Whistler Newsletter

WHISTLER 2007 REAL ESTATE REVIEW

A Review of 2007's Market Activity

What a difference a year can make….the 2007 figures show some of the best real estate numbers both in the dollar amount and number of sales since 2002.

As predicted in our previous yearly reviews, the Whistler real estate market was due for a reversal of the “4 year lull” and 2007 became that year.  Most significantly, buyers realized that the market prices were undervalued and not reflective of the actual rebuilding costs – construction industry’s prices in BC rose increasingly over the past five years.  Combined with very little new construction in Whistler, since 2002, the lack of availability in new or nearly new inventory was also indicative that properties for sale were becoming a precious commodity.

Another significant factor which helped increase sales was the record number of visitors in Whistler, not just during the winter of 2006/2007 but more specifically during the 2007 summer season.  Buyers have recognized that Whistler is exceptionally good value and this is reflective in the resort seeing its best visitor numbers since 2002.  The winter of 2006/2007 experienced very good snow pack while most of the other major resorts in North America and Europe were struggling with very little snow; this made Whistler the preferred choice for skiers and snowboarders.  This was followed up with a record summer season in 2007 as the resort’s reputation as a great summer destination reached world recognition.

Looking forward it seems that our 2007/2008 winter season is once again blessed with great snow and it is being reported that Whistler will finish the season with better numbers than last year. 

For the first time in four years the British Columbia Assessment Authority has seen increases in the value of real estate in Whistler.  With property values still below replacement cost the expectation in the market is for the price of single-family homes and non-restrictive condominiums to increase during 2008. 

 

(Up 27.5% over 2006)

(Up 45.7% over 2006)

 

(Up 105% over 2006)

(Up 68% over 2006)

 

 

PEMBERTON 2007 REAL ESTATE REVIEW

As Whistler goes Pemberton follows. 

The Pemberton market has been struggling the past few years and finally started turning around in 2006.  The momentum has continued and the 2007 figures show it to be one of the best real estate markets in several years. 

It seemed, for a while that buyers who once considered Pemberton as the alternative to Whistler started heading south to Squamish.  However, in the past two years, the prices in Squamish continued to rise to a point where Pemberton became better value and the buyers started coming back. 

The challenge in 2008 is going to be a lack of inventory, as just like Whistler, Pemberton has seen virtually no new construction for the past four years. 

At the beginning of 2007, buyers began to realize that Pemberton was undervalued and all the pieces were in place for prices to start increasing.  This happened early in the year and by mid 2007 prices had rebounded in some instances to their highs of 2002/2003.  Prices are still expected to increase in 2008, but at a more modest pace. 

 

(Up 64.5% over 2006)

(Up 74.4% over 2006)

 

(Up 155% over 2006)

 

DISCLAIMER;

E&OE
All information is provided by the Whistler Listing System and is deemed to be accurate.  The Whistler Listing System and RE/MAX Sea to Sky Real Estate Whistler make no warranties or guarantees as to the accuracy of the information and cannot be held responsible in the event of error.