Unless you’ve been living under a rock, I’m sure you know by now that the real estate Whistler market has seen unprecedented sales over the past year. Buyers have been taking advantage of insanely low interest rates and those ready to sell have been benefiting from pent up demand. The big question that myself and many of my colleagues are asking is – where do we go from here?
I started my real estate Whistler career back in 1994 and for my first 20 years of advising buyers and sellers we always had a healthy inventory of properties to offer our purchasers. The late 90’s and early 2000’s was still considered part of the growth cycle of Whistler’s development. Most years we had new projects, some in the ground and others just on paper, helping to satisfy the demand from local, national, and international buyers looking to invest in our little piece of paradise.
This steady supply of new properties has not been at play for several years now. In fact, the last major developments to grace our community were the Athletes Village in the now well-known neighbourhood of Cheakamus Crossing and the Rainbow Development between Alpine Meadows and Emerald Estates. The majority of both were devoted to much needed resident housing.
In more recent years we’ve seen the addition of Wedgewoods just north of Whistler’s municipal boundary where a healthy number of building lots have offered an alternative to those looking to build their dream homes. It’s fair to say that sales of building lots in the first phases of Wedgewoods were sluggish. Fast forward to 2020/2021 and we see an emerging community. Both full and part-time residents are buying and land sales are robust for phases 4 and 5. In February 2021 alone we saw 11 lot sales in Wedgewoods which is extraordinary when you consider that there were no bare land sales in all of Whistler in February 2020.
We are seeing multiple offers on many property types now and a fair number are selling for more than asking price. With all this heated activity some are predicting that this pace cannot be sustained. Fixed interest rates are likely to rise in the medium term which will likely have a cooling effect on the market. When we finally get to say adios to this pandemic and the world starts travelling again, will international buyers further boost the demand for Whistler properties and push prices even higher, or are we at the peak of demand right now? All this sales activity has been fueled almost exclusively by Greater Vancouver and Sea to Sky corridor residents.
I don’t have all the answers but what I do know is how fortunate we are to live and play in this beautiful part of the world. And, I am here to navigate the Whistler real estate market for you if you are considering selling or buying. Don’t hesitate to reach out. I will be happy to discuss all options.