Naru Menon’s Blog
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Will Rate Cut Revive B.C. Real Estate?
Increased Sales: Early-Q4 saw a significant boost in home sales across B.C. despite flat numbers in Late-Q3.Rate Expectations: Experts expect a 0.5% cut, which could slightly increase market activity.
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Buyers remain cautious to begin the fall market
Home sales in Metro Vancouver declined 3.8% year over year in September 2024, totaling 1,852 sales, which is 26% below the 10-year seasonal average. New listings increased by 12.8% to 6,144 properties. The total active listings rose by 31.2% to 14,932. The sales-to-active listings ratio is 12.8%, indicating potential downward pressure on prices. The benchmark…
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B.C. Construction: $159.6B and Counting
The construction industry in British Columbia significantly influences the Real Estate market dynamics. Current construction project values have risen to $159.6B, reflecting a 39% increase over 5-yr.
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Burnaby sees a pretty big drop in average asking rent
In October, Burnaby saw a notable drop in average asking rents, making it the second-most expensive city in Canada. Vancouver remains the most expensive, with one-bedroom rents at $2,610, down 1.5% from September and 9.1% year-over-year. Two-bedroom units in Vancouver also decreased to $3,430. In Burnaby, one-bedroom rents fell to $2,398, while two-bedroom rents increased…
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वास्तुकला बाजार को समझना
खरीदारों और विक्रेताओं के लिए वास्तुकला बाजार के टिप्स में आर्थिक स्थितियों, ब्याज दरों और जनसांख्यिकीय प्रवृत्तियों को समझना शामिल है। खरीदारों के लिए: एक बजट तय करें, मोहल्लों का अनुसंधान करें, एक वास्तुकला एजेंट को संलग्न करें, और विस्तृत जांच करें। विक्रेताओं के लिए: सही मूल्य तय करें, कर्ब एपील को बढ़ावा दें, घर…
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Average asking rents for Burnaby homes have fallen — again
Rent prices in Burnaby have decreased, with a one-bedroom averaging $2,398, down 9.4% from October and 3.8% from September. A two-bedroom averages $3,062, showing a slight increase of 0.3% from September but down 8.4% from 2023. Vancouver remains higher, with one-bedroom rents at $2,610. The report indicates that rent declines are primarily in larger cities,…
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New Tax Plan to Benefit Most BC Households in 2025
Over 90% of British Columbians will benefit from proposed annual tax relief starting in 2025. The plan exempts $10K of income from taxes, reducing over $1K for most households.
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BC Housing Project Faces Violations, Lawsuits
A BC housing project was designed to help middle-income buyers, but many violated program terms. Nearly a third of units were sold to buyers who owned other properties or didn’t reside in their units.
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BC Home Sales Sluggish Despite Rate Drop in Late-Q3
BC home sales remained sluggish in September, with over 1K residential units sold, down from August. Sales were down by 140 units compared to August and less than 0.5% compared to September 2023.
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B.C. Real Estate Association Calls for Housing Tax Review
The BC Real Estate Association urges housing tax reform to enhance affordability and fairness before the election.British Columbia has some of the highest housing taxation levels, significantly impacting housing costs since 2016.