Where To Buy Your Next Investment Property?
My potential buyers and investors are puzzled lately after the new BC Speculation and Foreign Buyer Tax. They are uneasy to make a wise decision to justify if the market is stable for them to enter at this time. While this group of buyers are observing what will happen to the market, the housing market in Metro Vancouver is hotter than before. The next question in their mind will be – “Where To Buy My Next Investment Property?”
While the provincial government’s budget offers solutions to try and curb the housing affordability crisis, taxes aimed at correcting the housing crisis in Vancouver won’t include Squamish, BC.
More detail article: Expanded foreign buyers tax in provincial budget won’t apply to Squamish
Conveniently located between the 2010 Olympic Winter Games host cities of Vancouver and Whistler, Squamish (pop. 18,000) justifiably bills itself as “The Outdoor Recreation Capital of Canada.” The breathtaking mountain and ocean views that visitors enjoy while driving along the Sea-to-Sky Highway (Highway 99) to Squamish whet an appetite for outdoor recreation. From Downtown Vancouver, Squamish is about 50 mins drive, and from Whistler, it’s approximately 40 minutes.
Squamish: Lowest Vacancy Rate with Increasing Rent
The latest Canada Mortgage and Housing Corporation (CMHC) rental market report has shown a sharp increase in rental prices for Squamish, up 16.7 per cent over last year.
“People are looking for other options for Metro Vancouver. They look at Squamish and say ‘that commute isn’t so bad’ compared with living in, say some place like Delta, and having a similarly long commute. Driving on the Sea to Sky every day is an option people are considering. And the lifestyle of course, which is nice.”
Census data from 2016 showed over 30 per cent of the Squamish population has a commute of over 45 minutes to work. By comparison, less than six per cent of Whistler reported a similar commute. Not all Squamish workers are heading south in the morning though. Some are living there to avoid the higher rents in Whistler.
A waterfront master-planned community by Bosa Properties of approximately 900 ground-oriented townhomes and apartments just steps from downtown Squamish. This neighbourhood will feature a waterfront park, public plaza with amenities, shops, cafes, extensive trails and pedestrian corridors. The development starts selling in 2018
For Real Estate Consultation please call 604.723.3699