Would you Leave Squamish for $200,000?
There is no denying the fact that the cost to live in Squamish is getting high.In recent years, the appearance of Squamish has really grown into its own unique adventure town. Nowadays, there are microbreweries, coffee houses, new upscale restaurants, and more shops on every corner. The Squamish secret is out and we are experiencing a big jump in demand for people wanting to move to our little ( not any more) mountain town.
The Escalating Cost of Living in Squamish and the Realities of Selling
This increase in demand for homes has caused a massive increase in home prices over the last 2 years.
For those homebuyers who bought in Squamish pre-boom and have seen their homes rise substantially in price, the question is what do you do now? If you sell, can you afford to buy back in to the Squamish Market at the now higher costs or is it time to cash in on your investment. Many longtime locals of the area find themselves wondering if they would leave Squamish for $200,000 or more dollars. The question is a valid one for residents who have lived in the area for years or were even born locally because they invested in the community before the house prices ballooned.
For those long time locals who owe very little on their mortgages. Selling a home in such a hot market is tantalizing. Longtime residents often remark that Squamish no longer resembles the small town they once knew.
The Rise of Single Family Home Prices in the Squamish Region
In the last two years, the price of single-family homes has increased by a mind-boggling 40 percent. A typical single-family home in 2015 averaged $677,000 but now the same home is selling for right around a million dollars.
The Increasing Popularity of Townhomes in Squamish
Today, most of the new developments in Squamish are either townhomes or condos. Typically, suburban families are turning to townhomes in place of single-family homes because of the lower cost. In the last two years, the cost of townhomes has increased in the area by 32.9 percent. Ten years ago a townhome in Squamish cost 61 percent less than they are currently priced.
Condos Remain the Affordable Housing Choice in Squamish
Single individuals, retirees, and urban professionals are turning to condos as an affordable housing option in Squamish. Although condos cost less to purchase than a townhome or a single family residence they have still experienced a staggering 70 percent price increase in the last two years. In 2017, the price of a condo hovers at $452,000.
The Future of Squamish for Natives and Longtime Residents
Even though the market in Squamish seems over-the-top expensive, the asking prices in the region are still priced less than Metro Vancouver. Nonetheless, many longtime locals who remember a smaller Squamish continue to be faced with the reality that selling would provide them with an average profit of well over $200k on whatever real estate they own in the area. A real estate return of almost a quarter of a million dollars is attractive, but many locals face the dilemma of leaving the beauty of Squamish for someplace that might not compare.
There is little doubt that Squamish remains a lovely community to call home. The area’s home prices are projected to continue to steadily increase as more people flock to the community. As real estate prices continue to climb there is little doubt that long-term residents will continue to wonder what their price point truly is for leaving Squamish.