August 2017 - Synergy Mortgage

10Aug

What’s the Average Value of a New Mortgage in Vancouver?

[Source: REW, August 8, 2017] Number of new mortgages across Canada and in BC rose in 2016, CMHC reports – but Vancouver loan amounts decrease. With Greater Vancouver home prices increasing exponentially each year and now at record highs, there is a widespread – and understandable – assumption that most buyers must be taking out huge mortgages to afford real estate in the region. However, the average value of a new mortgage loan in the Vancouver Census Metropolitan Area (CMA) in 2016 [...]

Mortgage Education Centre, Vancouver Real Estate

07Aug

Metro Vancouver sees fewer home sales and more listings in July

[Source: REBGV, August 2, 2017] The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold. Last month’s sales were 0.7 per cent above the 10-year July sales average. “Housing demand is inconsistent across the region right now. Pockets of the market are still [...]

News Releases From REBGV, Vancouver Real Estate

07Aug

Federal banking regulator proposes new stress test for uninsured mortgages

[Source: CTVnews, July 6, 2017] OTTAWA -- The federal banking regulator is proposing a new stress test for all uninsured mortgages as part of efforts to tighten lending rules. The Office of the Superintendent of Financial Institutions (OSFI) recommended the measure as part of draft changes that it has published for public consultations. The change would mean that homebuyers who have a down payment of 20 per cent or more -- and therefore don't require mortgage insurance -- will still face a [...]

Canada

07Aug

Foreign buyers’ tax, other measures under review: B.C. housing minister

[Source: Vancouver Sun, July 31, 2017] British Columbia's new Housing Minister Selina Robinson says she is reviewing the tax on foreign buyers of Vancouver real estate and the province's interest-free loan program to first-time homebuyers. The provincial government is reviewing the foreign buyers’ tax in the Vancouver area and the interest-free loan program to first-time homebuyers to determine whether they have been effective in improving affordability, the province’s new housing minister says. In an interview Monday, Selina Robinson said she and provincial [...]

British Columbia, Vancouver Real Estate

07Aug

‘Disproportionate’ growth still flowing into housing as B.C. economy revised upward: BCBC

[Source: BIV, July 12, 2017] Higher than expected job growth and consumer spending helps the BCBC revise an earlier economic forecast from 2.2% growth in 2017 to 2.7% A “disproportionate” amount of growth is still flowing into the B.C. housing sector this year even as business investment remains soft, according to a report from the Business Council of British Columbia. Meanwhile, higher than expected job growth and consumer spending also helped the BCBC revise an earlier economic forecast from 2.2% real GDP [...]

British Columbia, Economic Outlook