Naru Menon’s Blog
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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.
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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.