As we approach Spring, one of the busiest seasons in real estate, I am excited to provide you with updates and information on the real estate market in Squamish.
We continue to see a sellers market for both townhomes and condos with potential to move toward a buyers market for detached homes.
Detached homes have seen downward pressure on prices as we have dropped below the $1M Home Price Index benchmark that has occurred in the previous few months. Expect that if supply continues to increase, without the corresponding demand, downward pressure may remain as we are definitely on the cusp of a buyers market for detached homes.
Sales continue to be strong in the condo and townhome markets with sales to listings of 80% and 95% respectively. The composite percentage of sales to listings is 72% for February brought up by the demand vs. supply in the condo and townhome market.
Additionally, Squamish remained absent from the recent updates to the Foreign Buyers’ Tax, which involved increasing the rate to 20% and broadened the scope to include the Fraser Valley, Kelowna, Victoria and Nanaimo.
Demand for Squamish properties overall remains steady as people continue to see relative value compared to other markets. Send me an email or give me a call if you’d like to chat or would like further information on the current real estate market in Squamish.