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SQUAMISH REAL ESTATE MARKET REVIEW: NOVEMBER 2018
Here is a quick update on the sales and listing activity in Squamish for the month of October. As we came to the to the end of the third quarter, overall market conditions indicated that the pace of sales had slowed, prices were adjusting downward, and listing inventory was on the rise. These trends most definitely hold true for the year-to-date; however there was more activity in October than we saw in September.
Despite this good news for sales activity, we cannot interpret this to mean that there has been any reversal to the overall market trends. Sales in 2018 remain significantly lower than 2017 at the same time. The differences seem to primarily be in the townhouse and apartment sectors of the market, albeit single-family home sales are also down, but to a lesser amount. Sales for this month dropped by 29% for single-family homes, 60% for townhouses, and 65% for apartments compared to one year ago. When comparing the first 1 0 months of sales last year to this year, the decrease remains on par for what was seen in the first 9 months of the year.
The expected interest rate increase (by 0.25% of a point) from the Bank of Canada did occur in October as was anticipated. This may send a few more buyers into the market if they have pre-approved mortgages they want to make use of at the lower rate. For now, buyers are being cautious and have time on their side when making a buying decision so sellers must be price sensitive and patient in the present climate that favors buyers.