Naru Menon’s Blog
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BC Housing Starts Decline, Economic Concerns Grow
New construction permits in B.C. have fallen by 23%, with multi-family permits down by nearly 20%.The chief economist at the regional real estate association warns of a potential extended downturn in housing starts.
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Upgrade Smart in BC: Whole-Home Efficiency Revolution
A whole home approach to renovations maximizes comfort and energy efficiency by treating your home as a system. Start with the building envelope, including insulation, windows, and doors, to create an effective barrier against external elements
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Rent or Own? The Path to Owning Your Home
Weigh Flexibility vs. Investment: Renting offers flexibility, while buying builds equity and offers tax benefits. Consider Long-Term Stability: Buying is better if you plan to stay in one place for many years.
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90% of B.C. Communities Adopt New Multi-Unit Housing Rules
New zoning legislation aims to increase row homes, triplexes, and townhouses across B.C. communities. Out of 188 local governments, 162 have adopted the new small-scale multi-unit legislation.
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New RTA: BC Homebuyers Face Eviction Notice Hurdles
Recent changes to the Residential Tenancy Act (RTA) effective July 18, 2024, have raised major concerns. New four-month eviction notice for personal use complicates home purchases, especially for first-time buyers needing mortgage insurance.
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Check out my new listing Address: 202 9978 148 STREET
Welcome to your oasis at Highpoint Garden! This stunning concrete building boasts full rain screening, ensuring durability and peace of mind for years to come. Step into luxury with this spacious 2-bedroom, 2-bathroom unit. Two bedrooms at opposite ends for maximum privacy. One parking and One Storage Locker. New paint Indulge in resort-style living with…
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B.C. homeowners turn to 3-year fixed rate mortgages ahead of expected interest rate cut
In the B.C. real estate market, a trend towards shorter-term fixed-rate mortgages, particularly three-year terms, is emerging as homeowners anticipate a decline in interest rates. While the Bank of Canada is expected to announce rates soon, the market faces a significant supply issue, limiting housing availability. In Vancouver, despite a lack of frenzied bidding, properties…
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Interest Rates for BC Could Be Down to 3.25% by End of 2025
Interest rates for mortgages in British Columbia could drop to 3.25% by the end of 2025, according to Bloomberg Economics. This would be ↓ 1.5 pps from the current rate of ~5%.
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Short-term rentals proliferate in Tri-Cities amid attempted crackdown
Despite new provincial rules aimed at addressing the housing crisis, around 921 unlicensed short-term rentals (STRs) are still operating in the Tri-Cities. Coquitlam has about 680 unlicensed STRs, while Port Coquitlam reports 111. The new regulations restrict STRs to homeowners' principal residences and require business license display. Cities are increasing inquiries for STR licensing and…
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Check out this open house
Discover this beautifully renovated 1 Bedroom & Open Den. Ideal for first-time buyersand savvy investors alike. Featuring soft gray laminate floors,modern white kitchencabinets, stainless steel appliances, a walk-in closet withorganizer,spacious ensuitelaundry room with storage space,a spacious balcony with a fantastic view of MountBaker/panoramic views. This home has it all.The well-managed concrete building offers low maintenance…