CMHC has predicted a 18% fall in home values over the next 12 months. Has Whistler seen any indicators consistent with this prediction?
As we emerge into the next phase of the relaxation of some of the pandemic closures, I would like to extend a huge thanks to all of the health care workers and everyone in essential services who have done such an amazing job keeping us safe.
Now we are primarily looking forward in the real estate world and we are trying to predict the future! There are number of conflicting reports circling in the media. CMHC (Canadian Mortgage Housing Corporation) reported that they are expecting a drop in values by 18% in the next 12 months. Some economists and real estate experts said that drops in value are going to be market specific and any areas which still have low inventory may not see that kind of drop in value. So far in Whistler, we have not seen an increase in inventory as there are quite a few owners who have taken their properties off the market, or have not listed their property for sale, as they don’t need to sell. However, we have not seen many sales either and this is partly because buyers do not want to feel that they have paid too much and would have benefited by waiting.
This is what the sales look like for April 2020 - down 76% compared to April 2019 and down 80% in volume compared to 2018
In April, we saw a total of 12 sales:
5 were under $1 million
1 Residential condo
3 Phase 1 townhomes and condos
2 were between $1 million and $2 million
1 Residential townhome
1 Phase 1 condo
3 were between $2 million and $3 million
3 Phase 1 townhomes
2 were over $3 million:
1 single family home on Alta Lake and 1 Four Season’s Private Residences.
There were a total of 4 sales in Pemberton in April: 1 vacant lot, 2 single family homes and 1 single family home on acreage
There are now a total of 356 listings in Whistler (all types of properties including timeshares and parking stalls) and a total of 76 listings in Pemberton – not much change in inventory since the beginning of the year. To put it into prospective, we had over 1,000 listings in Whistler, in 2012.
The statistics attached show the 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.
While we have been working from home, we have taken this opportunity to re-design my website: www.propertiesinwhistler.com. I would love it you would take a look and let me know your thoughts. There is lots of new content, information and resources. If you like what you see, I would also love if you would like my Business Facebook Page: Sally Warner, RE/MAX Sea to Sky Real Estate or like my Instagram: @sallywarner1 - both of which have information on up-coming listings and great real estate articles.
Kindest regards - Sally
President’s Club Member (Top 1% in Greater Vancouver)
Top 100 in RE/MAX Western Canada