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Boost in Whistler Real Estate Sales - New report shows trend of local buyers replacing international interest

Christopher Poon
chris@whistlerquestion.com

Local buyers are snatching up real estate in Whistler in what at least one local realtor sees as a return to market norms following the brutal impact of the 2008 recession.

According to the 2011 Re/Max Recreational Property Report, released Monday (June 13), buyers from Vancouver and the Lower Mainland are purchasing more recreational properties in Whistler than previous years, offsetting the reduction in international buyers.

“We’re not seeing a lot of U.S. buyers and there are fewer Europeans as their travel patterns have changed, which does mirror what’s going on with the tourism side of things,” said Pat Kelly, owner of Whistler Real Estate. “There’s no question that there’s certainly an increase level in buyers in the Whistler area and they are predominately from the Lower Mainland.”

According to the report, sales in Whistler were up 58 per cent in the first four months of 2011 compared with the same time last year, with townhomes seeing the greatest improvement in sales. The report also states that the highest demand seems to be for properties in the $300,000 to $700,000 price range.

“Demand for recreational product in Whistler is expected to continue to climb in the months and years ahead, as the market is bolstered by the bounce effect from ideal ski conditions in 2010/2011 and the 2010 Olympics,” the report says.

When asked if he thinks the Whistler market is on the upswing, Kelly said that parts of the market seem to be doing better than before.
“I don’t disagree with it. I wouldn’t call it so much of an upswing as a return to a normal market, to a balanced market which offers a good amount of choice to buyers. And buyers are really seeing a lot of value to things that are on the marketplace today, so they are more inclined to act today than say a couple of years ago,” he said.
However, Kelly is quick to point out that one generalization shouldn’t apply to the entire Whistler market.
“You can’t apply one adjective to the entire marketplace,” said Kelly. “There are certain parts of the market that have certainly improved over a year ago. “A year ago was the six months of the Olympics, so that was a slower period anyways for a lot of obvious reasons. You couldn’t get around town.”
As for luxury home sales in Whistler — properties priced at $2 million and over — the report said sales appear to be in line with last year’s. Kelly said while luxury home sales may not be improving, it shouldn’t have too much of an effect on the overall scene.
“I think there’s a big misconception as to how big luxury homes are in the market in Whistler,” said Kelly. “The general amount, 80 per cent of the activity in Whistler, occurs under $1.5 million. So there is activity at the higher end; it’s at a level that I would consider to be normal.”
Overall, Kelly said it currently appears to be a buyers’ market in Whistler and he predicts that the market will continue slowly but surely in the direction that it’s headed.
“If you look at the last 10 years, we went through a period of very rapid growth followed by a consolidation phase where prices levelled off and in fact reversed themselves in some cases,” explained Kelly. “The markets basically levelled off starting in 2008 when everything hit the fan. So we’re really in that stage where things are really moving forward in what I would call a very predictable manner.”
When asked about what advice he’d give to potential buyers and sellers in Whistler, Kelly said, “If you see what you like and you think it’s properly valued, and there’s more than enough information out there on what value should be today, then I would act on it. Unless the municipality changes their minds sometime soon, we’re not increasing the number of properties in Whistler.”
As for sellers, “My advice to sellers is be very aware of who your customer is and what your competition is and that you’re willing to price your property appropriately,” said Kelly. “There’s really good strong interest in owning a place in Whistler and I think that will continue to be true as long as interest rates stay low and the economy remains fairly predictable.”
WHISTLER REAL ESTATE BY THE NUMBERS * Whistler properties sold January to April 2010: 78 * Whistler properties sold January to April 2011: 123 * Single-family homes over $2 million sold during same period in 2010: 7 * Single-family homes over $2 million sold during same period in 2011: 6 * Single-family homes over $2 million sold during same period in 2007: 14 * Current starting price for a three-bedroom, winterized mountain chalet in Whistler: $700,000 * Starting price for condo or townhouse in Whistler: $300,000

Article Courtesy of Whistler Question

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