Welcome to Summer in the Mountains!

Although we have had a cooler start to the summer weather wise, the market is hot! As you will read below, sales are way up. If you have been thinking of selling, there couldn’t be a better time. Buyer demand continues to be strong and listing inventory is low.

Wondering what your property is worth in today’s market? Please drop by the office or give me a call at your convenience. I would be happy to discuss the market in relation to your property and the best time to be listed.

If you are thinking of buying, good properties don’t last long, so it’s important to be prepared to act quickly when the right property comes on the market. Between my associate Teal and myself there is always one of us available – 7 days a week!

Have a wonderful summer!

July Market Update

The first six months of 2016 have seen a dramatic increase in all categories of the Whistler and Pemberton real estate markets. The total number of transactions, total dollar value traded and average value of transactions all saw double digit increases as compared to the same period last year.

Spring Update

On the heels of a very successful ski season, we are continuing to see an increased demand for Whistler properties; as you will read in the market update below.  This, coupled with the recent announcement of Whistler Blackcomb’s Renaissance Expansion plans, is very positive news for the Resort in continuing to strive to be the best.

We hope you can enjoy all that Whistler has to offer this summer with 5 lakes, the mountains, 3 golf courses and a multitude of activities, there is no shortage of things to do for every age group and member of the family.  A common local saying is ”you come for the winters, but stay for the summers”….I encourage you to check it out for yourself!

Have you been thinking of buying or selling?  I would be happy to give you an update on the market specific to your needs.  Please feel free to give me call or drop by the office the next time you are in the Village, I would be happy to  meet with you.

Here’s to an amazing summer!

April Market Update

The first quarter of 2016 reported the most active quarter of real estate activity since mid-2004. Overall, over 300 transactions were finalized in the first 3 months of the year. This represents a 63% increase in activity as compared to the same period a year ago and a 26% increase over the previous quarter. As a result, the average transaction value has increased by 4.2% since the start of the year.

Demand for Whistler real estate is being driven by favorable exchange rates, low interest rates, extremely active real estate market activity in the Great Vancouver area, and Whistler’s ongoing evolution as a diverse year round community.

All market segments showed strong buyer interest limited only by the continued low level of available opportunities. The condominium market in particular posted its strongest quarter since 2003.

The overall average transaction value rose by 4.8% to $840,000 over the course of the quarter. However, both single family homes and townhouses showed big jumps of almost 40% in average transaction value as purchasers focused on higher value properties through the resort.

Currently, the average transaction value of a single family home is $2,284,000, while townhouses ring in at $1,042,000. Condominium values fell slightly to $314,300. Single family lots average to $1,072,000 to date and shared ownership/quarter shares fell slightly to $75,000.

Current market activity is being determined largely by what is being offered for sale and we expect that general statistical analysis will be quite volatile going forward. As Whistler is a small and it is important for buyers and sellers to look closely at more detailed data for both the type of property they are considering/selling as well as the neighbourhood in order to get a true picture of their particular area of interest.

Going forward we expect prices to remain strong as the factors driving demand for real estate in Whistler will likely remain unchanged. Sellers will continue to be firm on prices and buyers will need to be decisive to avoid disappointment.

Happy New Year!

The ski season is off to an amazing start and the resort is having a banner year so far! It’s also a year to celebrate the 50th anniversary of the ski mountains, as Whistler Mountain (originally known as The Garibaldi Lift Company) opened its doors for business in 1966. Times certainly have changed from that small town to our now world class destination.

On the real estate side, we are continuing to see an increase in sales activity in all segments.  If you are thinking of selling, now would be a good time to consider listing as there is very little supply in relation to the demand from buyers.

Please call or drop by the office if you have any questions on the market or if you would like an update if you are thinking of buying or selling.

Wishing you a fabulous 2016!

Market Report: 2015 Year In Review

2015 was the fifth consecutive year of improvement for the Whistler real estate market in terms of both total sales activity and total sales value. Our data indicates that the market has fully returned to the conditions that were typical of Whistler prior to the financial collapse of 2008/2009.

Demand for Whistler real estate, as a result of Whistler’s continued evolution as a diverse year-round mountain community, an active real estate market in the Greater Vancouver area, low interest rates, and a favorable Canadian dollar, resulted in price increases across all market segments.

Overall, the total number of sales rose by 14.4% when compared to 2014 with a total value in excess of $673 million. The average transaction value for 2015 reached $799,937. This is the highest average we have seen since 2007 and shows an increase of 10.5% over the end of 2014.

Activity in the single-family home market increased by about 22% with an average transaction value of $1,697,000. This is a 5% increase over 2014.

The condominium and townhome markets saw a 6% increase in the total number of transactions with average sales prices sitting at $415,600 (a 7.1% increase over 2014) and $756,142 (an 8.4% increase over 2014) respectively.

The luxury real estate market also experienced a very strong year with a 33% increase in the number of sales over $2 Million.

The total number of properties being offered for sale in Whistler is currently at its lowest level in over a decade. As a result properly priced new listings are selling very quickly.

Going forward, we expect prices to remain strong as the factors driving demand for real estate in Whistler will likely remain unchanged. With no new development planned and as a result of the recent levels of activity, we do expect sales activity to fall in 2016 as a result of the lack of opportunities within the marketplace.

In this rapidly changing and dynamic marketplace, it is important to stay up-to-date on current market conditions by contacting one of our knowledgeable, local agents.

*Based on Whistler Listing System statistics Jan-7-16

Fall Into Winter…

On the heels of another amazing summer, we are getting excited for another ski season! The leaves are turning color, the air is crisp and we are seeing the occasional dusting of snow on the mountain tops as we focus our attention to winter activities. In fact we are very proud to again have been voted the #1 Ski Resort In North America by Ski Magazine this year — a great acknowledgment to not only Whistler Blackcomb, but to all the great amenities, activities and people behind the businesses we have in the resort. It is clear this is no secret and has translated into an upswing in the real estate market as well. Many people have decided to take advantage of the property buying opportunities these last couple of years and we are now back in a seller’s market in many segments of the market, as you will read below.
If you are thinking of buying or selling, or would like to get a more specific market update tailored to your property interests, feel free to call or drop by the office.

Happy Thanksgiving!

Market Report

With three quarters of 2015 in the books, the Whistler real estate market is on track to have its most active year since the Olympics in 2010.

Total market activity is ahead 6.5% as compared to the same period one year ago. As a result, prices have continued to strengthen in all the major real estate categories. Overall, the average sale value of a transaction has increased by 10.7% since the beginning of the year to $801,468. This is also the highest level we have seen since 2010.

The single-family home market has been very strong throughout the year with an almost 20% increase in activity over 2014. Average sales value has also increased 5% to $1,727,000 since the start of the year.

The townhouse market remains healthy although activity is down slightly due to a significant reduction in properties being offered for sale. The average townhouse transaction value over the last 9 months is $778, 853, almost 14% higher than the same period last year.

Activity in the condominium market remains strong and average transaction values have increased by 6% to $394,326. With a strong summer season, rental properties are showing improved income performance and increase in interest as a result.

Based on current activity levels reported by our agents, we expect the balance of the year to continue to be strong. Favorable currency rates for non-Canadians, historically low levels of offered properties (listings), and the continued growth of diversity in the Whistler experience keeps the resort as a desired destination and real estate opportunity.

The Whistler marketplace is unique and nuanced and only a full time, professional sales person is fully equipped to provide you with all the information needed to make the right decision.

Welcome to Summer in the Mountains! Not only is the weather hot, so is the market!

As you will read below, the market continues to be robust in many segments.  We are also seeing more interest in vacant land and tear down properties as more buyers are looking to build new homes. Just drive around town and you will see several construction sites in every neighborhood.  In addition, there is still very good value in already built property, as building costs are at a point where replacement costs of existing homes are significantly more than what you can purchase an already built home for.

Market Report

Strong, steady and consistent is the best description of the Whistler real estate market during the first half of 2015. Overall, the total number of transactions was equivalent to that achieved in the same period of 2014. We have now had 8 consecutive quarters of strong market activity and it is safe to say that the Whistler market has fully recovered from its post-Olympic financial crisis doldrums.

As a result of strong and consistent market activity, real estate values have trended upwards as buyer interest focuses on higher priced properties. The overall value of properties traded so far in 2015 has increased by 26% and the average value of a transaction has increased by 8.5% to $834,000 since the start of the year.

During the first half of 2015, single detached homes/chalets had their highest level of activity and the average price of a transaction reached a high of $1,807,000.

The condominium market has remained steady and largely unchanged – both in terms of the number of sales and average values. The current average transaction value for a condominium is sitting at approximately $393,959.

Buyers continue to show strong interest in the townhouse segment of the market; however, due to a reduced number of listings, the number of transactions is 20% lower than last year. As townhouse buyers continue to look at alternatives we have witnessed an increase in activity at higher price points causing the average value of a townhome transaction to rise 12% to $782,708.

Building sites are showing renewed vigor after many years of lagging general market activity. Renewed interest is due to the lack of existing lower priced homes and older properties that are appropriate for renovation. The average transaction value of a single-family vacant lot has risen to $1,293,000 over the course of the first 6 months of 2015.

There is a good deal of pent-up demand from buyers for certain types of properties. Sellers may find that they receive an offer quite quickly if they are well priced. Since a Whistler purchase is largely discretionary, sellers need to be aware that buyers are very well in informed in regards to value and proper pricing is the key to success.

For buyers, it is important to keep in mind that the best opportunities move quickly. It is important to be clear in what you wish to achieve and to work with a realtor that is knowledgeable about the daily changes in our unique marketplace if you are going to be successful in finding your perfect Whistler property.

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Spring is in full bloom…

…the golf courses, bike park, restaurant patios and summer activities have opened ahead of schedule this year. Although we had a shorter than normal ski season, the resort certainly hasn’t skipped a beat…we are truly a four season destination – there is no shortage of things to do!

On the real estate front, as you will read below, the market continues to be busy overall with a shortage of supply in certain segments. If you are contemplating selling, it might not be a bad to time to discuss your options or at the very least understand what your property is worth in today’s market. Feel free to call or drop by the office, I would be happy to discuss the current market with you.

I am also pleased to announce that we will be launching sales of the Lakecrest Residences – an 8 unit luxury townhome complex with 3 & 4 bedrooms, in the Lakecrest area (Alta Vista) – see info at the bottom of the newsletter.  We have currently started to take priority purchase reservations with refundable deposits to secure positions in line to purchase. We anticipate being able to formally sell the units sometime in June. Construction will commence this summer, with completion expected sometime in late 2016 / early 2017. Please contact me directly for details.

Wishing you an amazing start to Summer!

Market Report

Strong sales activity continued to characterize the real estate market in Whistler during the first quarter of 2015. Favourable exchange rates, low interest rate levels, and strong buyer demand overcame a less than stellar winter season and, as a result, the total value of sales transactions in the first few months of 2015 exceeded both of the previous quarters and the same quarter one year ago.

The total dollar value of transactions in the first 3 months of 2015 was almost $140,000,000 with an average transaction value of $827,000. This represents an average increase of 14% in the average transaction value since the end of 2014.

The single-family home segment of the market had a particularly strong quarter with a noticeable increase in buyer demand for properties listed at over $1,000,000. As a result, we witnessed an increase of 4% (to $1,679,000) in the average transaction value for a single-family home since the beginning of the year.

The majority of the market activity continues to occur in the condominium and townhome segments where we see almost 60% of all reported transactions. Strong interest in these categories has resulted in a significant reduction in available opportunities and this has led to an increase in transaction values. Multiple offers are common in these categories, particularly on properties valued under $1,000,000. Overall, the average value for a condominium is $427,000, a 9% increase since the end of 2014. Sitting at $745,000, townhomes saw an increase of almost 7% in average value over the course of the first quarter of 2015.

As the number of opportunities to purchase existing, built property has decreased, we have seen a strong renewal of interest in building lots. This market segment is currently experiencing its highest level of activity since mid-2013.

Real estate in Whistler is much like waterfront property – they are not making any more of it and buyer interest continues to grow. If you are considering buying or selling, it is important for you have the most up-to-date information and insight into our very dynamic marketplace.

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I hope your 2015 is off to a great start!

The resort is in full swing with another great ski season. On the real estate front, as you will read below, the market has improved dramatically over the past year. Sales activity continues to build, however we are now seeing a lack of supply in many segments, so it will be interesting to see what happens with sales volume over the next year. We have half the number of listings on the market than we had 4 years ago – post Olympics and prices have rebounded significantly since then, but we are still not at peak levels…yet. Purchasers looking to buy, need to move quickly if the right property comes on the market. From a sellers perspective, depending on the type property you have, it might be just the right time to be listed, as there are many areas in the inventory where there is a lack of supply. Coupled with continuing low interest rates and the USD/CND exchange, we expect to see an increase in US buyers again. I would be happy to discuss the market further with you, please feel free to call or drop by the office if you’re in the area.Wishing you the very best for the coming year!

Market Report: 2014 Year in Review

In 2014, strong interest in Whistler properties propelled the marketplace to its highest levels of activity since 2009. As a result of the high number of sales that occurred, the number of properties available for sale has dropped significantly and the average time it takes to sell has been reduced dramatically in most market segments.

Overall the total number of sales reported by the Whistler Listing System increased by 15% as compared to a year ago. These sales had a total value of over 535 million dollars, the highest level since 2007.

The condominium and townhouse sectors continued to dominate market activity in 2014 and accounted for almost 70% of all sales. Both sectors showed dramatic increases in activity as compared to a year ago. As a result, average sale prices for condominiums rose by 20% to $390,165 while townhouses saw a 3% increase with an average sale price of $697,073.

Although the number of detached home sales remains reasonably consistent year-to-year, the lack of lower priced opportunities resulted in an increase of almost 12% (to $1,612,412) in average sales price. This is the highest level seen in this segment of the market since 2008.

Buyers continue to be focused on good value properties that are priced below $1,000,000. More than 78% of all reported sales in 2014 were reported below this level.

Going forward we expect the level of sales activity to slow due to the reduction in the total number of properties offered for sale. However, buyer interest remains high so we expect prices to continue to trend higher.

The Whistler marketplace has a wide variety of property types and price ranges, and the factors that impact values in each sector differ widely. In this changing market, it is more important than ever to ensure that you have the most up-to-date information.

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