Naru Menon’s Blog
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Metro Vancouver housing market holds steady in October
In Metro Vancouver, the supply of newly listed properties has increased, providing more choice to home buyers, but sales remain below long-term averages. This has resulted in a more balanced market, with the multifamily segment remaining more active than the detached segment. Price increases have slowed, however borrowing costs remain high and are constraining affordability.…
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In Memory of Our Heroes
The “eleventh hour of the eleventh day of the eleventh month" of 1918 that signaled the end of World War I. On this day we honour those who have sacrificed so much to keep our flag flying high. Remembrance Day Salute to all heroes, and thank you for your service.
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Rental Protection Fund Pre-Approves 22 Non-Profit Housing Organizations for Property Acquisition
The Rental Protection Fund has pre-approved 22 non-profit housing organizations across BC to acquire 1,363 rental units, with 68% of them being studio or one-bedroom units and the remaining 32% being two- and three-bedroom units. These organizations have a collective portfolio of 287 buildings and 14,000 units across BC, and aim to preserve existing rental…
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New rules for short‑term rentals in B.C. put investment and retirement plans into disarray
In October 2023, the B.C. government introduced new legislation to restrict owners from renting out units for the short-term unless it is a principal residence, which has caused concern for property owners like Debra Sheets who invested all her money in buying four units in the Janion building in downtown Victoria. Despite the financial struggle…
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BC Most Exposed to Further Housing Downturn in 2024
BC faces significant housing market downturn risks in 2024. BC's household debt-to-disposable income is Canada's highest at 220%. Real estate and mortgage debt in BC hold a disproportionately large share of total household assets.
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B.C. analysts see pros/cons to new short-term rental rules – Victoria
In October 2023, BC introduced new provincial short-term rental laws which require hosts to declare their primary residence and allows municipalities to fine up to $3,000 for non-compliance. Activist Rohana Rezel has raised concerns about the legislation, as it does not adequately penalize online platforms for violations. Continue to full article
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Understanding Rent Increase Rights for Tenants in BC
Landlords can increase rent once a year, with a maximum allowable increase of 3.5% for 2024. Rent increases can only occur 12- mo after a tenant moves in, or after the last legally permitted increase. Landlords can apply for exceptions to raise rent above the set annual rate, including: – Permission from tenants – Increased…
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Province to limit short-term rentals in some B.C. communities, but not all
The BC government has introduced legislation to limit short-term rentals in some areas of the province, with the goal of creating more housing for those in need. The legislation requires that homeowners can only operate a short-term rental business if it is their primary residence or one other unit on their property. This legislation will…
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Happy Halloween
Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day. In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints. Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known…
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Tax Wealthy Homeowners to Fund Affordable Housing in BC
BC economists suggest taxing rich homeowners for affordable housing. They propose higher taxes on pricey properties and multiple-home owners. Doubling surtax on >$3M homes can raise $580M/yr.