Nanci Fulton

Already this month there have been 53 homes sold, 64 new listings and 18 price changes. If you live in Squamish you’ve probably noticed for-sale signs popping up in your neighbourhood and sold signs quickly following. Many houses are being sold within days of entering the market, above list price and with multiple offers. As the weather heats up, and tourists from around North America start exploring the natural world around us- demand is expected to continue.

Looking back at April we saw the strongest April on record for dollar volume ($40 million). There was a total of 47 homes sold, 16 townhomes, and 36 apartments. Single family homes and apartments/ condos had the most interest while the townhome market appeared to cool slightly in in April.

The Squamish Oceanfront Development was in the news earlier this month; Nexen Beach was officially renamed Newport Beach. Construction has commenced on the oceanfront lands; initial ground-works have begun with the education precinct and parklands are to follow. Read my latest Blog post, Welcome to Newport Beach Squamish, for more information about the Newport Beach Development.

This month saw changes to the contract assignment regulations. A contract assignment is when an interest in property is transferred from the sellers to a new party before completion date. The real estate market in British Columbia, most notably Vancouver, was seeing Realtors and sellers profiting on the hot real estate market by flipping property. New regulations to protect the seller and the buyer stipulate the seller must give consent to assign the contract and any profit from the assignment goes to the initial seller.

As Vancouver’s real estate market continues on at a frenzied pace markets surrounding Vancouver (including Squamish) are feeling the effects. The real estate market in Squamish is expected to continue at a steady pace this summer, making 2016 an excellent time to sell your home.

For more information on Squamish’s real estate market and to find out what your home may be worth contact Nanci.

There’s been a lot of exciting news in Squamish this year and perhaps the most exciting would be the breaking ground of the Squamish Oceanfront Development, now called Newport Beach. On February 3^rd 2016 59 acres of waterfront land transferred from the District of Squamish to Newport Beach Developments Limited Partnership. The construction has begun on Squamish’s waterfront dream set to house 6500 residents, create 2300 jobs and establish over 21 acres of parks, public space and community facilities. The project is expected to take 20 years to complete.

 The sub area plan has been implemented and initial work has already begun. The first order of business is to commence site filling and grubbing. The entire site will be brought up to current flood levels complying with city standards. Once the site preparation is finished construction will start on the Green Tech Centre, Education Complex and Public Park.

The University of British Columbia has signed a statement of cooperation with Newport Developments to establish a Clean Energy Research Centre with some student residences. This synergy will develop sustainable employment in the community and bring Squamish to the forefront of innovation and technology in the renewable energy industry of Canada.

The public park is also one of the first areas to be developed in Newport Beach and will include kilometres of biking trails, green space and waterfront walkways. There isn’t expected to be any interruptions to walkers and bikers at Newport Beach (Nexen Beach) this summer, although some parts of the trail may be closed temporarily.

In terms of real estate development there is lot to be excited about for community members in Squamish and investors. An Oceanfront Hotel will be built in the second phase of the development followed by the first two residential projects in the third phase. The residential developments will be built on the marina boardwalk with further residential developments happening in later stages of the project.

If you are interested in investing in Newport Beach, you are not alone! This development has been attracting investors from all over North America since it started as a whisper years ago. As a Realtor in Squamish for over 25 years I have seen the town go through waves of development and this is certainly the most exciting project I have seen as of yet.

If you would like to stay up to date on the latest happenings of Newport Beach | Squamish Oceanfront Development send me an email nancifulton@shaw.ca and I will add you to my update list. Alternatively, I would be happy to sit down with you and discuss the impact of Newport Beach on Squamish and what it means for the local real estate market.

** Latest News** (June 2016) Construction has started! The ground has broken and construction on the new office building has commenced in Lot 4. Environmental monitoring continues and the foreshore design is underway.

Planning has started on the first major development at Newport Beach, the Green Technoloy Centre which includes the Green Tech Office Building and Research and Development Facility. Here are some artist drawings of the two buildings:

Green Tech Building

Research and Development Facility

Want to stay up to date with the latest development news in Squamish including the Newport Beach Oceanfront Development? Contact me today nancifulton@shaw.