Market Report

Market Report

QTR. 2, 2020

As many have already stated, the first half of 2020 was an unpredictable time. The COVID-19 shutdown of day to day activities for over 60 days created unparalleled uncertainty both economically and socially. Although an essential service, real estate activity was severely impacted due to consumer uncertainty about the future, travel restrictions and health and safety concerns. This uncertainty about the future will continue to play a part in market activities going forward, although a more predictable environment is developing as the new reality becomes clearer.

Like all marketplaces, Whistler saw a significant decrease in activity in the second quarter (April-June 2020) which led to a 42% drop in activity as compared to the previous 6 months (July to Dec 2019). However, despite fewer sales, all other statistical market indicators were unaffected by the slow down. Both average and median sales values have remained unchanged or have increased for both the overall market and most sectors; the luxury market (properties over $3,000,000) remained strong and active. Average days on market (DOM) remained steady as did months of inventory; the average number of new listings also remained mostly unchanged, although as a result of the drop in number of sales for 60 days, we did see an increase of approximately 10%. That being said, the number of properties listed for sale continues to be at historically low levels. Finally, the pace of transactions per week (sales every seven days), has improved steadily since April and has now returned to the levels we saw prior to March 1.

Overall, the average transaction value has risen by 16% to $1,458,000. Both single-family and condominiums have seen a similar increase in average transaction value currently reporting at $3,388,000 and $906,000, largely due to an upsurge in sales of more expensive properties. The average sales value of townhouses in Whistler remains unchanged as compared to the start of the year.

As we move into the second half of the year, Whistler will continue to be seen as an attractive investment and an appealing community to live in. Natural beauty, level of services, relative value compared to peers, access to Vancouver, stability and safety will continue to appeal to buyers looking for an alternative to the larger urban areas for both lifestyle properties and primary residences. We expect further strengthening in buyer enquiries, leading to a reduction in the number of properties offered for sale and supporting price at their current or higher levels.

We are dedicated to keeping abreast of our market to ensure we provide you with a well-informed, and current strategic view of investment potential and advice on your purchase or sale. If you have questions, or would just like to chat about the current market, please email us or call 604-932-7670 any time.

QTR. 1, 2020

Real estate markets in the first quarter of 2020 in Whistler and Pemberton followed trends experienced throughout southwestern BC with a strong and improving marketplace during January and February, followed by a slow down in March as result of a global and local shutdown of most parts of the economy and society due to the COVID-19 pandemic.

In the first quarter of 2020, Whistler recorded 110 new firm transactions compared to 151 in the previous quarter and 131 for the same quarter in 2019; this is largely attributed due to a 50% drop in activity during March YOY.

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QTR. 3, 2019

The third quarter of 2019 saw increased sales activity after a slower than average second quarter, bringing activity levels back to that of the last 6 quarters. The current market has stabilized from the frenzied conditions of 2015-2017, although overall sales values remain strong and relatively consistent.

Overall average transaction value YTD is $1,269,800 – a slight increase on values from the first quarter. Buyer demand remains strong with continued interest in the resort and high visitation levels.

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QTR. 2, 2019

Overall activity in the first two quarters in 2019 has declined 37.5% YOY, with the townhome and condominium segments being most impacted. Current sales activity is equivalent to that in 2009 (pre-Olympics). However, low inventory levels has been the primary driver current sales levels, with levels at less than half of that ten years ago. Buyer interest has remained steady, with overall average prices remaining comparable YOY, with a slight increase YTD.

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QTR. 1, 2019

Sales activity in the Whistler market remained consistent in the first quarter of 2019 compared to 2018’s final quarter, although still at much lower levels than the frenzied peak of the market in the 2017/2018 winter season.

Like most parts of British Columbia, the overall number of sales transactions has trended down by approximately 45% compared to 2018’s first quarter. Despite the slowdown in transactions, the overall value of sales was $165 million, an increase of approximately 10% from the previous quarter. Average transaction values have also seen an increase by a similar percentage amount to $1,312,000.

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After heightened and frenzied activity throughout 2015-2017, the Whistler real estate market has now entered a period of stabilization, with a cooling of market activity. Over the course of 2018, the volume of transactions dropped by 26% YOY and are at consistent levels seen prior to the peak of the Whistler market cycle in 2015-2017; the pace at which activity dropped was accelerated in the 3rd and 4th quarters by a rise in interest rates and new mortgage approval rules began to dampen buyer enthusiasm locally, regionally and nationally.

The total value of transactions reported to the Whistler Listing System for 2018 was approximately $828 million, down 18.2% YOY. However, despite a slowing in transactional activity, the average property value in Whistler has continued to increase to $1,250,168 – an increase of 7.5% from 2017.

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The Whistler real estate market experienced another active year in 2017, resulting in significant price increases in most sectors and over one billion dollars of transactions. Despite the total reported sales falling below 2016, strong buyer interest continued to drive valuations.

Total transactions decreased by 16.2% compared to 2016, however this was more than offset by a 26% increase in the average transaction price (currently $1,163,392 compared to $901,451 at the end of 2016). The first half of 2017 was particularly strong due to a peak in buyer interest however as the number of properties offered for sale continued to decline market activity slowed.

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2016 marked one of the most active years on record with over $1 billion worth of sales driven by significant price appreciation across all major segments; overall transaction volume increased YOY by 22% and YOY value by 12.6% to $901,765.

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The Whistler real estate market has seen continued growth for the past 5 consecutive years in both sales activity and sales value; the most recent data indicates market conditions have returned to those prior to the financial collapse in 2008/2009.

The resort’s continued efforts in positioning Whistler as a diverse, year-round destination has resulted in ongoing growth in Whistler real estate demand; low interest rates, a favourable Canadian dollar, and an active real estate market in the Greater Vancouver area are all contributing factors to the upward pressure on prices across all market segments.

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E. & O. E. All listing information is from sources deemed reliable. However, no representation is made as to the accuracy or completeness thereof and should be independently verified.
JR - Whistler Real Estate
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