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.
Some of My Favourite Things to do in Whistler
There’s so much to do (and eat!) in Whistler over the holidays. Here are some of my favourites (in no particular order) …
- For a small indulgence after a day on the hill, stop by Creekside Confetti for a delicious Acai Berry Bowl or a mouth-watering gelato. You earned it!
- Do you need a “me” day to recharge? Drop in to one of Altitude Fitness pilates or barre classes (day or weekly passes available). Your body will thank you.
- This was one of my family’s favourite activities last season, Blackcomb Snowmobile Mountain Fondue. Journey deep into the backcountry and experience a taste of true Canadian winter with this unique dinner that combines savory and sweet with adventure and awe.
- If you’re in the mood for a fun day out with the kids, grab a sled and head over to the base of Lorimer Road. Walk over the bridge and slide to your heart’s content.
- If you’re looking for the best organic sourdough bread in the mountains it’s here. Ed’s Bred. Full stop.
- Just opened and a must-see (dangerously close to my Creekside office) is Bach & Co. A gorgeous store with elegantly curated clothes for both women and men.
- For a complete Whistler Holiday Guide – click here.
Luxury Portfolio Trends 2019 Gift Guide
For the people on your list who have everything, take a peek at these luxe gift ideas to get inspired and find something truly unique
For the WANDERLUST
Drake, a Land Ark RV
Starting at $149,900
Ideal for those looking to take a cross-country road trip or embrace the tiny house lifestyle full time, Drake is efficiently built as a high-design house, but sized like an RV to give you ultimate freedom of use. The contemporary layout and sleek hardware create a beautiful setting that your favourite traveler is sure to love. Follow this link for more details.
For the ENTERTAINER
Asprey Ritz-Carlton Drink Trolley
Price upon request
A frequent host for gatherings? Asprey, has partnered with The Ritz-Carlton to create this exclusive silver-plated drink trolley inspired by bar designs from the 1920s and 1930s, a time when cocktails marked the height of fashion. Featuring Art-Deco elements with a modern twist, this piece is sure to delight guests and serve as a chic conversation starter. Follow this link for more details.
For a Loved One Far Away
Enso Heartbeat Stone
Inspired by the soothing shape of a river stone, the Heartbeat Stone rests in the palm of your hand to read your heartbeat and mirrors it in real-time through gentle vibration. Paired with the app, you can share your heartbeat, allowing loved ones to feel it, wherever they are in the world, in real time. A stunningly beautiful piece, this is a truly heartfelt gift for anyone on your list. Follow this link for more details.
For the Fitness BUFF
Hypersphere Mini Vibrating Massage Therapy Ball
Perfect for the frequent traveler who’s staying fit on the road, the Hypersphere Mini offers a therapeutic vibrating massage to help you move better anywhere you roam. The Mini is TSA-approved, so just toss it in your suitcase to have on hand for your post-workout routine. Follow this link for more details.
For more gift ideas and the latest trends, check out the current issue of Luxury Portfolio Magazine.