It's not just the weather that's been hot in Squamish! June was the most active month in real estate activity in Squamish since November 2007! That's right, last month nearly 20% of listings were selling in Squamish which indicates a sellers market for the first time in almost 7 years! The sales to active ratio measures the amount of sales each month compared to the active listings. Typically when this ratio is above 20% the market is considered a sellers market and if it remains above 20% for a period of time prices tend to rise.
There are a variety of different factors that could be contributing to this surge in activity. Such as, the international publicity surrounding the new Sea to Sky Gondola, which has suddenly put Squamish on the map. Now, there's a reason to come visit Squamish, rather than just stopping in at McDonalds on your way to Whistler. Visitors are realizing it's not that far from Vancouver and an awesome community to potentially live. Another contributing factor is that Vancouver has become one of the most expensive city's in the world to own real estate. This is making it close to impossible for first time home buyers who grew up in Vancouver to enter the real estate market, which is making Squamish an attractive alternative to Generation Y (those born between 1980 and 2000).
On July 4, The Squamish Chief, reported there was a 0% rental vacancy in Squamish, which is driving rental prices up. This is affecting the real estate market because investment properties are becoming more profitable and more appealing to real estate investors, and also giving life to the once stagnant condo market.
If you have been thinking about listing your property for the past few years, now is the time to sell!