This town falls between Vancouver and world-renowned Whistler. Squamish has always been a hotspot for locals but due to new developments that have been ongoing for the last 7 years, major real estate investors are now heading to this region.
Squamish housing market is known for large single detached homes, mostly owned by seniors and affluent individuals. The minority share of Squamish’s housing space is owned by new immigrants from Vancouver. This also includes condo ownership as well is increasing at a minor level. This trend seems to be progressing but slightly slower than usual as new developments and construction homes are increasing every three months.
This town of Squamish is very rich in natural resources as well which has made it a prime choice for new developments as the local labor force is quite educated and quality homes are now a trademark of this region.
There are two main types of demographics in Squamish. Retired homeowners and middle-aged to young blue-collar workers. This group seems to be the majority of real estate owners in the town of Squamish as well.
Since the winter Olympics, there have been some very large investments in the Squamish area. With the news of Vancouver hosting the Olympics again, Squamish is attracting multinational investments and capital from several European and Asian countries.
In the past five years, new construction of various housing types has been steadily increasing in this region as well. Just last month alone, over 60 high-end detached homes were sold including 85 condominiums plus new construction of more housing was just recently announced.
There is a month by month increase of 26% in real estate purchases. This progressive trend is also attracting new builders who have also made Squamish their home-based.
Since Squamish is considered quite abundant when it comes to natural resources, sourcing of home building materials is mostly local. This is sparking a very rapid home construction industry here. Quality builders and new home buyers are further pushing this trend.
Although Squamish real estate developments weren’t as popular as they are now, the mortgage rates are quite stable. Allowing the new developments to continue at their own pace.
The high-end housing and the consistent growth in this area have been attracting many accredited investors.
Although the current new developments are mostly purchased by locals, there was a slight increase in foreign buyers. This is a sign of a maturing housing market and a healthy indicator of growth.
Foreign and local investors are also looking at Squamish as a place to build their second or vacation homes. Which is another reason why new home developments are now commonplace. Squamish is experiencing tremendous growth within several areas of its local community.
Most investors and builders expect this region to continue its growth and although it hasn’t seen its tipping point, it is expected to hit it within the next 15 years.
Right now, the housing growth rate in Squamish is very steady and at an upward projection. Also, the local government is investing in the continuous development of several Squamish areas. As there is definitely a chance for Vancouver to host the Olympics again.
New home construction has already started in underdeveloped areas of Squamish which is very steady throughout the outskirts of this region.
In Squamish, the natural resources market is also booming which is providing a very healthy foundation for new housing developments. This is predicted to continue for the next 10 to 15 years.
Although the demographics aren’t as diverse as they are in other parts of BC, this trend is subjected to change. The district of Squamish has already implemented community expansion plans to facilitate this predicted change. These changes will continue to encourage new developments and new housing as well. Especially in the neighbourhoods of Brakendale, Garibaldi Highlands, Valley Cliff, central Squamish, and downtown Squamish.
Most community-style developments are currently being constructed in the downtown Squamish area. The goal here is to create urban style living. It is to attract a younger demographic from other major cities while preserving Squamish’s natural beauty.
There is also high activity in new constructions of large and high-end homes in the Garibaldi Highlands area. This is a specific region where high-end investors and affluent buyers have created a community of their own.
In this area, single-family and detached homes are the norms and property size is considered fairly large. The Garibaldi area also provides a very classic view of the Squamish lifestyle which is what most top investors are looking for.
The area of Brakendale is where you will find older homes but also new construction for full-sized homes as well. This is the region that is being targeted by the district of Squamish upgrade as they see it evolving for the next 15 to 20 years. At the moment, Brackendale is where the majority of the local population lives.