Naru Menon’s Blog
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Rising Costs Threaten BC’s Homebuilding Industry
Despite a booming appearance, experts warn of a potential slowdown in BC's homebuilding market due to several factors:Higher borrowing costs and stricter lending conditions are discouraging new construction projects.
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HOME SALES CONTINUE BELOW AVERAGE PACE FOR JUNE
In June 2024, British Columbia saw a 19% decrease in residential unit sales compared to June 2023. The average residential price rose by 1% to $998,159. Total sales dollar volume dropped by 18% to $7.1 billion. BC MLS® unit sales were 24% below the ten-year average for June. Year-to-date, residential sales dollar volume in BC…
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BC Policy Shift: Up to 20 Storeys in Transit Areas
BC government supports Broadway Plan amendments to increase housing density near transit areas. Policy changes will enable buildings up to 20 storeys in areas previously limited to 6 storeys.
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Canadian Interest Rate Forecast for Next 5 Years
The Canadian interest rate is set to decrease gradually over the next five years, with forecasts predicting a drop to 2.90% in 2024 and 2% by 2026. This change, influenced by factors such as inflation, economic growth, and global conditions, will also affect mortgage interest rates. Canadians are encouraged to consider fixed vs. variable rates,…
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Revamping BC: Eliminating Single-Family Zoning
A new law in BC will eliminate single-family home zoning in larger municipalities by late June. This law mandates that residential lots accommodate 3-4 units, such as secondary suites and townhomes.
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New Rules Help Deliver Housing Faster in BC
British Columbia's Ministry of Housing has introduced new regulations to streamline housing development. The changes require local governments to use a standardized method for calculating housing needs in their communities.
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What Does a Buyer’s Agent Do?
Handling required paperwork: Managing and organizing all necessary documentation. Drafting and submitting offers: Creating and presenting purchase offers to sellers.
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Mortgage pressure not likely to unhouse many homeowners
A new survey reveals that downsizing, upsizing, and relocating are the main reasons homeowners consider selling. Market timing is crucial for achieving desired sale prices, according to 23% of respondents. Financial strain is a less common reason for selling, with only 11% citing unmanageable mortgage payments. Downsizing is the top reason at 37%, followed by…
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BC’s 610K Home Target by 2030
The BC government announced eight pre-zoned housing sites for its BC Builds program. BC needs to build 610K new homes by 2030 to meet demand and alleviate the housing shortage.
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BC Depreciation Reports: New 5-Yr Cycle
Depreciation reports in B.C. must now be renewed every 5 yr, starting Early-Q3. All strata corporations with 5 or more units must complete a depreciation report; no exemptions allowed.