Market Update: Squamish Townhomes January 2019
After seeing a total of almost 60 active listing through the Fall of 2018, there has been an overall reduction of total listings through the end of 2018. January 2019 finished with 40 total active townhome listing across Squamish.
Year over year sales of townhomes in Squamish reduced by 40% to 7 sales for January 2019. Looking back over the past 24 months, townhome sales have averaged 14- 18 sales per month.
Year over year Benchmark Pricing for Squamish townhomes is flat, with a 0.6% increase from January 2018 to January 2019. For January 2019, the Benchmark Price for the average townhome in Squamish was $661,000. Important to note, Squamish townhome pricing is off approx. 8% since the two year high of $725,000 in October 2018.
The most active price band sold townhomes in Squamish is $500,000 – $800,000 with many three bedroom options ranging from the high $500’s to the low $800’s. It is taking approx. 75 days to sell a townhome in Squamish a the moment, almost twice as long as the same period last year.
Overall Buyer confidence in the Squamish townhome market has decreased since the same period last year and we’re sitting in a Buyer Market. Gone are the days of multiple offers and homes selling in 10 days. The market is actively trying to settle from the Federal Government B20 mortgage rules that has continued to reduce affordability. Buyers at this time are generally looking for a deal which is reflective in the offers were seeing.
With that being said, home Buyers are still looking to Squamish for its mix of small town feel, access to excellent job markets in Whistler and Vancouver, outdoor lifestyle and general affordability compared to neighbouring communities. If you’re a first time buyer with a young family, you can buy a nice resale 3 bedroom townhome in Squamish starting in the high $500’s. A brand new townhome from a reputable home builder will run you high $600’s to $900’s.
Sea and Sky by Bosa Blue Sky Properties. Phase 1 now selling. Phase 2 coming Spring 2019.
Squamish Pre Sale Townhomes
The Trails – Harbourview Projects
Sea and Sky – Bosa Bluesky Properties
The Lofts at Breeze Townhomes – Target Homes
The Promontory Whistler – Bosa Development
The Squamish pre sale townhome market is shallow on inventory at the moment. Phase 1 of Bosa’s Sea and Sky project is wrapping up sales with a new release of phase 2 homes scheduled for this coming Spring. The Sea and Sky sales centre is currently under construction. Phase 2 homes are expected to start in the high $600’s.
An alternative to a pre sale new home would be a resale homes at a number of recently completed townhome projects. These include Seven Peaks by Polygon Homes, phase 1 Breeze townhomes by Target Homes and recently completed properties in the popular Eaglewind community Downtown Squamish. These projects provide the opportunity to skip the GST, move in within 30-60 days of writing a contract and the same 2-5-10 year new home warranty.
If you’re considering Squamish for your next real estate move, please reach out for a no obligations overview of the market and a friendly cup of coffee. Chris can be reached at 778-881-0673 or by email at email@example.com.