Naru Menon’s Blog
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Unexplained Wealth Orders in BC Law
British Columbia adopts "unexplained wealth orders" (UWO) from the U.K. to combat crime. They shift burden of proof to asset owners, aiding law enforcement against money laundering.
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Streamlining BC Document Access
The Association of Interior Realtors (AIR) surveyed 13 municipalities; identified costly, lengthy document processes.Recommendations include a modernization fund and a provincial zoning atlas.
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B.C. rental housing plan includes 670 below-market units in Metro Vancouver
Province and region have signed an MOU to build 2,000 affordable rental homes over the next decade. The second phase of the partnership will provide 670 below-market rental units in four urban areas. The government is investing $226 million, with Metro Vancouver contributing land and cash worth over $367 million. Phase 1 includes a Vancouver…
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Why today’s inflation numbers are good if you have a mortgage
New data from Statistics Canada shows that the country's annual inflation rate has decreased to a three-year low of 2.7 per cent in April. This could lead to a possible interest rate cut, benefiting consumers. Food prices, services, and durable goods contributed to the slowdown, with core CPI measures below 3 per cent for the…
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BC Property Tax Deferment: Save up to $500!
The Tax Deferment program, a low-interest loan option for eligible BC homeowners, allows deferral of 2024 property taxes. The Regular and Families with Children Programs offer up to $500/mo savings for eligible residential or residential/farm properties.
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BC Housing Market Forecast: Mixed Signals
BCREA cautions of worsening housing affordability in British Columbia, particularly in Metro Vancouver, exacerbated by high inflation and rising interest rates.Despite potential interest rate drops, increased listings may limit price growth in Vancouver (1-2%), while the Fraser Valley could experience larger increases (~ 4%) by year-end.
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Understanding Mortgage Refinancing in Canada: Legal Insights You Need
Mortgage refinancing in Canada is crucial for homeowners to manage finances effectively. It involves complex legal agreements, so understanding terms, consulting a lawyer, and complying with legal requirements are essential. Protecting borrower rights and seeking legal guidance can lead to a more stable financial future. Continue to full article
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STR Legislation Changes in British Columbia
The BC Government introduced the STR Accommodations Act to increase long-term residential housing supply. Starting May 1, 2024, STRs are limited to the host’s principal residence plus one secondary suite or ADU in major BC communities.
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BC Strengthens Protections for Renters in Tenancy Act Update
The BC government proposes changes to the Residential Tenancy Act to fight "unfair evictions." Key measures: 1. Banning rent hikes for new children under 19. 2. Extending landlord eviction notice and tenure for personal use
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BC Presale Market Offers Buyer Incentives Amidst Uncertainty
The BC presale market is offering many buyer incentives due to uncertainty around interest rates. Developers are using creative incentives to attract buyers such as free cars, penthouse upgrades, and gift cards.