Synergy Mortgage Inc.
777 West Broadway, Suite 902 V5Z 4J7 Vancouver, BC, Canada

The forecast is a disappointing turn. Canada’s economy was gathering pace over the summer, but conditions turned rough ahead of the holidays as the second wave of COVID-19 infections forced governments across the country to restrict movement and commerce.

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. Will the momentum continue?

Whether you’re a first time homebuyer or returning client, stay tuned for our Buying a home this year educational series. We will continue to provide you with go-to resources and up-to-date information to assist you along the way. Let’s get started with mortgage qualification and learn about the 6 C’s of Credit and what it means to you.

Interest rates were thought to have hit rock bottom since they were slashed by 150 basis points last year to a record low of 0.25%. With tightening economic restrictions to contain second wave of COVID-19 cases there is an increased chance Bank of Canada might make a micro rate cut closer to zero. They have ruled out negative rates thus far. Next BoC meeting is scheduled for Wednesday January 20, 2021.

VANCOUVER -- Property owners across B.C. can expect a modest increase to their homes’ assessed value this month, bucking concerns of a COVID-related collapse, with the lion’s share of the growth being felt in already high-priced single family homes.

This is a fascinating article about the potential effects of the NEW Land Owner Transparency Registry. It came into effect on Nov. 30, 2020. The province of BC is the first in the world to require ownership disclosure of land that is owned by corporations, partners and trustees also known as beneficial ownership. Lawyer Richard Kurland suggests this has played a major role in driving the currently hot property market in Metro Vancouver. Buyers were eager to make purchases under the cloak of beneficial ownership before the registry came into effect, he says.

This could be the toughest year in living memory to make predictions about the economy especially the housing market!

A deputy governor of the Bank of Canada says the central bank is monitoring rising housing prices, as it keeps interest rates low to help borrowers cope with the COVID-19 pandemic.

For those who celebrate, wishing you a happy Hanukkah!