Naru Menon’s Blog

Homebuyers in B.C. and Western Canada explore creative options amid affordability challenges. In Western Canada, secondary suites are popular for extra income from renters, along with joint tenancy and tenants in common.

Monthly payments become more manageable for young Canadians aiming for homeownership. Some advocate for broader eligibility, expressing concerns about effectiveness in high-priced markets.The industry expects a significant impact, potentially spurring more construction and aiding rental market relief.

Introducing a 20% tax on homes sold within the first year to deter speculation. Tax takes effect Jan. 1, 2025, decreasing over two years of ownership.

Suburban retail vacancy remains low in Metro Vancouver, with limited space for retailers and restaurant owners. Large floorplate options are even scarcer, with sites like CF Pacific Centre having significant vacant space. Downtown Vancouver retail is strong, but faces challenges due to office vacancies and reduced tourism. New developments like The Post and Oakridge Park…

Tips for first-time home buyers on getting pre-approved for a mortgage quickly: Talk to a loan officer for guidance, ask for referrals from friends, review your credit report for errors, gather necessary documentation, work with one mortgage professional to find the best option, consider interest rates, fees, and customer service when choosing a lender. Continue…

Kamloops: Avg home price around $620K; diverse economy with opportunities in various industries.Sooke: Avg home price approximately $679,700; picturesque coastal town offering a laid-back lifestyle.

BCREA reports 3,979 residential unit sales in January 2024, ↑ 29.4% yearly. Avg residential price in BC ↑ 10.5% to $957,909 in January, compared to the low-point of $866,922 in the past 2-yr.

Every show home uses tactics to create an idealized version of a property. Tricks include creating a lifestyle story, using pitch-perfect props, subtle symmetry, heating up the space, omitting TV screens, using mirrors for illusion, showcasing high-end finishes, clever lighting, missing internal doors, uniform flooring, child-sized furniture, and missing essential items like fridges. Continue to…

BC Real Estate Association reports ~30% increase in home sales yearly in January, with prices up. 3,979 sales completed in January, averaging $957,909, ↑ ~10% yearly, totaling $3.8B in sales.