Happy (Canadian) Thanksgiving
Fall is definitely in the air in Whistler and with Thanksgiving this weekend it marks the end of biking season on the mountain and the onset of ski season. Whistler Blackcomb will once again hold its very popular annual Turkey Sale where there are many deals to be had on ski apparel and equipment.
Whistler Market Report
On the real estate side, September sales were a bit slow but we’re seeing a pick up in activity into October in both listings and sales.
Listings increased from 316 in August to 338 in September and there were 48 sales in September, down from 60 in August. Nightly rental properties continue to lead the way. Sales were comprised of:
|Phase 1 Condo/Townhouse||26|
|Phase 2 Hotel Units||5|
We had 7 foreign Buyers: 3 from USA and one each from Barbados, Hong Hong, Mexico and Saudi Arabia.
Q3 2019 results show a decline in most categories over 2018 in number of sales and average price decline in Chalet, Townhouse, Shared Owner and Vacant Land categories with increases in Condos.
|Sales 2019 VS 2018||Average Price 2019 VS 2018|
|Chalet Sales||– 28.2%||– . 2%|
|Townhouse Sales||– 31.6%||– .12.7%|
|Condo Sales||– 24.9%||+ 17.3%|
|Shared Owner Sales||– 49.4%||– 2.8%|
|Vacant Land Sales||– 23.8%||– 14.9%|
|Total Sales||– 29.6%||+ . 1%|
Foreign Buyer Tax & Vacant Home Tax
I attended a presentation last week from our Mayor and a question was asked about Foreign Buyer Tax and Vacant Home Tax which the provincial government imposed in 2018 in Vancouver and other BC communities. These taxes do NOT apply to Whistler, where our sole purpose as a resort town necessitates homes being left vacant for periods of time and investment from Buyers from all around the world. The Mayor noted that we consider part time home owners as “residents” of, and an integral part of, our community.
Whistler has a finite amount of real estate & development opportunities which will help maintain our charming mountain culture, and the economy is strong with Whistler generating over $1.5 Billion/year in consumer spending and representing 25% of British Columbia’s tourism market.
There’s some good value to be found right now and a good selection of properties for ski season or year round