What happened so far in 2022?
Inventory slowly rising.
Sales numbers slowed in Q2.
Inventory – The inventory is slowly creeping up, but given the record low that we experienced recently, there are still only few options for Buyers. However, we have been seeing less multiple offers on properties and increasing days on the market.
Number of active listings.
With very limited choices in the Chalet market, we saw a sharp increase in pricing in this segment at the beginning of the year. The median sales price in the first half of 2022 for Chalets was $4.2 million, that is a 28% increase compared to 2021. Leading up to the summer, we started seeing a bit of a shift with more properties coming on the market. Active listings in this segment have doubled since the beginning of the year.
Median Sales Price – Chalets in Whistler
Townhomes and Condos
Pressure exists on the Townhome market, as Buyers shift their focus. Many young families for example opt for this type of property instead of a Chalet due to affordability.
As Whistler is on its way to return to pre-pandemic levels of tourism, the hotel investment properties (Phase 2) have started to produce better levels of revenue. It remains unchanged though, that higher-end properties are more sought after, as lower tier properties may struggle with pricing due to the lack of returns. Whereas the investor that gets to stay at the Four Seasons Hotel has a different motivation than the investor that doesn’t want to check into his own investment. Whistler’s pricing has always had a lifestyle component and always will.
Thoughts on 2022
If you are selling, remember that the dramatic spike may have adjusted, but it is still the second strongest market ever in 25 years – less the pandemic insanity!
For buyers, we recommend to take advantage of the low interest rates and increasing selection for buyers. This adjustment on pricing won’t last forever. Buy now at pre-pandemic prices and you won’t be disappointed.