The leaves have changed and so has the market. Although prices are holding as you will read below and listing inventory levels are still very low, we have seen some moderation in the Whistler real estate market to more normal levels of activity.
As Whistler is a resort market, we have been fortunate to be exempt from the recent tax legislation with the vacancy tax, speculation tax and foreign buyer’s tax, which is having a noticeable impact in other areas of our province where this legislation applies.
While markets cycle and Whistler is seeing some cooling in activity, I don’t believe we will experience changes at the same level as other regions in our province. I feel Whistler is overall a solid investment option for both Canadian and International investors.
If you are in the area or have any questions about the market, please feel free to call or drop by the office. I always enjoy catching up and answering any questions you may have.
Here’s to a great winter season!
Real estate market activity in Whistler remained active during the third quarter of 2018, albeit at significantly lower levels than those experienced during the peak of the market cycle experienced during 2016 and 2017. The number of properties listed for sale has risen from recent historical lows. An increase in the amount of time listings are available in the market before they sell also reflects a return to a more normalized market framework.
Despite lower levels of activity, sales prices have continued to rise since the start of 2018. The overall transaction value for the market has risen by approximately 7% since the start of the year. Meanwhile, the overall average transaction value in the Whistler market place is currently $1,247,715 and all categories of real estate have seen increases.
Average values in all individual segments of the marketplace have seen increases. The average transaction value for a single-family home rose 5% through the third quarter of the year, while average condominium prices experienced an increase of 6%. The townhouse market segment has witnessed the greatest increase since the start of the year with average pricing moving from $1,146,000 to $1,464,084 (a gain of 27%).
What To Expect
As we prepare for the 2018/2019 winter season, we expect that the market trends experienced in the third quarter will continue through to the end of the year and into 2019. Buyers will continue to show strong interest in the limited supply of Whistler properties available for sale, particularly those which are unique and/or new. However, economic uncertainty as a result of provincial and federal economic policies and rising interest rates will temper buyer confidence and ensure that buyers will proceed cautiously in their decision making. Whether buying or selling, it is important to work with a knowledgeable, full-time, local agent to make sure that you are up-to-date with the right information to make the best decision.