Whistler Blog

Squamish Market Report

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While the market in Squamish continues to show sluggish sales results, there was a bright spot in September for single-family home sales. When looking at the first three quarters of the year for sales results, it is almost a mirror image of last year. But there is one factor that has had a profound impact on the apartment and town home sales – not so much in volume – but in how it has affected pricing. The Aqua project located in downtown Squamish has been on the market for most of this year and the receiver (the project went into bankruptcy) has priced both the apartments and town houses below the prices of the current re-sale product. While the town home sales have remained almost unchanged, the prices have come down between 6 to 12 per cent from this time last year. Where the biggest impact is being felt by the re-sale apartment units – which are down 58 per cent from 2010 in volume and 12 to 15 per cent in price. Until the remaining inventory at Aqua is sold, sellers will have to be patient and pricing will remain key to the selling proposition. Buyers, on the other hand, have a great opportunity with plenty of product to choose from and pricing that we have not seen since 2006. So, now a little good news. The sales of single-family homes are up slightly for the same period last year by three per cent and the median price is the same. But in the month of September – compared to last year – there was an increase of 58 per cent in units sold. While one month does not make a trend, it is encouraging that prices are stable and activity is up. There is a wide variety of homes to choose from and interest rates are remaining low – which makes for good shopping.