The new norm is here. Every indicator that we have is pointing to stability in prices and moderate volume of transactions.
As we exit the summer real estate market in Squamish BC, it is becoming more and more apparent that we will not be suffering the same fate of Vancouver where prices of homes and condos saw dramatic decreases in prices. I am careful here not to say value, as the value proposition of Vancouver was virtually non-existent. As condo prices and home prices fell in Vancouver by double-digit numbers, the Squamish market was spared, only falling 6 percent from the highs. We are typically buoyed by the appreciation that people have for the Squamish lifestyle, which I might add is simply incredible. Coupled with the low number of pure investors in the residential real estate, meaning that no one felt they had to sell, kept inventories relatively low during this trying time. The result is that supply fell almost as much as demand.
Looking back over the past 6 months, the Squamish real estate market is showing a stabilizing of prices which means a balanced market. This is good for both buyers and sellers in that the pressure is no longer on. Not quite so many multiple offers and not quite as much pressure to sell. In the long run, it will be a happier time for both buyers and sellers.
This entry was posted on September 11th, 2019 by Simon Hudson | Posted in General