Industry News - Synergy Mortgage

21Oct

Sales have calmed from earlier in 2021 but tight supply conditions are expected to continue to drive prices higher

[Crea - September 15, 2021] Ottawa, ON September 15, 2021 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations. Over the past several years, record levels of international immigration (not including 2020), low interest rates, and an increasingly middle-aged Millennial cohort have come together to fuel very strong household formation and housing demand in Canada. Recall that prior to COVID-19, the [...]

Canada, Economic Outlook

21Oct

Putting Off a Home Renovation? Here Are 4 Tips for Getting Started

[Fool.com - October 13, 2021] Here's how to get a home improvement project off the ground. In the course of the pandemic, many people have taken to spending more time at home -- especially those whose offices have been shuttered over the past 18 months. It's not surprising, then, that many homeowners have been renovating their properties, whether by adding square footage or reconfiguring their existing setups. If you've been thinking of renovating your home, you may have encountered some barriers along [...]

Remodel + Renovation, Vancouver Real Estate

17Oct

House prices in Vancouver, Victoria, Nanaimo expected to jump this fall

[News 1130 - October 6, 2021] NANAIMO (NEWS 1130) — While temperatures are expected to cool in the coming months, home prices in B.C. will not, according to the new Fall Housing Market outlook report by RE/MAX. RE/MAX projects housing prices will rise by two to five per cent through the end of 2021 in Vancouver. However, it is not the most expensive area. The largest jump is expected to be for homes sold in two cities on Vancouver Island: Nanaimo (nine [...]

British Columbia, Economic Outlook, Vancouver Real Estate

16Oct

How to choose between selling your home and taking out a reverse mortgage

[Financial Post - September 23, 2021] Homeowners who need funds should weigh their options before tapping a home for income Just because you’re house-rich doesn’t mean you can’t go broke. Many homeowners who lack sufficient retirement income can find themselves faced with a difficult choice: sell a beloved home or turn it into an emergency income source. One option is to take out a reverse mortgage, which can let them maintain their lifestyles while staying put. But it’s a big decision. While a conventional [...]

Canada, Mortgage Education Centre

16Oct

Interest Outlook: Rate Hike Coming in Q4 2022

[The Motley Fool - October 6, 2021] The forecasts for the interest rate hike are varied, but the consensus is Q4 2022. Investors looking for buying opportunities before it happens should consider National Bank of Canada stock or Real Matters stock for income or growth. Most economists and market analysts predict that the Bank of Canada will increase its interest rate by Q4 2022. Well Fargo’s outlook is more hawkish than the consensus forecast. The American bank says the initial rate [...]

Canada, Economic Outlook

16Oct

Home demand still outstrips supply in Metro Vancouver but price hikes slow: report

[Times Colonist - October 4, 2021] VANCOUVER — Home sales across Metro Vancouver remained well above the 10-year average in September, but the Real Estate Board of Greater Vancouver says prices haven't climbed as sharply. The board's housing market report for September shows sales were 20.8 per cent above the 10-year average for the month while new listings were 1.2 per cent below. Just over 9,000 condos, townhomes and single-detached homes were listed for sale in September and statistics from the board [...]

Vancouver Real Estate

28Jul

How to decorate your house according to Feng Shui – advice for beginners

[CEO World Magazine - July 18, 2021] Feng Shui is a system of laws considered to govern spatial arrangement and orientation about the flow of energy (chi), and whose favorable or unfavorable effects are taken into account when sitting and designing buildings. Feng shui uses five elements that according to the Chinese practice have to all be present in order for the space to be balanced. The elements it uses are water, earth, fire, wood, and metal. The role of each [...]

Home Design + Decor

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

28Jul

New stress test rate makes it more difficult for home buyers to qualify for mortgage

[Toronto Sun - July 3, 2021] Home buyers have contended with a series of costly hurdles in this ongoing, high-octane housing market — supply shortages, growing and pent-up demand, red hot prices and bidding wars just to name a few. It’s been a great time for sellers, but not so great for those looking to get into the market or upsize. Now the federal government is effectively putting another significant hurdle on the path to home ownership that will especially impact first-time [...]

Canada, Mortgage Education Centre, Mortgage Insurance, Mortgage Qualification, Vancouver Real Estate