Spring in Whistler is always a mixed bag of everything. There are busy weekends with big crowds in the village and quiet ones with only a few residents wandering about. The weather can go from 30 degrees and sunny one day to frigid and cold with rain the next. What you make of any particular day is entirely based on the perspective and context you bring.
Real estate at the moment is a bit of the same….There are so many different story lines out there around market slow-downs, money laundering, mortgage stress tests, new taxes and government policies and so much more. What to make of it all really depends on perspective and context.
The Whistler market is quite unique compared to most Canadian and North American markets and it is important to have the proper facts and information about our market, in order to make the right decision for you at any given time depending on your situation.
The current market is a lot more balanced between buyers and sellers than it has been over the past 3 years. Properties are lingering on the market for a little while longer, the number of sales per month has decreased to more “historically normal” levels and while the number of listings currently available has increased over 30% from this time last year they remain at historically low levels. As a result of mostly the latter, our pricing has been relatively stable over the past year in most market segments and has only retreated slightly in others.
Listings will remain low as far as I can see because of a number of factors.
- No new large upcoming development which would flood the market
- Significant turnover of the market in the past 3-4 years
- Incredible revenues in both short term and long rentals that property owners are enjoying – less likely to sell as a result
What all this means really depends on your situation and your context…If you are looking to buy, we have more choice than in previous months but with inventory still very limited, better pricing may be available but not like some other markets in Canada. On the sales side, it is important to be pragmatic with your pricing and your expectation of time on the market. As always, though, each property and every situation involving real estate is unique and requires context and a solid understanding of how it may affect your choices at any given time.
Whatever the case, make sure you check in with me to sort out what to make of all the information. Just like with Spring in Whistler, what you make of it depends entirely on the perspective and context.