It will come as no surprise that property prices in Squamish have gone up substantially in recent years, and as more new inventory comes on the market, prices continue their upwards trajectory. The secret is out and Squamish is one of the coolest places to live in Canada. Attracting young families, professionals and adventure enthusiasts the ‘new kids on the block’ are adding a fresh and dynamic presence to the town, and Squamish has evolved to meet the quickly changing community. The same stunning environment and epic adventure remains, but now we are seeing trendy micro-breweries, lively restaurants and funky shops pour onto the scene.
The price to live here is going up, but the caliber of the community is also on the rise. So just how much have property prices increased in Squamish recently, and is living in Squamish worth the premium price?
Detached Single Family Homes
In the last two years home prices have gone up 40% in Squamish. In 2015, the average single-family home was $677,000, now that same home is nearly one million dollars at $949,000. Ten years ago the average home price was a much more comfortable $455,000. As more buyers turn away from single family homes due to the increasing cost, the prices are beginning to stabilize with gains of only 9% between 2016-2017 compared to 28% the year before.
Even the boom of new construction hasn’t thwarted the insatiable demand for townhomes in Squamish. In 2015 the average townhome cost was $449,500 and in 2017 this jumped to $597,500 an increase of 32.9%. Again, the largest price gains were between 2015 and 2016 however even with all the new construction on the market, prices still jumped 11% in the last year. The average price of a townhome 10 years ago was $369,900, 61 percent less than they are now.
It is now turning to the era of the condo. As affordability remains tight, more people are considering condo life as a gateway to home ownership. The average condo price has increased 70% in two years! From $265,000 in 2015 to $452,000. Factor in that in 2015 almost all sales would have been of older re-sale condos while recent sales are of more expensive pre-sale and brand-new models. We are anticipating a boom of new condo construction in Squamish, as the District of Squamish pushes towards a density model for downtown, and as people seek affordable ways to enter the property market.
* data was pulled from rebgv.ca using median sales price for the month of July
Despite the significant property price increases in recent years, the cost to live in Squamish pales in comparison to our neighbours to the north and south. Yes, it’s not a city hub nor a world-class all-season resort (yet) but if you want to be 45 minutes from both of these things, yet in a place that maintains a tight-knit community feel, is safe and has every outdoor activity at your finger tip, then Squamish might just provide your lifestyle the value it needs to justify the price tag.
Do average detached home prices of $1.3M, townhome prices in the $800Ks and condos across the half million mark sound unrealistic to you? This is the way the property market is headed, and as unreasonable as today’s prices sounded a few years ago (and still do to some degree), prices in the long term will continue to go up. If you haven’t bought yet and have the means to do so, don’t wait. Property values always increase over time, standing back and watching the market climb will only leave you further behind.
As buyer’s agents in Squamish, BC we help people find their perfect home or investment property. If you’ve been thinking about moving here and want to know more, schedule a free tour of the town to orient yourself with the community and find out if it’s right for you.
Why work with a buyer’s agent? Let us tell you.