The sun is shining and the lake is looking pretty inviting right now! I Love being around the lakes on a paddle board or swimming during the summer. We’re fortunate in Whistler we have so many options to cool off when it gets HOT – head to Lakeside Park or Wayside on Alta Lake; Nita Lake or Green Lake just to name a few spots that you can paddle, swim and play in the water. If you are feeling adventurous you could even paddle down the River of Golden Dreams from Alta to Green Lake!
Do you know about #MyWhistlerFuture . . . The Resort Municipality of Whistler is currently in the process of reviewing Whistler’s Official Community Plan (OCP) and Vision and are looking for your input to be received by July 15th. If you would like to know more and have your say take a look at Renewing Whistler’s Vision and OCP.
The 2nd quarter numbers are now in and things throughout the market have definitely changed… See the sales numbers below as compared to this time last year. If we compare 2nd Quarter 2018 to 2017 the sales volume is down market wide by over 34%. Chalets are showing the most significant decrease at 64%. The Median pricing for Chalet’s is up 70% in the same period while Townhomes are up only 15%.
Number of listings over the same period has increased from 191 to 246 or 23%. This is still an incredibly low number of listings available and represents just over 1% of the total number of properties on our residential tax roll.
There is no question that the new Canadian Mortgage Rules have affected our market similarly to the other urban markets in Canada. The new process requires one to qualify at the 5 year posted instead of the discounted rate – effectively 16% at current conditions. It will take some time for Buyers and Sellers to price this into their values and once we do, I expect sales volumes to increase at slightly lower pricing.
With a more balanced market on the horizon, Sellers are reminded to price their properties according to current and future conditions. While it should be a little easier on Buyers in the current market, they should be reminded that Whistler is a VERY small market and with only 246 properties available for sale currently, you should not let the right one get away!
See the stats below for more details of the various segments of the market.
Call or contact me anytime to chat further.
Cheers!
Whistler Market Update: Week of July 12, 2018
22 New Listings
18 Price Changes
9 New Sales
Pemberton Market Update – Week of July 12, 20118
7 New Listings
4 Price Changes
6 New Sales
2018 vs 2017 2nd Quarter Stats
Total # Sales (2nd Quarter):
2018 – 163 (-34.5% compared to 2017)
2017 – 249
# of Sales/Median Price by Property Type (2nd Quarter):
Chalet
2018: 17 (-64% compared to 2017)
2017: 48
Median Price
2018 – $2,750,000
2017 – $1,967,450
Townhouse
2018: 51 (-23% compared to 2017)
2017: 67
Median Price
2018 – $1,098,000
2017 – $925,000
Condominium
2018: 68 (-35% compared to 2017)
2017: 104
Median Price
2018 – $608,650
2017 – $467,000
Vacant Land
2018: 3 (-63% compared to 2017)
2017: 8
Median Price
2018 – $1,850,000
2017 – $1,980,000
**All stats sourced from the Whistler Listings System.