The latest statistics have been released from the Real Estate Board of Greater Vancouver and, once again, the price of many homes in Squamish continue to climb.
Most other areas in the Lower Mainland are starting to simmer down – but not Squamish.
This isn’t surprising considering so many people are moving here after being pushed out of areas of the Lower Mainland that are even more expensive.
Plus, Squamish has made a well-known name for itself as a town “hardwired for adventure” and new young families.
But Squamish’s popularity is making it unaffordable for many people who want to
buy a home here – especially if they have children.
The benchmark price (which represents a typical property) increased four per cent for a townhouse to $636,200 in September.
This is a 108-per-cent jump in the last 10 years – more than any other area that the statistics cover. In the last year alone, the cost has gone up 33 per cent.
Of course, apartment units are cheaper at a benchmark price of $367,800, but this is still up 31 per cent over last year.
It’s time to get into the real estate game, if you can, because there aren’t any major signs of this real estate escalator slowing down, at least until Squamish is more comparable to Whistler and North Vancouver in prices for apartments and townhouses.
There is one glimmer of home for potential new homebuyers.
With many new, large developments in the works, prices could go down on older real estate.
And, like in the Lower Mainland, which is affected by a 15 per cent tax put on foreign buyers, single-family houses decreased this month after years of enduring an upward trend.
In Squamish, single-family home prices dipped two per cent after increasing 29 per cent in the past year. But, at an average of $787,200, they are a pipedream for many young families anyways.
This all makes sense.
Squamish is in the middle of two desirable markets – Whistler and the North Shore – and the commute into Vancouver is much more scenic than from the Fraser Valley. We now have nearly everything someone from the city would want in terms of shopping and restaurants, plus the bonus of world-class recreation right at our doorsteps.
Who wouldn’t want to live in Squamish?
Source Squamish Chief