Naru Menon’s Blog
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Greater Vancouver’s Condo Market Sees Surprising Resilience!
Greater Vancouver saw a 7.3% increase in condo inventory as sellers return to the market in 2024. Fraser Valley condo inventory surged by 58.7%, with a slight 1.9% rise in average prices.
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Will Greater Vancouver Be a Buyer’s Market in H2 2024?
Greater Vancouver market shifts from a seller’s market to balanced conditions in 2024’s second half. 2024 sales forecast remains at 28,250 units, with a 0.18% difference from mid-year actuals.
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B.C. Launches Rent Recovery Insurance in 2025
B.C. will launch a government-supported insurance program to help landlords recover unpaid rent in 2025. The program aims to reduce risks for landlords, encouraging more rental units to enter the market.
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Redeveloping Federal Lands in BC
Canada's “Public Lands for Homes Plan” targets federal properties for affordable housing redevelopment. Initial redevelopment sites include former buildings in Vancouver and Port Moody, BC.
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BC 2025 Rent Hike Tied to 3% Inflation Rate
Annual rent increase for 2025 is tied to inflation, set at 3%, lower than 2024’s 3.5%. This policy saves renters hundreds compared to previous regulations of inflation plus an additional 2%.
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BC’s Rental Protection Fund Announces Acquisition of 147 more affordable rental units across the Lower Mainland
The Rental Protection Fund has announced three new acquisitions in the Lower Mainland to enhance affordable housing. In Vancouver, a 24-unit building in Marpole will be protected. Burnaby will secure 79 homes through non-profit ownership, while Maple Ridge will see 44 townhomes remain affordable for families. The Fund aims to address the housing crisis by…
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Short-term rental restrictions saved B.C. tenants more than $600M
A report from McGill University indicates that crackdowns on short-term rentals in British Columbia have led to a 5.7% reduction in rents, saving tenants over $600 million last year. The principal residence rule in cities like Vancouver has resulted in renters paying an average of $147 less monthly. The provincewide regulation, effective May 2023, is…
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Understanding the Real Estate Market
Real estate market tips for buyers and sellers include understanding economic conditions, interest rates, and demographic trends. For buyers: set a budget, research neighborhoods, engage a real estate agent, and conduct thorough inspections. For sellers: set the right price, enhance curb appeal, stage the home, and market effectively. Probate lawyers are essential for handling property…
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BC Home Prices up $597K in 18 Years
BC home prices increased by 164% between 2006 and 2024, from $364,567 to $962,400. The average BC home price is now $597,833 higher than it was 18 years ago.
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BC Code Exemption Impact
Exemptions for Ongoing Projects: Current constructions exempt from 2024 B.C. Building Code’s adaptability and seismic provisions. Industry Pushback Eases: Feedback cites significant redesign costs and project delays.