Whistler BC / October 2014 - It’s officially Fall. The leaves are dropping, the weather is wet and the bears are searching for their last few greens. A vast difference to a few weeks ago when the endless summer sun kept on shining and record setting temperatures kept summer rolling into September. Whistler locals will tell you it was one of the best summers of the past 20 years. Consistent sunny warm days kept the resort humming with activity. Now the powder hounds are happy to see the white stuff sticking to the runs on Whistler and Blackcomb. Just a month to go to opening day and the introduction of the new Whistler Mountain Gondola. For current information visit:
On the real estate side, reduced listing inventory and strong buyer demand defines the evolving Whistler real estate market in 2014. This year has been marked by the most activity since 2007-2008. With the exception of shared-ownership and restricted-use hotel condos (Phase II), the remaining property types have moved from a buyer’s market to a balanced market. In some situations, this shift is even edging to the advantage of sellers.
Active Listings versus Total Sale 2009 - 2014 (as of Sept 30)*
As of the end of September the total number of transactions in 2014 increased by 16.5% compared to the same period in 2013, from 480 sales to 559 sales. Active listings for the same period decreased 13.6% from 588 in 2013 to 508 this year. A more dramatic change is evident when comparing today with 2010. Active listings today are 46% lower than in 2010, 945 compared to 508. Sales are 67% higher, 333 to 559. *
The decrease in listing inventory and increase in sales activity has affected the supply - demand equation which has led to modest increases in values for most whole ownership properties.
Well-priced properties that are in demand, sell quickly, in some cases with multiple offers. This is particularly true for properties under the million dollar price range. Buyers continue to look for properties that meet their personal lifestyle requirements, while offering good financial value.
Going into the winter season, I expect the factors supporting this market will remain unchanged. The majority of buyers will continue to come from the Vancouver area and will acquire a Whistler property as a vacation home or investment opportunity. The weaker Canadian dollar will also increase interest from international buyers, particularly from the USA, Asia and UK.
The real estate market in Whistler is complex. There are a variety of property types from luxury homes to quarter-share condos, each with their own micro-market. As the market continues to evolve it is important to get the most current information to help you make the right decision whether you are selling or buying a Whistler property. If there is a specific property type of interest to you please contact me for the most recent market information.
Enjoy the upcoming winter season and I hope to see you on the slopes!
*(Source: Whistler Listing System - October 19, 2014)
