With lots of action in the Squamish and Vancouver Real Estate markets as of late, its clear that things are changing fast. Many new rules & regulations have been introduced locally and nationally that will have an impact on Squamish Real Estate.
Photos by Ravenswood Squamish
November Stats At Glance
The autumn real estate market in and around Squamish remained strong, with more investors being attracted to the area due to low vacancy rates for rentals. The conditions are shifting on a positive note for buyers, as there has been an increase in total active listings year-over-year for the Fall months. Which gives buyers a wider range of variety compared to previous years. With number of units sold having decreased this may just mark the shift into an upcoming buyers market prices have still increased dramatically over the last year
Stats From Macdonald Realty
September real estate reports on pricing in the Squamish area showed an overall increase in the price of detached residences by as much as 31.3 percent, according to the Squamish Black Tusk Realty. Prices in the Garibaldi Heights area saw the most significant price increase compared to other regions. In some sought after neighborhoods, townhomes experienced a 36 percent price increase over the previous year. Condos underwent an overall average 31.4 percent price increase.
So what are the main things that are impacting the local market? We will take a look at two of the recent BC government initiatives things that are impacting this changing Real Estate environment.
Foreign Buyers Tax
Even with the recent Foreign Buyer’s Tax and the new lending qualifications creating a bit of uncertainty, the real estate market of Squamish remains strong and burgeoning. The new tax took effect in August. It was implemented with the goal of slowing the seemingly unrelenting increases in real estate prices in the Lower Mainland. Although Lions Bay does appear to have experienced a bit of an impact, the Squamish market remained undeterred as autumn arrived and started to morph into winter.
Lending Qualifications Changes
Prospective buyers should be aware that lending qualifications have changed somewhat. Now anyone who requires an insured mortgage (less than 20% down) must now qualify at the posted bank rate instead of the lower rate that their mortgage broker can get for them. Prior to starting your real estate search, it is advised that you discuss current changes with your lending institution and your real estate agent to learn the current details.
What is next?
Exciting real estate happenings are taking place around Squamish that are sure to interest buyers. The well known and respected builder Gravitas is creating a new development in downtown Squamish. Located at Cleveland Avenue at Main Street, the new building will be dubbed The Main. It will feature 110 residences. Buyers will have eight different floor models to choose from. Sales kicked off in November, with many investors attracted to the area.
So far real estate continues to grow and gain momentum around the Squamish area. Even with winter now in full swing real estate in the region remains a hot and growing commodity for both sellers and buyers. With many of these new changes recently introduced, only time will tell what will happen in the Squamish Real Estate market. One things remains clear, Squamish sure is bound to keep attracting more people who want to enjoy the active lifestyle!