Sallys Blog

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How will the Whistler Real Estate market weather this storm?

Let me begin with my heartfelt hope that this update finds you and your loved ones in good health. I wanted to reach out with some words of reassurance. In short…we are here. We are in uncharted territory, and we are available to answer any of your questions regarding the real estate markets in both Whistler and Pemberton.

Many of the questions at this time relate to what is happening in the real estate market?   Is it a good time to sell?   Is it a good time to buy?   What is happening in Whistler specifically?

I recently attended (on-line) a Covid-19 Update presented by Tourism Whistler.  The immediate outlook, for a revival in the tourism industry in Whistler, is a little bleaker than I expected.   They outlined 3 scenarios:

Best Case: Travel resumes in July

Most Likely: Travel resumes in September

Worst Case: Travel resumes in December

At this point, summer bookings are down 53% but the bright light in their update, was that winter 2020/2021 bookings are currently up 28% (room nights).

If travel does resume in September as currently predicted, then Tourism Whistler’s marketing focus will be on the “drive” market and those visitors driving to the resort from other parts of BC and other parts of Canada.   They will add the international market to their marketing efforts closer to the 2020/2021 ski season.

How does this affect the real estate market here in Whistler – the properties, where revenue plays a key part of the value, are going to be the ones hardest hit in the short-term ie Phase 2 properties (Westin, Four Seasons etc) as it sounds like there will not be much revenue until the start of the 2020/2021 ski season.    With Phase 1 properties, such as the Aspens, Marquis, Marketplace Lodge, Town Plaza (to name just a few) – it will depend on how much they are being rented out short-term versus personal use.  ‘Residentially zoned’ townhomes and single family homes – should weather the storm ok as many buyers are purchasing for lifestyle, and Whistler will continue to offer an amazing lifestyle.   This is reflected in the $25+ million of real estate that was sold in Whistler in March – many of which were residentially zoned properties.

In regards to listings, we have seen a slight reduction in the number of properties currently being listed for sale. March saw 35 new listings come to market in Whistler specifically.

In general, Ashley Smith, President of the Real Estate Board of Greater Vancouver commented that many of the sales recorded in the Lower Mainland, in March, were in process before the provincial government declared a state of emergency.  “We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.  “In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period.   Many people have understandably chosen to put their home buying or selling plans on hold for now.

- Sally & Jess

Barbara (March 2020)

When my husband and I bought our Whistler condo over 30 years ago, Sally Warner was already a recognized name in the industry. Fortunately I remembered that, and asked her in the late fall of 2019 to help me begin the process of selling that same Marketplace Lodge condo.

I was amazed when I was told I didn’t have to do anything to prepare the condo, as Sally and her licensed assistant, Jess Brady, would stage the condo.  I had to fill out several forms, which Jess talked me through.  Before I knew it, the condo was listed for sale. 

With the condo booked with renters from the beginning of January through mid-March, the selling had to take place using their professional photographs, excellent 3D virtual technology and marketing plan. 

I was thrilled that Sally found an interested buyer.  All the paperwork was done online, which was very convenient for me in Burnaby.  I stuck with Sally throughout and listened to her advice. It worked out extremely well for me, and I couldn’t be happier with the result. I had Whistler’s #1 RE/MAX Agent on my side providing me with updates and advice regarding the market months prior to listing, and throughout the selling process.

I strongly recommend Sally Warner and her assistant, Jess Brady, to you. They are great problem solvers and realtors.  I am very grateful to them both.

 

 

Whistler and Pemberton November Sales Stats

Whistler November Sales Stats

Pemberton November Sales Sats

 

Whistler

November was the busiest month in 2019 with a total of 63 sales, compared to October with 55 sales, 54 sales in September, 61 sales in August, 39 sales in July, 27 sales in June, 35 sales in May, 47 sales in April, 57 sales in March, 31 sales in February and the 39 sales in January (all companies reporting).    Buyers were making buying decisions so that they could be using and/or renting their property before Christmas.  With the higher volume of sales in November, we are now currently sitting at a 20% decrease in the number of sales for 2019 compared to the same period in 2018.   This percentage has been dropping throughout the year.

Of these 63 sales for the month of November 2019:

34 were under $1 million

        2 parking stalls

        3 shared ownerships

        13 Phase 1 condos and townhomes

        9 Phase 2 condos

        5 Residential condos and townhomes

        1 Employee townhomes

        1 vacant lot

18 were between $1 million and $2 millions

        9 Phase 1 condos and townhomes

        3 Single Family homes

        1 Duplex

        5 Residential condos and townhomes

6 were between $2 million and $3 million

        3 single family homes

        2 Phase townhomes

        1 duplex


5 were over $3 million

        5 single family homes


 

Pemberton

There were 10 sales in November in Pemberton:  1 lot, 2 single family and 7 townhomes (including 2 presales). 

General

There are now a total of 330 listings in Whistler (all types of properties including timeshares and parking stalls) and a total of 65 listings in Pemberton – a decrease in inventory in both Whistler and Pemberton with the higher volume of sales last month and with a few properties coming off the market for the Christmas holidays.

Outlook for 2020

We are cautiously optimistic that 2020 will continue to see the balanced market that we are currently experiencing with slight increases in value over the year.   The reason why I am predicting this is because our inventory still remains low and there is very limited product to choose from – particularly if a buyer is looking for a one, two or three bedroom townhome or condo which has the zoning which allows for short-term rental. 

The Sally Warner team of Jess and myself would like to wish you a very Happy Holidays.   We hope you enjoy this holiday season with friends and family and we look forward to touching base in the New Year.   

The statistics attached show the total dollar volume of sales and number of sales in each category - chalets (single family homes), condominiums, Phase 1 condos, Phase 2 condos, duplexes, shared ownership, town-homes and vacant lots.  It also has the total of all of these categories.  This includes all sales reported by all of the real estate companies in Whistler.

Kindest regards - Sally

                President’s Club Member (Top 1% in Greater Vancouver)

                Top 10 in RE/MAX Western Canada

Whistler and Pemberton January Sales Stats

Whistler

January saw a slow start to the year with 38 sales in total.   This followed the same trend as January 2019 which had 39 sales -  but both January 2019 and January 2020 were down significantly in the number of sales compared to 2018 when there were 67 sales (all companies reporting).

            Of these 38 sales for the month of January 2020:

  

              18 were under $1 million

  • ·1 parking stall
    • 1 Timeshare
  • ·1shared ownership
  • ·3Phase 1 condos and townhomes
  • ·9Phase 2 condos
  • ·2Residential townhomes
    • 1 vacant lot

15 were between $1 million and $2 million

  • 9 Phase 1 condos and townhomes
  • 3 Single Family homes
    • 1 Phase 2 condo
  • 1  Residential townhome
  • 1 vacant lot

4 were between $2 million and $3 million

  • · 1 single family home
  • · 1 Phase condo and 1 Phase 1 townhome
  • 1 vacant lot


1 was over $3 million

  • ·1 single family home


 

Pemberton

There were 7 sales in Pemberton in January:  3 condos, 2 lots, 1 townhome and 1 single family home. 

General

There is a new look to our graphs and charts for 2020.   I hope that you enjoy them and look forward to any feedback.

You might have seen that there is some good news for first time buyers with some leniency with the stress-test.   If you would like any additional information on this, please reach out to us and we will put you in touch with one of our amazing in-house mortgage brokers.

There is some not-so-good news on strata insurance.   This appears to be impacting older, high density strata blocks in Vancouver and we have not seen the effects in Whistler yet.   However, we are keeping a close eye on the insurance policies that the different property managers secure for their strata corporations and watching for higher deductibles. As a seller of a strata property, you will see a new clause added to a Contract of Purchase and Sale requesting a lot more detailed information on the strata’s insurance policy – this is to help the buyers fully understand what their liability may be, particularly in regard to any deductibles that they may be responsible for.

There are now a total of 358 listings in Whistler (all types of properties including timeshares and parking stalls) and a total of 64 listings in Pemberton – an slight increase in inventory in  Whistler and a drop in inventory in Pemberton.

The statistics attached show the total dollar volume of sales and number of sales in each category - chalets (single family homes), condominiums, Phase 1 condos, Phase 2 condos, duplexes, shared ownership, town-homes and vacant lots.  It also has the total of all of these categories.  This includes all sales reported by all of the real estate companies in Whistler.

Kindest regards - Sally

                President’s Club Member (Top 1% in Greater Vancouver)

                Top 10 in RE/MAX Western Canada

Whistler January Sales Stats

Pemberton January Sales Stats

Whistler and Pemberton August Sales Stats

Whistler August Monthly Stats

Pemberton August Monthly Stats

 

Whistler

There was a good increase in the volume of sales in August compared to July of this year, with August now being the busiest month for sales in 2019.   We had a total of 61 sales in August compared to 39 sales in July, 27 sales in June, 35 sales in May, 47 sales in April, 57 sales in March, 31 sales in February and the 39 sales in January (all companies reporting).    We are currently sitting at a 29% decrease in the number of sales in the 1st 9 months of 2019 compared to the same period in 2018.

Of these 61 sales for the month of August 2019:

  • 35 were under $1 million
  • 8 shared ownerships
  • 16 Phase 1 condos and townhomes
  • 5 Phase 2 condos
  • 5 Residential condos and townhomes
  • 1 Employee townhome

10 were between $1 million and $2 million

  • 6 Phase 1 condos and townhomes
  • 3 Single Family homes
  • 1 Vacant lot

10 were between $2 million and $3 million

  • 5 single family homes
  • 2 Phase 1 condos and townhomes
  • 2 Residential townhomes
  • 1 Duplex

6 were over $3 million

  • 3 single family homes
  • 2 townhomes
  • 1 condo (Four Season’s Private Residence) 


 Pemberton

There was also an increase in the number of sales in Pemberton in August compared to July.   The total number of sales in August was 19:  4 vacant lots, 6 condos, 4 townhomes and 5 single family homes. 

General

There are now a total of 371 listings in Whistler (all types of properties including timeshares and parking stalls) and a total of 82 listings in Pemberton – a slight increase in inventory in Whistler and a slight decrease in inventory in Pemberton.  Unlike Metro Vancouver, we are not seeing a significant increase in listings in Whistler and Pemberton and in certain areas and in certain product types there is still very little to choose from.  We are seeing single family homes sit on the market for more days but well priced one, two and three bedroom townhomes and condos are selling relatively quickly, as are the hotel strata condos, if they are generating a good revenue return. 

The statistics attached show the total dollar volume of sales and number of sales in each category - chalets (single family homes), condominiums, Phase 1 condos, Phase 2 condos, duplexes, shared ownership, town-homes and vacant lots.  It also has the total of all of these categories.  This includes all sales reported by all of the real estate companies in Whistler.

Kindest regards - Sally

                President’s Club Member (Top 1% in Greater Vancouver)

                Top 10 in RE/MAX Western Canada