Housing prices in Squamish are the fastest rising in the Lower Mainland, according to a report by the Real Estate Board of Greater Vancouver.
A detached home's benchmark price in June was $522,590, up 24.6 per cent from the same period a year earlier - the highest rate of increase 1n the region with Vancouver West having the second largest price increase at 18 per cent.
"We are not seeing product come on to the market fast enough to meet demand so prices are going way up," said Candice Dyer of MacDonald Realty. "We need more coming on line in all types of housing, not just detached.
"We're in a place now where we're seeing houses that aren't that great getting more than what I would think they are actually worth."
Detached homes aren't the only housing that have seen a significant increase in the last year. The average price of attached housing, such as duplexes or townhouses, is currently $363,500, up 29 per cent from this time last year when they cost an average of $282,000.
Apartments and condos have also seen a significant increase going from $218,000 to $274,9000.
"Unless a lot of inventory becomes available we won't see this slow down at all," said Dyer.
The average price has partly been affected by the types of homes that have exchanged hands in recent months, with more expensive properties entering the marketplace.
"We're starting to see high end homes come on to the market in Squamish," said Coun. Greg Gardner. "Now obviously sales in the very high end of the market drive the median and average prices up."
The current prices are adding to the strain on Squamish's affordable housing market as well.
"On the affordable side of things, the more inventory that is available the easier prices will remain manageable," said Dyer.
With a number of housing projects currently underway the demand on the apartment and attached markets is expected to decrease slightly, according to the real estate board.
However, Gardner said that in order for there to be an impact on affordable housing a wide range of homes, including detached homes, need to be made available.
"As a district I think we're doing a good job of bringing market housing on stream in the foreseeable future," said Gardner. "But we could be putting more effort into social housing projects which would help the affordable housing market."
