REAL ESTATE IN WHISTLER - NOW OFFERING GOOD VALUE!
Here's an interesting article in The Globe And Mail Newspaper - January 15, 2013 Edition. Looking at real estate in whistler as a good buy!
Click this link:
Tuesday, 19 February 2013
Whistler Winter Newsletter 2013
Whistler Winter Newsletter 2013
Whistler, February 2013Winter Greetings!
As I write this we are having another fabulous winter snow season. Like last year, the snow started in early November and just kept coming. Christmas and New Years saw the Village filled to capacity and both Whistler and Blackcomb Mountains were wide open with superb conditions. With the consistent reliable snow, great terrain and a village like no other resort it’s no surprise the 2013 Resort Guide from SKI Magazine once again named Whistler Blackcomb #1. Without being too biased, most of us agree. Whistler Blackcomb is deserving of a #1 spot as the biggest resort in North America with lots of snow, incredible terrain and a great village.
The top 10 Resorts as chosen by readers of SKI Magazine:
1. Whistler Blackcomb / 2. Deer Valley / 3. Vail / 4. Park City / 5. Telluride / 6. Jackson Hole / 7. Sun Valley/ 8. Snowmass / 9. Beaver Creek / 10. Canyons Resort
1. Whistler Blackcomb / 2. Deer Valley / 3. Vail / 4. Park City / 5. Telluride / 6. Jackson Hole / 7. Sun Valley/ 8. Snowmass / 9. Beaver Creek / 10. Canyons Resort
On the real estate side we had a strong 2012 with total sales up by approximately 8% compared to 2011. Besides an increase in sales activity we also started to see the listing inventory drop as the year progressed. Back in January 2012 we started with 690 active Chalet, Condo, Duplex, Townhome and Vacant Land listings and the year ended with 558 active listings*. Chalets and Townhomes were the most popular properties in 2012.
The majority of Whistler buyers (approximately 75%) continue to be recreational buyers from Vancouver and surrounding areas of the lower mainland. These owners are able to enjoy their Whistler properties and the Whistler lifestyle on a regular basis. With so much to offer and the time convenience of the highway, Whistler ownership is a healthy lifestyle decision. With Whistler properties offering good value and a strong BC economy, I expect this buying trend to continue through 2013.
Ron
(Disclosure: In my endeavors to provide information to past and current clients, I periodically send real estate related information such as this. However, should you wish not to receive future mailings, please let me know and you will be removed from my database. This communication is not intended to cause or induce breach of an existing agency agreement. *Sales Data Source - Whistler Listing System. E&O. E)
Saturday, 15 December 2012
Homes & Land Vancouver to Whistler Magazine | January 2013
From a real estate standpoint, property values have gone through a similar transition over the last decade and a half.“From 1998 through 2002 there was large demand and property values went up 100%,” notes Ron Mitchell of Sutton West Coast Realty. “The market softened through 2006 while at the same time, prices in Vancouver were going up and a lot of Vancouver people were jumping into the market. But the shock of 2008 put the brakes on all recreational and a lot of residential markets throughout North America.”
“From 2008 people were holding on thinking the Olympics were going to spread some magic dust. Meanwhile, prices of unrestricted recreational properties — chalets, condos and townhouses — have softened by 20-25 percent. Condo hotels have dropped by about 50 per cent from their peak in 2002-03, when American investors were buying them as revenue properties with their 65-cent dollar.”
Today the market is more balanced and despite a downturn in Vancouver’s real estate figures over the past several months, Whistler is experiencing a slight improvement compared to last year.
“It’s been a busier year in Whistler with sales up about 5% over 2011, but there are fewer listings right now,” comments Sally Warner of Re/Max Sea to Sky Real Estate. “Prices are stable but a decline in inventory can put upward pressure on prices so it’s hard to predict what might happen.”
The perception that most of the properties being purchased in Whistler are by foreign buyers is a common misunderstanding of this market. “80% of the buyers in Whistler are from BC, with the vast majority of thosecoming from the Lower Mainland,” Warner continues.
An improved Sea to Sky Highway has meant reduced travel times and safer road conditions making the area even more desirable to anyone travelling from the Lower Mainland, and with affordability and convenience being the two main features buyers are looking for it’s a very good time to jump into the market. Prices have come down but remain stable, interest rates are still very low, and there’s less competition coming from buyers out of the US.There’s also a variety of product to choose from between hotel condos, shared ownership, timeshares, chalets, condos or townhomes - as long as you’re working with someone that understands the local market.
“Whistler is still a very viable real estate market,” Mitchell adds, “but sellers have to manage their expectations a bit more and buyers may have to wait to find their dream property. There’s enough interest and financial stability coming out of Vancouver, and I expect that’s going to continue for some time.”
With snow on the ground and another surge of winter visitors expected over the next few months, anyone thinking about buying up here may just find their timing couldn’t be better. *
Monday, 8 October 2012
Whistler Fall 2012 Newsletter
A Stable Real Estate Market & Winter Around The Corner
Whistler - October 4, 2012.
It's that time of year again…the leaves are changing colour, the nights are getting cooler, and it's time for the Annual Whistler Blackcomb Turkey Sale. All in anticipation of the winter season fast approaching. However, looking back on the summer, it was a good one in Whistler. After another cool and damp "June-uary" Mother Nature rallied and by mid-July brought us an outstanding mountain summer. Hot, dry sunny days followed by beautiful evenings that could be enjoyed outside, late into the evening. A stroll through the Village on any day, revealed tourists, Vancouver folks and locals taking full advantage of the weather and the activities. Whistler was buzzing with free summer concerts, various sporting events, packed patios, busy strolls and mountain-top activities. All in-all a good summer to remember!
On the real estate side, the climate of the local market continues to be much the same as it has been over the past year. As stated in my Summer 2011 Newsletter… " The buying trends of the past several years are the same trends driving today's market. Lifestyle, recreation and principal residence are the key reasons for buying. The majority of buyers continue to be from the Metro-Vancouver area with a small number of foreign buyers from the Western US and Asia."
As of September 30, in reviewing the Year-To-Date sales statistics, total dollar volume and sales are up over the same period last year.
Key Points - The majority of sales are in the condominium and townhouse market (price range $300,000 - $700,000). Chalet sales totalled 65, very similar to last year (69), with the average price on par with the last few years at $1,500,000. The luxury chalet market had 16 sales over $2,000,000 compared to 11 in 2011. Phase 1 townhouses and condos saw the largest increase in sales compared to last year. Vacant land had 12 sales compared to 15 in 2011. Quarter-share ownership with 38 sales was slightly below last year (44 sales) with a moderate drop in the average sale price. (Note: Sales Statistics from the Whistler Listing System WLS as of October 4th.)
In summary, selling prices and sales transactions over the past year indicate the Whistler market is stable. Buyers continue to look for good value and long-term ownership. Sellers who are serious about selling realize they need to lower their expectations and adjust to the current market values. On the financing side it appears interest rates will continue to stay low so there is still good opportunity to enter the Whistler market for the right reasons.
So as I write this, the sun continues to shine (interesting to note August/September were one of the driest on record) and there is a definite chill in the air bringing anticipation of another great winter season. And with winter comes not only new visitors from near and far but people who return to Whistler year after to year to explore and enjoy this mountain paradise.
Have a great Fall Season as we look forward to the snow!
Cheers,
Ron
Wednesday, 25 July 2012
Homes & Land Magazine Editorial July 2012
REAL ESTATE IN WHISTLER STILL A GOOD BET!
Few Canadian destinations garner the international acclaim, exposure and world-wide attention as the municipality of 9824 residents an hour north of Vancouver. Regarded as one of the best ski destinations in North America and one of the top overall resorts in the world, Whistler has come a long way from its humble roots as a fishing lodge back in the early 1900s, and today it has emerged as a year-round resort destination that attracts more than two million visitors annually from across the globe.
REAL ESTATE IN WHISTLER STILL A GOOD BET!
Few Canadian destinations garner the international acclaim, exposure and world-wide attention as the municipality of 9824 residents an hour north of Vancouver. Regarded as one of the best ski destinations in North America and one of the top overall resorts in the world, Whistler has come a long way from its humble roots as a fishing lodge back in the early 1900s, and today it has emerged as a year-round resort destination that attracts more than two million visitors annually from across the globe.
Designated the first resort municipality in Canada in 1975, it wasn't until 1980 when Whistler Village, Blackcomb Mountain and the north face of Whistler Mountain first opened that the world started
to take notice. Nine years later it was ranked among the top destinations in the world, paving the way for a real estate boom that started to gain momentum in the late 1990s.
Whistler's housing market took on a life of its own in the early 2000's thanks to a soaring US dollar that peaked in 2002 when the area became known as a destination of choice for American and non-resident purchasers. Prices doubled virtually overnight and armed with a dollar that was worth more than $1.50 Cdn, US buyers were leading the charge. The gradual decline of the greenback over the next five years meant fewer purchasers coming north and the market slumped in 2007 before peaking again in 2008 thanks to Vancouver's red-hot housing market.
Since then Whistler's real estate market has definitely cooled off and although values have come down from their peak, the number of transactions in 2012 is on pace to exceed 2011, which in turn was higher than 2010 suggesting things are pointed in the right direction.
Through good times and bad, pre and post Olympics, and soaring and slumping currencies, local purchasers of Whistler property (consisting primarily of buyers from the Lower Mainland) have
been a stabilizing and reassuring force on the local housing scene. With less than a quarter of buyers now coming from outside the Lower Mainland including only about 8% from the US, sellers have
turned their attention to a buyer much closer to home. Purchasers from the Lower Mainland are buying for personal use, lifestyle and a 10 to 20 year phase of ownership, comments Ron Mitchell, Managing Broker at Sutton Group West Coast Realty in Whistler. They've been watching the market closely for a long time waiting to see what would happen after the Olympics and they understand that Whistler offers very good value as far as mountain resorts go for a number of reasons. First, all the infrastructure
from restaurants to golf courses to other local facilities are already in place. The area is fully developed from the moment you buy. Second, it's become a year-round destination and not just a place to go for a ski weekend at Christmas. And third, with the new highway it's easily accessible and convenient to get to.
And just what does all of this mean for buyers and sellers? Part of the challenge with predicting real estate trends is you can get caught up in the past, Mitchell explains. Someone trying to sell a property today may have to reset their expectations and not think about what that property may have been worth a few years ago. As for buyers, if someone has the financial capabilities to buy a lifestyle property, there's very good value right now and the opportunity to provide a great ROL - Return On Lifestyle.
In a market like Whistler, isn't that ultimately what it is all about?
Saturday, 28 April 2012
Whistler Spring - April 2012 - Resort & Market Update
Officially the "Winter Snow" season has ended ( as of April 22) and the "Spring" season is gearing up. The snow in valley is gone and we are waiting to see our first hungry bear munching on some fresh skunk cabbage. A sign that Spring is in the Valley!
The winter season ended much like it started back in November with March being a banner month for snow. And with the current snow pack on Blackcomb Mountain (114 in / 290 cm) there will be some great late Spring skiing and riding until May 28.
Overall the winter of 2012 was a positive one, excellent snow conditions, skier visits up over the previous year and 1st Quarter real estate sales slightly ahead of last year.
Tourism Whistler reported hotel room nights up from last year although the average daily room rate was down slightly. The "Rubber-Tire" market (Vehicle Transport) continued to contribute the highest numbers with the majority coming from BC and to a lesser extent Washington State. The top destination markets (Airline Transport) were up from last year with the US, UK, Ontario and Australia leading the way.
On the real estate side, 1st Quarter sales continued to build on the activity we saw last Fall. First quarter sales totalled 123 compared to 108 for the same time in 2011 (excludes Shared-Ownership, Timeshare and Employee Housing) . Total Shared-Ownership sales were 12 compared to 15 in 2011 Q1. Currently there are 685 Whole-Ownership Listings on the Whistler Listing System (WLS) and 103 Shared-Ownership Listings. (Source WLS).
Most real estate analysts determine the state of a local market by the "Listings to Sales Ratio" or the "Absorption Rate". The "Listing to Sales Ratio" is determined by the Monthly Number of Sales Divided by the Total Number of Listings. The Rule of Thumb is; Seller's Market over 20% / Balanced Market 15%-20% / Buyer's Market - below 14%.
Although the overall Whole-Ownership market conditions in Quarter 1 indicate a balanced market ("Listing to Sales Ratio of 17.9% with 123 sales/ 685 listings), in my opinion most Property-Types in the Whistler market still favour a "Buyer's Market". However due to the "Complexity" of the market, the variety of "Property-Types" and "Range of Values" one must examine the specific "Micro-Market" to determine the exact status.
Using "Listing to Sales Ratio" ( Monthly # Sales Divide Total # Listings) the Chalet market in the $1M to $2M range is a Buyer's Market. For example, in March there were 40 listings in the $1M to $2M range and 3 sales (3/40 = 7.5%). If there is a specific area of the market that is of interest to you, drop me an email or phone call.
In summary, the post-Olympic market of the past two years is still prevalent: price reductions are common and buyers are still selective as they look for good valued properties with motivated sellers . However I believe we are nearing the bottom of the price cycle. Properties that are priced right, sell. It appears for most property-types the current selling prices are setting the new "Baseline Values." However there can be exceptions especially with property-types or condo complexes that have weak demand and insufficient sales.
Overall Whistler continues to be an attractive "Lifestyle" purchase. It is a place for family and friends to connect and enjoy. As we look ahead, the 2012 market should be very similar to what we saw in 2011 as we work towards a more balanced market in 2013.
Feel free to send me an email if I can assist you further.
Enjoy the late Spring and early Summer. See you around Whistler!
RM
Tuesday, 28 February 2012
Real Estate Association of Whistler - Recent News
The local real estate association in Whistler known as the 'Real Estate Association of Whistler" (REAW) recently launched a public website portal….WhistlerListings.com
This was accomplished through REAW receiving licensing approval from the two owners of the privately owned local cooperative listing system known as the Whistler Listing System.
Here's a recent article in the Real Estate Magazine - REM*
CLICK HERE
This was accomplished through REAW receiving licensing approval from the two owners of the privately owned local cooperative listing system known as the Whistler Listing System.
Here's a recent article in the Real Estate Magazine - REM*
CLICK HERE
*REM is Canada’s premier business publication for the real estate industry. REM is published 12 times a year. It is independently owned and operated and is not affiliated with any real estate association, board or company.
(Footnote: Please note in my opinion some of the reporting information in the REM article may not be 100% accurate.)
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