First, let’s look at the Greater Vancouver Area (GVA) for a broader perspective from the first quarter of 2018…
The first quarter of the year has seen a decrease in both sales and listings for the GVA. Sales for the month of March were down 23 percent over the 10-year average and 13 percent year over year. This represents the regions lowest first quarter sales totals since 2013.
“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”
What does this mean for Squamish?
Like the GVA we continue to see low supply in the condo and townhome market. We have steady demand in townhomes and condos as buyers from Greater Vancouver continue to look at Squamish as a place to invest, downsize or purchase their first home. Squamish offers an often more affordable option compared to much of the GVA and remains absent from the provinces, now 20 per cent, foreign buyers tax also as it stands Squamish is exempt from the BC speculative homes tax. The slowing sales in the GVA is a good indicator for the continued downward pressure on pricing in the Squamish market for detached homes only.
Looking at Squamish…
For all property types, the sales-to-active listings ratio for March 2018 is 69 per cent. By property type, the ratio is 69.5 per cent for detached homes, 100 per cent for townhomes, and 37.5 per cent for condominiums. Sales are down approximately 16 per cent for detached, 36 per cent for apartments, and 65 per cent for condos year over year. However, a decrease in sales does not necessarily mean we are in a cooling market. The lack of supply in apartments and condos will continue to provide upward pressure on prices. As for detached homes, Squamish is now certainly transitioning into a buyer’s market.
If you have thoughts of owning a detached home in Squamish right now is a good time to explore the possibilities. Firstly, it is a hot seller’s market if you are looking to sell your townhome or condo. As for your detached home purchase, the slow of sales and downward pressure on pricing coupled with the traditional increase of supply in the spring season provides a great opportunity to find your perfect home.