What a difference a year can make….the 2007 figures show some of the best real estate numbers both in the dollar amount and number of sales since 2002.
As predicted in our previous yearly reviews, the Whistler real estate market was due for a reversal of the “4 year lull” and 2007 became that year. Most significantly, buyers realized that the market prices were undervalued and not reflective of the actual rebuilding costs – construction industry’s prices in BC rose increasingly over the past five years. Combined with very little new construction in Whistler, since 2002, the lack of availability in new or nearly new inventory was also indicative that properties for sale were becoming a precious commodity.
Another significant factor which helped increase sales was the record number of visitors in Whistler, not just during the winter of 2006/2007 but more specifically during the 2007 summer season. Buyers have recognized that Whistler is exceptionally good value and this is reflective in the resort seeing its best visitor numbers since 2002. The winter of 2006/2007 experienced very good snow pack while most of the other major resorts in North America and Europe were struggling with very little snow; this made Whistler the preferred choice for skiers and snowboarders. This was followed up with a record summer season in 2007 as the resort’s reputation as a great summer destination reached world recognition.
Looking forward it seems that our 2007/2008 winter season is once again blessed with great snow and it is being reported that Whistler will finish the season with better numbers than last year.
For the first time in four years the British Columbia Assessment Authority has seen increases in the value of real estate in Whistler. With property values still below replacement cost the expectation in the market is for the price of single-family homes and non-restrictive condominiums to increase during 2008.
Above (Whistler Yearly Chalet Sales Up 27.5% over 2006)
Above (Whistler Yearly Chalet Sales in units sold Up 45.7% over 2006)
Above (Whistler Yearly Condo Sales Up 105% over 2006)
Above (Whistler Yearly Condos in Units Sold Up 68% over 2006)
With the changing market conditions it’s time to evaluate your potential Whistler purchase or sale. Please do not hesitate to contact me directly if I can answer any questions or provide you with additional information in your decision making process.