Next to the weather, real estate is likely the hottest topic in Squamish.
(Actually, Google Trends data shows that the Johnny Depp versus Amber Heard saga is the hottest topic everywhere, but we digress.)
Back to real estate, a new real estate brokerage company in Squamish, Properly, has released an AI Instant Estimate tool the company says will be useful for locals.
It shows how homes have appreciated throughout the pandemic by comparing the sold prices of homes bought in the region from July to December 2020 — when real estate activity was most active that year.
And, no surprise, it shows Squamish is one of the municipalities that saw the most home value appreciation — 40%.
Other communities on the list include:
- Maple Ridge - 49%
- Ladner - 40%
- Pitt Meadows - 39%
- Port Coquitlam - 37%
"During the pandemic, the difference between the home prices in cities, city cores, and the suburbs dramatically decreased. So, in other words, all the properties went up during the period, but the homes in the burbs appreciated a lot more," said Angela K Lavigne, currently the sole Squamish real estate agent with Properly.
"So, pretty much what was happening is everyone was getting remote work, and the people who were stuck in condos downtown, they couldn't go to bars or enjoy any live entertainment or really do anything... So they were thinking, 'I need more green space. What am I going to do with my kids? What am I going to do with my dog? I can't enjoy the city what the city has to offer."
Home appreciation relates to a home or investment property that increases in value over a certain period.
Using the tool, it shows that these are the top two Squamish Neighbourhoods with the highest increase in appreciation:
- Garibaldi Highlands - 46%
- Brackendale - 43%
More recently, however, Lavigne says things have cooled off a bit in town.
"We're getting to a more balanced market now, definitely. Things are not flying off of the shelves like they were... There were times when people were getting 20 offers, and there were no inspections and no financing clauses."
What this means is that the list prices of homes are going to be a lot closer to the actual sale price, unlike in the heat of the pandemic when places were selling sometimes high above the asking price, she said.
"I feel like buyers are going to have a lot more power in the next six months, which is nice," she said.
How to use Instant Estimate:
- Create an account and login
- Insert address. Instant Estimate populates the home value. If your results don’t immediately populate, click “Add home facts” to help generate your estimate.
Current REBGV numbers
According to the Real Estate Board of Greater Vancouver stats for April, the benchmark price for single-family homes in Squamish has increased 20.5% since 2021. The benchmark price of a detached house was about $1.63 million in April, up from about $1.35 million.
Condos were up 24.7%, with the benchmark price at $677,800 in April, while it was at $543,700 in April of 2021. Townhomes have gone up 25.2% to about $1.07 million in April this year over $852,200 in 2021.
Find more on the REBGV report.
~With files from Jess Balzer/Burnaby Now
