SUMMERTIME IN WHISTLER
Summer is here and Whistler is back in full swing, bursting with energy! It’s great to see enthusiasm for events, our awesome lifestyle and summer fun return to our beautiful resort.
There are some great new listings on the market and there continues to be notable sales weekly. Although many are sitting on the sidelines, some buyers are taking advantage of less competition in their dream of owning or finding the right property here in Whistler, and making it a reality.
I am personally excited for family time, swimming in the lakes and getting into the Alpine, and of course putting deals together 😀
Wishing everyone a happy and fun summer!
WHISTLER REAL ESTATE MARKET UPDATE
In terms of sales volume, the Whistler market remains “normal”. Sales slowed slightly throughout the quarter, but the number of sales year-to-date remains in line with the 10-year average for Whistler. Inventory continued to rebound throughout the quarter, rising about 40% from Q1 2022, but still 10% shy of where we were sitting a year ago. Even as sales have slowed and inventory has increased, median prices for single family and condo prices have increased year-over-year.
Although the pace of home sales in Whistler have slowed and the market has seen a number of price reductions in the last month or so, price gains have still been made year-over-year and well-priced properties are still moving quickly. We expect sales to remain in line with historic averages for the remainder of the year and pricing to level out.
Interest rates are still expected to rise as the year progresses, with the latest increase released on July 13th, and further details on the proposed Foreign Buyer Ban are still to be announced. Expectations are that neither the interest rate increases or proposed foreign buyer ban will have an impact on the Whistler market because of the small average mortgage size in Whistler and the proposed ban is to exclude recreational properties. Stock market performance may, however, have an impact. If the bear market continues for the remainder of 2022, sales may slow further, and price sensitivity is likely to increase.
Despite economic conditions, Whistler remains an incredibly desirable place to live or own property and demand remains greater than supply. Stay in touch for the latest market updates.
Whistler Real Estate Mini Guide