2016 was certainly an interesting year in Whistler Real Estate, we saw prices soar and inventory drop to some of the lowest numbers in recent years.
Here are the 2016 year end statistics for you:
To download a a .pdf version of this presentation please click here.
Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.
Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.
Last month’s sales were 7.6 per cent below the 10-year sales average for the month.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.
Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).
The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent).
Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.
“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-month declines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.
Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.
Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.
Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.
To keep you up to date with the Real Estate Listings in Whistler, here is are links to all properties listed and sold in the last 7 days.
If you are interested in any of the properties or have any other questions, always feel free to contact us!
New listings in the last 7 days
Sold listings in the last 7 days
Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).
The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.
The B.C. government announced a new plan to introduce a 15% property transfer tax for non-Canadian citizens and non-permanent residents in Metro Vancouver. The move comes as the government attempts to combat the growing affordability crisis in the Vancouver area.
BNN Interview about the New 15% Foreign Buyers Tax
Yesterday, the provincial government announced that they will implement a 15 per cent foreign buyer tax on all residential transactions in Greater Vancouver effective August 2, 2016.
We have a received numerous inquiries and questions about this new tax and would like to pass on the below information and clarify that the tax does not apply in Whistler. It only affects properties in the Greater Vancouver area purchased by foreign nationals. Below is the news release from the Real Estate Board of Greater Vancouver.
Government to introduce a 15 per cent foreign buyer tax effective August 2
The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.
The new tax will be payable on applicable transfers registered with the Land Title Office on or after August 2 regardless of when the deal was completed.
The tax will apply to any transferee that is a foreign national, foreign corporation, or taxable trustee. Foreign nationals are defined as people who aren’t Canadian citizens or don’t have permanent resident status in Canada. (Permanent residents will have a valid permanent resident card issued by the Canadian government.)
“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market,” Dan Morrison, Board president said. “Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.”
Under the new tax, for example, a foreign buyer or foreign-controlled entity will pay an additional $300,000 in tax on a $2 million home.
“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax,” Morrison said.
Foreign corporations are any corporation not incorporated in Canada, or are incorporated in Canada but controlled in part, or wholly, by a foreign national or corporation. Publicly traded companies are excluded.
Commercial properties are excluded, and mixed-use properties will only pay the tax on the portion of the property’s value that’s for residential use.
For more information:
Read the government announcement here.
Read the government’s tax information sheet here.
We’ll continue to share information with you on this development as we learn more.
Here are the latest statistics for the Whistler Real Estate Market since the beginning of the year. It has been a busy one..
Be the first to know that Whistler has been as busy as it has been in my 20 years of selling here! Let’s talk numbers thought so we see the big picture.
Today there are only 13 homes available to purchase between the price of $1.5M and $3M so you better give us a call quickly :-). Since the beginning of this year, a total of 137 homes in this price range sold. To make it easy to look at options today; feel free to click the following links:
Single family homes for Sale
Townhomes for Sale – Rental zoning
Condos do stay as long as your please
Phase Two – Let the Hotel General Manager know when you are coming
GO Fest – Whistler’s Great Outdoors Festival – May 20 – 23
May is the month when summer and winter meet, where sliding on snow, golfing, bike riding and water sports can all be enjoyed on a single day. GO Fest falls on the Victoria Day Long Weekend, with four days of events to welcome warmer months and get everyone out and enjoying Whistler’s great outdoors. www.greatoutdoorsfest.com
Tough Mudder Whistler – June 18 & 19
The famous military-style Tough Mudder obstacle course meets the rugged Coast Mountains. Test your limits on the 16 – 19 km course (10 – 12 miles) course with more than 20 obstacles. Experience the true meaning of teamwork then take a well-deserved break in our stunning summer resort. www.toughmudder.com/events/2016-whistler
Vancouver Symphony Orchestra – July 1 – 2
The Vancouver Symphony Orchestra will once again play in Whistler this summer bringing classical music to Whistler Olympic Plaza, our beautiful outdoor concert space. Bring a chair or blanket and prepare to be amazed at the sound of a full orchestra playing under the stars. More infos here.
Subaru IRONMAN® Canada – July 24
Swim, bike and run through Whistler’s beautiful lakes, roads and trails this summer. New for 2016: Subaru IRONMAN® Canada 70.3 will be held on the same day, offering a different level of challenge over the same incredible terrain. Is it your year to complete an epic triathlon? Ironman Canada
Wanderlust Whistler – July 28 – August 1
Wanderlust Festival is an all-out, ecstatic celebration bringing together the world’s leading yoga teachers, top musical acts, renowned speakers, exquisite chefs, and thrilling performers. Book your accommodation for your mountain retreat, and prepare for an incredible journey with like-minded souls in 2016. www.wanderlust.com/festivals/whistler
Crankworx Freeride Mountain Bike Festival – August 12 – 21
Race, ride or simply watch the spectacle unfold – this world-famous festival celebrates the heart and soul of mountain biking. The best riders and biggest bike fans in the world come out for a week of gravity-fuelled racing, freeride competitions, kids events, gear demos and the chance to shred Whistler’s trails together. www.crankworx.com/festival/whistler
RBC GranFondo Whistler – September 10
Join fellow road cycling enthusiasts in the RBC GranFondo Whistler as they cycle the route from Vancouver to Whistler on the Sea to Sky Highway, over 122 kilometres of winding mountain road. Stay for the fun at the finish line celebrations and family events with great deals on accommodation. www.granfondowhistler.com
Whistler Village Beer Festival – September 16 – 18
The Whistler Village Beer Festival is held in September, a five day festival of craft beer and cider featuring two days of tasting events in Whistler Olympic Plaza plus cask nights, seminars, foodie nights and more. With over 200 beers on tap during the festival from more than 80 breweries, this is an event not to be missed. See details here.
The Whistler Real Estate Market is certainly off to a very strong start this year, see the latest statistics below:
We are working around the clock to find you a property regardless if it is listed for sale or not.
Sellers, there has never been more demand than there is today. Here’s what that means in terms of numbers; historically a strong market in Whistler meant that there were between 700 and 800 properties for sale. When the global crisis hit and our market slowed we had 1200 homes for sale. Today, there are only 261 properties in all of Whistler on the market!
We are seeing a lot of pressure for chalets under the price of $2.2 million. There have been no sales between $2.2 and $4 million so far this year. This price range is surprisingly slow as buyers seem to be jumping up in their budget and paying more for larger homes, properties that may be newer and offer 5,000 plus square feet. When you look at performance in our Luxury Market for homes priced over $4 million; we have had some historical high sales. Recently we had a record sale of $22 million dollars for a single-family home located in Stonebridge and a lot sale of $10 million. There have been many sales over $5 million which is an indication of the confidence that Whistler offers as an investment and also a result of our weak Canadian dollar.
Please work closely with us so we can make sure we’re on top of our game and working hard for you.
Click here to view New Listings in Whistler in the last 30 days.
Click here to view what’s Sold in Whistler in the last 30 days.
Macdonald Realty received the prestigious Global Alliance Award from Leading Real Estate Companies of the World® (LeadingRE), a global network of more than 500 high quality independent real estate firms. The award was presented at the network’s Annual Awards Gala February 25 at the Fontainebleau Miami Beach. The event was part of LeadingRE’s Conference Week, which has attracted a distinguished audience of nearly 2,500 real estate professionals from 25 countries.
Winner Global Alliance Award
For the fourth consecutive year, Macdonald Realty was presented the Global Alliance Award. This award is presented to the international firm that closes the most cross-border referrals, utilizing the strength of the LeadingRE network to assist their local clients with global real estate investment and relocation services.
Read more here.
The Audain Art Museum – now open
Whistler’s newest attraction opened last weekend, the Audain Art Museum. It is an iconic 55,230-square-foot museum that houses a unique collection of British Columbia art in Whistler Village. The Audain Art Museum has one of the world’s finest collections of old First Nations masks, an exceptional collection of Emily Carr paintings, works by some of Canada’s post war artists—including Jack Shadbolt, E.J. Hughes and Gordon Smith—and also works by other internationally famous contemporary artists. Visit the museum’s website here.
17 March – St. Patrick’s Day at the Dubh Linn Gate Irish Pub
Kick up yer heels as you celebrate the luckiest day of the year with The Splinters in the afternoon, and keep the jig going with Ruckus Deluxe in the evening. A cover charge of $2.00 will be in affect at the door with the proceeds going directly to Whistler Community Services.
17 – 20 March – The GoPro Junior Freeski Event
Location: On-Mountain
This IFSA event challenges competitors 12-18 years old to shred big mountain terrain, while judges score them based on style, speed, and line choice. For more information on entry fee and registration, please call the Whistler Blackcomb Reservation Centre at 1.800.766.0449.
19 March – 14th Annual Balding For Dollars
Location: Garibaldi Lift Company (GLC) | Time: 3:30 – 5:30 PM
Join in the fun at 14th Annual Whistler Balding for Dollars featuring plenty o’ head shaving in support of kids with cancer at the oncology wards of BC Children’s Hospital. Over the years hundreds of Whistler locals have shaved their heads to raise money for the kids. To date more than $246,764 has been raised in Whistler at this event.
22 – 12 March – Sport Chek Canadian Championships 2016
Location: Whistler Mountain
Once again, the Sport Chek Alpine Canadian Championships return to Whistler featuring the Sport Chek National Championships March 22 to 29 and the Sport Chek Para-Alpine Canadian Championship GS and Slalom on March 28 and 29. The competition will be held at the Dave Murray National Training Centre located on Whistler’s Raven/Ptarmigan runs. This is the perfect opportunity to see downhill ski racing at it’s finest – fast, furious and precise. The national alpine and para-alpine teams take on up-and-coming athletes from the provincial and club level as well as international competitors.
8 – 17 April – Whistler World Ski & Snowboard Festival
The WSSF is Whistler’s unique mountain culture festival with ten days of awesome events – free outdoor concerts, photography, film, skiing competitions and non-stop nightlife PLUS sweet spring skiing and sunny après sessions.
Soaring single-family home prices and sales in the city are having a knock-on effect in ski town, says Whistler real estate agent.
The money being poured into single-family homes in Vancouver’s wealthiest areas is having an unexpected but beneficial effect on the previously struggling real estate market in Whistler, according to a luxury real estate agent in the ski resort town.
Shauna O’Callaghan, an agent with Macdonald Realty, told REW.ca that the “secondary” effect of detached homes in Greater Vancouver going for record prices is that some of the families selling those homes are moving out of the city, with the proceeds of the sale funding their new “dream” life in Whistler.
“Generally we are seeing an increased influx in families, whether younger or older families, in Whistler,” O’Callaghan told REW.ca. “They tend to be Canadian families who have previously spent their weekends in Whistler and have recently benefitted from the sale of their Vancouver home, which is enabling them to live the dream in Whistler on a full-time basis.
“A typical scenario might be a family with kids who sold a West Side home for $3 million, and buy a similar home in Whistler for $1.5 million. The proceeds are enabling the parents to maybe work a bit less and enjoy the Whistler lifestyle more.”
O’Callaghan added that Whistler real estate activity has increased by 10 per cent in the past couple of years, and that housing inventory was getting increasingly tight in the resort town after a slow period a few years ago.
“We’ve seen a lot of new families coming in to live here full-time, and school registrations are up,” she said.
Empty-nesters are another demographic that is seeing an increase in Whistler, as older and retiring couples with adult children downsize from their single-family city homes to a more affordable Whistler property, and boosting their retirement coffers with the proceeds, according to O’Callaghan.
Published on REW.ca, October 29, 2015.
The foreign-buying frenzy in Vancouver isn’t only driving up prices there, but that overseas cash is now funding a buying spree for retirement and vacation properties in other parts of the province, according to one expert.
“In Whistler we’re seeing a lot of people cash out from Vancouver in the single-family home sector because they’re getting big Chinese money for their home in Point Grey or Kitsilano and they’re coming up here and finally getting to live the dream,” Shauna O’Callaghan, an agent with Macdonald Realty Inc., told CREW.
The low Canadian dollar is also driving investors into the area, though these ones are travelling shorter distances to buy.
“We see U.S. investment and the market that I see influencing Whistler is Washington,” says O’Callaghan, who holds a Certified Luxury Market Specialist (CLHMS) designation. “It’s not just the dollar spurring this trend, but the strength of their economy, driven largely by the tech industry.”
Other industry leaders point to recreational properties in the eastern part of the province benefitting from the downturn in Alberta. Central 1 Credit Union recently reported that weaker conditions have helped increase interprovincial migration to 3,500 people a quarter this year.
Many of these newcomers have received “generous buyout” packages which have allowed Alberta buyers to retire early.
The Whistler market has grown tighter for investors since the 2010 Winter Olympics and according to O’Callaghan most of the supply has now been absorbed.
“As a result of that is we’re seeing prices increase and it’s just become harder for people to find what they’re looking for,” she says.
That’s why she urges potential buyers to get in while they can.
“Down the road, some people are going to kick themselves that they didn’t buy now. They’ve been spoiled thinking that this is a quiet market, but that’s changed. There are multiple offer situations and they’re going to have to compromise on what they want because we just don’t have the inventory.”
Published, 28 Oct 2015, Canadian Real Estate Wealth
As an agent with the largest realtor network in Canada, Macdonald Realty, Shauna O’Callaghan, works locally on a national scale. Shauna’s excellent reputation is the result of unparalleled respect for clients and market smarts.
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