Hope your 2018 is off to a great start!
I am currently compiling all of the sales and listing stats for 2017 and as the reporting isn’t quite complete, I will wait until later this month to finalize my full annual stats package. See below for a quick summary for now. You should be in receipt of your 2018 Property Assessment Notice or it will be in your mailbox very shortly. For the third straight year property assessments throughout Whistler have increased. The assessment values for the 2018 Tax Year are taken on July 1, 2017. And you can view your assessment via BC Assessment.
The Whistler Listing System reported decrease in sales activity by 10% for sales July 1, 2016 – June 30, 2017 vs the same period for the previous year. However, the average sale price has increased by 18% when compared to the same period for the previous year. Please remember that an increase in assessed value does not necessarily mean an increase in taxes, although RMOW has indicated an increased budget going forward. Taxes are determined by a Mill rate which is set as a function of the required budget relative to the assessed value of all properties in Whistler. If you are concerned with your assessed value, please reach out to me and I will review. There is an appeal process with a short window, deadline of January 31, 2018, so you’ll want to act quickly if there is something amiss.
Sales Stats – Quick Review:
As mentioned, not all the numbers are in quite yet, however it is safe to say that 2017 was an interesting year in real estate in Whistler. Although sales activity in Whistler was down just over 10% in terms of transactions, the average value of transactions was up just over 18%, and the overall value of all transactions increased by 6.75% for the year. In Pemberton, the number of transactions were down by 6.3%, the average transaction value was up by 8% and the total value of transactions increased by 12%. Decreases in the number of sales is due mostly to the decrease in the number of available listing. On the listing side of the equation we are at a 24 year low with less than 139 total listings available for sale in Whistler as per the Whistler Listing System. I will have full breakdowns of transactions based on type, price point and quarter by the middle of January. With so few listings and consistent demand, I don’t see any major market changes coming in the near to mid future. If you have been thinking of making a move, let’s connect and discuss further.
Here’s to a fantastic 2018!!