Naru Menon’s Blog

B.C. municipalities have been tasked with building over 60,000 homes in five years, but many are falling behind. Since the housing targets were set, more than 4,000 new homes have been built across the province.

BC's legal rent increase for 2025 is set at 3%, down from 3.5% in 2024. The rent cap continues to be tied to market inflation through the Consumer Price Index.

Skyrocketing home insurance rates are a significant election issue in British Columbia. Unprecedented climate events have led to a 93% rise in weather-related insurance claims over the past decade.

Union of BC Municipalities proposes raising short-term rental fines to $3K daily. Current maximum fine for violations is $1K/day, proposed increase to $3K.

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.

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.

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.

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.

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%.