Who can forget riding on one of those classic wooden roller coasters that pitched back and forth so energetically it caused the lowermost extremity of your digestive tract to come close to being embarrassingly compromised?
Welcome to the topsy-turvy Squamish real estate market, where prospective buyers from here, there and everywhere are lining up to get a piece of the action.
Realtors and developers smell the heady brew of unprecedented demand after years of stagnation. And with infrastructure upgrades and other major expenditures hanging over their heads, revenue-hungry municipal officials are fast-tracking development around the valley.
Last week, Polygon Homes, a highly respected B.C. builder, scooped up the Garibaldi Springs Golf Resort from local real estate kingpin Doug Day. A telephone conversation with Day shed further light on that transaction and the future trajectory of this market. He said housing prices here are finally catching up with other jurisdictions. While prices tripled in the Lower Mainland, they dropped by 25 per cent from 2007 to 2015 in Squamish. One factor, according to Day, was the excessive red tape at muni hall that delayed the Crumpit Woods project in Valleycliffe for close to 15 years.
The turnaround period is significantly shorter now, but Day said it will still take considerable time for the approval and construction process to be completed. As a result, when new homes are offered for sale, prices will be higher because of rising demand.
Up until recently, according to Day, this former logging town had a reputation as “the armpit of the earth.” Now, he said, “It’s the hip place to be, you no longer have to make apologies for living in Squamish.” And the easy commute to the Lower Mainland on the upgraded Sea to Sky Highway is certainly helping to seal the deal for many buyers.
In a recent email exchange, local realtor Simon Hudson said conditions are in place to allow this rising market to continue. The main reason is what he calls “the discovery of Squamish” through the exposure created by the Sea to Sky Gondola, the Squamish Waterfront Development and the evolution of Quest University. As well, low interest rates and out-of-control prices in Vancouver have made Squamish “not just the affordable alternative, but the preferred alternative.”
The number of local buyers hasn’t really changed, but the number of out-of-town and foreign buyers has “definitely increased,” said Hudson.
But, he cautioned, “some segments of the market will experience incredible growth while others take a back seat, and then the roles will reverse.”
Clinch those gluteus maximus muscles, folks – we’re in for a turbulent ride.
