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 Happy New Year!
Welcome to 2019! We hope your year is off to a great start. The resort is in full swing and ski conditions are excellent, so if you haven’t had a chance to enjoy the mountain yet this year, it’s definitely worth checking out.
Please enjoy our latest newsletter which includes our year end market synopsis and some highlights from 2018. This past year marked a year of transition after 4 years of solid growth. We don’t anticipate that 2019 will be that much different in terms of the latter half of 2018. Whistler is a small market and as we are exempt from the foreign buyer tax, speculation tax and vacancy taxes, we continue to be a solid investment for both financial and lifestyle reasons.
If you are thinking of making a move in the market, I would be happy to discuss your options. Please feel free to call or drop by the office at your convenience.
Wishing you the very best for the coming year ahead!
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WHISTLER MARKET UPDATE
2018 Year in Review
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Throughout 2018, the real estate market in Whistler continued to follow the trends established in 2017. Over the course of the year, market activity continued to slow as the number of transactions decreased and sellers found their listings staying on the market longer. This process was somewhat accelerated through the second half of the year as rising interest rates and new mortgage approval rules, combined with a variety of new government policies and taxes aimed at real estate, began to impact buyer enthusiasm and create a broad based slow down in real estate locally, regionally, and nationally.
In 2018, overall real estate sales activity in the community was down by 26% as compared to 2017 and is consistent with the levels seen prior to the peak of the local market cycle in 2015-2017. The total value of the transactions reported to the Whistler Listing system for 2018 was approximately $828 million, down 18.2% from the prior year.
Despite a slowing in market activity, average values in the area continued to increase with the greatest appreciation seen in the medium density sectors of the market. The overall average transaction value for a Whistler property in 2018 was $1,250,168, a 7.5% increase from 2017. Most of this increase in value was in first quarter of 2018.
Family oriented accommodation (including single-family homes and large townhouses) continued to attract strong interest; however, the scarcity of opportunities and higher average price points mitigated the amount of demand. As such, average values for single-family home transactions in 2018 only appreciated by approximately 2.5%.
Condominiums and townhomes that offer short term rental potential, particularly those located close to the Village and/or ski slopes, were in very high demand in 2018. Increased international awareness as a result of the Vail purchase as well as the success of the community in significantly increasing overnight guests to the resort created strong interest from both traditional real estate investors and those just looking to offset a portion of their ownership costs through professional management or by self-management.
Overall, the average transaction value for condominiums in Whistler increased by just over 11% to $664, 390 while the average townhouse transaction value increased by 33% to $1, 526,168 in 2018. Accounting for 67% of local market activity and 56% of the total market value, the condominium and townhouse sectors represent the majority of the transactions in the Whistler real estate marketplace.
The luxury market (defined as properties sold in excess of $2 million) continues to be a strong part of the Whistler market and, with 119 total transactions, activity remained very consistent as compared to 2017. Overall these sales represent 18% of all transactions and approximately 48% of the total transaction value for the community. The average transaction value for this market sub-group was $3,363,000, down slightly from the previous year.
Many properties in Whistler are now valued and selling in excess of $1,000 a square foot which places our real estate market on par with most of the elite ski resorts in North America. However, when exchange rates are taken into account, we continue to be good value from an international perspective.
As activity in the marketplace slowed, the number of properties available for sale has increased from the historical low witnessed at the start of 2018. We expect this trend to continue through 2019. With no new development to be introduced in the near future we also expect that prices will continue to be supported by low supply.
Going forward we expect the Whistler real estate market to be a more balanced marketplace with levels of activity consistent with our historical levels. General price appreciation will be subdued in 2019, although some individual properties may surprise due to pent up demand for certain locations and types. Short of a large negative global economic event, we expect buyers will continue to want to buy and sellers will want to sell. As such, supply and demand will direct pricing in the year ahead.
The real estate market in Whistler is a small, unique and highly dynamic marketplace that cannot be easily defined by larger, non-resort markets. If you are thinking of buying or selling, we are here to help and can provide you with the most up to date information specific to your needs.
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The Whistler Real Estate Company is proud to present the 2019 View From Here, taking place on February 2, 2019 at The Maury Young Arts Centre in Whistler. The goal of the event is to bring together idea-focused minds and policy makers to provide insight into the factors that impact Whistler's business and investment environment.
As we look towards the future and ask “what’s next?” we must consider the opportunities and challenges that will be presented as we move forward. This year’s event theme of “Charting the Course” aims to delve into the various opportunities and challenges that we now face and how they may be addressed.
Find out more >>
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Our top ten blog posts from 2018
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With 2018 now in the books, we take a moment to look back and reflect on the major events of the year.
Here is a look at our top 10 must-read posts from 2018.
Keep reading >>
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Home design trends
transcending into 2019
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As we move into a new year, many people begin to think about how to refresh and rejuvenate our own spaces. Before making that commitment, let’s briefly revisit the design trends that emerged and evolved in 2018 – as well as those that will continue to hold strong into 2019.
Keep reading >>
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How you know you've found the right property
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It is normal to worry when buying a house. With such a big purchase there will always be thoughts about whether it is the right decision. So, with that in mind, here are a few clues that you have found the right home.
Keep reading >>
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Seven things to do after you move to Whistler
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Moving house is exciting, but it can also be pretty stressful. Having a checklist of everything you need to do when you move can make everything a lot easier.
We spoke to some of our Realtors and put together a moving checklist.
Keep reading >>
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#1 - 2032 Innsbruck Drive - Gondola Village
Whistler Creekside
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$534,900 |
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| BEDS: 1 BATHS: 1 SIZE: 400 Square Feet |
| You can’t beat the location of this updated 1 bedroom + loft, 1-bathroom townhome, featuring a bright and open layout. Ideally situated in the complex, there is only a short set of stairs to the front door from the parking. Both the kitchen and bathroom have been updated and feature heated slate flooring, new tile, cabinets and granite counters. Enjoy this four-season location just steps from the base of the Whistler Gondola, Franz’s shops and amenities, restaurants and Alpha Lake Park. Flexible zoning allows for full time owner use, monthly or nightly rentals. No GST. |
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