Naru Menon’s Blog

NIMBY, or "Not In My Backyard," is used for residents opposing local housing projects, expressing strong objections to new developments in their vicinity.BC's zoning changes aim to end exclusive detached home zones, permitting multiple homes and cutting public hearing delays.

Short-Term Rental Businesses Struggle as New Regulations Take Effect Continue to full article

Commercial Leading Indicator Resumes Decline in Third Quarter 2023 – British Columbia Real Estate Association Continue to full article

68% of B.C. residents worry about housing costs, and 93% find rent costs a serious issue. A generational housing shortage in B.C. necessitates action from policymakers at all levels. The province's affordability problem stems from an imbalance between housing demand and supply.

The housing crisis in Canada has led to a new trend of homeowners renting out single rooms to strangers. This is seen as a way for homeowners to mitigate soaring mortgage payments and for renters to find more affordable accommodations. The trend is particularly prevalent in cities with high home prices, such as Vancouver. Shared…

BCREA forecasts ↓ 4.8% in residential sales in BC to 76.7K units in 2023. In 2024, a modest rebound is expected, with residential sales ↑ 4.8% to 80.3K units. With just ~30K listings, the supply of homes for sale is considerably lower than the historical avg of ~45K active listings for a healthy market.

British Columbia sees a 37.2% monthly increase in residential construction intentions. Vancouver, Kelowna, and Victoria lead in residential permits. Non-residential permits show a quarterly increase, with the institutional sector reaching a new record high.

Avg benchmark prices across Southern Interior regions show varied trends in homes, townhomes, and condos. In the Central Okanagan, the avg home price ↑ to $1,025,700, with slight sales ↓. The North Okanagan sees a ↑ in single-family home prices to $755,400 and ↑ sales.

In the upcoming fall financial update, alongside additional funds for new construction, the government aims to ensure that existing homes contribute to alleviating the current housing challenges in Canada. The new legislation regarding short-term rentals is set to implement stricter measures, significantly increasing fines for rule-breaking hosts and introducing new requirements for operators with the…

The term “McMansion” defines ostentatious, large homes lacking architectural integrity, prevalent in suburban US areas. Large houses prioritize functionality, whereas McMansions emphasize excessive size, often leading to impractical spaces.