Naru Menon’s Blog
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B.C. homeowners turn to 3-year fixed rate mortgages ahead of expected interest rate cut
In the B.C. real estate market, a trend towards shorter-term fixed-rate mortgages, particularly three-year terms, is emerging as homeowners anticipate a decline in interest rates. While the Bank of Canada is expected to announce rates soon, the market faces a significant supply issue, limiting housing availability. In Vancouver, despite a lack of frenzied bidding, properties…
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Interest Rates for BC Could Be Down to 3.25% by End of 2025
Interest rates for mortgages in British Columbia could drop to 3.25% by the end of 2025, according to Bloomberg Economics. This would be ↓ 1.5 pps from the current rate of ~5%.
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Short-term rentals proliferate in Tri-Cities amid attempted crackdown
Despite new provincial rules aimed at addressing the housing crisis, around 921 unlicensed short-term rentals (STRs) are still operating in the Tri-Cities. Coquitlam has about 680 unlicensed STRs, while Port Coquitlam reports 111. The new regulations restrict STRs to homeowners' principal residences and require business license display. Cities are increasing inquiries for STR licensing and…
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Check out this open house
Discover this beautifully renovated 1 Bedroom & Open Den. Ideal for first-time buyersand savvy investors alike. Featuring soft gray laminate floors,modern white kitchencabinets, stainless steel appliances, a walk-in closet withorganizer,spacious ensuitelaundry room with storage space,a spacious balcony with a fantastic view of MountBaker/panoramic views. This home has it all.The well-managed concrete building offers low maintenance…
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Single Stairs Unlock Denser, Affordable Housing in BC
British Columbia will allow single-staircase buildings in the new building code. This design is common worldwide but banned in Canada for fire safety reasons.
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B.C. Building Codes: Single-Stair Apartments Coming Soon?
B.C. may change its building code to allow single-stair small apartments, aiming to increase housing supply.Single-stair buildings would be limited to six storeys and four apartments per floor, with enhanced fire-safety measures.
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Check out my new listing Address: 903 7100 GILBERT ROAD
Discover this beautifully renovated 1 Bedroom & Open Den. Ideal for first-time buyersand savvy investors alike. Featuring soft gray laminate floors,modern white kitchencabinets, stainless steel appliances, a walk-in closet withorganizer,spacious ensuitelaundry room with storage space,a spacious balcony with a fantastic view of MountBaker/panoramic views. This home has it all.The well-managed concrete building offers low maintenance…
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Identify Significant Issues with Changes to Residential Tenancy Act
The BC Real Estate Association and Canadian Mortgage Brokers Association in British Columbia are urging the government to revise recent changes to the Residential Tenancy Act. Concerns include extended eviction notice periods affecting buyers, privacy issues with new reporting requirements, and misalignment with mortgage approval timelines. Recommendations include adjusting notice rules for different types of…
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52% of BC Renters Not Buying Soon
In British Columbia, 23% of renters spend up to 30% of their income on rent. 42% of BC renters spend between 31%-50% of their income on rent.
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Sun Peaks receives $1.5 million in federal funding to accelerate housing development
Sun Peaks, B.C. has received $1.5 million in federal funding from the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund to support the development of affordable and market housing. This funding aims to address the community's employee housing challenges and will help advance the municipality's affordable housing strategy. Sun Peaks is collaborating with CMHC on…