Despite a general decline in home values across the Lower Mainland, several smaller markets are demonstrating resilience, with some even experiencing growth. This trend is particularly evident in communities like Squamish, Anmore, and Bowen Island, where lifestyle appeal and population growth are seemingly outweighing broader market pressures.
Key Takeaways
- Smaller communities like Squamish, Anmore, and Bowen Island are bucking the trend of declining home values in the Lower Mainland.
- Squamish has seen increases across all housing categories (detached, attached, and condos), with a median condo value higher than Vancouver.
- The appeal of these markets is increasingly attributed to lifestyle factors rather than lower costs.
Squamish Leads the Charge
Squamish, once a logging town, has transformed significantly. Local Realtor Lisa Bjornson notes that homes exceeding $2 million, previously an anomaly, are now common, with 37 sales over $2 million and four over $3 million recorded last year. The community has seen its population grow by nearly 50% in the last decade. Notably, Squamish is the only jurisdiction in the Lower Mainland to record increases across all housing types, with its median condo value surpassing that of Vancouver and North Vancouver City.
Lifestyle Over Price
Bjornson emphasizes that the driving force behind Squamish's market strength is lifestyle. "People want to be here," she states, highlighting a shift where residents are willing to invest in higher-quality homes to enjoy the community's offerings. This sentiment is reflected in the types of homes being built, which are now comparable to those found in more established, affluent areas like West Vancouver or Whistler.
Anmore and Bowen Island Show Growth
Beyond Squamish, other smaller municipalities are also defying the downward trend. The Village of Anmore, with a population of around 2,600, saw a four percent increase in detached house values year-over-year. Similarly, Bowen Island, home to about 4,700 residents, experienced a 2.3 percent increase in the median value for attached housing (duplexes and townhouses).
Broader Market Trends
In contrast, larger markets within the Lower Mainland region, including Vancouver, Surrey, and Richmond, have generally seen declines in median home values across all housing types. This includes significant year-over-year drops in attached housing values in cities like Richmond and Surrey. Analysis of B.C. Assessment data confirms a widespread trend of declining or flat values for detached houses across most of the region, stretching from Hope to Pemberton.
