Squamish Real Estate Update 2016

2016 Squamish Real Estate Update

2015 has been a record year for Real Estate in Greater Vancouver and specifically Squamish. With home sales reaching new heights and the limited inventory prices have also seen a dramatic increase in the past year. More and more people are discovering what a great community Squamish is and are attracted to our community for the outdoor lifestyle and recreation opportunities.  Squamish is also a good alternative for those in the lower mainland who are cashing out of the inflated Vancouver market and looking for affordable options, relative to their own communities.  

As our community continues to grow in popularity the pressure will increase on our real estate inventory, until the supply catches up with the demand.

2015 Squamish Sales Stats:

According to the Greater Vancouver Real estate Board of Vancouver for Squamish the past year has  broken records for sales with over 755 sales, with the most active being single family homes.

We are also facing record low inventory numbers, with listings down 43% from last year.

New Developments Approved for 2016:

The district of Squamish has approved developments for over 4000 new home units  have been approved by the district, to come to market in the near future – However for 2016, many units coming to market have been pre sold.

5 Tips for Buying in a Hot Market:

This boom in Squamish Real Estate sales is a sign of our communities success and desirability, however, it does put pressure on those who are looking to buy. Being prepared to purchase in a hot market is key.

• Window Shop – Do your research online and know the area before you are ready to look and buy.  This will give you a good handle on the community without feeling the pressure to buy
• Work with a Reputable and Local Realtor – Find a local who had their finger on the pulse for what developments and listings are coming soon
• Don’t get Pre-qualified – get Pre-Approved – talk to one of our Local Favourite Mortgage brokers.
• Get a Pre-Inspection – from House Sound Home Inspections. Once you find a home you are interested in you will want to have an idea of potential problems. In a hot market situation the seller is unlikely to agree to fix minor problems and a pre inspection will allow you to make an offer without the inspection contingency.
• Patience is Key – This is possibly the biggest purchase of your life, and the pressure of a hot market can make the process feel very difficult. Take your time as you don’t want to bid to high or buy a home you don’t love.
• Talk to Financial Advisor –  to know what you can afford and help plan for your future. Contact our local favourites Vocari Financial  

Squamish is a great community to call home and as our community continues to be an affordable option to lower mainland home prices, we will continue to feel the pressure on home prices. When more developments are approved and built, then hopefully the supply can catch up to the demand for homes and balance out the hot market and affordability issues our community is facing.