Happy Holidays! December Market Update
- December 28, 2019
- Market Updates
Whistler Market Update
Here is my latest take on the Whistler real estate market, something I hope will help to fuel your Holiday real estate conversations.
Chalet sales are shaping up to be the same in 2019 as 2018 with approximately 100 single family homes sold. This represents a 25 per cent drop in the number of transactions pre-2018. In 2018, mortgage stress test policies were introduced with the intent of cooling off the real estate market. It appears to have had the intended effect in Whistler, since in past years (eg. in 2015, 2016 and 2017), approximately 150 homes would sell each year. Pricing however is still strong with a medium price for chalets of $2.225M in 2019 which is slightly down from 2018’s median price of $2.450M, but returning to the same historical highs of 2017.
Sales of properties that are zoned for nightly rental (the type you can AirBnB or hold as an investment property) have not cooled and are often seeing multiple offers and sales over asking. The best value can be found in three bedroom townhouses that are zoned for nightly rental specifically in the Benchlands – Blackcomb area. If you can buy one of these gems you should act quickly. Similarly to the chalet market, there has been a cooling off on pricing from the highs of 2018. The medium price of $755,000 is down to $723,000 a decrease of 4 per cent and the number of transactions has decreased from 341 to 271, representing a decrease of 21 per cent.
Tight Market Continues
In terms of inventory, the Whistler market continues to be very tight. Whistler today has approximately 300 listings. This is double what was available last December, however if you compare it to 2010 when inventory was around 800 listings, we are not over supplied. Inventory has consistently dropped since that time with January 2018 being the lowest with 155 listings. As always, buyers need to be prepared to act quickly to secure their Whistler dream home.
Additionally, demand for second homes among affluent buyers is heating up. According to a recent report by Luxury Portfolio International, the potential for luxury property has never been bigger. “Just in the last four years, personal wealth globally has grown by 15% and the number of high-net-worth-individuals has increased by 25%”. And resort properties are in the hottest demand because the can cater to the discerning lifestyles of these groups, where amenities and wellness are priorities. To read the whole article and report, click here.
Although it may appear that pricing and sales have softened in 2019, don’t be fooled. Remember the real estate Golden Rule for Whistler – values are always tied to inventory and in this market we do not ever get more product and that has been the case for 20 plus years. Whistler is all about supply and demand.
To view current luxury and unique home listings click here.
To view current chalet listings click here.
To view current townhome listings click here.
To view current hotel listings click here.
To view current vacant land listings click here.
To view current nightly rental (no restrictions) listings click here.
Please call me if you would like more information.