To say that 2021 was a busy year would be an understatement! Sales activity started out very strong, with the first three months of the year seeing 110 unit sales per month.  The rest of the year continued at a steady strong pace – about 70 units per month – only slowing slightly during the Christmas season.

The market broke records in terms of sales volume, exceeding one and a half billion dollars in sales – an increase of 35% over 2020, which was a record-breaking year in itself.

The increase in demand for properties in Whistler was due to a result of historically low-interest rates and a desire to move to and/or invest in smaller centers, which are being seen as safe havens during the pandemic.

While the buyers of Whistler properties have historically been Canadians (primarily from the Lower Mainland), there is also typically a strong foreign buyer component (comprising of roughly 20-25%).  In 2021 however, the market differed in terms of where the buyers came from, with a shift away from foreign investment, with 95% of the buyers this year coming from Canada.

As with all other markets in B.C., Canada, and North America, demand exceeded supply in all segments of the market. The result of which was an increase in prices across all categories as compared to 2020.  By the end of 2021, the supply in the Whistler market reached an all-time low.

Market Snapshot

The strength in the market came from all sectors of the housing mix. The single family and townhouse markets continued to see strong sales over 2020, due to pandemic demands for non-communal ownership. The luxury component of the Whistler market, already strong, showed no signs of weakening with a record-breaking 68 sales over $4,000,000 and with a top reported sale of $17,000,000.

The market for vacant land in Whistler was also very strong compared to previous years, primarily due to two project sales in the valley. The first is Wedgewood, which has been selling new phases north of Whistler, and the second is RiverRun, a project in Cheakamus that was launched in Autumn, and at the end of December, only had two lots remaining.

The condo market had weakened in 2020, but recovered in 2021 as the Hotels (Phase 2 – Condo Hotels) saw strong occupancy through the summer and into the winter.  As the tourism market returned to Whistler, the sales of these types of condominiums returned to more normal levels.

As of the end of December, the average transaction value for the Whistler marketplace was $1,522,000 in 2021.

Currently the average transaction value of a single family home is $4,139,555 (median of $3,300,000); townhouses are averaging $1,586,389 (median of $1,303,000;) and condominiums are averaging a sales value of $852,699 (median of $770,000).

Looking Ahead: What do we expect in 2022?

As we move into 2022, the hope is for the pandemic to finally come to some sort of resolution.  This will hopefully result in the relaxation of travel restrictions and lessen travel hesitation and would add stability back to the Whistler tourism market, which in turn will add more strength and stability to the real estate market.

The biggest challenge in 2022 will be inventory. We began 2021 with what we considered low standing inventory and moved to half that amount (or very low inventory) by the end of the year. The Whistler marketplace has no new developments on the horizon to help alleviate this challenge for 2022. Expected activity levels due to inventory shortage will thus be less than 2021, but prices in all categories should continue to increase due to the supply shortage.

The unpredictability of the past two years has shown that buyers and visitors view Whistler as a safe place to both visit and invest in. The fundamental framework of the Whistler marketplace is very favourable to visitors and investors. Through the challenges of the past year and the potential challenges we may continue to face, the Canadian and foreign visitors and investors have continued to come to Whistler and we don’t expect that to change in 2022.

It has never been more important to stay up to date with what is happening in the world as well as in the real estate marketplace. It is especially important to be aware of the statistics that are directly applicable to your specific property.

If you have any questions about the resort market and thinking of making a move, I would be happy to discuss what options and opportunities exist in today’s market. Feel free to call or drop me a note or pop by the office in the village if you are in the resort.

Here’s to enjoying some more fresh snow!

Real Estate activity in Whistler during the third quarter of 2021 continues to be a balancing act between a high level of buyer demand, and low availability of properties to buy. Activity is still at historically high levels and remains comparable to what we experienced last quarter, although it is below what we experienced at the start of the year. As a result, unit sales and the total value of these sales have already exceeded what was recorded in 2020. With little change expected in the underlying factors driving the marketplace, we predict that 2021 will end up being one of the busiest years on record for total sales and will establish a new high for total dollar value sold.

We expect the number of listings to remain low and with continued strong interest from buyers, for all types of Whistler real estate, in all value ranges, we will continue to have a market that favors sellers and supports upward pressure on values in all areas. Availability and pricing will continue to be the biggest determinants of market activity for the foreseeable future.

Market Snapshot

As we mentioned, market activity remained consistent with what we experienced in the second quarter. However, strong activity in the higher end of the single-family market contributed to a 15% increase in total value sold as compared to the previous quarter.

Overall average transaction value remains largely unchanged from the start of the year and currently reports at $1,541,000. This is a result of 80% of all sales activity occurring under $3,000,000.

The single-family market segment was particularly robust with an increase in activity as compared to the previous quarter and a significant focus on more expensive single-family properties. This has resulted in the average sales value for 2021 increasing by 15% to $3,950,733.00 when compared to the start of the year.

Sales activity in the condominium and townhouse sector was impacted by the lack of available listings and was 10% lower than the previous quarter. However, sales values continued to be supported and moved upwards. Average condominium sales values have increased by 4.5% since the start of the year and are currently reported at $876,000, with an average dollar per sq foot value of $1,169.

Average townhouse sales values have increased by 6.5 % since the beginning of the year and currently sit at $1,525,000, with an average dollar per sq foot sales value of $1,310

Activity in the luxury market (properties over $4 Million) has now exceeded that reported for all of 2020. The average transaction value continues to exceed $6.6 Million, with six reported sales above $10 Million dollars. Although interest in Whistler’s luxury homes remains at an all time high, activity levels going forward will be largely driven by what is offered for sale in this unique and highly specialized sector of the market.

Looking Ahead to 2022

We expect interest in the Whistler properties to remain strong as we move into 2022. Low levels of inventory will ensure that values will be supported and that sellers will be successful in achieving their goals as both days on the market, and months of inventory, remain at historically low levels.

Although some uncertainty exists in regard to inflation and interest rates, and surrounding possible directives government policy may take in respect to real estate and taxation. It’s important to note that such changes are unlikely to occur quickly and should be easy to analyze when it comes to decision making in the local real estate market. We expect the real estate market to continue to chart on a similar path that is has been on for the next 3-6 months.

 

*Data used in this report is derived from the Whistler Listing System and is deemed to be reliable but is not exhaustive and is used to show trends only. This information should not be used to analyze specific properties. Please consult with your advisor about current market conditions for specific properties.

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Real estate sales activity during the first six months of 2021 remained consistent with that experienced in the prior six-month period (the second half of 2020). The total number of sales transactions per month continued to exceed longer-term trends, however, the pace of sales slowed as June 30th approached. This is due to a historically low number of active listings because of recent demand, the resulting lack of choice available, and perceived value for money from current buyers.
Strong interest in Whistler properties has created pent-up demand and is mostly experienced in family-style housing and properties offering opportunities for rental. This pent-up demand continues to support valuation in all categories and prices have risen since the start of the year. As a result, multiple offers and short time on the market continue to be a reality, particularly in properties valued from $500,000 to $3 million.
We expect the number of active listings will remain low for the balance of 2021 and with the relaxing of the pandemic restrictions we expect buyer demand to increase. This will lead to a market that continues to favor sellers and will support an upward movement of values in many areas. However, the low number of active listings and higher price points will result in a lower number of transactions occurring in the second half of the year. Availability and pricing continue to be the biggest contributor to market activity.

MARKET SNAPSHOT

Following a record for dollar value sold and units sold in the first three months of 2021, activity levels fell approximately 35% in the second quarter. This still represented a pace of business above the historical average but does show the impact of the lack of active listings. As a result, the total dollar volume sold also fell but remains higher than that experienced in a similar period in the years prior to the pandemic.
Despite measurable increases in average value in most sectors of the market, the overall average transaction value remained relatively consistent with that recorded at the end of 2020; reporting in at $1,503,000. This is largely due to the market activity being heavily weighed down to the lower valued condominiums and townhomes, which account for over 60% of the market activity.

As of June 30th, the single-family market has experienced a 24% decline in activity as compared to the second half of 2020. However, the average transaction value has increased by approximately 7% and now stands at $3,670,500 with the median value exceeding $3,150,000.

Condominium sales were especially active in the first half of 2021, exceeding that achieved in the last half of 2020 by almost 22%. Average sales value in the first half of the year rose by 7% to $900,600 with an average dollar per square foot sales value of $1,165.

The townhouse market performed in a manner similar to the single-family market with a significant drop in sales activity due to a low number of active listings, however average sales value increased by 11% since the start of the year to $1,601,000 and average sale price per square foot now sits at $1,293.
Activity in the luxury real estate market remained consistent with the experience in the second half of 2020. The average transaction value for this unique category exceeded $6.5 million dollars with 3 reported sales exceeding 10 million dollars. Similar to other sectors of the market, active listings in the luxury category are at historically low levels and although interest remains high, we would expect the number of transactions to be below that of the recent past during the next six months.

 

LOOKING AHEAD TO THE NEXT HALF OF THE YEAR

At the current time, the number of active listings in Whistler sits at a historical low. With no increase in new construction in the foreseeable future, we see no reason for this to change and we expect days on market and months of inventory to remain at very low levels.
As we move into the second half of 2021 and embrace the post-pandemic period, we expect the interest in Whistler properties to remain strong as a result of a rebounding economy, low interest rates, and increased tourism.

There are, however, several factors to consider that may impact demand and will be watched carefully:

a) Low levels of inventory over the last 12 months have led to a significant increase in prices. Whistler values now sit at their highest level ever. Strong activity will be driven to some extent by buyer perception of relative value and the strength of their desire to own in Whistler at that value.

b) Inflation increasingly seems to be a topic of discussion. This may impact interest rates and consumer confidence and purchasing power with a resulting impact on demand.

c) Construction costs continue to rise, and the slow approval process dictates that supply will continue to trail demand and buyer fulfillment will largely be focused on already built properties.

d) Will buyer trends for preference on properties with more space and ones that embrace remote work opportunities become less important in a post-pandemic world?

e) In the short term, will the relaxation of Covid restrictions cause consumers to embrace more time travelling with a focus on personal enjoyment rather than investment opportunities?

We have now completed four quarters of above-average growth in sales activity and in sales value. Our expectation for the next six months is that sales activity will continue to moderate and return to historical averages, but prices and price appreciation will remain supported due to new and pent-up demand.

*As reported to the Whistler Listing System. Data used is deemed to be reliable but is not exhaustive and is being used to show trends only and should not be used to analyze specific properties. Please consult your real estate advisor to discuss the current market conditions for individual properties.

 

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The real estate market continues to be incredibly active, as you will read below. Both Jamie and I are still working at the office in the village and if you have any questions, please feel free to call or drop by if you are in town, as we would be happy to assist you and answer any questions you may have.

 

The real estate market in Whistler during the first quarter of 2021 continued to exhibit the themes and results experienced during the second half of 2020.
Historically high levels in the number of sales continued the upward pressure on values while reducing the number of listings and time on the market for those listings. Both factors meant we found ourselves in a market that was largely similar to the final quarter of 2020, and in one that continues to strongly favour sellers at the end of the first quarter of 2021.
Our market conditions continue to be driven by very low interest rates for borrowing, large amounts of disposable capital, the increased awareness of the effectiveness and flexibility of remote working, and the world class beauty and lifestyle that living in Whistler offers.
As any quick google search for information on the housing market would confirm, the Whistler’s first quarter results are not unique. Canada’s real estate (particularly in smaller communities) is in high demand and will likely continue in the short term.

Click here Watch Market Report Video

In our newest Market Report video, we’ll chat with the new owner, Wendi Warm, as she and some of our agents describe how our real estate market is unfolding in the first quarter of 2021 along with their inside knowledge on both buying and selling in this type of market!

Market Snapshot

Market activity during the first quarter equalled or exceeded the historically high levels experienced during the last quarter of 2020. The total value of sales exceeded 450 million dollars, matching that reported in October to December of 2020. This also represents 40% of the value reported in all of 2020. The number of sales increased slightly to 312 which is the highest quarterly sales volume in a decade.

Overall, average sales value for the marketplace fell by 5% since the end of 2020 due to a significant increase in activity in the lower valued segments of the marketplace (condominiums and shared ownership)

Although activity levels overall remained relatively unchanged in the quarter, individual market segments performed differently. The single-family home market experienced a 10% reduction in sales activity due to the reduced number of listings, however, the average value of a sale rose by 3.4% as compared to the last quarter and now stands at $3,967,000 (median of $3,250,000). This is also a 15% increase over the average for 2020.

The townhouse market also saw a reduction in sales activity from the last quarter of 2020 also due to a limited number of listings. Sales activity in this category fell by 45%, however the reported number of sales is consistent with historical quarterly levels over the last 10 years. Average sales value did increase however, by approximately 11% from the end of 2020, and now sits at $1,596,000 (median of $1,275,000)

The condominium market saw a strong increase of 25% in activity, while reporting a 5% increase in value from the start of the year to $885,000 ($779,000 median value)

The luxury market (properties over $4M) continued strong with 15 reported sales, which although being slightly lower than reported in the last quarter of 2020, still represents a level much higher than the average over the last 10 years.

Looking Ahead to Next Quarter

At the current time, the number of active listings in Whistler is 20% lower than at the end of 2020 and is at its lowest levels since the same quarter in 2018. We expect demand to remain very strong because of low interest rates and very high level of available capital. Once travel restrictions and short-term health concerns resolve we can expect even higher levels of interest. Market trends favouring sellers are expected to continue through the summer.

As things continue, there are a few things that may have an impact in our marketplace. The low levels of opportunity and current price for existing properties (in all categories) may cause purchasers to refocus in other areas of investment or simply decide to stop looking. Further, trends in construction costs and slow approval process means the supply of new developments or spec builds will trial demand significantly and increase the focus on already built properties. Additionally, any upward move in interest rates or inflation could impact on buyer psychology.

We are now in the third quarter of double-digit growth in sales and values in Whistler, and we expect that any further growth in sales and values will be moderate for the foreseeable future.

[et_pb_section fb_built=”1″ admin_label=”Main” _builder_version=”4.8.1″ width=”100%” max_width=”100%” custom_margin=”0px|0px||0px|false|false” custom_padding=”0px|20px||20px|false|false”][et_pb_row _builder_version=”4.4.4″ width=”100%” max_width=”100%”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text admin_label=”Main Text” _builder_version=”4.8.1″ hover_enabled=”0″ sticky_enabled=”0″]We hope the first few weeks of this new year finds you well. The past 10 months have been unimaginable and as we move forward we are all striving for more consistency and stability in the months to come. The past year was exceptional for real estate as you will read below.

There was a considerable amount of movement within the market with current owners in the resort selling and buying other properties. We welcomed a number of new families to town with many weekenders making Whistler their new primary residence.  As well, we had several people who had been contemplating purchasing a property, deciding to act on buying a resort property.

Market conditions are continually changing, if you are thinking of buying or selling, please feel free to get in touch, I am always happy to help.

Wishing you a healthy and successful New Year!

 

A Look Back on 2020 and the Real Estate Market

If we could use a few words to describe the Whistler real estate market in 2020 it would be that it was a roller coaster ride. Sales activity started slowly and then dropped to almost nothing in the second quarter, recovered and roared ahead to historical levels in the third and fourth quarters while slowing again in December.

Overall, for the year the total value of reported sales exceeded one billion dollars, and the total number of sales transactions increased by over 30 percent as compared to 2019.

The increase in demand can be attributed to a combination of historically low interest rates which improved purchasing power; significant wealth creation as a result of the K shaped economy; the attractiveness of small towns associated with health and safety around Covid concerns; and increased awareness of both the effectiveness and flexibility of remote working.

These factors led to a strong real estate market not just in Whistler and the Sea to Sky, but in smaller communities across North America. This strong demand in Whistler, however, resulted in a significant drop in the number of properties being offered for sale and values have increased in all categories of real estate in Whistler at year end as compared to the end of 2019.

Market Snapshot

The strongest segments of the market were in the single-family market (highlighted by a record number of transactions above $4,000,000, including a sale of $19,000,000) and the family-orientated townhouse market. As such these two categories accounted for almost 65% of the value transacted for the year.

The condominium market was slightly slower than 2019 but this slight slowdown had no impact on valuations.

As of the end of December, the average transaction value for the Whistler marketplace was $1,533,451, approximately a 22% increase from 2019.

Currently the average transaction value of a single-family home is $3,445,238 (median of $2,450,000). Townhouses are averaging $1,433,905 (median of $1,240,000) and condominiums are averaging a sales value of $839,590 (median of $675,000).

Looking Ahead to 2021

Firstly, we’d like to hope for less uncertainty and unexpected events. Marketplaces do not like unpredictability, so we see the possibility of a workable vaccine, a relaxation of travel restrictions, less political turmoil south of the border, and continued very low interest rates as positives for the market.

As a result of the 2020 marketplace the number of properties currently available for sale are  25% below where it was a year ago at this time. This, combined with no new developments to be brought to the market in 2021, we would expect activity levels to be lower but prices to be supported and to continue to move higher in Whistler.

The fundamental framework of the Whistler Marketplace is very favorable to real estate investment and as one of the most beautiful places in the world to interact with the mountains, it will continue to attract buyers and investors.

Whistler Real Estate: The Magazine – Now On Stands!

Welcome to our newly designed, and updated Whistler Real Estate Company magazine. We have arranged this issue by listing price, and throughout the pages you will find a selection of recent real estate offerings from Whistler to Pemberton, including some QR codes so you can see all the listing details. We have neighbourhood pages offering you insights on what each area offers in terms of living. You will also find a selection of local profiles on those dedicated, hardworking individuals that make Whistler and Pemberton what it is. We hope you enjoy this new magazine.

Read Digital Magazine

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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 Whistler Real Estate Magazine has hit the stands, get your digital version here http://bit.ly/WhistlerRealEstateMagazine!

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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 2^nd quarter this spring, the 3^rd 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)

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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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