Naru Menon’s Blog

Understand First-Time Homebuyer Criteria Not owned a home in past 4 years. Seek legal advice on qualification for incentives. Understand Your Mortgage Options Fixed vs. Variable rates 5-year fixed rates are popular Consider the loan term and amortization

Consult a REALTOR®: A local agent helps price your home correctly and attract potential buyers. Complete Repairs: Fix any outstanding issues, like leaky faucets or worn-out flooring, for a polished look.

BC’s Real Estate market faces uncertainty due to rising costs and potential economic disruptions in 2025. Housing costs in BC have ↑ 30% over the past five years, impacting affordability.

BC plans to accelerate housing construction by removing financial barriers and expediting building permit approvals.New policies support small-scale multi-unit housing to increase density and address affordability challenges.

Northern BC home sales are projected to reach 4,200 units in 2025, ↑ 4% yearly. Lower interest rates may boost sales, with the BoC expected to cut rates to 3%.

BC real estate prices declined to $955,500 in December, down 10.9% from their peak.The province saw one of the steepest declines, second only to Ontario.

B.C.'s average home price will surpass $1 million in 2025, leading Canada, $280,000 above the national average.Metro Vancouver residents relocating to Alberta or smaller B.C. communities due to unaffordable housing in the Lower Mainland.

Standardizing municipal construction bylaws in BC could significantly reduce construction expenses across the province.Fragmented bylaws across 161 municipalities drive up soft costs, impacting contractors and project timelines.