The real estate market in the majority of areas in BC has been in a steady upward climb over the last several years and Squamish is no exception. This rapidly growing town with its idyllic setting and catalysts such as the highway improvement project, business opportunities, Quest University and the exposure being gained from the 2010 Olympics make it distinct. The transformation of Squamish's identity from a pit stop to a destination itself is well underway. Projections are for the population to double in the next 20 years. It is easy to see why.
Squamish was reported recently to be the second least expensive suburb in the Lower Mainland and surrounding areas in which to buy property. Considering similar houses in comparable neighbourhoods sold for under $500,000 in Squamish and $868,000 in North Vancouver it is not surprising to see so many people making the move north. For people venturing beyond the highway and into Squamish for the first time there is almost always amazement at the varied neighbourhoods, views, fresh air, natural beauty of the surroundings and outdoor recreation that exist.
It is evident with all the new families & baby strollers around town that the projection of the median age dropping by almost ten years has already begun. Many first time buyers are fuelling the market with sales of condos, townhouses & entry level houses with suite potential. Buyers choosing to commute to Vancouver for work know why the Sea to Sky Highway is on the list of the most scenic drives in the world.
The average sale price for detached homes throughout Squamish was $375,000 in 2005, $405,000 in 2006 and $462,000 in 2007. The number of sales for each year has been consistent with 247 in 2005, 260 in 2006 & 260 in 2007. For attached properties including condominiums & townhouses the average sale price was $287,000 in 2005, $300,000 in 2006 and $349,000 in 2007. Sales of condos & townhouses have been escalating due to the number of new projects & pre-sales especially in the Downtown core. In 2005 there were 196 sales, 314 in 2006 & 404 in 2007. Realistically priced properties are continuing to sell quickly. You can currently buy a single detached home with suite potential in Squamish from $410,000 and a one bedroom condo from $219,000. The highest priced detached property that sold in 2007 was $1,080,000. Sales over a million dollars are no longer record breakers as they were just two years ago.
With the rental market also being very strong it is an attractive time for investors as well to make a move. For those considering entering the market or wanting to upgrade or downsize, now may be the right time to take that step. Expectations are that 2008 will be a strong market for both new and resale properties in Squamish especially if inventory remains relatively low. Please feel free to contact me at anytime for up-to-date market information on the Squamish real estate market.
*All information is approximate and stats are based on sales posted on MLS through the REBGV and although deemed to be reliable should be verified if important.