Industry News - Synergy Mortgage

22Jan

Bank of Canada keeps rates at 1.75%, trims 2020 economic forecast

[Global News - January 22., 2020] The Bank of Canada is keeping its key interest rate target on hold at 1.75 per cent and forecasting a slower-than-expected start for the Canadian economy for 2020. The central bank says in its latest forecast that the Canadian economy will grow by 1.6 per cent this year, down 0.1 of a percentage point from its projection in October. While some of the slowdown late last year is being chalked up to a strike at CN [...]

Bank of Canada announcements

11Jan

India, China trade places and Brazil gains ground as top sources of permanent residents to Metro Vancouver

[CBC - January 11, 2020] Julia Moioli and her husband were in search of adventure, access to nature and a better future when they moved to Metro Vancouver from São Paulo, Brazil, last August. Moioli, 24, says jobs were plentiful in São Paulo, but political turmoil after Brazil's national elections in 2018 left the young couple feeling uneasy. "It's very complicated with politics in Brazil right now and doesn't seem to get any better," said Moioli, who now studies tourism at Capilano University. [...]

International Influence

04Jan

Vancouver Looks Poised to Sell off False Creek South

[The Tyee - January 3, 2020] The warning signs are there. Greed may ruin a model for diverse affordability. The real-estate lords of Vancouver and their lieges in municipal government have cast their hungry gaze on what is North America’s best model of sustainable and socially equitable living: the neighbourhood of False Creek South. The current administration has cut off any negotiations on renewing leases for city-owned land there, leases set to expire in 2036, leaving social housing co-op and condominium owners uncertain of [...]

Vancouver Real Estate

03Jan

2020 may be the year when the ‘largest, broadest and fastest’ wave of debt crashes over the global economy. You have been warned

[South China Morning Post -December 30, 2019] The World Bank has provided a chilling analysis of the latest tidal wave of borrowing, which had reached US$55 trillion by 2018. Even though interest rates are low now, they provide no sure-fire protection against debt crises. Which will be the biggest international crisis of 2020: a North Korean missile crisis, the re-election of Donald Trump, a post-Brexit slump, a stock market crash or a climate crunch? Any or all of these are possible [...]

International Influence

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

26Dec

‘Less bad’ doesn’t mean good: What Vancouver’s housing market could hold in 2020

[December 24, 2019 - CBC] For the first time in five years, there were no major surges in any aspect of the market A funny thing happened in Vancouver's housing market in 2019: for the first time in many years, not much happened. "Condo prices have slowed down. The fear of missing out madness at open houses has gone away. So there's been a pause in the market," said Tom Davidoff, an associate professor at UBC's Sauder School of Business. One way to measure the relative [...]

Vancouver Real Estate

20Dec

Staging Strategies To Boost Winter Home Sales

[Forbes - November 18, 2019] There are both advantages and disadvantages that are inherent in listing a home for sale in the winter. However, one factor remains constant: Presenting a home in its best light will result in a quicker sale and a higher selling price. Reduced inventory on the market in the winter months provides a golden opportunity to make your home stand out. Here are several suggestions aimed at showing any property at its winter best. Winter Curb Appeal Positive [...]

Home Design + Decor, Vancouver Real Estate

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

19Dec

Toronto, Vancouver among biggest property bubbles in the world, UBS says

[CBC - September 28, 2019] 9 years salary to buy a house in Vancouver, more than 6 in Toronto Swiss investment bank UBS has deemed Toronto and Vancouver to have among the world's biggest housing bubbles, with mispricing that's even more pronounced than it is in expensive cities like Paris and San Francisco. In an annual report published Thursday, the Swiss bank looked at 20 cities around the world that are considered to be financial centres, local metropolises that are hubs for [...]

Economic Outlook, Toronto, Ontario, Vancouver Real Estate

19Dec

Despite recent sales spike, analyst predicts Greater Vancouver market will see more owners losing homes

[News 1130 - December 15, 2019] VANCOUVER (NEWS 1130) – Don’t believe the hype. That’s a real estate tracker’s warning about claims home sales in Greater Vancouver are climbing up again. Dane Eitel, the founder and lead analyst of Eitel Insights, says the market will get worse next year. “We could see a very real day of reckoning here come 2020 to the detached market and that’s where we’re actually going to see some need-based selling, which we haven’t seen for many, [...]

Economic Outlook, Vancouver Real Estate