Naru Menon’s Blog
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BC Builds 1,200 Homes for Middle-Class by 2027
BC Government to build 1,200 new rental homes for middle-class workers in Langley and Burnaby. BC Builds leverages underused land and loans with interest for affordable housing construction.
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BC Home Sales to Rise in H2 2024: Higher in 2025?
Home sales in BC are expected to rebound in the second half of this year and continue into 2025. BC MLS® residential sales are forecast to increase 4.4% to 76,300 units by year-end.
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Free standardized home designs aim to fast-track housing development in B.C.
B.C.'s Ministry of Housing has introduced free standardized home designs to expedite approvals and construction for small-scale, multi-unit housing projects on lots previously designated for single-family homes. The designs, based on adaptable "building blocks," comply with provincial building codes and can be customized for various lot sizes. The initiative aims to modernize local building styles…
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BC 2025 Forecast: Home Sales Will Rise by 10%
Avg home prices in BC are predicted to increase by 3.7% in 2025. By 2025, the avg home price in BC could reach $1,050,365.
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BC Outlines Inclusionary Zoning and Density Bonus
Bill 16 introduces new tools for local governments to proactively plan and support affordable housing. Inclusionary zoning allows local governments to require affordable housing in new developments without rezoning.
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How will the latest interest-rate cut affect B.C. mortgages and housing prices?
The Bank of Canada's recent interest rate cut to 4.25% may impact B.C. mortgages and housing prices, though its effects remain uncertain. Observers note a significant drop in home sales, with August sales down 26% in Metro Vancouver. The cut could encourage more buyers, particularly first-time buyers, by making mortgages more affordable. However, many may…
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Northern BC Housing Market: 4,100 Sales Projected
The BC Real Estate Association projects a 12.5% increase in home sales this year. Expected unit sales in the north will reach 4,100, showing a strong market recovery.
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Report highlights short-term rental impacts
The Columbia Valley is facing a housing crisis exacerbated by a significant increase in short-term rentals (STRs). A report from McGill University highlights that Invermere has the highest impact from STRs in the Kootenay Rockies, with 180 active listings, representing 8.1% of its dwellings. This has led to a loss of 100 housing units to…
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Inflation drop reinforces hope for September interest rate cut in Canada
Canada's annual inflation rate dropped to 2.5%, aligning with forecasts and suggesting a potential third interest rate cut in September. The consumer price index report highlighted lower prices in travel, vehicles, and electricity, while shelter costs remain a significant inflation driver, though their growth slowed to 5.7%. The Bank of Canada is expected to continue…
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BC Housing Market Expected to Rebound
BC Real Estate Association foresees residential sales ↑4.4% to 76,300 units this year. Sluggish sales and new listings contribute to the highest inventory since 2019.