Naru Menon’s Blog
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Residential Construction Boom in BC
British Columbia sees a 37.2% monthly increase in residential construction intentions. Vancouver, Kelowna, and Victoria lead in residential permits. Non-residential permits show a quarterly increase, with the institutional sector reaching a new record high.
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Southern Interior’s Early-Q4 Housing: Price Diversities
Avg benchmark prices across Southern Interior regions show varied trends in homes, townhomes, and condos. In the Central Okanagan, the avg home price ↑ to $1,025,700, with slight sales ↓. The North Okanagan sees a ↑ in single-family home prices to $755,400 and ↑ sales.
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Federal Government Targets Short-Term Rentals Like Airbnb
In the upcoming fall financial update, alongside additional funds for new construction, the government aims to ensure that existing homes contribute to alleviating the current housing challenges in Canada. The new legislation regarding short-term rentals is set to implement stricter measures, significantly increasing fines for rule-breaking hosts and introducing new requirements for operators with the…
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What’s the Difference Between a Large House and a McMansion?
The term “McMansion” defines ostentatious, large homes lacking architectural integrity, prevalent in suburban US areas. Large houses prioritize functionality, whereas McMansions emphasize excessive size, often leading to impractical spaces.
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BC’s Real Estate Sales and Prices: Q4 2023 and 2024 Outlook
Predicted number of sales in Q4 2023: 76.7K, ↓ 4.8% yearly Predicted number of sales in Q4 2024: 80.3K, ↑ 4.8% yearly Predicted avg price in Q4 2023: $977K, ↓ 1.9% yearly
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B.C. real estate market notches downward amid climbing interest rates, association says
British Columbia's real estate market saw a slight increase in sales and prices in October compared to the previous year. The market is described as balanced, with a 1.8% increase in residential unit sales and a 4.1% rise in prices. The high borrowing costs and stricter stress tests for buyers have slowed down home sales…
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BC Condo Market Quandary
Vancouver condo investors hold properties due to low demand, with declining sales and increased listings. Vancouver condo market lags with a 17.1% sales decline in 2023, impacted by rising interest rates. Downtown Vancouver sees stagnant condo listings with price reductions, uncertain buyer interest.
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Surging B.C. Home Prices: Insights
B.C.'s avg home price in September ↑ 4.9% yearly. September had 5,531 home sales, about 20% ↓ from the seasonal norm, impacted by high borrowing costsTotal September sales amounted to $5.3B, ↑ ~16% yearly, but year-to-date volume ↓ 15%.
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Changes promise to cut B.C. development negotiations, provide certainty
New legislation in B.C. aims to expedite housing construction by eliminating lengthy re-zoning negotiations between developers and municipalities. The law also reforms development cost charges, giving municipalities more flexibility in funding infrastructure. It introduces amenity cost charges, a tool that allows municipalities to specify developers' contributions upfront, reducing delays and increasing transparency. However, the legislation…
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Waiving Taxes and Fees for Affordable Housing in BC
BC has 65K affordable housing units, down from a potential 600K due to provincial government de-investment over the past 4 decades. Building affordable housing is cost-intensive, and municipalities can help by: 1. Having a single local government staff point of contact