Market Report

Market Report

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.

Single Family Homes and Condominiums were the strongest markets through the first three months of the year, exceeding the activity levels achieved in the last quarter of 2018 and experiencing increases in average sales values (by 2% and 9% respectively) as compared to the end of 2018.

Due to a limited inventory, activity in the townhome market was noticeably slower and average sales values remained largely unchanged from the preceding quarter and from the same period one year ago.

The total number of properties listed and available for sale continues to increase but remains below historical levels. Days on market statistics continue to be constant at approximately 60-70 days for an average listing.

The Whistler market continues to act as a unique sub-market to Vancouver and British Columbia as a whole, driven by discretionary consumer decisions rather than the same factors driving supply and demand in most urban markets.

Outlook: We are currently experiencing a balanced market environment after experiencing several years of Sellers’ Market conditions. Sub-categories within the market vary dramatically however and multiple offers on well-priced and well-located properties are not unusual.

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.


YEAR END 2018

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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YEAR END 2017

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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YEAR END 2016

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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YEAR END 2015

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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