Industry News - Synergy Mortgage

29Oct

Renderings of the massive redevelopment of Vancouver’s Molson brewery

[Daily Hive - October 28, 2020] Daily Hive Urbanized provided the first glimpse of Concord Pacific’s proposed redevelopment plans of the Molson Coors brewery in Vancouver in December 2019. And now, additional details and renderings show the true breadth of the massive mixed-use redevelopment of the 7.6-acre industrial property, located at the south end of the Burrard Street Bridge. The developer intends to build a redevelopment with a total floor area of 1.8 million sq ft, including 300,000 sq ft of office [...]

Home Design + Decor, Vancouver Real Estate

28Oct

Bank of Canada keeps key interest rate unchanged, says COVID-19 economic recovery likely by 2022

[News 1130 - October 28, 2020] OTTAWA – The Bank of Canada kept its key interest rate on hold Wednesday as it said the country’s economy won’t fully recover what was lost to COVID-19 until 2022, with the road to there dependent on the path of the pandemic. The central bank held its overnight rate target at 0.25 per cent. In July, the Bank of Canada said it believed the country had been spared from a worst-case scenario. The bank’s updated outlook in [...]

Bank of Canada announcements, Economic Outlook

23Oct

Home improvement business is booming amid COVID-19 pandemic

[Globe and Mail - October 21, 2020] Paul Sangha has run a busy architectural landscape business for most of two decades, but by the end of 2019, business was “dead quiet,” and Mr. Sangha was preparing for a rough year. He had to lay off four staff. When the lockdown hit in mid-March, Mr. Sangha began paying staff their salaries in advance to give them a sense of certainty. But then something strange happened. Business suddenly picked up. By May he [...]

Home Design + Decor, Vancouver Real Estate

13Oct

Look for U.S. buyers to snap up more Vancouver homes

[BC Business - October 9, 2020] COVID-19 and political unrest stateside will help drive property purchases by Americans over the next year, real estate services firm Engel & Völkers forecasts Every time there’s a U.S. election, it seems, Americans threaten to move to Canada. Google searches for “How to apply for Canadian citizenship” peaked after the recent train wreck of a debate between President Donald Trump and Democratic rival Joe Biden. Andrew Carros, licence partner with Engel & Völkers Vancouver, thinks this time really [...]

International Influence, Vancouver Real Estate

12Oct

Vancouver well positioned for housing market recovery, industry experts say

[Globe and Mail - October 7, 2020] Winter is coming. But once the pandemic is over and immigration numbers return, Vancouver will be well positioned for a housing market recovery, said industry experts at the Vancouver Real Estate Forum held last week. The annual forum, held virtually this year, is the largest in the Lower Mainland, and covers all matters related to development. Opening speaker Benjamin Tal, deputy chief economist at CIBC, was frank about the fact that the dark days [...]

Economic Outlook, Vancouver Real Estate

10Oct

Bank of Canada: Negative interest rate, ‘in the toolkit’

[RCI - October 9, 2020] Around the world economies are suffering from the effects of the pandemic and central banks have lowered interest rates as one measure to mitigate the effects. Here in Canada, several reports have indicated that an economic recovery which seemed to be underway in mid summer, has now stalled. COVID rates are up, especially in Canada’s two most populous and hardest hit provinces, Ontario and Quebec. Each has imposed new restrictions which further hurt the economy, especially businesses [...]

Economic Outlook, Mortgage Rate Outlook

08Oct

Important Credit Score Tips

[Invis - October 7, 2020] There's a virtual credit file with your name on it! When it comes time to take out a mortgage, that file gets opened and the result is a credit score. This is one of the determining factors for qualification and can also impact your mortgage rate. The good news is that you are entirely in control of your own credit score. Even if your past credit history has been bumpy, there are steps you can take [...]

Mortgage Education Centre

05Oct

From pet clauses to rent forgiveness: Vancouver council to consider quartet of housing motions

[Vancouver Sun - October 5, 2020] From no pets clauses to rent forgiveness, a look ahead at some of the housing questions councillors are set to take on. Vancouver city councillors are set to debate a handful of housing motions aimed at expanding affordable options for residents and protecting and aiding renters as the COVID-19 pandemic wears on. Some of the four motions, slated for Tuesday’s chockablock council session, simply call on the province to resolve the issues, while others push staff [...]

Vancouver Real Estate

05Oct

Vancouver home sales surge 56.2% to record level for September

[CBC - October 2, 2020] 3,643 were sold in September this year, up from the 2,333 sold last September The real estate market in Vancouver had its best September on record this year in terms of the number of homes sold. The Real Estate Board of Greater Vancouver (REBGV) said on Friday that 3,643 homes were sold last month, up 56.2 per cent from the 2,333 sold in September 2019. Sales were also up 19.6 per cent from the 3047 homes sold in [...]

Economic Outlook, Vancouver Real Estate

03Oct

Buying a home in Canada is suddenly substantially more affordable — but there’s a catch

[Financial Post - October 1, 2020] Don’t expect the income boost we’ve been seeing to last Buying a home in Canada hasn’t been this affordable in four years, but there’s a catch — actually more than one. According to RBC Economics' Housing Affordability Measure out this week the proportion of income Canadians need to meet housing costs (mortgage, taxes, utilities) fell 3.3 percentage points to 47.3% in the second quarter, the most affordable since 2016. Substantial improvements were evident from coast to coast with [...]

Canada, Toronto, Ontario, Vancouver Real Estate