In under 2 weeks Canadians head to the polls for a Federal election. One election pledge we are hearing from all parties is a promise to tackle some of the disparity in Canada’s housing markets. The Liberal party is promising the addition of 1.4M new homes over 4 years, the Conservatives 1M homes over 3 years with the NDP suggesting 500,000 affordable homes over 10 years. Whether the elected party delivers on it’s promise remains to be seen, but it is a step in the right direction to provide affordable primary residential housing for more Canadians.
In Whistler’s recreational vacation market, we continue to see first hand the effect of supply shortages coupled with increasing demand. The Whistler real estate market surpassed $1Bn dollars in sales volume last month there appears to be no shortage of Buyers looking to secure time in the resort. We saw 117 active Chalet, Condo, Duplex, Townhouse and Triplex listings in August. This was a 4% drop from July which saw 122 Active listings. Sales were also down month over month. August saw 53 sales, which was down 18% from July’s sales total of 65. It should be notes that this does not represent a slowing of the market, just a lack of inventory available to purchase. Residential townhomes continue to see demand, posting increases in median monthly sale prices. As single home purchases become more expensive, the residential townhouse sector becomes the next logical purchase. It is interesting to note that Phase II hotel-condos continue to see demand with prices increasing month over month, and residential apartments are also seeing strong demand with very limited inventory. Currently we sit at 3 months of inventory*
Canada’s borders are now open to USA and International travellers and we are now seeing a ramp up in Buyer inquiries from outside of the Lower Mainland, with Seattle inquiries for nightly rental properties increasing along with inquiries from Hong Kong, England and Mexico. Whistler does not yet trigger the speculation and vacancy taxes we see in other major urban areas of the province, making Resort real estate an attractive investment both in lifestyle and long term appreciation.
To review the stats for this past August 2021, please click here.
Make your voice heard and vote; September 20 is the election day with advance voting days available on September 10, 11, 12 and 13.
If you have questions on the Whistler real estate market, please reach out – we are always here at your service.
* data taken from the Whistler Listing System as of Sept. 6 and deemed true and correct at date of publishing