What did the Luxury Real Estate Market look like in Whistler pre- and post-pandemic?
It is very interesting to note that prior to the pandemic a luxury buyer was considered mostly non-resident; being US, Hong Kong, or Expats living abroad. On average there were around 10 sales per year over $5 million in Whistler. This clientele was very image focused, all about the nanny, chauffeur drivers, private lessons and who’s who.
It surprised the world that the luxury market took off in Canada during the pandemic. At the time there were 1 million Canadians living overseas and it seems they’ve all headed home to Canada and are excited about living in Whistler.
We saw luxury sales surpassed 25 transactions over $5 million and hit record sales prices on multiple properties climbing close to $20 million. If you also factor in the custom built mansions, it is possible to see investments in this segment of the market being valued at close to $40 million.
Given the demands on the local construction industry to meet the needs of this homeowner and the mega mansions, it is no surprise you can’t find somebody to fix your leaky faucet.
The fact remains that Canadians are staying closer to home. In my opinion Whistler has always been the Switzerland of North America. Buyers seek a community that is safe, healthy, and offers a lot of vertical ski terrain. Now the Canadians from “Onthorrible” aka Ontario can move here and work remotely. Turns out there is a lot of wealthy Canadians that made a lot of money in the tech boom that happened during Covid. But for many, regardless of how their wealth was accumulated or which province they came from, the dream of being part of a community and the benefit of a four-season resort has a lot of appeal. The luxury buyer today has lots of money but is more typically Canadian with their polite humble approach. Less afraid to stand in a ski line and the burning desire to try and make Whistler the Aspens of Canada less of their agenda.