Another good Whistler article in Homes & Land Magazine...
Homes & Land Magazine - October 2013
A Positive Outlook Drives the Whistler Market
I n the last issue of Homes & Land, we took a look at the present state of the whistler real estate market along with some of the phases and forces that had contributed to the current market climate. As important as it may be to trace the development of a market to understand present conditions, buyers and sellers alike are even more keenly interested in the trends that can provide some insight into the future prospects of particular markets and sectors.
Discussions with a number of real estate professionals active in the Whistler market revealed a significant degree of consensus regarding current trends and their implications for market activity in the near and medium term.
Who Is Buying?
Sally Warner of Re/Max noted a transition in the type of buyer active in the Whistler market. Previously, a significant number of buyers were from the United States or offshore. More recently, there has been a shift to the majority of buyers – about 86% - hailing from within Canada. Greater Vancouver residents account for 60% of recent purchasers with another 14% being local Whistler residents and a further 12% from other locations in British Columbia and Canada.
The same observation is offered by Janet Brown of Sutton West Coast Realty. She also emphasizes the role that lower mainland residents playing in driving the current movement in the market, and expects that this will continue to be a key factor for the foreseeable future.
Why Are They Buying?
The one word that comes up again and again in discussions of the factors that influence decisions to purchase property in Whistler is lifestyle. Janet Brown explains that the economic slump brought a sell-off of rental town homes as absentee owners and investment buyers got out. Slumping rental rates and diminished returns meant that the properties were no longer covering their expenses, let alone generating positive net revenue.
Today’s local buyers are using the properties more for personal use. Whistler has truly become a year-round resort with high profile events such as the Tough Mudder and GranFondo complementing a full slate of sports and cultural events including everything from community festivals to free concerts. Whether for a weekend retreat or a family gathering place, buyers from around the region are recognizing in Whistler an accessible and vibrant locale that delivers the desired elements in their lifestyle without extensive travel.
Others see Whistler as an ideal place for an active and fulfilling retirement. Given the general consensus that theOthers see Whistler as an ideal place for an active and fulfilling retirement. Given the general consensus that the market has reached its low point, has stabilized, and is turning the corner, they are buying now in anticipation of their future housing needs. Still others are taking up the lifestyle of the virtual commuter and finding Whistler an attractive base – a great place to live and work from their home office, but still just a short drive from the city if business needs to be conducted in person.
What Are they Buying?
It should be noted that some buyers, even local buyers, are still looking for rental returns, perhaps until they need the property for their own use. Rentals remain vulnerable to a list of factors outside any owner’s control, but their has been a slight improvement in rental returns so far in 2013.
Nevertheless, properties that are moving – whether townhouses, single family homes, or condos – largely reflect the lifestyle purchase motivation. Village properties, for example, offer the convenience of simply parking the car and walking…to the chairlift, the coffee shop, or a fine restaurant.
Both Warner and Brown note that the market has not yet generated sufficient activity to bring many of the proposed new development projects off the back burner and back into full activity. Most of the new construction that is ongoing is in the custom building category rather than the more speculative developments.
In short, it appears that the buyer’s market is over. Good properties at the right price are selling at or above asking price, helped by a relative lack of inventory. In fact, bidding wars and multiple offers have reappeared, nurturing the growth of a cautious optimism throughout Whistler’s real estate sector.
Nick Swinburne – Sutton Group West Coast Realty
A proud Whistler resident since 1995, Nick’s experience in resort sales combined with in-depth local area knowledge has been a perfect complement to his Real Estate career. He brings a refreshing new approach to Whistler real estate sales and marketing by utilizing a strong technical background and a flair for creative ad campaigns. Specializing in the marketing and sale of recreational and investment properties, Nick looks forward to extending his real estate services to you and learning more about your Whistler real estate goals.
Janet Brown – Sutton Group West Coast Realty
After a successful career as a senior executive in the financial services industry, I fulfilled my dream of moving to Whistler to enjoy all this wonderful community has to offer. Apart from a strong business background, I have experience in Interior Design, property management, renovations and new construction. My values are honesty, integrity and dependability and I am personally committed to providing you with exceptional service. I would be honoured to be your real estate partner…because it’s YOUR HOME…YOUR INVESTMENT. *
* For the complete article see Homes & Land Volume: 8 Issue 12 | September 27 - October 25, 2013.
Homes & Land Magazine - October 2013
A Positive Outlook Drives the Whistler Market
I n the last issue of Homes & Land, we took a look at the present state of the whistler real estate market along with some of the phases and forces that had contributed to the current market climate. As important as it may be to trace the development of a market to understand present conditions, buyers and sellers alike are even more keenly interested in the trends that can provide some insight into the future prospects of particular markets and sectors.
Discussions with a number of real estate professionals active in the Whistler market revealed a significant degree of consensus regarding current trends and their implications for market activity in the near and medium term.
Who Is Buying?
Sally Warner of Re/Max noted a transition in the type of buyer active in the Whistler market. Previously, a significant number of buyers were from the United States or offshore. More recently, there has been a shift to the majority of buyers – about 86% - hailing from within Canada. Greater Vancouver residents account for 60% of recent purchasers with another 14% being local Whistler residents and a further 12% from other locations in British Columbia and Canada.
The same observation is offered by Janet Brown of Sutton West Coast Realty. She also emphasizes the role that lower mainland residents playing in driving the current movement in the market, and expects that this will continue to be a key factor for the foreseeable future.
Why Are They Buying?
The one word that comes up again and again in discussions of the factors that influence decisions to purchase property in Whistler is lifestyle. Janet Brown explains that the economic slump brought a sell-off of rental town homes as absentee owners and investment buyers got out. Slumping rental rates and diminished returns meant that the properties were no longer covering their expenses, let alone generating positive net revenue.
Today’s local buyers are using the properties more for personal use. Whistler has truly become a year-round resort with high profile events such as the Tough Mudder and GranFondo complementing a full slate of sports and cultural events including everything from community festivals to free concerts. Whether for a weekend retreat or a family gathering place, buyers from around the region are recognizing in Whistler an accessible and vibrant locale that delivers the desired elements in their lifestyle without extensive travel.
Others see Whistler as an ideal place for an active and fulfilling retirement. Given the general consensus that theOthers see Whistler as an ideal place for an active and fulfilling retirement. Given the general consensus that the market has reached its low point, has stabilized, and is turning the corner, they are buying now in anticipation of their future housing needs. Still others are taking up the lifestyle of the virtual commuter and finding Whistler an attractive base – a great place to live and work from their home office, but still just a short drive from the city if business needs to be conducted in person.
What Are they Buying?
It should be noted that some buyers, even local buyers, are still looking for rental returns, perhaps until they need the property for their own use. Rentals remain vulnerable to a list of factors outside any owner’s control, but their has been a slight improvement in rental returns so far in 2013.
Nevertheless, properties that are moving – whether townhouses, single family homes, or condos – largely reflect the lifestyle purchase motivation. Village properties, for example, offer the convenience of simply parking the car and walking…to the chairlift, the coffee shop, or a fine restaurant.
Both Warner and Brown note that the market has not yet generated sufficient activity to bring many of the proposed new development projects off the back burner and back into full activity. Most of the new construction that is ongoing is in the custom building category rather than the more speculative developments.
In short, it appears that the buyer’s market is over. Good properties at the right price are selling at or above asking price, helped by a relative lack of inventory. In fact, bidding wars and multiple offers have reappeared, nurturing the growth of a cautious optimism throughout Whistler’s real estate sector.
Nick Swinburne – Sutton Group West Coast Realty
A proud Whistler resident since 1995, Nick’s experience in resort sales combined with in-depth local area knowledge has been a perfect complement to his Real Estate career. He brings a refreshing new approach to Whistler real estate sales and marketing by utilizing a strong technical background and a flair for creative ad campaigns. Specializing in the marketing and sale of recreational and investment properties, Nick looks forward to extending his real estate services to you and learning more about your Whistler real estate goals.
Janet Brown – Sutton Group West Coast Realty
After a successful career as a senior executive in the financial services industry, I fulfilled my dream of moving to Whistler to enjoy all this wonderful community has to offer. Apart from a strong business background, I have experience in Interior Design, property management, renovations and new construction. My values are honesty, integrity and dependability and I am personally committed to providing you with exceptional service. I would be honoured to be your real estate partner…because it’s YOUR HOME…YOUR INVESTMENT. *
* For the complete article see Homes & Land Volume: 8 Issue 12 | September 27 - October 25, 2013.
