2015 was a record year for the real estate market in Squamish. The volume of sales reached the highest level ever and property values saw a substantial increase in price.
There was a huge increase in the number of people wanting to move to the area and the future for Squamish looks incredibly bright.
There were many factors in play that resulted in this incredible year for Squamish:
- The increase in property prices in the Lower Mainland meant buyers had to look to outside areas for affordability
- On-going traffic congestion coming from places like the Fraser Valley into Vancouver led to many turning to Squamish and its new highway, offering much easier travel options
- Families looking to raise their children in a small town environment
- There is a great lifestyle aspect that only a few communities within an hour of Vancouver can offer and Squamish offers the best of all
The largest gain in both price and unit volume was in the apartment sector. In total apartments sales increased 18%, from 104 units in 2014 to 165 in 2015, with a price increase of 18% as well.
In the attached properties sector (town homes and duplexes), unit numbers were up by 25% with median sale price moving from $373,000 in 2014 to $429,000 in 2015, up by 13%.
The busiest market segment was single-family homes, with 346 total sales and an increase of 22% from 2014. Prices in this sector also rose by 18%.
When looking at the overall market there was a total of 755 sales reported through the Multiple Listing Service, which would make this the most active year for sales in the area ever.
Buyer demand has far out stripped the listing inventory accounting for the rapid rise in prices over the past year. This along with home-owners cashing out of the Lower Mainland area with record sale prices in their pocket has changed the real estate landscape in the Squamish area as they look to re-invest in real estate.
So 2016 will be an interesting year as the new product coming to the market has already been sold and listing inventory is at historic, if not unprecedented lows.