Whether you are looking for a riverside estate, a farm in the Valley or a custom home with stunning ocean views, there is a property in Squamish for the dreamer in you. Here is a look at Squamish’s most expensive homes currently on MLS.
Squamish used to be considered an affordable place in the Sea to Sky to buy a home, however, in recent years our little secret gem has been discovered with demand for housing increasing prices on a large scale. We compiled a list of Squamish’s Million Dollar Listings to show you how far your money will go. According to TD Trusts affordability calculator, with a 20% down payment of 200,000 and a household monthly income of 200,000+ means you could afford to finance a million dollar listing, with an approximate monthly mortgage cost of 4000.
The neighborhoods around Squamish are easy to learn. Each one has its advantages and drawbacks. One neighborhood simply might fit your unique needs better than another. Squamish is composed of five distinct neighborhoods. Each neighborhood has its own unique vibe, and as our community grows we wanted to give you an introduction to the different neighborhoods in Squamish.
The Five Neighborhoods of Squamish
Brackendale is located in the northern region of Squamish. It will typically only take you 10 minutes to reach downtown Squamish. It is also only 30 minutes away from Whistler. The neighborhoods sit in the vast expanse of a valley with the picturesque Squamish River cutting a pathway through. There are commercial businesses such as a cafe, art gallery, coffee houses, restaurants, bike store, and salon that serve the residents. Eagle Run, located in Brackendale, boasts beautiful homes and ample landscaping.
The layout of Brackendale makes it ideal for walkers, bikers, and hikers. The entire area is a balanced mix of older homes and new construction. There is a post office. In the north region, is the Brackendale Elementary School and Don Ross Middle School.
2. Garibaldi Highlands
In Garibaldi Highlands, the streets are lined with trees to create a cozy, enchanting community. Located on a hill, the Highlands features lovely single family homes that boast large yards. Many of the houses also have a picturesque view of the Pacific Ocean, Squamish Valley, and the mountains. Outdoor enthusiasts will love the many bike paths and walking/jogging trails. Quest University, a liberal arts school, lies within the neighborhood.
The Valleycliffe neighborhood is the southernmost so it is usually best for people who commute to Vancouver, as the lack of traffic lights heading south from here can cut your commute time by 20 min. The higher levels of Valleycliffe overlook the Howe Sound. It is a popular location because it places residents close to Vancouver and Squamish. The large family homes in the area feature wonderful views. While Valey cliff can be know to be in the shadows in the winter, most of Squamish experiences the same lack of sun. Our tip for this – get up early and get your self outside to play. Family-friendly trails run throughout Valleycliffe. There are also cafes, restaurants, a gym, post office and a centrally located elementary school.
4. Central Squamish
Central Squamish is made up of Garibaldi Estates, Tantalus, The Northyards/Dentville, and the Brennan Park area. The entire area is a mix of commercial and residential properties that include condos and townhomes. Northyards and Dentville have experienced an explosion of growth with many condos and townhomes constructed. There are numerous shopping and dining choices available to residents.
5. Downtown Squamish
In the last few years, downtown Squamish has undergone a growth explosion.Townhomes and condos dot the area. The waterfront region is slated for even more expansion which means that would-be home shoppers will have a larger market of homes to choose from. Residents of downtown Squamish appreciate the many shops, restaurants, coffee houses, and other opportunities that are all within walking distance.
Squamish is a thriving and flourishing town that is drawing new residents faster than homes are being built. If you are considering moving to the area then you will want to pick from one of the five neighborhoods and focus all of your efforts on finding your dream home.
Starting January 2018, many homebuyers are facing much stiffer guidelines when it comes to getting a mortgage. The Office of the Superintendent of Financial Institutions Canada (OSFI) announced on October 17th, that all borrowers will be required to qualify for a mortgage that has a two percentage point higher rate than they are actually applying for. This new rule even includes borrowers who have down payments of 20 percent or higher and do not require mortgage insurance.
The changes were proposed to curb the buying ability of individuals who are already suffering from a high degree of indebtedness. During the last few years, the soaring house prices in Canada have forced many households to live in a state of virtual indebtedness. One small unforeseen financial calamity and indebt families won’t be able to pay their mortgage payments which will cause many to default. This cycle ultimately creates instability and the potential for a devastating crash. The new guidelines are being put in place to prevent people from overextending themselves and perhaps purchasing a home that they will be unable to afford down the road.
Currently, uninsured mortgages account for 45 percent of all home loans so these changes have the potential to have a dramatic impact on the housing market, especially in regions where home prices are already high. In such areas, people are already on the cusp of their buying potential when they find a home so the effects of these new financial changes may prevent many from being able to purchase a home.
Many people in the Squamish area wonder what impact the new financial changes will have on their region. To date, the Squamish housing market is red hot and a true seller’s dream but, ultimately, these changes may mean a decrease in the home sales in 2018. Many potential homebuyers will no longer be able to qualify for a mortgage at the amount they require to purchase a home in the region. Some would-be buyers may not even be able to buy a house.
In a high sale price area like Squamish, many buyers already barely qualify to purchase a home so with dramatic changes many will be unable to attain their dream of homeownership unless home prices come down or they experience an increase in their wages. This means that many who live in the area will be forced to look for long-term rental housing which is very difficult to find. The worse case scenario for Squamish is that people who work in the area may be forced to live further afield and commute because ultimately they will be able to afford to buy a home.
Many homebuyers hope that with a limited supply of qualified buyers then the availability of homes for sale in Squamish might increase but others fear that the housing boom may come to a screeching halt. Homes may sit on the market longer as sellers are forced to wait for qualified buyers.
Ultimately, would be buyers in Squamish are hopIng that the prices will start to drop to more affordable levels if the homes do not continue to sell rapidly. Perhaps a swing might occur and it may become a buyer’s market as opposed to a seller’s market.
Are you contemplating making the move to Squamish? Maybe 2018 is the time to make your move from the big city to a thriving, energetic mountain town community. This article is originally from our friends: Move to Squamish
Why Move to Squamish?
Squamish is the place to be for outdoor recreation. In the summertime, you can enjoy mountain biking, fishing, boating, and hiking. When winter arrives, it’s time to hit the slopes, cross-country ski, snowshoe, snowmobile and view eagles. It doesn’t get any better than that if you love seasonal adventures. However, Squamish is also just a nice place to live. It has a small town feel, pristine views, and friendly residents.
Here are just a few reasons that 2018 is the time to make your move to Squamish.
- Opportunities: A decade ago Squamish was a simple logging town but, in recent years, it has morphed into a thriving and vibrant community. Now there are numerous restaurants, boutiques, breweries, fitness studios, retailers, coffee shops, and even yoga studios. Businesses are flourishing and expected to continue to do well. Now is the perfect time to get in on the ground floor of a business opportunity in one of the hottest and fastest growing communities in Canada.
- Property Investments: Property values are increasing at a significant rate in Squamish. You might be hesitant to buy because it is a seller’s market. However, currently, there doesn’t appear to be an end in sight so buying now is a good investment.
- Interest Rates: If you are considering buying a home then you have probably heard that interest rates are on their way back up. Well, that is true but even with the slight increases the rate remains very low so it is important to buy now to lock in an affordable rate. If you are serious about buying a home in Squamish then you should seek out professional mortgage advice so you can secure a low rate for the duration of your mortgage.
- First Time Home Buyer Help: Currently, there are programs available that help first time home buyers in the Squamish area. The BC Home Partnership Program, First-time Home Buyers Program, First-time Home Buyers Tax Credit, and the GST Rebate on New Homes are all options available to first time home buyers.
- Soak up the Energy and Excitement: Being a part of a thriving community is exciting and energetic. Why are you putting off the big move? If you are worried about leaving the big city life behind, remember that Vancouver is only an hour away. According to Move to Squamish, the average age of the town’s resident population is 38. It is a place where young people with families come to build a life and memories together. However, there are people of every age moving to the area which makes it not only dynamic but also diverse. Quite frankly, there is something for every age group in the town.
If you are serious about making Squamish your home then there is no better time to make the move then 2018. To take a tour of Squamish or learn more about the area, please contact a Move to Squamish team member. They will be happy to advise you on the community and buying a home in the area.