Naru Menon’s Blog
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BC’s new 20% home-flipping tax takes effect January 2025
British Columbia's new home-flipping tax will take effect on January 1, 2025, targeting income from residential units sold within two years of ownership. The tax rate is 20% for sales within the first year, decreasing over the second year, with exemptions for primary residences owned for at least 365 days. Certain life circumstances may also…
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B.C. Market: Is a Year of Stability Ahead?
B.C.'s housing market in 2025 is expected to be balanced, with stable sales and prices.Lower borrowing costs should make mortgage payments more manageable for homebuyers in 2025.The main uncertainty for 2025 is the potential impact of U.S. tariffs and economic challenges.
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Vancouver’s “unique” quality of life crowned best in North America
Vancouver has been ranked as one of the best cities in the world for quality of life, placing seventh in the Mercer 2024 Quality of Living Survey, making it the only North American city in the top 10. Other Canadian cities also performed well, with Toronto at 13, Ottawa and Montreal at 20, and Calgary…
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B.C. vacancy rates tick up, easing rental price hikes
The Canadian Mortgage and Housing Corporation reports that rent price inflation has slowed in 2024 due to increased rental building completions and reduced immigration demands. Vacancy rates in B.C. are rising, with Vancouver's two-bedroom units averaging $2,314 and Victoria's at $1,993, both above the national average. Rent growth upon unit turnover remains high at 23.5%.…
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$1,850 Annual Rent Aid for Canadians Available
The Canada Housing Benefit supports low-income renters, offering tailored assistance based on income and regional housing costs. Struggling with high rent? This benefit ensures housing stability in urban and rural areas nationwide.
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Relocating to a New City: 10 Essential Tips to Consider
1. Create a Moving Budget 2. Take Inventory of Your Belongings 3. Pack Efficiently 4. Plan for Moving Day Essentials
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BC Sees Rent Decline, but Costs Remain High
Avg apartment rents in BC ↓ 2.3% to $2,524 in November, continuing a nationwide decline. Factors like increased supply and shifting renter preferences contributed to the decline in rent prices.
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Metro Vancouver Regional District to look for cost efficiencies
Metro Vancouver Regional District will conduct a review of its services in January 2025 to identify cost efficiencies and savings, following scrutiny over rising costs, particularly related to the North Shore Wastewater Treatment Plant. This review aims to inform the 2026 budget and the five-year financial plan. Concerns also exist regarding the $9.9 billion Iona…
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Check out my listing Address: 24439 112A AVENUE
Welcome to this stunning south-facing home built by Epic Homes in the desirable Montgomery Acres community of Cottonwood. This property features numerous upgrades, including air conditioning, glass railings, and a fully finished legal suite with a recreation room. The functional layout includes 3 spacious bedrooms upstairs, with the option to add a fourth, a bright…
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Housing Priority in Bc’s 2025 Budget Plans
Housing will be a key focus in BC's 2025 budget, to be released in March. Economic pressures, including rising interest rates, make housing support more critical in the upcoming budget.