Naru Menon’s Blog

Improvements are coming to the SAFER program in the province, with a one-time rental benefit of $430 for families and seniors with low incomes. Existing recipients will automatically qualify for the benefit and see an increase in their monthly subsidy. Other changes include an increase in income limit, minimum benefit, and annual review of rent…

Increase for high earners: After June 25, 2024, capital gains tax increases for profits exceeding $250,000.The $250,000 threshold applies to individuals, including gains through partnerships or trusts.

1. Address any unresolved debt and work on improving low credit scores 2. Discuss savings and establish a budget 3. Pre-approval sets a realistic budget and boosts offer strength 4. Improve credit scores before house hunting

Builders applaud budget's housing emphasis, particularly first-time buyer relief and rental incentives. First-time buyers benefit from increased property transfer tax threshold, aiding 14,500 potential homeowners.

The City of Coquitlam is advancing secured purpose-built rental housing, with over 13,000 units in progress. This includes 2,225 homes under construction, 445 below-market units, and 11,000 homes in the development application process. Concerns have been raised about new provincial legislation impacting housing supply and affordability. Continue to full article

Federal government announces $2B for BC Builds, a program to build rental homes on public land. BC Builds aims to create 8K to 10K new homes for middle-income earners in BC communities.

Homebuyers in B.C. and Western Canada explore creative options amid affordability challenges. In Western Canada, secondary suites are popular for extra income from renters, along with joint tenancy and tenants in common.

Monthly payments become more manageable for young Canadians aiming for homeownership. Some advocate for broader eligibility, expressing concerns about effectiveness in high-priced markets.The industry expects a significant impact, potentially spurring more construction and aiding rental market relief.