I hope the first month of the New Year is off to a great start for you. Here is the Squamish Real Estate market update for the end of 2018 into the first month of this year and what to look for in the rest of 2019. We’ve seen a slight decrease in price overall with the bulk of that change coming in the latter part of the year. Overall, Single Family Homes were in a mild buyers market for the majority of the year, whereas, Condos and Townhomes finally made the transition from a seller’s market through balanced, and into a buyer’s market over the year. We now sit between a balanced to buyer’s market with a decent number of sales taking place last month for both Condos and Townhomes.
In a Buyer’s market, it is good news for many, especially with the news of an interest rate hold. I should be clear that although technically we are in a buyer’s market, well-priced homes that are marketed properly are selling. We have seen properties listed and sold within a week. This continues to show us people still want to be in Squamish and that doesn’t look like it’s going to change.
Squamish locals are moving up the property ladder from both Townhomes to Single Family and Condos to Townhomes or transitioning from renting to homeownership. We are also continuing to see people in many different stages of life look to Squamish as a location to move to.
⌂ First time home buyers are looking at both new-construction and resale Condos and Townhomes.
⌂ Young families moving from Whistler, Vancouver and the Lower Mainland looking for a home with more space in a safe and inclusive community to raise a family.
⌂ Downsizers and retirees looking to be closer to their recreation activities and family.
⌂ New Canadians and people moving to BC from out of province continue to find Squamish as a sought after place to relocate.
The economy is strong and 70,000 new British Columbians arrive every year. Those people need places to live, and Squamish is on the map.
In the past few weeks, I’ve seen a short supply more often than not, this is what ultimately leads to price increases. The supply of homes for sale will be an important indicator to follow in 2019. Take a short drive around Squamish and it’s quite evident, there are many homes being built, although most of these have pre-sold, some will likely re-enter the market as investors and buyers with lifestyle changes look to sell.
Looking forward expect the Squamish market to be quite balanced, and normalized with certain segments of the market showing the occasional spike or drop due to pent up demand or many of the same unit type coming on the market at once.
For a detailed analysis of your property or properties on your radar always feel free to contact me. The market is constantly changing and nothing beats a professional opinion.