We are definitely NOT in a Buyer's market!

Noteable sales

In May, we managed to be part of 5 transactions, finding 3 families great properties to call home and 2 listings found very successful sales of their properties. All-in-all, the Market was a little less active than in 2018 with only 51 sales in the month of May with 59 sales last year in May.  While the market has continued to slow, there is still very little price movement.  In fact two of our recent transactions were at or above the asking price.   High sale for the month was $1,540,000 in Crumpit Woods (a gorgeous modern home with a suite). Considering neighbourhoods in Squamish, there was relatively equal distribution of sales across the different neighbourhoods.

The volume of new listings is lower than normal and the number of days on market is averaging 89, so almost 3 months for your average listing to sell.  What this all means is that the number of sales relative to listings is still quite good, and for what it is worth, I think there are fewer sales because people see how great Squamish is and just don’t want to leave​

Investors Choice
​The best cap rate in Squamish remains the Executive Inn and Suites at 6-7%.  However, as I mentioned last week, these units seem to be getting a little long in the tooth.  Condo hotels have not always performed well in capital appreciation over the years, and this is starting to show as prices are commencing their decline. Regarding your best investment purchase outside of a hotel strata, there is a cluster of 3 bedroom townhouses at $600,000 BUT the true rental rates have declined by about 7-8%  and they would now rent for about $2300-$2600 per month.  Unfortunately, this creates an even deeper negative cash flow scenario if the entire property was mortgaged.  However, investment opportunities still abound in BC and we are now personally keeping an eye the Okanangan.  If you are interested in following along with this area, please let me know and I will put you in touch with our realtor of choice.

All the best for Summer....bring on the sun!

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HPI = Housing Price Index (Average Selling Price)

DOM = Average Days on Market

YOY - Year Over Year

All stats taken from REBGV 

FROM MACDONALD REALTY...

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