2006 Activity Summary

2006 was another busy year for the real estate market in Squamish.

There has been a shift in Squamish from the purchase of single family dwellings to apartments. The reasons are two-fold: the affordability factor and the development community have built more apartments in Squamish than ever before. This trend is expected to continue as the cost of land and price of construction continues to rise and affordability remains an important aspect to buyers.

The biggest change in the market was in the apartment sector. Sales were up by 175 per cent from 48 units sold in 2005 to 132 units sold in 2006. Median prices rose by 51 per cent.

The total number of sales in Squamish was up 559 in 2006 from 435 sales during 2005. The number of single family homes sold was up by 6 per cent from 241 in 2005 to 257 in 2006, with little price increase. Sales of town houses were up by 16 per cent, from 146 in 2005 to 170 in 2006. Prices increased 14 per cent.
The market is expected to remain steady and price increases to be modest for 2007 as many of the new projects planned for the area will not be completed until later in the year.

Bright spots in Greater Vancouver in January 2007 compared to January 2006:

Detached:
Squamish	Up 72.7% (19 units sold, up from 11)
Attached:
Squamish	Up 183.3% (17 units sold, up from 6)

Bright spots in Greater Vancouver in February 2007 compared to February 2006:

Apartments:
Squamish	Up 900% ( 20 units sold, up from 2

We saw a lot of activity in the condo market. This was due in part to resales from completed developments, but also due to more and more consumers realizing that apartment properties are great lifestyle alternatives to detached homes and also great real estate investments.

Bright spots in Greater Vancouver in March 2007 compared to March 2006:

Apartments:

Squamish up 150% (20 units sold, up from 8)

Consumer demand for property is still very, very high and the market is heating up as a result. With year-over-year double-digit price increases pushing the average price for a single-family home to near record levels, sellers are continuing to get excellent value for their homes. Despite these price increases, buyers are still not shying away from this market. New listings are still very tight, but the increase in total listing inventory is opening new opportunity for people to make that long awaited move to their new home.

Each month recent comparable data for homes listed and sold in your neighbourhood is used to determine the current trend of housing prices. The graphs shown indicate the active listings, number of units listed and the number of units that were sold covering a period from March 2006 through to March 2007.