Industry News - Synergy Mortgage

12Jun

Dirty money: it’s a Canadian thing

[Macleans - June 12, 2019] Canada’s housing markets are rife with shadowy buyers and greasy cash. B.C. was just the beginning. On paper, Peter Zhang and his wife, Judy Wang, were models for the type of newcomers Canada wanted to attract with its immigrant investor program. Before it was scrapped in 2014, the program’s aim was simple: lure the world’s wealthy to Canada’s shores with the promise of a passport. In return they would bring their business savvy, invest in the [...]

Canada, International Influence

11Jun

Where to buy real estate in in 2019: Vancouver

[Money Sense - June 3, 2019] Our No. 1 Vancouver community offers excellent value in a city where real estate prices have been grossly exaggerated. Buying a single-family home in the City of Vancouver has felt like a bit of a pipe dream for many. But if you can get over the steep price—the average detached house in the City of Vancouver goes for north of $1.7 million—then 2019 might be the year to buy a single-family home in Vancouver. Prices are [...]

Vancouver Real Estate

06Jun

Expert who predicted Vancouver housing price drop now expects condos to flood market

[NEWS 1130 - June 5, 2019] Get ready to see a lot more condominiums for sale across Metro Vancouver. That’s the latest from the real estate analyst who correctly predicted two years ago that local housing prices would fall. Dane Eitel’s new research suggests buyers will have more breathing room for at least two more years, even though overall sales rose in May. “We’re firmly in the down trend,” Eitel says. “May, historically is one of the better sales months and this [...]

Vancouver Real Estate

25May

CMHC defends mortgage stress test changes amid calls for loosening rules

[CTV - May 23, 2019] The CEO of Canada Mortgage and Housing Corporation is forcefully defending mortgage stress test rules and warning federal policy-makers to hold the line amid calls for softening the measure from industry associations. "My job is to advise you against this reckless myopia and protect our economy from potentially tragic consequences," wrote president and CEO Evan Siddall in a letter dated Thursday to the Standing Committee on Finance. He urged the committee to "look past the plain self-interest" [...]

Canada

25May

How to take advantage of a real estate buyers’ market

[CBC - May 25, 2019] Metro Vancouver home sales 43% below April's 10-year average as buyers wait it out April is usually the month when we see an uptick in real estate prices and sales, but that is not the case this year. April home sales in Metro Vancouver were 43 per cent below the 10-year average as many buyers continue to sit on the sidelines hoping that if they are patient, the market will continue to become less expensive. We are at an [...]

Vancouver Real Estate

25May

Opinion: When is the best time to buy in a down market?

[January 14, 2019 - Vancouver Courier] Many first-time buyers are taking a wait-and-see approach, in case home prices drop further - is that the best strategy? Recently I was asked to guest live on CityTV’s BT Vancouver morning news show to recap a range of industry predictions for real estate in 2019. During the interview, I was asked what strategy first-time buyers should adopt if they’re hoping to get into the market but are waiting to see what will happen. This question, [...]

Vancouver Real Estate

10May

More choice, lower prices: Why now may be a good time to buy real estate in Vancouver

But new CMHC report also notes Metro Vancouver housing market is still vulnerable [May 2nd, 2019 - CBC News] According to the Canada Mortgage and Housing Corporation, prices on homes in Metro Vancouver are down seven or eight per cent since June, 2018. A new quarterly report on the Metro Vancouver housing market says there's a high degree of vulnerability in the market, but prices are down, and inventory is up, which means buyers will find some advantage. According to the Canada Mortgage and [...]

Vancouver Real Estate

30Mar

B.C. Real Estate Association forecasts lower mortgage rates in 2019

[Source: Georgia Straight - March 28, 2019] That's according to the latest mortgage rate forecast from the B.C. Real Estate Association. The cost of borrowing for a home is predicted to get a little cheaper this year. "The average contract rate for 5-year mortgages has declined about 30 basis points from its peak in 2018, reaching 3.44 per cent in March," the BCREA states in a two-page report. "Unfortunately, this still means a stress test rate of 5.44 per cent, even for [...]

British Columbia, Canada, Economic Outlook

20Mar

First-time home buyers big winners in budget, but will incentives work in B.C.?

[Vancouver Sun - March 19, 2019] The federal budget offers incentives aimed at making housing more affordable for first-time buyers, but it remains to be seen whether they’ll work in the overheated B.C. housing market. “We’ll want to look at the details, we’ll want to take a look at whether it will assist people in communities where unaffordability really is a crisis and housing prices are very high,” said B.C. Finance Minister Carole James. “I think that will continue to be a challenge.” The [...]

Canada, Economic Outlook

15Mar

Foreign ‘bottom feeders’ fuel West Vancouver recovery

[BIV - March 14, 2019] China-based realty portal, local agents say rush of foreign bargain hunters points to sudden sales recovery after three-year slide Fuelled by a sudden spike in China-based buyers, the West Vancouver luxury housing market is bouncing off the bottom, according to China’s largest real estate portal and West Vancouver agents. This month a West Vancouver “cabin” sold for $3.4 million - $600,000 over its assessed value – to a Beijing buyer, and the largest Chinese real estate search [...]

Vancouver Real Estate