April’s numbers are in!
We’re still seeing a low in active listings and an increase in demand for homes in Whistler. As I mentioned last week in the market report this is causing an increase in home prices. This demand is causing highly competitive conditions for properties like townhomes.
Always feel free to reach out and chat with me about the current real estate conditions: 604-932-9590.
Whistler Market Update: 2022 was a bit of a roller coaster for the Whistler market.
The first two months of 2022 resembled the fast pace of 2021, but sales slowed significantly throughout the remainder of the year. This came as a function of economic uncertainty, with both a poor performing stock market and rapid interest rate increases, and also an overall misalignment of buyer and seller expectations. Despite lower or falling property prices in certain regions of the country, prices in Whistler remained strong.
The median sales price of a Whistler property in 2022 was $1,200,000, up from 1,050,000 in 2021 and a significant increase from $823,600 in 2019. In regards to inventory, Whistler started the year off at historic lows, and inventory has increased slightly throughout the year, but still sits about 40% below the 10-year average with under 200 active listings.
Looking to 2023, we expect sales to pick up and prices to remain steady as Whistler market is bolstered by limited supply and high demand.
Whistler and Pemberton are both exempt from the Foreign Buyer Ban, which is expected to drive some foreign investment in the area for those non-residents looking to purchase in Canada.
If you are interested in more detailed stats or would like to subscribe to our quarterly market updates, please feel free to call me at your convenience.
The median sales price of a Whistler property in 2022 was $1,200,000, up from 1,050,000 in 2021 and a significant increase from $823,600 in 2019. In regards to inventory, Whistler started the year off at historic lows, and inventory has increased slightly throughout the year, but still sits about 40% below the 10-year average with under 200 active listings.
Looking to 2023, we expect sales to pick up and prices to remain steady as Whistler market is bolstered by limited supply and high demand.
Whistler and Pemberton are both exempt from the Foreign Buyer Ban, which is expected to drive some foreign investment in the area for those non-residents looking to purchase in Canada.
B.C.’s Cooling-Off Period
In recent weeks, you may have heard about BC’s new Home Buyer Rescission Period, also known as the “cooling-off period,” allowing home buyers to back out of a residential purchase within a set period after signing a contract. The BC government introduced this change to real estate contract law to ‘cool off’ the market and the speed of decision making. The new regulation took effect on January 1, 2023, and regulates all residential real estate, with few exceptions, regardless of whether a licensed real estate representative is involved in the transaction.
Home Buyer Rescission Period
The Home Buyer Rescission Period allows homebuyers to rescind a contract within three business days after the final acceptance of a firm and binding offer. The rescission period applies to all contracts, regardless of subjects, and cannot be waived by either the seller, buyer, or their representatives. During this period, homebuyers can legally withdraw from the firm and binding offer in exchange for a fee of 0.25% of the purchase price.
If you have any questions about the new regulations, we encourage you to contact Whistler Real Estate; one of our qualified agents would be happy to walk you through the new regulation and its implications for buyers and sellers.
Canada’s Foreign Buyer Ban
As of December 21, 2022, we now have clarity that Whistler and Pemberton are excluded from this foreign buyer ban. Both Whistler and Pemberton fall outside the Prohibition on the Purchase of Residential Property by Non-Canadians Act definition of “Residential Property” – which states that the prohibition applies to ‘residential property located in a census metropolitan area or a census agglomeration’. We are happy to share that our real estate markets in Whistler and Pemberton will remain open to investment, despite the ban.
📍 3137 Hawthorne Place | Brio
Welcome Home! I had the pleasure of assisting the buyers who had decided to make Whistler their new home. The property location was perfect in a quiet cul de sac, within walking distance to the village. I am sure they will enjoy raising their children in this home just as much as the sellers did. Congratulations! Listed at $4,949,000
🔸6 Bedroom 🔸4 Bathroom 🔸3,500 sq.ft. home 🔸13,338 sq.ft lot 🔸 Quiet cul-de-sac 🔸 Private Yard.
It’s been a fantastic year and an honour to be recognized again for another year as a 2021 Medallion Club Realtor by the Real Estate Board of Greater Vancouver! Thank You to all our valued clients and Congratulations to all of those who received this well-deserved recognition!
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As the final week of 2020 is upon us, we know no one could have imagined what the year had in store. We want to recognize the incredible strength that we have witnessed from those in our community and how we have adapted to the challenges of this year.
On behalf of my licensed assistant Jamie Dowling and myself we wish you a healthy and prosperous year ahead.
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The mountains are snow capped around Whistler as we anxiously await another ski season! Looking back over the last few months, the real estate market has been anything but ordinary, “astonishing” might be a better term to describe it. Despite the pause we had in our 2nd quarter this spring, the 3rd quarter market more than made up for this and has come back even stronger. In fact we have now surpassed our year to date sales from 2019 as you will read below.
If you are thinking of making a move in the market, either as a buyer or seller, I would be happy to sit down and discuss what opportunities exist for you in today’s marketplace. Please feel free to call/email or stop by the office the next time you are in the village.
Let it snow!
The third quarter of 2020 saw a significant surge in activity in the Whistler marketplace with all sectors returning to pre-COVID activity levels. This activity also moved sales values higher overall and all indications are that market activity in 2020, despite all the uncertainty, will exceed the market performance of 2019.
Like most recreational and small resort areas across North America, the Whistler marketplace experienced a very definite “V” recovery which can be attributed to the pent-up demand created in the second quarter of 2020, perceived COVID safety of small towns, and their political and personal safety, inflationary concerns, and wealth creation in the stock market.
Market Report Snapshot
The strongest level of interest in the third quarter was in the single-family and townhouse sector, which saw the highest level of activity for a single quarter since 2016.
The luxury market (properties over $4,000,000) also reached unprecedented levels with an over 300% increase in activity as compared to the previous quarter.
Condominiums continue to lag the other sectors in terms of activity (particularly those that are oriented toward short-term rentals), due to concerns related to tourism; however, it’s important to note that values for condos have not weakened.
Currently the average sale value for a single-family home sits at $3,275,000 (median of $2,389,000). Townhomes are $1,409,380 (median of $1,199,000) and condominiums are $879,496 (median of $715,000).
*median values are the point which defines the halfway point of total sale activity (50% is above, 50% below)
What does the Final Quarter of 2020 hold?
The final quarter of the year, in our opinion, offers less predictability than in past years. Uncertainty related to the pandemic, political change, and the impact that could have on tourism, financial stability, and how this will impact consumer demand for real estate re-enforces the old saying, “We don’t know what we don’t know”.
That being said, the fundamental framework of the Whistler marketplace is very favourable to real estate investment, and as one of the most beautiful places in the world, it is a place that will attract buyers which will support values and equity.
Now more than ever, it is important to get an up to date assessment of the marketplace and detailed information about specific properties that are currently available in the market. If you are thinking of making a move in the market, I would be happy to discuss your options. Please feel free to call or drop by the office at your convenience.
Information in this report is based on all data reported activity to the Whistler Listing System as of October 5, 2020. This information is deemed reliable but is not exhaustive.
Watch President, Patrick Kelly, as he goes into detail about the exciting, unpredicted third quarter Whistler and Pemberton Real Estate Markets experienced after the COVID shutdowns in the second quarter.
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Just Listed – 4150 – 41 Tantalus Drive – Northern Lights
Listing Details – https://bit.ly/NEWLISTING41NorthernLights
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Greetings from Whistler!
It looks like we are heading into another great weekend, the rain has subsided for now and we are in for a week of sun!
Although the final numbers are not in for this year’s 3rd quarter, it is however clear that we have surpassed our 2019 year to date sales in both Whistler and in Pemberton. This is quite remarkable given the 3 month pause we had this spring due to all things Covid-related. At this point it doesn’t seem like market is slowing down. Our listing inventory went up to about 425 listings in the spring and is now hovering at about 375 listings. We have also seen the return of multiple offers on several properties.
If you are thinking of selling, now could be a good time. As a buyer, now is not a time to sit on the fence, if the right property comes up, there is likely someone else interested as well.
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Whistler Market
27 New Listings
14 Price Changes
26 Sales
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Pemberton Market
8 New Listings
2 Price Changes
6 Sales
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This just in… “Whistler Blackcomb will use reservation system to ski and ride this season.”