If you’ve been looking to buy a single-family home in Squamish but thought the prices have gotten extraordinarily high—you’d be right
Out of the hot markets of the Toronto, Vancouver and Fraser Valley regions, Squamish leads the way with some of the biggest upticks in detached home prices.
A report from RE/MAX Canada revealed the median value for a single-family home in Squamish has increased by 14.2% to $1,570,000, in the first half of the year.
“Recreational communities are represented in the top markets in the Greater Vancouver Area, with many buyers seeking to combine the joy of nature with access to the city,” RE/MAX Canada president Christopher Alexander said in the report.
“Areas such as the Sunshine Coast and Squamish in particular are experiencing a strong uptick in recent years that is also lifestyle driven,” Alexander said.
Burnaby followed Squamish with a 10.8% increase to $2,160,000 and Port Coquitlam narrowly behind with an 8.6% rise to $1,465,000.
A detached home is considered a standalone home, without any other buildings or homes or connected to it.
RE/MAX All Points Realty owner Tim Hill, told The Squamish Chief he is “not surprised” to see Squamish at the top of the list.
“Squamish has been a market that, like many, started pre-COVID and while buyers were finding themselves wanting more space for their value,” Hill said.
“We noticed even more buyers in the local Greater Vancouver Area making their way to Squamish as an option.”
He recalled a past client who made the move to Squamish after selling in Port Coquitlam, with an initial plan to move further east.
“Both the husband and the wife worked in downtown Vancouver. They found that the drive, if they moved to upsize to Maple Ridge, was very similar to if they upsized and moved to Squamish,” Hill said.
“The benefit for them in Squamish is that they are very outdoorsy people. They snowboarded, mountain biked, hiked and kayaked. For them, having access to so many activities at their fingertips for their family made more sense to move that direction.
“They were one of my first clients that made this transition and we have had many do the same since.”
While density-style housing has been noted as a priority for Squamish, Hill is confident the end of single-family homes is not in sight just yet.
“I don’t ever expect to see an end to the building of detached homes. I believe we will see more smaller, detached homes and increased density on single-family lots as we move forward,” he said.
“By doing this, we enable the fact of increased affordability and markets in great neighbourhoods.”
Hill believes if detached homes were to stop being built in Squamish it would cause the remaining options on the market to increase in value even more.
“There will always be demand for detached homes in my opinion. If they stopped being built, it would be like a special edition car that is made in limited quantities; and since there are only so many out there that can ever be purchased, it would increase the value of detached homes even more, pushing them further out of reach for buyers,” he said.
For first time home buyers and younger generations looking to get into the housing market, Hill advises to “buy what you can afford.”
“Start small, build your equity and work your way up. If you are paying rent, you are paying someone else’s mortgage down to benefit their future over yours,” he said.
“If you look at real estate like a stock and you are not invested in the stock, then you cannot ride the wave whether good or bad. Long-term real estate investments have proven that if you are a part of the wave, you will win in the long term.”
He also suggested young first-time home buyers could consider asking family members for financial aid.
A CIBC 2021 report noted that 30% of first time home buyers had gotten a financial gift from family for a down payment.
“If it is available for these buyers … obtain generational help. We see this quite often with parents or grandparents helping with down payments or qualification mortgages should that be a wise overall financial decision for that family,” Hill said.
