Dreaming of your dream home in Squamish? We created this list of Squamish’s 15 most expensive homes on the market. 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.
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.
There is no denying that the Squamish real estate market is red hot and has been for a few years now. The demand for homes far exceeds the available housing. Prices have continued to rise and there is no plateau on the horizon. However, it will be interesting to see what the interest hike by the Bank of Canada will do to the future of the market. It may have little or no effect. At this point, it remains hard to gauge.
Interest Rates Rising For the First Time in Seven Years
On July 12, the Bank of Canada increased the interest rate by .25 points. The hike could mark a turning point with future hikes forecast. For the last seven years, the interest rate has held steady and the market has flourished with historically low rates. However, that may gradually start changing as the interest rate steadily climbs.
Rising Interest Rates May Spur the Squamish Housing Market
Although many people balk at buying real estate when the interest rates are high, the reality is that the interest rate increase is not that dramatic. It may actually make the Squamish market even more robust for the short term as people scramble to buy before a significant rate hike hits.
Investors and Squamish
The region around Squamish has been a Mecca for real estate investors but with the interest rates on the rise that may come to a screeching halt. Uncertainty makes investors put the brakes on because they are planning on making money on the future market and who can project if the market will remain strong enough to create a sufficient return on their investment.
Investor Uncertainty in Squamish
Investor uncertainty may make housing even more difficult to obtain in Squamish as big investors stop building townhomes, condos, and subdivisions because of their concern over future interest rate hikes. In an area where housing is already difficult to find, the lack of investors willing to invest could cause problems for anyone looking to buy.
Forecast for Squamish
Despite the modestly small interest rate hike, the interest rate still remains historically low. However, RBC’s Chief Economist Craig Wright has indicated that the modest rate hike is simply the turning point to a longer-term trend which will result in steady increases in the interest rate. If the rate continues to rise but wages remain stagnant then inevitably the market will start slowing and experience difficulty as it becomes harder for the working class to afford to buy a home and makes end’s meet. The reality is that no market stays red hot forever.
Squamish Long-Term Real Estate Market Uncertain
Eventually, there is going to be a slowing and cooling off period. It is inevitable in all real estate markets. The rate increase is a small window into the future and if the rate continues to climb then the market will slow and plateau. If the interest rate gets too high and the wages remain the same then a downturn will happen as buyers back off from buying.
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.
Squamish is considered a fire-hot real estate market but the demand for housing typically exceeds the available units. Often people have to search for an extended time period to find a home for sale that they can afford. However, that is hopefully going to change soon because a bevy of condos is forecast to come to the region.
Townhouses: Listings are Running Low
In recent years, it is virtually impossible to find a home for under 400k in Squamish. Most available single family residences are reaching the million dollar mark ( crazy!) . Townhouses have remained a popular option for the many young families moving to town. Townhouse buyers can still find places for sale for mid 600k in Soleil and The Breeze. These are in high demand and once they sell out it is looking like their will be a lag in townhouses for Squamish. Most townhouse developments remain a year or more away before the ground will be broken and construction started.
The Future of Developments in Squamish
2 years ago, a 103-acre waterfront parcel was sold by the District of Squamish to the Newport Beach Developments. An agreement was made when the deal was finalized that ensured that the development company would build a waterfront park, public amenities, and housing in the area. The details are still being worked out, but hopefully, there will be even more housing developments on the horizon for Squamish.
The Kingswood Capital Corp. also has plans to break ground on two new housing subdivisions, Scott Crescent and Waterfront Landing. They are located two kilometers south of Squamish. Tentative plans have been made for an apartment complex and additional townhomes in the Scotts Crescent area. On the other 54 acres of Waterfront Landing, they plan to eventually use the land for townhomes and apartments. If everything works out as planned, the two areas will eventually provide 435 homes and 800 homes to the community.
There is little doubt that Squamish is a growing and thriving community where the demand for affordable real estate often exceeds the availability. However, good things are worth waiting for and to live in the pristine B.C. community many people are forced to wait to secure their dream home. However, the building is ramping up in the region and more much-anticipated homes will soon be offered to hungry real estate buyers.
THE LATEST DEVELOPMENT UPDATES
Britannia Beach- Macdonald Developments
In late September, a public forum took place where locals gathered to openly voice their concerns about the new Britannia Beach-Macdonald Developments. Many are concerned about traffic congestion and the influx of fast-food restaurants that typically follow any housing boom. There is also some upset by locals over the flood control costs. At the meeting, the developer gathered feedback and also the possibility of the village containing small businesses that are independently owned.
The Britannia Beach-Macdonald Developments still remain in their infant stages. Floor plans have not yet been released. Prices are expected to hover between $600 to $700k.
I am sad to report that the Lauren has officially sold out. I know that many would-be buyers will be saddened by the news.
Potential condo buyers will be happy to note that the Amaji continues to have units for sale. As of publication, approximately 30 percent of their homes have sold out. The Amaji is offering one and two bedroom condos that will be located at the 2nd Avenue in downtown Squamish. The central location is ideal. Buyers are encouraged to move quickly before this development sells completely out.
The Vantage has offered a public release in October. Although many units have already sold to people who pre-registered, larger one bedroom units still remain available. Prices hover at around $439k.
All units in Plan One of the Breeze have sold out but Plan Two still has houses available. These residences are three bedroom floor plans that feature ample square footage. Prices start at around $579k. A deposit will hold a home. The residences should be completed in 1.5 to 2 years.
Soleil is located in downtown Squamish. It continues to have units available. Prices start at 600k and they require a 10 percent deposit to hold one of the townhomes.
The proposed development of the Cheema lands stills remains in limbo. The community plan states that the developer cannot break ground on the 200-acre housing tract unit the region sustains a population growth of 23.000. The advancement of the development is going to be again debated in December. Landowner Bob Cheema says that if he does not get approval to build then he will shut down the trail system that runs across the land. However, if he is granted the permission to build the much-needed homes then he will leave the trails open to residents and visitors.