Industry News - Page 6 of 33 - Synergy Mortgage

18Feb

Why detached home prices in Greater Vancouver have been rising, while condo prices have stayed static

[CBC - February 3, 2021] Single-family home prices increasing at level not seen since mid-2010s COVID-19 doesn't affect all people equally — and it doesn't affect the housing market equally either. The average selling price of a detached home in Greater Vancouver rose for the sixth straight month in January, the first time that had happened since 2013. At $1.83 million it's the third highest monthly figure in the history of the Greater Vancouver Real Estate Board. To the east, the Fraser Valley [...]

British Columbia, COVID-19, Vancouver Real Estate

18Feb

Canada house prices to build up this year, outpace inflation: Reuters poll

[Reuters - February 1, 2021] BENGALURU (Reuters) - Canadian house prices will continue their upwards march this year, outpacing inflation after hitting record highs in 2020, according to a Reuters poll of property market analysts who said the risk of a COVID-19 resurgence derailing activity was low. Renewed lockdown restrictions after a second wave of infections hit the country are threatening expectations for a strong recovery after the economy likely posted its biggest GDP drop on record of 5.1% in 2020. [...]

Canada, Economic Outlook, Vancouver Real Estate

18Feb

Bidding wars are back: Record-setting January for Fraser Valley home sales

[CTV News - February 2, 2021] VANCOUVER -- Winter is normally a slow season for real estate, but there were more homes sold in the Fraser Valley real estate region last month than any previous January. Total sales of 1,718 across all residential property types is 76 per cent higher than January 2020 and 72 per cent above the 10-year average for the month. That’s a new record for January sales in the Fraser Valley. The biggest surge was in detached [...]

British Columbia, Vancouver Real Estate

18Feb

As pandemic lockdowns drag on, Canadians are tapping HELOCs to fund home renos

[Globe and Mail - February 15, 2021] Cory Cook’s initial plan was to build out his backyard deck. But as the pandemic drags on, he’s looking to overhaul his entire basement. “The renovated basement would generate rental income and offer financial security in the event of a job loss,” says the 43-year-old Toronto father of two. To fund his home improvements, Mr. Cook, who helps businesses invest in energy efficiency, took out a $300,000 home equity line of credit (HELOC). After [...]

Canada, COVID-19, Home Design + Decor

06Feb

Why detached home prices in Greater Vancouver have been rising, while condo prices have stayed static

COVID-19, Vancouver Real Estate

24Jan

Bank of Canada sees economy shrinking in first quarter as second wave makes for choppy recovery – Interest rate held at 0.25%

[Financial Post - January 20, 2021] Bank of Canada governor Tiff Macklem, an enthusiastic water skier, borrowed from one of his favourite sports to describe the current state of the Canadian economy. “We’ve said for some time that we’re expecting a choppy recovery and, unfortunately, we’re in a very serious chop,” he said on a Jan. 20 call with reporters after the central bank released a new forecast that predicts an economic contraction this winter. The forecast is a disappointing turn. Canada’s economy [...]

Bank of Canada announcements, Canada, Economic Outlook

22Jan

Pandemic housing market to stay hot in 2021, but economists expect a hangover later in the year

[Financial Post - January 14, 2021] Much is dependent on vaccine outcomes, interest rates and buyer psychology. This year is forecast to be another brisk one overall for Canada’s housing market, but economists also see reason to believe that the rush for residential real estate will start losing momentum as 2021 drags on. The housing market “likely had its strongest year ever in 2020,” Royal Bank of Canada economist Robert Hogue wrote in a report released on Wednesday. Even with coronavirus raging, RBC [...]

Canada, COVID-19, Toronto, Ontario, Vancouver Real Estate

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