Naru Menon’s Blog
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Economic Update: Housing a Priority With 2M Renewals
A critical mortgage cliff with 2.2M renewals in 2024-2025 is predicted, totaling $675B in loans. $25B financing for 71K new rental homes; $13B for 60K affordable homes. Demand in Ontario and BC requires 60% of 3.5M new units by 2030.
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Will interest rates come down in 2024? What the Bank of Canada is watching
Bank of Canada Governor Tiff Macklem believes it's too early to lower interest rates, despite the economy no longer being overheated. Economists foresee a potential policy rate decline in 2024, but warn of a potentially uneven return to the central bank's inflation target. Major risks include the housing market and geopolitical tensions. Some borrowing costs…
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Metro Vancouver housing data update confirms persistent rental shortages
Metro Vancouver's Housing Data Book reveals a challenging local housing market with low rental vacancies, rising rents, and a scarcity of family-sized rental units. Despite a slight increase in rental condos and purpose-built rentals, housing construction is not meeting demand, especially for condo ownerships and multi-unit apartments. Non-market housing units have barely increased, and the…
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Northern BC Real Estate Insights
Northern BC Home Prices: Avg single-family home price is ~ $427 with a ↑ 7.2% since 2022. Price Fluctuations Explained: Prices fluctuated due to interest rates, reaching a peak in Mid Q3. Market Balance and Stock: The housing market slowly balancing; efforts needed to replenish the region's housing stock.
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What Does It Mean To Co-Sign A Mortgage?
Housing affordability in Canada, especially in Vancouver, has worsened, with high home prices requiring substantial income and savings. Potential buyers are hesitant to enter the market. Adding a co-signer or a guarantor to a mortgage can help those who don't meet lenders' criteria, but it comes with significant responsibilities and implications for credit reports and…
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BC Proposes New Legislation to Address Housing Crisis
Proposed BC legislation targets the housing crisis, focusing on changing zoning rules and bylaws for faster home construction.Emphasis on small-scale, multi-unit housing like townhomes, triplexes, and laneway homes for increased housing variety. Building regulations and zoning barriers are identified as hindrances to efficient construction, contributing to the housing crisis.
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Mortgage Rate Forecast – British Columbia Real Estate Association
Long-term Canadian bond yields are falling, which is expected to lead to a decline in fixed mortgage rates in 2024. The Canadian economy slowed in the third quarter, but it is not shrinking substantially. The Bank of Canada is likely to cut rates in 2024, with a forecasted decrease of 75 to 100 basis points…
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Things to remember if planning to seek a mortgage
As the holiday season approaches, mortgages may not be on people's minds. However, it's important to do your homework before buying a home. A young client in northern B.C. faced challenges due to a lack of credit history, despite having a significant down payment. Adding his parents to the application was a temporary solution. It's…
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BC Renters: Claim Your $400 Tax Credit in 2024!
The credit will provide $400 to every renter whose household income is $60K or less. A new tax credit in BC benefits ~80% of renter households soon. Those who make between $60K-$80K will receive < $400.
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Get the Best Current Mortgage Rate in British Columbia
Get the Best Current Mortgage Rate in British Columbia Continue to full article