Market Update

Whistler Real Estate Market Update

The purpose of this page is to give you a Whistler real estate market update courtesy of myself and the Real Estate Board of Greater Vancouver (REBGV). This way, you can read about the Whistler ski-in ski-out market update from a buyer’s perspective and view statistics from a reliable source. Furthermore, there is a link to the statistics page for each of the segments covered on this site.

Marion

Table of Contents

Statistics

The following information is provided by the Real Estate Board of Greater Vancouver (REBGV). For an instant overview, and to see what type of market we are in, have a look at the graph at the bottom of page 1.

Buying a Whistler Ski-in Ski-out Property

In January 2019, the Whistler real estate market officially left the Sellers market for each of the three segments. At the end of 2018, the townhouse and the condo segments were hanging on to the Buyer’s market. They have now joined the house segment. However, although the market has shown a correction, it certainly could not be considered a substantial drop.

From 2015 to 2018 the seller of any type of Whistler real estate, was in the best position to secure their price. The available sales inventory under $2.5M was at an all-time low. In January 2018, when I entered search criteria into the Whistler Listing System (WLS) there were 145 listings. That was everything from parking stalls to estate property. That was the lowest selection in my 13 years of selling real estate. In November 2018, when I entered a search there were 248 listings, now in June 2019 there were 324 listings. Cross reference that with the above statistics, and in particular the graph at the bottom of the first page. Definitely an indication of the market changing.

From this website, you can tell that there are only a few ski-in ski-out locations to begin with. Unlike the rest of the Whistler market, there is no more land available to build ski-in ski-out property, as it was built to capacity decades ago. This can only bode well for any owner of ski-in ski-out property in Whistler. However, for those looking for a ski-in ski-out property, this means that you have to consider what is available. If you wait for what you want, you may never own in Whistler. Table of Contents

Buying a Whistler Ski-in Ski-out Luxury Home

Whistler ski-in ski-out luxury houses, and luxury townhouses, are in a market all by themselves. The higher the price point the longer the house is typically on the market. The owners of these high-end homes do not seem to use them that often. After a few years of ownership it is not unusual to see the house back on the market. Of course it is at an increased price from their purchase price. Every time the listing agent renews the listing agreement they re-list the property as it is day 1 of being on the market. Some research is required to find out how long the property really has been listed.

Not Always About Money

These owners are also successful individuals who enjoy the Whistler lifestyle, and are reluctant to sell. When approached with an offer, the owners commented that getting top dollar for their property was not a reason to sell. The decision for them was where would they go next? When a ski-in ski-out luxury house is for sale, the seller has made those decisions. Be prepared to pay close to what the seller is asking. There is no rush in this segment, and usually an underlying resistance to sell. In addition, remember it is the house you are aiming to secure first, not the contents…those come later.

The main drawback with the luxury houses is that within those neighbourhoods you may or may not have ski-in and ski-out access. For example, Kadenwood is touted as ski-in ski-out and most of it is, but it is a case of, some (houses) are more ski-in ski-out than others. It is the same with Sunridge Plateau, and the houses on Nordic Drive. However, there are two houses on Nordic Drive which are definitely ski-in ski-out. Summit Lane owners realize they have an amazing location to the slopes and the village,  and are not interested in selling. For Horstman Lane it is only ski-in to Horstman Estates. This is where you really should contact an experienced agent to guide you so that you don’t spin your wheels. 

For those who have a large budget and want ski-in ski-out, please consider a townhouse. You may find that although it is more compact, the location to the slopes and the village are worth the sacrifice of space. Table of Contents

Buying a Whistler Ski-in Ski-out Townhouse

There are typically fewer ski-in ski-out townhomes on the market than ski-in ski-out condos. The buyers who want a townhouse usually decide early in the process whether they: 1) can tolerate a neighbour above and/or below them; 2) want to use the property in summer, so the outdoor space becomes important; 3) need a garage or secure storage for their expensive sporting equipment.  It is more difficult to find a buyer a townhouse which suits their criteria than it is a condo…so finding a townhouse property can take longer.

Days on the Market

Whistler ski-in ski-out townhouse developments like Pinnacle Ridge, Cedar Hollow, Cedar Ridge and Snowy Creek are listed for well over $2M, In 2018 Pinnacle Ridge sold for over $5M. This means that they typically don’t attract a lower mainland buyer. In summary, the ski-in ski-out townhouse vendor usually has to wait much longer for a buyer. However, this has worked to the buyer’s benefit. The listing agent and the vendor start to get nervous when other properties on the market sell. This can result in the vendor being more appreciative of any offer that might come in. Resulting in them being more willing to negotiate, and not competing in a multiple offer situation.

The developments listed above are in high demand, and as such the listing price can be $2,000/sq. ft.  Be prepared to dig deep into your wallet with these developments. The seller just needs to be patient and wait for the buyer who recognizes the value of the location. Table of Contents

Buying a Whistler Ski-in Ski-out Condo

There are more ski-in ski-out condos than townhouses in Whistler. Therefore, you still  have a decent selection when choosing your studio, one or two bedroom property condo. 

For renovated ski-in ski-out condos, we saw several listings in 2017 receive multiple offers within hours or days of the property being listed. This resulted in a sold price at asking or above. Until 2017, it was rare to see a multiple offer on any property in Whistler. We kept hearing how it was the norm in Vancouver to receive multiple offers, yet we rarely saw them in Whistler. All that changed in 2017. In January 2018 the mortgage application requirements tightened, and the condo sales inventory was at an all-time low. This condo segment is perfect for the Vancouver and lower mainland market, so when a condo in the Aspens has not sold within days with multiple offers, we all take note…this market segment could be moving towards a balanced market. Table of Contents

Vancouver Market’s Effect on Whistler Real Estate

Did you know that approximately 80% of the property in Whistler with a market value of less than $1.5M, is owned by people from the lower mainland? These folk have seen tremendous equity growth in their lower mainland homes, and most have used that equity to purchase their property in Whistler.  In the last two years, the increase in home equity has spread from Vancouver out to Burnaby, Coquitlam and Abbotsford. This lower mainland equity growth has had a positive impact on the Whistler real estate market. However, in January 2018 with the tighter mortgage restrictions, we have seen a less favourable effect of the Whistler market in this price range.

Buying Process

This is outlined in detail on the Buying Process for Whistler Real Estate page on this site. Table of Contents

If you are not working with a real estate agent, please contact me and I would be happy to answer any questions you may have on buying Whistler ski-in ski-out real estate.

Marion.

[email protected]
(604) 938-3885
Marion Anderson, *PREC

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA