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Residential property values drop by about 1 to 2% in Squamish

2024 BC Assessment values single-family homes at median of $1.475 million, strata homes at $830,000, a 1 to 2% drop compared to 2023.

Both single-family and strata homes in Squamish have dropped in value by 1% and 2% respectively since last year, according to the newest valuations.

According to the newly released 2024 BC Assessment, which conducted valuations in July 2023, single-family homes in Squamish dropped from $1.496 million to $1.475 million on average. Squamish strata homes, such as townhomes or condos, dropped from an average of $844,000 to $830,000.

“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” said Bryan Murao, an assessor with BC Assessment, in a news release. “Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years.”

Different neighbourhoods in Squamish earned different valuations.

In the Garibaldi Highlands, single-family homes dropped by 2.5% and strata homes dropped by 4.2%. 

Garibaldi Estates saw an increase in value for single-family homes by 2.6%. Strata homes in the neighbourhood dropped by 2.9%.

In Dentville and downtown Squamish, single-family homes were nearly the same, only dropping 0.1% whereas strata homes in the area dropped by 2.4%.

What BC Assessment calls “Middle Squamish,” which includes Northyards and the Loggers East area, single-family homes barely increased by 0.5% and strata homes dropped 3.4%. 

Brackendale was similar as single-family homes stayed almost the same, only dropping by 0.2%, and strata homes dropped by 2.8%.

Valleycliffe had the largest drop in valuation of all the neighbourhoods. Single-family homes in Valleycliffe dropped by 4.9% and strata homes dropped by 7.1%.

Across Squamish, properties in the business and other class saw an increase of 6.4% in value, which includes retail properties, office buildings and most warehouses. The light industry class saw an increase in value by 20.4%, which includes properties used for extracting, manufacturing or transporting products including ancillary storage, according to the BC Assessment website.

In the Sea to Sky Corridor, single-family home values decreased by 2% in Whistler, but increased by 1% in Pemberton. To the south of Squamish, single-family home values decreased by 4% in Lions Bay and they stayed nearly the same on Bowen Island.

For strata homes, Whistler saw a decrease of 1% in value, while the City of North Vancouver stayed generally the same. Information for Pemberton, Lions Bay and Bowen Island were not included in the list.

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