Naru Menon’s Blog
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How to avoid the financial misery that comes with too much mortgage
The stress of a hefty mortgage can have serious financial consequences, including impacting one's lifespan. Many regret taking on large mortgages due to factors like high home prices and unrealistic expectations of continuous price increases. To avoid financial strain, it's advised to maintain a buffer in your budget and have sufficient liquidity post-home purchase. Additionally,…
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STRAA: A Fresh Take on Rentals
STRAA's Goal: – Shifts focus from short-term to long-term rentals. Residence Rule: – Limits short-term rentals to primary homes in select areas.
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Metro Vancouver strata vacancy rate up
Buyers are returning as interest rates stabilize and prices moderate in the strata industrial space in Metro Vancouver. Vacancy rate is at 2.5%, with prices falling to $525 per square foot. Industrial sales activity has been subdued since 2022 due to high interest rates. However, demand for industrial strata is increasing, with prices adjusting and…
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BC Targets Affordability: Housing Investments, Tax Changes
Promises include: – $2.4B investment for new affordable housing, shelters, and rentals. – $11M from a new tax on quick property resales to fund housing development.
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Bc’s New Home-Flipping Tax: A Shot in the Dark?
BC introduces a 20% tax on profits from homes flipped within 2-yr. Tax starts at 20% for homes sold within 365 days, ↓ to zero by 730 days.
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20K Affordable Homes by 2032: BC’s $19B Plan
BC plans to invest $19B in housing, aiming for 20K affordable rental homes by 2032.Vancouver has built only 11 of the 1.5K below-market units required by the end of Q3.
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BC Housing Starts Decline
New housing starts in BC decline in 2024 before rebounding in 2025-2026. Vacancy rates will remain low in Greater Vancouver and Greater Victoria.
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BC NDP’s Secondary Suite Initiative Faces Skepticism
BC NDP's new program offers homeowners $40K loans for building rental suites below market rates. The rents are set by the province, based on the community.
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Happy Canada Day
To all Canadians around the world, a very happy Canada Day to you all. This day commemorates the unification of the three North American British colonies. Canada Day is a celebration of a united Canada and examining its defects, past and present, should not lead us to overlook its strengths. So let’s pour our hearts…
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B.C. businesses challenging new short-term rental rules
Arguments started in a legal challenge to new provincial short-term rental rules at Victoria Law Courts. Property owners seek to allow pre-legislation businesses to continue renting units. Premier Eby aims to prevent homes from becoming hotels. The lawsuit demands a declaration that the rules cannot be enforced retroactively. The case involves property rights group and…