Industry News - Synergy Mortgage

16Jan

LAND OWNER TRANSPARENCY REGISTRY (LOTR)

[Land Owner Transparency Registry - January 15, 2021] B.C. Real Estate Beneficial Ownership Disclosure Law Takes Effect November 30, 2020 The Land Title and Survey Authority of British Columbia (LTSA) operates the Land Owner Transparency Registry (LOTR), a first-of-its- kind registry to improve transparency of land ownership in BC. What is LOTR? A searchable registry that maintains information about “interest holders” under the Land Owner Transparency Act. These are individuals who do not have direct ownership of land but are considered to have [...]

British Columbia, Mortgage Education Centre

16Jan

Money markets are betting Bank of Canada might make ‘micro rate cut’ next week

[Financial Post - January 12, 2021] TORONTO — Money markets see an increased chance of the Bank of Canada cutting interest rates closer to zero, as tightening economic restrictions to contain a second wave of COVID-19 cases offset optimism that activity will rebound later this year. Interest rates were thought to have hit rock bottom in Canada after they were slashed 150 basis points last March to a record low of 0.25 per cent, a level the Bank of Canada considered [...]

Bank of Canada announcements, Canada, Mortgage Rate Outlook

06Jan

Suburb bidding wars spike as Metro Vancouver home sales resilient during pandemic: realtors

[News 1130 - January 5, 2021] VANCOUVER (NEWS 1130) — Home sales in the suburbs are booming, with bidding wars now a regular occurrence, realtors say, while recent data shows how resilient Metro Vancouver property sales have been through the pandemic. According to the 2020 numbers, the sales were 2.8 per cent below the 10-year average for the Vancouver area. However, the early months of the pandemic saw sales all but stop. This comes despite sales all but stopping in the [...]

British Columbia, Vancouver Real Estate

05Jan

News Modest increase in most B.C. properties, with shift to larger homes: BC Assessment

[CTV - January 4, 2021] VANCOUVER -- Property owners across B.C. can expect a modest increase to their homes’ assessed value this month, bucking concerns of a COVID-related collapse, with the lion’s share of the growth being felt in already high-priced single family homes. While low interest rates have likely kept money cheap and prices high, the pandemic may be partly to blame for the shift to larger properties, with buyers looking for bigger spaces to accommodate all the things many [...]

British Columbia, Vancouver Real Estate

02Jan

Canada 2021 Housing Forecasts Call For A Boom … Or The Worst Crash in 40 Years

[Huff Post - January 2, 2021] Amid an unpredictable pandemic, forecasts for the housing market are pretty much all over the map. This could be the toughest year in living memory to make predictions about the economy ― especially the housing market. Amid the worst economic slowdown in decades, home sales and prices soared in many Canadian cities in 2020, along with housing markets in many other countries. The average house price in Canada has shot up by 13.8 per cent over [...]

Canada, Economic Outlook, Toronto, Ontario, Vancouver Real Estate

02Jan

Paying down debt Canadians’ top financial goal in 2020: poll

[Financial Post - December 31, 2020] CIBC survey found many people took on more debt this year to cover day-to-day expenses and make up for lost income. TORONTO — Paying down debt is the No. 1 financial priority of Canadians heading into the new year, according to a new survey that found many people took on more debt this year to cover day-to-day expenses and make up for lost income. The annual CIBC online poll said tackling debt has remained unchanged as [...]

Canada, Vancouver Real Estate

01Jan

Buying a home this year | Mortgage qualification 101

[Synergy Mortgage - January 1, 2021] If you have decided to buy a home this year, we are here to help! While we certainly do all the heavy lifting to ensure your mortgage experience is as easy and seamless as possible, it’s important that you’re fully up-to-speed on all the mortgage basics. Especially given today’s fast-paced real estate market. Whether you’re a first time homebuyer or returning client, stay tuned for our “Buying a home this year” educational series. We will continue to provide you [...]

Mortgage Education Centre, Vancouver Real Estate

22Dec

Foreign ownership registry a game changer in B.C. say real estate insiders

[Globe and Mail - December 9, 2020] Recent government action to force transparency of property ownership in B.C. had outspoken immigration lawyer Richard Kurland so impressed that he fired off a letter to the Premier. “It’s game over. It’s huge,” Mr. Kurland says. “It means you can’t hide international capital in B.C. real estate. And it’s about gosh darn time, because there were so many players who benefitted from being blind … including individuals who were able to hide capital, to [...]

International Influence, Vancouver Real Estate

16Dec

Prices surge for B.C. recreational properties as people ‘re-evaluate their lifestyle’

[Vancouver Sun - December 8, 2020] There is a surge in interest and prices for recreational properties across B.C., especially Whistler, Kimberley and Cranbrook. Vancouver landscape architect Paul Sangha has long created gorgeous gardens and outdoor spaces for homes in the city, but this year, he is juggling a dramatic switch for his services in far-flung, recreational properties. It’s not just at Whistler, he said. “That, we would traditionally get. But now it’s jumped to Bowen Island and Pemberton, and then also [...]

British Columbia, Canada, Recreational Properties, Remodel + Renovation

11Dec

Bank of Canada doesn’t see housing bubble but it’s watching out, deputy governor says

[Yahoo Finance - December 10, 2020] TORONTO — A deputy governor of the Bank of Canada says the central bank is monitoring rising housing prices, as it keeps interest rates low to help borrowers cope with the COVID-19 pandemic. “Making sure we're not creating a bubble is very important here. And so we're keeping an eye on that,” said Paul Beaudry in a Thursday in a wide-ranging question-and-answer session for the Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, [...]

Canada, Economic Outlook