Naru Menon’s Blog

Hire a Real Estate Lawyer Early: Secure legal guidance to review documents and avoid costly mistakes in your home purchase.Understand the Agreement: Thoroughly review the Agreement of Purchase and Sale to ensure compliance and protect your interests.

Understand First-Time Homebuyer Criteria Not owned a home in past 4 years. Seek legal advice on qualification for incentives. Understand Your Mortgage Options Fixed vs. Variable rates 5-year fixed rates are popular Consider the loan term and amortization

Consult a REALTOR®: A local agent helps price your home correctly and attract potential buyers. Complete Repairs: Fix any outstanding issues, like leaky faucets or worn-out flooring, for a polished look.

BC’s Real Estate market faces uncertainty due to rising costs and potential economic disruptions in 2025. Housing costs in BC have ↑ 30% over the past five years, impacting affordability.

BC plans to accelerate housing construction by removing financial barriers and expediting building permit approvals.New policies support small-scale multi-unit housing to increase density and address affordability challenges.

Northern BC home sales are projected to reach 4,200 units in 2025, ↑ 4% yearly. Lower interest rates may boost sales, with the BoC expected to cut rates to 3%.

BC real estate prices declined to $955,500 in December, down 10.9% from their peak.The province saw one of the steepest declines, second only to Ontario.

B.C.'s average home price will surpass $1 million in 2025, leading Canada, $280,000 above the national average.Metro Vancouver residents relocating to Alberta or smaller B.C. communities due to unaffordable housing in the Lower Mainland.