Whistler Real Estate Shifts to Buyers Market
For the first time since May 2020 the Whistler real estate market* is experiencing a shift to a more balanced market and in some sectors, a shift to a Buyers market. Overall, July saw 183 active listings of Chalets, condos and townhomes with 18 sales, for a Sales to Active ratio of 10%.** This compares to February which saw 88 active listings and 63 sales. This equated to a 72% sales to active ratio. Since February, the Whistler market has seen a 103% increase in listings and a 70% decrease in sales.*
What is the difference between a sellers and a buyers market?
A buyers market is when there are more homes for sale than there are buyers. The result is prices will in most cases decrease or increase at a pace below the average rate of inflation. In contrast, a seller’s market is when there are more people looking to buy than there are homes available. This causes a rise in price above the long-term average rate of inflation. The Real Estate Board of Greater Vancouver provides the sales to active listings ratios here.
Single Family Homes for sale
Single family home sales in July totaled 3, with 67 active listings for a Sales to Actie ratio of 4%. March saw a high of 14 sales with only 31 active listings. This gave a ratio of 45%. Since March listings have increased 116% with sales decreasing 78%.
Townhouses for sale
Phase I townhomes saw 4 sales in July and 26 active listings for a ratio of 15%. February saw the highest month with all listings being purchased. Since February listings have increased 160% and sales have decreased 75% percent.
Condos for sale
Phase I condos saw 2 sales in July with 43 active listings. This equates to a 5% sales to active ratio. March saw 18 sales and 19 new listings for a 95% ratio. Since that time listings have increased 126% and sales have decreased 88%.
Hotel Condos for sale
Phase II condos saw a slight resurgence in July, posting 6 sales with only 25 active listings for a ratio of 24%, up from 15% in June. Overall the hotel-condo market saw positive demand. March saw a 85% sales to active ratio with 11 sales and 13 active listings. Since then, listings have increased 92% and sales have decreased 45%.
Residential condos saw 1 sale and 4 active listings in July. This represents a 25% sales to active ratio, with residential townhouses seeing 2 sales in July from the 13 active listings.
Act Fast!
For 2022 Whistler is sitting at an average sales to active ratio of 42%. It’s likely this number will see downward pressure, but overall demand for resort real estate remains strong and unlikely to remain in a sustained buyers market for long. 2021 saw an average ratio of 51%, 2020 an average of 20% and 2019 an average of 16% – all years leaning towards a sellers market. With limited supply and steady demand, the Whistler market remains bullish.
Chalet, condo, Duplex, Townhouse and Triplex active listings and number of sales Jan. 2018 to July 2022:
*Statistics from Whistler Listing Service August 2 2022 for Chalet, townhouse and condos. Deemed reliable at time of publishing, the data is subject to change. Nick Swinburne Personal Real Estate Corporation does not take responsibility for changes in data.
** A Buyer’s market is considered anything below 12%; balanced between 12% – 20%, and a seller’s market is above 20%.
Whistler real estate in December saw 67 active listings and 27 sales*. This represents a sales to active ratio of 40% and 2 months of inventory. The year ended with over $1.3BN in sales volume. This is close to a $300M or 27% increase from December of 2020. 2021 saw a 19% increase in Firm contracts, 735 compared to 616 in 2020.
Chalet sales saw a 9% increase in firm contract year over year with 148 sales in 2020, compared to 161 in 2021. Year to date real estate sales volume also increased by 31% from $509M in 2020 to $666M in 2021. December only saw 5 sales; more an indication of lack of inventory versus lack buyer interest.
Unrestricted owner use, nightly rental townhomes saw 15% less firm sales in 2021 compared to 2020. 2020 saw $240M in sales volume compared to $225M in 2021. This represents a 6% decrease in transaction volume. This sector of the market sits with 1 month of inventory.
Residential townhomes not offering nightly rental zoning, saw a 14% increase in sales volume from 2020 to 2021. Year to date firm contracts was consistent both years with 2020 posting 104 sales compared to 103 sales in 2021.
Restricted use hotel-condos saw an increase in demand in 2021. 2020 saw 61 firm contracts compared to 2021 which saw 99, representing a 62% increase in this sector. Year to date sales volume also rose; from $24M in 2020 to $43M in 2021. This represents a 81% increase year over year.
Nightly rental, unrestricted use condos saw gains year over year: sales volume rose from $133M in December 2020 to $202M in 2021, an increase of 52%. Firm transactions also increased from 124 in 2020, to 186 in 2021 representing a 50% gain.
Residential apartments saw some of the largest gains through the year with sales up from 9 in 2020 to 30 in 2021. Sales volume increased from $4M in 2020 to over $22M in 2021.
To view all the real estate statistics for the month of December in Whistler , please click here
*taken from Chalet, condo, duplex, townhouse and triplex listings.
Whistler real estate November 2021 month in review
Year to Date dollar volume for Whistler came in just under $1.3BN CDN at the end of November*, setting a new record for the resort. Looking back, we see some interesting trends, the stand out being the increase in the Average Median Sale Price for single family homes: in 2019 this sat at $2.2M CDN; 2020 we saw this move to $2.4M and this year it currently sits at $3.3M. In 2019 we saw 92 sales in this segment of the market. 202 saw 148 sales and by end of November 2021 we had 153 sales. In the nightly rental townhouse market, we saw some record high sales but overall the price point stayed relatively flat over the past few years. The median sale price for a Phase I townhouse in 2020 was $1.31M, compared to 2021 which saw median sales prices of $1.35M. The number of sales were lower in 2021 which saw 112 sales to the end of November compared to 134 sales in 2020. In the nightly rental condo market, we saw higher gains made in 2021; the median sale price so far in 2021 is $1M compared to 2020 which saw a median of $812,000. More inventory to sell meant higher numbers of sales; 167 in 2021 compared to 112 in 2020.
Hotel condos also saw increases both in median sale prices and number of sales: 2020 saw a median sale price of $350,000 compared to $406,750 this year. 2020 saw 61 sales of the Phase II product compared to 92 sales by the end of November 2021. Residential properties that did not offer nightly rental were also in demand; non-nightly rental townhouses saw a median sale price of $1.32M in 2021, up from the 2020 figure of $1.1M. Lack of available inventory did stunt the number of sales; 2020 saw 92 sales compared to this years running total of only 83. By the end of December, we may see this amount be equal, but again, historically low inventory is preventing people being able to purchase in the resort. The median price of a residential apartment outside of the village rose from $495,000 in 2020 to $595,000 in 2021. Despite the continued lack of inventory, monthly sales remained consistent through November. Removing shared ownership and Vacant lots from listings, Whistler is floating at around 50 Freehold Full ownership properties currently for sale.
To view the stats for each sector of our Whistler market, please click this link.
During what can only be described as a challenging year for so many of our families, I take this opportunity to wish you and your family a safe and happy holiday break and a healthy and prosperous 2022.
As always, please reach out if we can assist with any questions you may have on our local Whistler market.
Sincerely,
Nick
*Taken from the Whistler Listing System for Chalet, Condo, Duplex, Townhouse and Triplex listings.
Whistler Market Update December 6th:
This year Whistler has broken records of dollar amount sold by a long shot. In November Whistler is coming in just shy of $1.4 Billion Canadian Dollars. In Whistler, on average, we have seen a 22.4% Year to Date increase on sale prices.In isolation, we are seeing ‘high demand’ units selling for record numbers, but that is in balance with the rest of the market throughout the Village. Despite the continued lack of inventory, monthly sales remained consistent through November.
If you are thinking of making a move in the market, either as a buyer or seller, we would be happy to sit down and discuss what opportunities exist for you in today’s marketplace.
Check out our new listings here. New listings, completed sales and price adjustments for the period November 10th, 2021 to November 16th, 2021 can be viewed below:
New to Market 10 Click Here
Sold 15 Click Here
Price Adjusted 0
If you are considering buying or selling a property in the near future or just have questions on the Whistler Market Update, please feel free to contact us. Equally, if you would like more information on market conditions in Whistler and Pemberton, or have other real estate related questions, please contact us. We would be happy to discuss how we can achieve your goals for a Whistler purchase or sale.
We look forward to hearing from you, and hopefully seeing you in Whistler!
NICK SWINBURNE,
Personal Real Estate Corporation Engel & Völkers Whistler
(604) 932 8899
Whistler Market Update
The mountain is open and we are welcoming our winter visitors. We expect to continue to see a market that favours sellers through until next year. Continuing to put pressure on values through all sectors of the market in Whistler. Multiple offers and short days on market will continue to be the reality for buyers and sellers in Whistler straight through next year.
If you are thinking of making a move in the market, either as a buyer or seller, we would be happy to sit down and discuss what opportunities exist for you in today’s marketplace.
Check out our new listings here. New listings, completed sales and price adjustments for the period November 10th, 2021 to November 16th, 2021 can be viewed below:
New to Market 11 Click Here
Sold 18 Click Here
Price Adjusted 0
If you are considering buying or selling a property in the near future or just have questions on the Whistler Market Update, please feel free to contact us. Equally, if you would like more information on market conditions in Whistler and Pemberton, or have other real estate related questions, please contact us. We would be happy to discuss how we can achieve your goals for a Whistler purchase or sale.
We look forward to hearing from you, and hopefully seeing you in Whistler!
NICK SWINBURNE,
Personal Real Estate Corporation Engel & Völkers Whistler
(604) 932 8899
Whistler real estate October 2021 month in review.
Monthly active listings in Whistler fell to 84 in October. This is comprised of chalet, condo, duplex, townhouse and Triplex listings. This signifies a historic low for the Whistler real estate market, down 13% from September 2021. Compared to October 2020, there are 63% less listings available to purchase in the resort. We saw 11% less sales in October 2021 compared to September 2021. Monthly firm sales for October are down 52% year over year. Demand is still high, but reduced inventory has also reduced firm sales. Year to date firm sales is pacing at 653, compared to October 2020 which saw 484 firm sales. This represents a 35% increase in demand.
Single family homes have seen an 18% gain in year of year firm sales with a 37% increase in year to date sales volume. Phase I townhomes have seen a 87% is active listings in October 2021 compared to October 2020. we saw a 42% decrease in firm sales in October 2021 compared to September 2021. Again, lack of inventory is slowing the rate of sales. Phase II hotel-condos have benefited from the lack of unrestricted Phase I inventory. In October we saw a surge in purchases in this sector of the market, and continue to see it through November.
Active Phase II listings were up 20% in October compared to September 2021. Firm sales also increased from 6 in September to 10 in October 2021. Median monthly sale prices also increased month over month, posting a 17% increase from $339,750 to $396,000. Phase I unrestricted nightly rental condo sales saw a 14% reduction in sales from September 2021 to October. This sector also saw a 21% decrease in active listings to purchase in the same time frame. This reduction in sales can also be attributed to the reduction in available inventory to purchase.
Buyer demand continues to be strong for the resort, albeit frustrated by lack of inventory. As International travel returns to the resort, it will be interesting to see what effect the non-resident buying power working with a softer Canadian dollar will have on the resort real estate market. While some have citied a potential increase in interest rates as a potential road block to continued escalations in price; we find most people are buying with cash. An increase in interest rates likely won’t have a large impact Whistler and lenders seem to remain bullish that value is strong here in the mountains.
To view the Whistler real estate October 2021 month in review statistics for all of Whistler’s major ownership types, including active listings, firm sales and the sales to active ratio, please follow this link (click here).
The mountains open in 2 weeks and given the amount of precipitation the valley has received, I expect this winter season to be a busy one.
If you or friends have questions on our local Whistler market, please connect with us – we are also happy to discuss your goals for a Whistler purchase or sale.
My best always,
Nick
Whistler Market Update
It’s November – boy…where does the time go! With more than a dusting of snow Whistler is getting excited for the upcoming ski season. As we head into the final stretch for the calendar year we typically see the market cool somewhat, but it’s been as busy as ever for us in our office. You’re likely tired of hearing the same story – low inventory, low borrowing rates = bidding wars. Yes. It is still happening and now it’s moving into other product types like townhomes and condo’s.
My advice? Continue to stay engaged in the market conditions by reaching out to us whenever you need guidance. Stay connected with your mortgage specialist if you are thinking of making any sort of a move & be ready to pounce if and when the time is right.
Until such time as inventory levels rise – these are likely the same conditions for a while yet. These are interesting & fast moving times in real estate.
If you are thinking of making a move in the market, either as a buyer or seller, we would be happy to sit down and discuss what opportunities exist for you in today’s marketplace.
Check out our new listings here. New listings, completed sales and price adjustments for the period November 3rd, 2021 to November 9th, 2021 can be viewed below:
New to Market 8 Click Here
Sold 15 Click Here
Price Adjusted 1 Click Here
If you are considering buying or selling a property in the near future or just have questions on the Whistler Market Update, please feel free to contact us. Equally, if you would like more information on market conditions in Whistler and Pemberton, or have other real estate related questions, please contact us. We would be happy to discuss how we can achieve your goals for a Whistler purchase or sale.
We look forward to hearing from you, and hopefully seeing you in Whistler!
NICK SWINBURNE,
Personal Real Estate Corporation Engel & Völkers Whistler
(604) 932 8899
If you are thinking of making a move in the market, either as a buyer or seller, we would be happy to sit down and discuss what opportunities exist for you in today’s marketplace. Please feel free to call/email.
Check out our new listings here. New listings, completed sales and price adjustments for the period October 27th, 2021 to November 2nd, 2021 can be viewed below:
New to Market 30 Click Here
Sold 13 Click Here
Price Adjusted 2 Click Here
If you are considering buying or selling a property in the near future or just have questions on the Whistler market update for November 2 2021, we would love to hear from you! Please feel free to contact us. Equally, if you would like more information on market conditions in Whistler and Pemberton, or have other real estate related questions, please contact us. We would be happy to discuss how we can achieve your goals for a Whistler purchase or sale.
We look forward to hearing from you, and hopefully seeing you in Whistler!
NICK SWINBURNE,
Personal Real Estate Corporation Engel & Völkers Whistler
(604) 932 8899
Whistler Market Update October 26th
The mountains are snow capped around Whistler as we anxiously await another ski season!
There is a brand new development, RiverRun at Cheakamus Crossing – featuring a collection of 13 single-family and 5 duplex lots in a quiet cul-de-sac surrounded by trails and the majestic Cheakamus River. Located south of the Village in Cheakamus Crossing, a vibrant and established family-friendly resident neighbourhood with built amenities such as Bayly Park including a playground, tennis court, sports field, community garden and more.
If you are thinking of making a move in the market, either as a buyer or seller, we would be happy to sit down and discuss what opportunities exist for you in today’s marketplace. Please feel free to call/email.
Check out our new listings here. New listings, completed sales and price adjustments for the period October 20th, 2021 to October 26th, 2021 can be viewed below:
New to Market 30 Click Here
Sold 13 Click Here
Price Adjusted 2 Click Here
If you are considering buying or selling a property in the near future or just have questions on the Whistler Market Update, please feel free to contact us. Equally, if you would like more information on market conditions in Whistler and Pemberton, or have other real estate related questions, please contact us. We would be happy to discuss how we can achieve your goals for a Whistler purchase or sale.
We look forward to hearing from you, and hopefully seeing you in Whistler!
NICK SWINBURNE,
Personal Real Estate Corporation Engel & Völkers Whistler
(604) 932 8899
