Industry News - Synergy Mortgage

09Sep

Bank of Canada holds rates at 1.75% with no hint about future moves

[Global News - September 4, 2019] The Bank of Canada held interest rates steady as expected on Wednesday but said the escalating U.S.-China trade war was doing more damage to the global economy than it had forecast in July. The central bank — which has sat on the sidelines since last October — maintained its key overnight rate at 1.75 per cent and made no mention of future moves. The current level of stimulus remained appropriate, it said, reiterating the pace of Canadian economic growth [...]

Bank of Canada announcements

10Aug

Selling real estate? The CRA is watching

[July 18, 2019 - Advisor's Edge] When your client sells property, the transaction must be correctly defined and reported for tax purposes. Failure to do so may result in unwanted audits, potential back taxes, and related interest and penalties. Such negative outcomes occur regularly. Last spring, the Canada Revenue Agency (CRA) announced updated results of its audits in the real estate sector, which resulted in over $1 billion in additional gross taxes since 2015. During the same period, CRA auditors reviewed over [...]

Canada

10Aug

Metro Vancouver housing market no longer ‘vulnerable’ but Victoria still at risk: CMHC

[August 5, 2019 - BIV] Metro Vancouver’s housing market has received a “moderate degree of vulnerability” rating, after three years of “high degree of vulnerability” ratings, from the Canada Mortgage and Housing Corp. (CMHC). CMHC’s HMA examines urban real estate markets across Canada, assessing a combination of four key risk factors: overvaluation of house prices in comparison with levels that can be supported by economic fundamentals; overheating, when demand for homes in the region outpaces supply; sustained acceleration in house prices; [...]

Economic Outlook

10Aug

Metro Vancouver real estate market continues to cool

[July 14, 2019 - CityNews] For the first time in a decade home buyers in Metro Vancouver are in the driver’s seat, according to a local expert. Real Estate Advisor Adil Dinani says that 25 per cent more homes are on the market than they were at this time last year, giving buyers more options. “For the first time in several years buyers have the opportunity to take their time, make an informed decision and do the due diligence process without being [...]

Vancouver Real Estate

27Jul

Mortgage Stress Test Gets A Little Easier As BoC Lowers Rate

[July 19, 2019 - Huffpost] The Bank of Canada's posted mortgage rate is used in the stress test that many say has cooled Canada's housing markets. OTTAWA — The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.14 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since September [...]

Bank of Canada announcements, British Columbia, Canada

21Jun

Pre-sale condo buyers back out of contracts as market slows in Lower Mainland

[CBC - June 20, 2019] "Real estate lawyer says contracts are nearly iron-clad once buildings near completion" When the market was hot, people lined up overnight to get their hands on pre-sale condominiums. Now that the housing market in B.C.'s Lower Mainland has cooled, some buyers are trying to back out of their contracts — unable to obtain the financing they need. A Vancouver lawyer says clients are coming to him several times a week hoping he can help find loopholes to get out of [...]

British Columbia, Vancouver Real Estate

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