After several months of alarming Covid-19 news, the Whistler real estate market is showing a positive recovery. New listings are coming on at a higher rate than they did the same week last year. In addition, sales are happening, and although it might only be 5 sales in a week, when you compare that to 10 sales in the same week last year, it doesn’t look so bad.
Compare New Listings in 2020 To The Same Week In 2019
Since British Columbia shut-down on March 13th, the graph below shows the response by owners of Whistler real estate. First we saw a decline in new listings, as owners gathered information and made an assessment of what the lack of tourists, and available buyers might mean to the real estate market. By May, there was enough information for owners to make a decision as to whether to list their property at the top of a buyer’s market, or hold off, and see if the market might rebound.
Compare Sales in 2020 To The Same Week In 2019
The one segment that showed continuous confidence in the Whistler real estate market was the luxury segment. Typically, the majority of this segment are non-resident buyers, and this example focuses on properties purchased over $3M CAD. We have had 9 sales over $3M from March 13, 2020 to June 10, 2020. In comparison, in the same period in 2019 we had 3 sales. Demonstrating that the savvy and successful buyers had confidence that transferring their money from stocks into a real estate investment in Whistler was a sound business decision.
The sales stats shown below are what we call “firm sales”. These sales have had their conditions met, and the buyer’s deposit has been received. However, the sale has not closed. This is interesting because the buyers of property since March, were well aware of the pandemic situation. Yet, this group of buyers decided to proceed with their negotiation and purchase. For as many as purchased, I expect just as many buyers who decided to stop the purchase process, and wait and see what might happen to the Whistler real estate market. Time will tell.
Direction Of The Whistler Real Estate Market
If you are thinking that now might be a good time to start looking at Whistler Real Estate, and you are not already working with a realtor, please call me. With the banning of Dual Agency in Whistler, you will need your own representation. I look forward to hearing from you.
In the meantime, have a look at the Market Update page on this site, for more statistical information.
It’s a Good Life in Whistler!
Marion Anderson, PREC*
*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA