28 days and…done!
What a whirlwind month- Hotels and suites were booked at occupancy, we had an exceptionally milder month, and overall, we observed buyers making moves. Family Day & Presidents Day weeks ended with a bounty of snow, and mountain conditions supreme.
Several properties previously listed and reintroduced, found new owners quickly, and the new inventory is being closely watched; February marked a real change in the real estate market for the region.
In Whistler, there were 42* sales in February, a sharp increase from the 19* sales seen in January. This ties October 2022 for the highest number of sales Whistler has seen in a month since April 2022, when the heated pandemic market really slowed down. Inventory remains quite low with 212* units on the market. Notably, days on market for chalets decreased significantly both month-over-month and year over-year.
In Pemberton, there were 5 sales in February – two single family, two townhomes and one condo. Inventory has improved slightly from December and January and currently sits at 54* units, which is about 13% below the 5-year average. Median sales price essentially remained even or increased for single family, townhomes and condos when compared to January, while days on market decreased significantly for both single family and townhome units.
With spring approaching, there are hopes that we will see a more typical spring market with a relative influx of inventory in both Whistler and Pemberton to keep the market momentum. From an economic standpoint, As signaled in its previous interest rate announcement, The Bank of Canada maintained its overnight rate at 4.5 per cent this morning, March 8th. The BOC will be watching the economy moving forward to assess if they need to raise rates again to cool things off, but the economist from the BCREA seems to think that rates will start falling by the end of the year. We are expecting this rate hold may bring more confidence to those looking to make a property purchase; thus being prepared is crucial.
If you are considering property, and will require a mortgage, there are two excellent brokers locally that always enjoy connecting people to. A good mortgage broker provides insights, options, and will really work to find you the best rate. Having this information in hand when looking for properties is powerful and allows us to work in an optimal state on your behalf.
With Spring Break here this weekend, I am looking forward to seeing many familiar faces in resort- I’ll be in the office often, but also trying to get up on the hill with family at least a few times. As always call/text with any questions!
My very best,
To say we've seen the housing market meet apprehensive buyers in the past 4-5 months is an understatement. For many, if you only bought into the market within the last 10 years, the shock and holding off activity is understandable. Let's take a breath and observe where we have been, and come through. It's also important to embrace the fact that seeing 2% - or less- as a cost of borrowing, is really not realistic in the next 5 years.
Reach out if you'd like to chat further- and I sure know some awesome mortgage brokers for further guidance!
With less than two weeks until opening day (November 24th) we have chilly weather- but looking forward to the snow coming forecasted for next week!
This weekend is a bright kickoff to the snow season- we're headed to the infamous Bear Foot Bistro Oyster and Caesar Competition. All proceeds go to charity, which makes me feel even better about enjoying the salty gifts from the ocean. Best part- love the 3pm- 7pm time frame- priming us all for the glorious apres sessions to come, in 2022-23 season!
On the half dozens, I am eying a handful of fresh properties have come on the market in the past month. Perfect for family and friends, and many allowing nightly rentals, there's great abodes that are ready for the coming winter to enjoy.
The Hotels are indicating that their upcoming winter is looking busy; after a few years decimated by C-19 it's awesome to see owners of condos within the lodging segment benefit from a solid year ahead of revenue.
Without any plans to leave the resort for more than a few days- I'd love a chance to connect if your in town- coffee, beverage, or a lap- just give me a call!
This weekend I'm thrilled to be hosting Opens at 2 iconic neighborhoods in Whistler, the Benchlands on Blackcomb and Alpine Meadows.
First up, on Saturday at 10:30 I can be found just off Painted Cliff Road, at well sized 2 bed | 2 bath. The location- ski-in-ski out, will not see the new owners require a vehicle during their stay- park downstairs in gated convenience, and enjoy walking to the village from the pathway. Comfort and casual luxury exudes from this well appointed Phase 1 townhome. Large bedrooms, and freshly installed flooring are just some of the attributes of this priced to move investment, home away from home, or home. #30 Foxglove - see you Saturday- priced at $1.749 Listed by Dean Linnell, Whistler Real Estate Ltd.
Sunday morning in Alpine Meadows- perfect start to the day! This property is super unique, and has some really valuable attributes that a local buyer, or weekend recreationalist family will find compelling.
8167 Alpine Way is the perfect potential alternative to a townhouse or condo, and has an extremely functional layout. Flooded in natural light, the views of the surrounding mountains set the scene for this sophisticated and inviting residence.
-11,252 foot relatively flat, grassy lot
-2 bed / 1.5 bed home up, with a 1-bed suite below which is generating $2000/mth rent (with incredible renters!)
-Build up to almost 4000/ft, so still another 2200~ can be added to the existing home, or as an auxiliary home or infill-housing
I’ll be onsite Sunday 10-12 to show this gorgeous residence- at $2.595 this is excellent value in Alpine!
Listing courtesy of Dave Brown with the Whistler Real Estate Company
See you at the Opens, or reach out to learn more about these properties, or to discuss what your Whistler dream looks like!
What a stunning month we've had in Whistler!
What started a little cool and rainy gave way to a glorious BC Long Weekend with temperatures hovering in the mid 30's- that's over 90 for those south of the border! Our lakes and beaches were filled, and each day the views were spectatular with the most colorful assortment of floatillas; from unicorns and flamigos to the more typical paddleboards and kyaks- truly perfect summer days!
The month in real estate slowed significantly- as if all just wanted to bask in the summer days. With our inventory rising now 308; 236 in Whistler and 72 in Pemberton respectively, July 2022 was the slowest sale activity in 10 years. The summer months are historically low, but this was certainly notable. A component can certainly be pegged to the increase in rates; this broadly created a 'wait and see' element for some buyers.
Supply will never dramatically increase in Whistler, and if property worth is evaluated- even just for the past decade, consistent and considerable appreciation has occured in all segments. Thus, if you have the need, the ability and desire to move, then the time-tested & proven statement, "Forget trying to time the market, and focus on time in the market" still holds true. Plus its backed by decades of data.
August gives way to some outstanding events we are so looking forward to having back to resort- Crankworks- starting today, will absolutely bring spirit and fun, and next week I can't wait for Art on the Lake. The summer concert series is on each weekend, and can't forget some good old patio sessions for Happy Hour!
Check out the Tourism Whistler site at www.whistler.com for all events and times.