Naru Menon’s Blog

Canadians are closely following the central bank's announcements, with expectations for home price growth shifting in response. The Bank of Canada's statements are seen as potentially reviving the housing market in the coming months. The market is heavily influenced by sentiment, with expectations for price changes closely tied to the central bank's decisions. The end…

Stable mortgages contrast with escalating struggles in auto loans and credit card debts. 45% of mortgages, amounting to $15B annually, are up for renewal in 2024-2025. Shorter mortgage terms, over 3-yr, became prevalent in the first half of 2023.

The cost of two affordable rental developments in Metro Vancouver, the Connection and Steller projects, has nearly doubled to $121 million and $94 million respectively, due to rising construction costs, increased parking area, and childcare facility expansion. The additional funding will be sourced from Metro Vancouver reserves, mortgages, construction finances, and grants. The City of…

A welcome bonus of up to 40,000 Aeroplan points is being offered, with conditions applying. The account must be approved by March 4, 2024. Mortgage rates in British Columbia remain high, with five-year fixed rates above 5%. Variable rates are expected to decrease in 2024. The average home price in B.C. is $964,246, with predictions…

In Early-Q4, BC witnessed ↑ 1.8% in housing unit sales, reaching ~4K units. The avg home price in BC ↑ 4.1% yearly to $969K, with total sales volume at ↑ 6% yearly to $5.2B.

Learn how to get approved for your first mortgage as a newcomer in Canada. Continue to full article

Real estate prices in West Kootenay have fallen, potentially reducing homeowners' tax bills. The 2024 assessments show a 1% decrease in Nelson and Castlegar, but a 12% increase in Slocan. The highest assessment was in Fernie ($848,000) and the lowest in Greenwood ($245,000). The drop is attributed to high interest rates and efforts to slow…

Mid-Fall 2023 Real Estate sales dropped to 17, down from 30 in Mid-Fall 2022. Local buyers accounted for 58.8%, while 41.2% were from out of town. In Mid-Fall 2023, 66.7% of sellers were local, with 55.6% out-of-town buyers from the Lower Mainland.

Interest rates in Canada are predicted to drop as household debt increases. Cities are seeking provincial funding for rental projects, with Toronto proposing a $36 billion plan. The federal government's $4 billion Housing Accelerator Fund supports cities following density-boosting guidelines. The tiny-home movement is growing as a homelessness solution, and abandoned offices are being converted…

Owners of whole-house short-term rentals in British Columbia are uncertain about their next steps following a new law banning such rentals. Options include selling, switching to long-term rentals, or paying a speculation tax. There's no rush to sell as some await potential government reversal. The Opposition BC United Party has pledged to not implement the…