November 2016 - Synergy Mortgage

27Nov

Vancouver acquires Arbutus rail corridor from CP for $55-million

[Source: The Globe and Mail, March 7, 2016] Fifteen years of bitter fighting over an unused rail corridor on Vancouver’s west side have ended with an announcement the city has agreed to buy the nine-kilometer line from CP Rail for $55-million to transform it into a greenway. That opens the door for radical change along the line. “This is Vancouver’s chance to have a New York-style High Line,” a smiling Vancouver Mayor Gregor Robertson told a news conference on Monday, referring to [...]

Vancouver Real Estate

27Nov

OPINION: Homeowner Property Rights in Vancouver

[Source: Shpoa, Fall 2016] Given the recent controversies arising over such issues as 'affordable' housing, heritage preservation, 'green' objectives and densification, many homeowners are affected by new laws and regulations that are, in some cases, devaluing their properties by limiting redevelopment options and disturbing the overall composition of the neighborhoods in which they live. Questions are arising about the legality of measures being taken by various levels of government, to serve their political agendas, and to the degree to which property [...]

Canada, Vancouver Real Estate

21Nov

Real Estate Market Has a Record October but Headwinds Coming From Higher Rates

[Source: Financial Post, November 15, 2016] TORONTO — Canadian existing home sales reached a record level in October, data published Tuesday shows, but the market faces an increasing threat from tighter mortgage rules, which have helped send interest rates higher. The Ottawa-based Canadian Real Estate Association, which represents about 100 boards across the country, said there were 42,473 sales last month across the country, a two per cent increase from a year earlier and the best-ever showing for the month. October’s sales [...]

Canada, Toronto, Ontario, Vancouver Real Estate

21Nov

Planning a home renovation? Tips for keeping your finances in order.

[Source: Global News] When dreaming of a home renovation, visions of new cabinets, counter tops and appliances are often the first things that come to mind. But, figuring out how you’re going to pay for it? That’s likely a little further down the line. It may not be the most exciting part of a reno, but experts say planning your financing well in advance is key to a successful project. Reprioritizing where to spend your home improvement dollars is smart, but before you [...]

Vancouver Real Estate

20Nov

Opinion: Empty Homes Tax a Sensible Property levy for Vancouver

[Source: Vancouver Sun, November 17, 2016] Making housing affordable in Vancouver is difficult. On the demand side, ours is a beautiful, safe and stable city. Those features are likely to grow in value over time. On the supply side, mountains and oceans impede our ability to build out and pervasive single-family zoning that makes it difficult to build up. Tax policy has also made it hard for locals to find decent homes that they can afford. We have high taxes on [...]

Vancouver Real Estate

20Nov

First-time Home Buyers Face Stressful Economics

Source: [The Star, November 15, 2016] RBC hikes rates a day after province offers tax refund to new buyers. First-time buyers in Toronto's hot property market must be wondering when they will catch a break. A second major bank announced Tuesday it was raising its mortgage rates — a day after the province introduced a tax refund designed to help first timers step on to the property ladder. Although the two events are unrelated and mortgage rates remain extremely low overall, housing [...]

Toronto, Ontario

20Nov

Minimum Down Payment Requirement – Effective February 15, 2016

Chana Charach, MB CANADA - NEW MINIMUM DOWN PAYMENT REQUIREMENT - Effective February 15, 2016 For homes priced up to $500,000.00 the minimum down payment is 5% For homes priced over $500,000.00 the minimum down payment is 5% plus 10% on the portion above $500 k. Example: If you want to buy a $750,000 home, you'll need to have a minimum down payment of $50,000, which is what you get when you add five per cent of $500,000 and 10 per cent [...]

Canada

20Nov

Newly Built Homes PTT Exempt (up to $750,000) – Effective February 16, 2016

Chana Charach, MB The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home with a fair market value of $750,000 or less. (A partial exemption is available up to $800,000) To qualify, you must be an individual and a Canadian Citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) and your birth date). The property must be located in B.C., and used [...]

British Columbia, Vancouver Real Estate

20Nov

Home Sale and Listing Activity Dip Below Historical Averages in October

Source: [Real Estate Board of Greater Vancouver, October 2016] Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver. Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average. “Changing market conditions compounded by a series [...]

Vancouver Real Estate

20Nov

Empty Home Tax (1%) – Effective early 2017

Chana Charach, MB Vancouver city council has voted to approve a tax on empty homes, the first of its kind in Canada. Self-reporting owners will be assessed a one per cent tax on homes that are not principal residences or aren't rented out for at least six months of the year. That means a $1-million home left vacant would be taxed $10,000. The intention is to tax housing in Vancouver on owners who are treating housing as an investment property. They are hoping [...]

Vancouver Real Estate