 17th, 2023. Homebuyers in Metro Vancouver and the Fraser Valley will soon know more about how many bids they’re competing against on a property. Starting July 17, the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board, and the Chilliwack and District Real Estate Board are implementing a new disclosure form for multiple offer situations.Realtors and the home-sellers they represent must complete, sign [...]

Industry News, Vancouver Real Estate

27Nov

Rental restrictions could increase speculation, create more work for strata councils, homeowners say

[CBC - November 22, 2022] Province estimates at least 2,900 strata units in B.C. are sitting empty Homeowners in stratas fear proposed changes to laws around rental restrictions in strata complexes will make more work for councils and residents. On Monday, Premier David Eby announced a plan to amend the Strata Property Act, limiting restrictions on renting in stratas, in a move designed to open up rental opportunities as the province continues to face a housing crisis. The changes would "end all strata [...]

British Columbia, Vancouver Real Estate

27Nov

Renters cautiously optimistic changes to B.C. housing rules will make life easier

[CBC - November 24, 2022] Removal of age restrictions, permitting owners to rent out units in specific residences among proposed changes A self-described "renter for life" says she is cautiously optimistic that changes to BC housing rules will make life easier for those unable to buy their own home, although she still has concerns about how those rules would work. Serena Eagland, a nurse, says with the high cost of living in Metro Vancouver, she and her partner do not see a future where they could afford [...]

British Columbia, Vancouver Real Estate

27Nov

New premier delivers action to expand housing supply within first days

[BC Government - November 21, 2022] To help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in stratas that hurt young families. “B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more [...]

British Columbia, Vancouver Real Estate

22Nov

BC government’s new Housing Supply Act to require cities to meet targets

[November 21, 2022 Daily Hive] Over a number of occasions this past year, including during the BC NDP’s leadership race, David Eby hinted the provincial government would create new legislation after the civic election to compel municipal governments to build more housing supply. We now have a better picture of how such a strategy will be rolled out. This morning, as one of his most significant policy directions since taking office just last week, the new premier announced the framework for [...]

British Columbia, Industry News, Vancouver Real Estate

29Aug

Buy or sell first? Softening housing market gives owners options

[Globe and Mail - August 4, 2022] Last summer, when the Salters sold the Calgary home they had been renting out since their move to the quiet Cariboo region of British Columbia a few years earlier, the Calgary market was hot. This year, when they decided to move back to the city, the COVID-19-inspired buying spree in rural Canada had increased the value of their Cariboo property significantly, while the Calgary real estate market was decidedly cooler. “The market drastically slowed after [...]

Canada, Industry News, Vancouver Real Estate

14Jul

How does the Bank of Canada’s interest rate hike affect variable rate mortgages?

[Globe and Mail - July 13, 2022] The Bank of Canada increased its benchmark rate by a whole percentage point on Wednesday, the most aggressive rate hike since 1998 and an even bigger jump than investors and Bay Street economists were expecting. This is the fourth consecutive interest rate hike since March, as central banks around the world attempt to curb runaway inflation and slow the pace of consumer price growth. The Bank of Canada’s policy rate now sits at [...]

Bank of Canada announcements, Economic Outlook, Mortgage Education Centre, Mortgage Rate Outlook