Monthly Newsletter on the Whistler Real Estate Market
I produce a monthly update on the Whistler real estate market, encompassing recent market activity, pricing trends and pointing out deals which I believe to be particularly good value. The main text from my latest newsletter is shown below. Alternatively, please click on the relevant link below to access the full newsletter.
Whistler Real Estate Monthly Update, July 2012
Summer has belatedly arrived on the West Coast and about time too! Whistler has kept ticking over during the shoulder season, hosting successful events like Tough Mudder, and is now poised for a busy summer.
As is usual, the real estate buying activity has fallen back somewhat in the last couple of months, but should pick up again as the Village gets busier and buyers begin to prepare themselves for the upcoming ski season.
The market remains reasonably balanced - pricing and presentation remain key to a timely sale. The preferred product is centrally located townhouses and condos - these units in the Benchlands, the Village and Creekside accounted for over half of all sales in Q2.
Q2 2012 saw 154 transactions, an increase of 10% over Q1 (139) and a small drop on Q2 2011 (144). The aggregate deal value was $95m, down 4% on Q1 ($95m) and down 13% on Q2 2011 ($109m). However, the decline compared to the 2011 is entirely due to the 3 most valuable sales in that year, which totaled over $17m in deal value - stripping out those deals leaves a far more balanced picture.
Overall, deal volumes continue to rise - driven by the attractive pricing compared to historical levels. The chart below shows how the total volume of deals has steadily increased from the sudden drop, triggered by the financial crisis, in 2009, and has now almost recovered to 2008 levels.
Continued economic uncertainty remains a drag on the market. However, Canada has proved more resilient than most Western economies, and Whistler continues to be an extremely desirable location for people to spend time with family and friends. The outlook remains for a relatively balanced market.
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