Squamish Is One of BC’s Fastest Growing Communities. Is Your Land Being Valued Accordingly?

In June 2024, the District of Squamish adopted a new R-1 zone replacing the legacy RS-1, RS-2, and RS-3 residential designations. Under R-1, all standard residential lots now permit up to four units as-of-right — without requiring a rezoning application. R-2 through R-5 zones were adopted in February 2025 for properties in flood hazard areas. For most Squamish homeowners, this means the development potential of their property increased significantly in the past 12 months. Whether the development market has fully priced that in for your specific address is a separate question — and one worth asking.

Properties designated Downtown Commercial Centre in the core of Squamish can be rezoned to permit mixed-use residential and commercial buildings of up to six storeys and 3.0 FSR. This designation applies to properties along the main commercial corridors of Downtown Squamish and represents some of the highest-value development land in the Sea to Sky corridor. Wallace Green has represented sellers on two Downtown Commercial Centre transactions totalling $16.9M — including an assembly on Third Avenue that sold off-market at $13,940,000, coordinating four separate owners including three individual homeowners and a developer holding six lots.

The District of Squamish adopted the Garibaldi Estates Neighbourhood Plan in May 2025, supporting ground-oriented townhouse development up to three storeys with rezoning applications at approximately 0.8 FSR. The neighbourhood is walkable to Garibaldi Village, adjacent to transit and schools, and subject to planned public realm improvements. Wallace Green currently has an active 5-lot, 2.5-acre assembly on Diamond Head Road in Garibaldi Estates designated for six-storey mixed-use development. If you own property in Garibaldi Estates and have not yet had an independent conversation about what it is worth to the development market, now is the time.

A land assembly is when two or more neighbouring lots are sold together to a single developer as a combined site. Assembled sites command a premium over individual lots because the combined footprint enables a development project that no single parcel could support alone. In Squamish — where lot sizes are generous and developer appetite is strong — the assembly premium can be material. Wallace Green coordinated the Third Avenue assembly involving four separate owners, including three individual homeowners and a developer already holding six lots in the area. If you are curious whether your neighbours represent an assembly opportunity, that is exactly the conversation to have with Jamie.

Do not respond until you have independent analysis. A developer who approaches you has already run the numbers on your property — their approach reflects what they want to pay, not what a properly structured competitive process will produce. Before engaging with any developer, spend an hour with Jamie Wallace to understand what your property qualifies for, what it is worth in the current market, and whether your neighbours represent an assembly opportunity that could produce a significantly better outcome than selling your lot alone.

Squamish has experienced sustained population growth driven by families and professionals priced out of Vancouver, remote workers drawn to the outdoor lifestyle, and infrastructure investment that continues to improve connectivity along the Sea to Sky corridor. Housing demand has consistently outpaced supply, creating strong developer appetite for both residential and mixed-use sites. At the same time, provincial legislation under Bill 44 has increased what is permitted on residential land across the community, making a broader range of properties attractive to developers who previously focused on higher-density zones only.

Tax treatment depends on your specific situation — how long you have owned the property, whether it has been your principal residence, how the transaction is structured, and applicable rules at the time of sale. Development land sales can have materially different tax implications than standard residential sales. Speak with a qualified tax accountant before making any decisions. Wallace Green works alongside professionals who specialise in development land transactions and can make introductions where needed.

Yes. Most of the Squamish landowners who call Jamie are not planning to act immediately. They want to understand what the zoning changes mean for their specific address, what the development market will currently pay, and whether there are options — including assembly — worth exploring before any decisions are made. The consultation is free, confidential, and carries no obligation. Understanding what your land is worth does not commit you to anything — it just means you are making future decisions from an informed position.