April 2017 - Synergy Mortgage

20Apr

Ontario’s rent and housing reform: 16 big changes, explained in charts

[Source: The Globe and Mail, April 20, 2017] On Thursday, Ontario announced it would widen its rent-control rules and take pages from B.C.'s playbook to bring skyrocketing housing prices down. Here are the highlights. Rental housing What Ontario is doing: Expanding rent control to all private rental units Introduce legislation to strengthen the Residential Tenancies Act Making sure multiresidential apartment buildings are charged property taxes at similar rates to other residential properties A $125-million program over five years “to further encourage the construction of new rental [...]

Toronto, Ontario

13Apr

Remodel vs. Renovation: What’s the Difference?

[Source: Realtor.com, February 13, 2017] You say potato, I say potahto. Remodel vs. renovation … same thing, right? While the terms remodel and renovation are used interchangeably all the time, they are actually very different animals. So exactly what is the difference between a remodel and a renovation? The key difference is how deep the changes go. A renovation means you’re updating an existing structure with cosmetic changes, whereas a remodel involves changing the structure through demolition and construction, explains Jason [...]

Home Design + Decor, Remodel + Renovation

13Apr

BC Election Checklist: where do parties stand on housing?

[Source: Metro, Apr 12 2017] As NDP leader John Horgan promised a $400 a year tax credit for renters, B.C.’s former minister responsible for housing was committing to help homeowners with a tax credit of up to $20,000 to create rental basement suites. Rich Coleman, BC Liberal candidate for Fort Langley-Aldergrove, made the comment during a panel event organized by the Real Estate Board of Greater Vancouver in New Westminster on April 12. Coleman appeared with David Eby, the BC NDP’s candidate [...]

British Columbia

12Apr

Pressure is growing for the Bank of Canada to raise interest rates

[Source: Maclean's, April 7, 2017] Bank of Canada Governor Stephen Poloz insists the economy is weaker than it appears, but that argument is now in trouble. Bank of Canada governor Stephen Poloz used a history lesson Tuesday to make a case for a policy mix frequently promoted by the federal government -- an openness to more foreign investment, immigration and free trade. In a prepared speech, Poloz said Canada has seen these ingredients produce positive economic results in its past, including [...]

Bank of Canada announcements, Canada, Economic Outlook

12Apr

Bank of Canada leaves key interest rate steady at 0.5%

[Source: CBC, April 12, 2017] The Bank of Canada today left its benchmark rate unchanged, at 0.5 per cent, saying it is too early to conclude that the economy is on a "sustainable growth path" despite a recent rebound that led it to bump up its 2017 outlook. "During the rest of this year and into 2018 and 2019, growth in Canada is expected to moderate but remain above potential," the bank said Wednesday. Economists had widely predicted that the bank would [...]

Bank of Canada announcements, Canada, Economic Outlook

12Apr

BoC signals earlier rate hike, upgrades growth forecast

[Source: The Globe and Mail, April 12, 2017] The Bank of Canada is signalling that its first interest rate hike since 2010 could be less than a year away as the Canadian economy continues to grow faster than expected. The central bank once again kept its key overnight rate unchanged Wednesday at 0.5 per cent, where it has stood since July 2015. But the bank acknowledged what most economists have been saying for months – that the Canadian economy is gaining traction, [...]

Bank of Canada announcements, Canada, Economic Outlook

10Apr

Condos Drive Fastest Surge in Canadian Housing Starts Since 2007

[Source: Bloomberg, April 10, 2017] Canadian housing starts surged to the fastest pace in a decade, led by apartments and condominiums. Housing starts soared 18 percent to an annualized 253,720 units in March, from 214,253 units in February, Canada Mortgage & Housing Corp. said in a statement Monday from Ottawa. Multiple-unit starts in urban areas surged 30 percent to 160,989 units. Housing has been one of the main drivers of Canada’s economy over the last several years, as interest rates remain at [...]

Canada

10Apr

How to Turn Home Equity into Opportunity

[By Chana Fay Charach, MB, April 10, 2017] Synergy Mortgage can help you refinance your home to potentially obtain lower interest rates and / or better terms with a new mortgage. You may also consider refinancing your rental properties, or 2nd homes. Purpose and Benefits of a Refinance: • Consolidate your debts: pay off high interest credit cards and other debts • Cash Equity: use your cash for investment purposes and/or personal spending such as a vacation • Renovations: home improvements, and repairs • Major purchase: [...]

Mortgage Education Centre

10Apr

More residential developers set their sights on townhomes in Vancouver

[Source: BIV, April 4, 2017] Affordability pressures increasing the appeal of expanding the inventory of townhouse options. When community members met to discuss the future of the East Fraser Lands in the southeast corner of Vancouver in 2005, urban density was very much on their minds. The spirit of Vancouverism with its emphasis on a livable urban setting was very much alive, and the site offered a blank canvas for a community that will eventually be home to more than 10,000 people. “There [...]

British Columbia

10Apr

New Westminster poised to become real estate hot spot: study

[Source: BIV, April 5, 2017] Benchmark home prices have fallen, but they remain near record highs in Vancouver, and homebuyers are extending their reach beyond the city limits. As buyers turn to other municipalities across the region where prices aren’t quite so prohibitive, New Westminster in particular is set to become one of the province’s top real estate destinations within the next decade, according to a Real Estate Investment Network (REIN) report released April 5. New Westminster is a desirable location for [...]

Vancouver Real Estate