Naru Menon’s Blog
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BC NDP’s Secondary Suite Initiative Faces Skepticism
BC NDP's new program offers homeowners $40K loans for building rental suites below market rates. The rents are set by the province, based on the community.
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Happy Canada Day
To all Canadians around the world, a very happy Canada Day to you all. This day commemorates the unification of the three North American British colonies. Canada Day is a celebration of a united Canada and examining its defects, past and present, should not lead us to overlook its strengths. So let’s pour our hearts…
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B.C. businesses challenging new short-term rental rules
Arguments started in a legal challenge to new provincial short-term rental rules at Victoria Law Courts. Property owners seek to allow pre-legislation businesses to continue renting units. Premier Eby aims to prevent homes from becoming hotels. The lawsuit demands a declaration that the rules cannot be enforced retroactively. The case involves property rights group and…
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Federal Budget’s Impact on British Columbians
British Columbians face some of the highest housing prices in Canada. The federal budget's heavy focus on housing is generally seen as positive by economists.
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B.C. Restricts Short-Term Rentals to Boost Housing Supply
British Columbia is cracking down on short-term rentals (Airbnb, VRBO) to free up housing for residents.
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BC Reveals Housing Targets
BC government announces 20 municipalities to receive housing targets. Abbotsford, Delta, and Kamloops are among the members of the first group
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Coquitlam council disapprovingly approves new housing legislation
Coquitlam council reluctantly approved Transit Oriented Areas despite concerns about provincial housing legislation. The new rules establish density in circles around transit stations, with higher density closer to transit. Council members criticized the undemocratic legislation but emphasized the need to move forward. The bylaw must be approved by June 30 to avoid provincial intervention. The…
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4 crucial tips for Canadian homeowners considering renewing their mortgages in 2024
Negotiating a mortgage renewal can be challenging due to increased rates. Canadians are facing higher payments as many mortgages are up for renewal. It's important to compare rates and read the fine print. Tips include starting early, considering life changes, opting for a new amortization, and being aware of changes in mortgage stress tests. Continue…
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Building Boom or Bust? B.C.’s Workforce Gap
Canada's federal budget aims for 3.87M new homes by 2031, backed by $8.5B in housing initiatives. However, a shortage of skilled trades workers in British Columbia poses a challenge to meeting these targets.
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BC’s Plan for 10K Middle-Income Homes!
BC plans to create 8K-10K new rental units by 2026. Rental units managed by non-profit and private developers will offer 20% below-market rates.