Looking at the Squamish real estate market, it is clear that we don't necessarily march to the same drum as the rest of B.C.—not a big surprise since we don't really follow the usual trends in anything—instead, we usually prefer to set them.
You can’t judge what the market is like in Squamish by what is happening in Vancouver or the rest of B.C., in other words.
Stats from the British Columbia Real Estate Association show Lower Mainland sales are down 25% in September, based on the 10-year average.
But things look different in Squamish.
According to data provided by the Greater Vancouver Realtors, in Squamish, sales are up 5.8% above the 10-year average.
"It's an interesting market. I mean, we definitely have lots of buyers moving around or making inquiries," said the managing broker of Squamish’s Royal LePage Black Tusk Realty, Lisa Bjornson.
According to the Multiple Listing Service (MLS), in Squamish in October, there were 18 sales of single-family homes, 17 attached homes (like a townhouse) and 19 apartments.
In September, there were seven detached home sales, 24 attached and six apartments.
And any small change in our smaller market has a big impact on the local look of trends, Bjornson noted.
"We transact 750 to 1,000 properties a year. So, it doesn't take much to move it up or down," Bjornson said, adding she is including only property sold on the MLS database, not pre-sales of properties sold in larger yet-to-be-built developments.
Squamish saw a slower summer this year, according to Bjornson.
Bjornson added there was a bit of an uptick in local real estate activity in June, then lots of listings in September, but "not a lot of takeup."
That started to shift at the end of September, she said, describing October as a more active market locally.
"Buyers started to feel more confidence. They could see interest rates were definitely on the downward trend. We've had what I would consider a little bit of a longer-than-normal period of inactivity, so we've got pent-up demand," she said.
In October, the Bank of Canada cut down its lending rate to 3.75%, from 4.25%.
What is popular?
Overall, in terms of what people are buying and selling, townhouses are where it's at.
"The townhouse market has been—as it was in June—the edge of what's been driving the market, probably. Seeing that group [of buyers] may be trying to move to a bigger townhouse unit or maybe make the jump into a single-family [home]," she said.
Townhome median sale prices are up 3.5% and sales are up 8%, according to the Royal LePage Black Tusk Realty third quarter report sent to The Squamish Chief by Bjornson.
"So, in turn, we have seen the single-family market get more active in the probably below $1.8 million, preferably with a suite,” Bjornson said.
Median prices for single-family properties have gone up by 7.5% year over year, while sales are down by 6%, the report states.
The number of listings for single-family homes is down 6% in 2024 from 2023 and below the 10-year average.
This year, overall, condos are a bit less of a draw, Bjornson noted. Prices of condos are down by 2%, listing inventory is up 21% and sales are down by 3.5%.
Show me the houses
Ultimately, Bjornson said Squamish needs a greater supply of housing.
"Even though it feels to people like they're building gangbusters, we're just not there yet," she said.
According to the District of Squamish's Housing Needs Report, with the popularity of Squamish in recent years, a minimum of 6,840 new housing units are needed by 2031 "at a range of affordability levels and sizes in order to meet the housing needs of the community in a high-growth scenario."
Bjornson said what we don't need are a lot more apartments.
"[An apartment] doesn't give people the ability to grow or expand in their living space," she said.
"So, are [buyers] all zeroing in on a single-family property anymore like they would have been 15 years ago? Maybe not because they want to bike, they want to golf, they want to ski. They don't necessarily want all the things that go along with owning a single-family house. So, are they happy in a three-bedroom, flex room, double car, double-car garage with storage townhouse? Probably, but at the cost of construction, now to bring that to the market, what are we talking—$1.5, $1.6 million.”
She would like to see more housing that would be viable for generational living.
"This is my big complaint about the lack of single-family or not seeing it as a viable housing option—cohabitation, generational living, co-ownership. There are ... other mixes of ownership that they have started to blossom as a result, but now they're actually making that not so much a thing because they're not building enough single-family homes that allow for that other type of thing to happen," she said, adding there aren't enough housing options for seniors to move into, either.
"There's no little bungalows for them to move into. There's no big apartments for them to move into. And seniors don't necessarily want to be in an apartment. A lot of them are still active," she added. "They like to garden. … They're biking, and they have golf clubs and they have stuff. I mean, there's no place for them to go right now."
Bjornson stressed that Squamish isn't alone in its housing challenges. Similar issues can be found in many communities right now.
According to the Canada Mortgage and Housing Corporation (CMHC), to create housing affordability by 2030, the country will need 3.5 million more units on top of what’s already being built (estimated to be 18.2 million units by 2030).
Much of that need is in B.C. and Ontario.
"This is because housing supply hasn’t kept up with demand over the past 20 years in some of the largest urban centres," reads the 2023 CMHC report.
By the numbers
The benchmark price of a single-family home in October in Squamish, according to the MLS home price index, is $1,515,000.
The benchmark price is the approximate price for a “typical” home in Squamish. (It doesn’t include lower or higher-end properties.)
The benchmark price for townhouses is $1,066,100.
For apartments, it is $617,000.
Who is moving?
Bjornson said about 60% of all of her company's sales are internal, meaning people are moving within the community.
"The other [30%], I would probably say the lion's share comes somewhere off the Lower Mainland. The other 10%, flip a coin—some from Whistler, some from Pemberton, some moving here, because they can work remotely."
One thing that is certain is that we can't put the Squamish genie back in the bottle, it is a lovely place to live, and people want to join us.
"We have a wonderful, wonderful place to live. Despite some of the groaning and moaning about parking and this and that and the other thing, we are still super fortunate. We still have a lot to offer, and that pressure is going to continue because of our location between Vancouver and Whistler, along with our own nice appeal," Bjornson said.
As a resident of Squamish for 40 years, what makes her happy is to see how many young families are here now.
"It was a vibrant, working, blue-collar town, [then] that all being gone to trying to figure out who we were to now, to seeing the revitalization of the community into lots and lots of kids and families," she said.
"That's one of the most rewarding shifts I would have to say I've seen in the last 10 years."
Mortgage tips
Local mortgage broker Paul Hudson of Paul Hudson Mortgage Wealth has developed, over his 20 years of experience in the business, a short list of things he wishes folks knew both about mortgaging a home, and about refinancing or renewing a mortgage.
He shared the following with The Squamish Chief:
Top 3 tips for mortgaging your home
1. Mortgage penalties:
When someone sells their home—typically about once every three years—mortgage penalties for breaking a fixed-term mortgage are often much lower with monoline banks. Monoline banks are financial institutions accessible exclusively through licensed mortgage brokers and tend to offer the lowest rates compared to the Big Six banks.
2. Reverse mortgages for people over 55:
People aged 55 and older can buy a home using a reverse mortgage. Additionally, parents over 55 can set up a reverse mortgage to help their children with a down payment instead of depleting their savings.
3. Commercial mortgages:
Depending on the type of business and financial history, commercial mortgages can be financed for 80-100% of the property’s value.
Top 3 refinancing and renewing tips:
1. Breaking a high-interest mortgage:
Homeowners can pay a penalty to exit a high-interest mortgage and switch to a lower-interest one. The benefit is that the penalty is often significantly lower than the extra interest the client would pay over time with the higher rate. It can also eliminate three years’ worth of payments for the average person.
2. Refinancing against a free-title property:
Refinancing a property without an existing mortgage can provide quick access to a large sum of money for construction projects or business ventures, often with minimal paperwork required.
3. Flexible income requirements:
Standard income isn’t always required for refinance approval. Equity mortgages and self-employed programs are available for non-salaried individuals.
