Newsletter

Foreign Home Buyer Ban

The Foreign Home Buyer ban, discussed in my last newsletter, is now in effect. Fortunately we have been able to confirm that Whistler – which is neither a “Cencus Metropolitan Area” nor a “Cencus Agglomertion” – is exempt from this ban so business will continue as usual! See full details here bit.ly/3Zbobyu

BC Property Assessments

The BC Property Assessments are now complete and you should be receiving your document shortly. Assessed values are as of July 1, 2022 and that value is used to determine your Property Tax amount for July 1, 2023. Assessments are up 5-15% due to the strong market in early 2022, however given the recent interest rate hikes and softening of the market, your actual market value may be lower than assessed.

The RMOW has also announced an 8.3% increase in taxes, so you will see an overall increase in your property tax bill come July 2023. Information on the increase is here bit.ly/3Cjr3iX.

If you feel your assessed value is under or over stated, you have until January 31, 2023 to appeal. Given the assessments are based on values of comparable property sales, you will need data to support your claim, and I am happy to provide sales data if you wish to appeal. For more information on assessments, and to see your assessed value now, you can enter your property address at https://www.bcassessment.ca/.

Home Buyer Rescission Period

New rules have just been implemented in BC, offering Buyers the right to rescind an offer within 3 days of acceptance. This rule was to address the previous market where we were seeing Buyers presenting offers with no subject conditions. The rule allows Buyers a “cooling off” period where they can rescind the offer should they have Buyers Remorse – however there is a charge of .25% of the purchase value which is paid to the Seller. Given the current market where we are now seeing offers with the usual subject conditions, we don’t expect to see Buyers choosing this option at this time, as they will have the subject removal period to do their due diligence and then choose to either remove subjects and continue with the purchase, or if the review of conditions is not satisfactory, they need not proceed and there is no penalty to do so. See more information here bit.ly/3jN5wbY

Please reach out if you have any questions on your assessment or the new rules.

Wishing you all a happy and healthy 2023!

WHISTLER MARKET REPORT NOVEMBER 2022

We’ve been in a winter wonderland here in Whistler with clear blue skies, lots of sunshine and fresh snow.  Looks like these bluebird days will continue through the next 2 weeks but then hopefully some more snow!  You can ski out to the Village now, but the work continues on the Creekside gondola and Big Red chair, with no opening date set yet.  You can follow the updates here https://blog.whistlerblackcomb.com/2022/11/an-update-on-lift-upgrade-projects/

Total sales for November were 31, down from 42 in October.  With another 50 bp interest rate hike last week, many Buyers remain on the sidelines.  The median sale price year over year is still higher for 2022 but we are seeing much more negotiation on pricing, with sale prices at an average of 95% list price, and an average of 2 months for days on market.  Phase 1 properties continue to lead the way, however with higher interest rates it is more difficult to cover costs from rental revenue.

Here’s the breakdown by property category year over year:

WISHING YOU A HAPPY HOLIDAY SEASON AND NEW YEAR!!

Disclosure: Data from the Whistler Listing System (WLS) is believed reliable but should not be relied upon without verification. While the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and Engel & Volkers Whistler is not in any way liable for the accuracy of any information printed and stored or in any way interpreted or relied upon by a user. The WLS and Engel & Volkers Whistler assume no responsibility for its accuracy. 

WHISTLER MARKET REPORT OCTOBER 2022

The weather took quite a turn since my last report, and we now have snow in the valley and lots of snow and snow making on the mountain – and only 2 weeks until opening day.  Unfortunately the much anticipated upgrades to the Creekside gondola and Big Red chair won’t be ready for opening day due to supply chain and shipping issues.  The new Red chair should be ready to roll in early December, but the gondola opening day still isn’t clear.  In the meantime, shuttle buses will be available to take guests from Creekside parking to the Village lifts, with their own expedited lift line, and the mountain will open 15 minutes earlier to help get people up skiing and riding as soon as possible.

The monthly market statistics tend to be very similar right now, total dollar volume for all property sales in Whistler was 32% lower at the end of October than the same time last year. The month of September was almost identical down 33%. The total number of properties sold YTD in 2022 is down 43% compared to 2021, again identical to September.

The same trend exists with the Year-Over-Year median property sale price being 19% higher. Currently the median sale price of a Whistler property is around $1.5m compared to $1.3m this time last year.  

Interesting to note the one property type that has bucked the trend with total units sold is Restricted-Use Condo Hotel Units (Phase II Tourist Accommodations). Throughout 2022 every month saw an increase ranging from 10% to 56% in the total number of units sold compared to the previous year. October was the first month with a neutral 0% change. With restricted personal-use and a hands-off investment, the assumption is buyers were driven to this primarily based on a more affordable price point. The median sale price for a Condo Hotel unit is currently $477,500. 

Looking at the 2022 Month over Month sales, October recorded 39 compared to 30 in September. With the border restrictions gone we’ve started to see a few Non-Canadian residents purchasing properties, 4 sales in October were American residents. The number of sales per month this year saw a high of 64 in January then slowly dropping to a low of 27 in July, then ranging 30 to 40 per month since then.

FOREIGN BUYER BAN

Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.

The Act also restricts non-Canadians from avoiding the ban by using corporations or other entities to purchase residential property. Both the non-Canadian purchaser of prohibited property and any person or entity that knowingly assists in the purchase can be fined up to $10,000 and the property may be forced to be sold.

“Residential property” includes detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, strata units or other similar premises.

At this point, there is still lots that we do not know about the Act, because details have not been announced through regulation. There may be exemptions for certain groups of people, types of residential property and special circumstances, but these have not yet been established. The final regulations are intended to be published later this fall.

Although it is uncertain, it is anticipated that exemptions will be put in place for:

  • recreational properties,
  • residential property located outside of a large urban centre,
  • vacant land where the land has been zoned for residential use or mixed use by municipal authorities within large urban centres,
  • Indigenous peoples,
  • international students on the path to permanent residency,
  • individuals with work permits residing in Canada,
  • individuals fleeing international crises and other vulnerable populations, and
  • accredited members of foreign missions in Canada.

So, under the first 2 assumptions, we hope that Whistler will be exempt from this ban, as we look forward to continuing to welcome our foreign Buyers –  but nothing has been confirmed yet. 

Disclosure: Data from the Whistler Listing System (WLS) is believed reliable but should not be relied upon without verification. While the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and Engel & Volkers Whistler is not in any way liable for the accuracy of any information printed and stored or in any way interpreted or relied upon by a user. The WLS and Engel & Volkers Whistler assume no responsibility for its accuracy. 

I hope our Canadians enjoyed Thanksgiving weekend.  Whistler weather was glorious with blue sky, sunshine, changing colours and that feeling of fall in the air.  The mountain is now closed until ski season opens but there are still lots of activities to enjoy including in the valley.  Biking and hiking trails are in great shape, many restaurants are offering great dinner specials, and many are still out on the lake on their kayaks and paddle boards! 

WHISTLER MARKET REPORT MONTH/MONTH

In September, the Whistler market did not see much change month over month. With the same number of active listings, and approximately 20% fewer sales than were recorded in August. There were a total of 30 sales in September, with Phase 1 properties leading the way followed by Chalets. The median sale price remained steady, with a slight 4% increase. 

WHISTLER MARKET REPORT Q2

The total dollar volume of all property sales in Whistler was 33% lower at the end of September than the same time last year. 43% fewer properties have been sold in 2022 YTD compared to 2021, however year-over-year, Whistler’s median property sale price is 18% higher. The median sale price of a Whistler property is currently around $1.5m compared to $1.3m this time last year. The stats reflect Whistler’s return to a more balanced market after 2-years of seller’s market conditions. 

Fewer properties have sold this year across all property categories with the exception of Phase II hotel condos which have seen 10% more unit sales year-over-year.

Shared Ownership properties have seen the largest increase in median sale price year-over-year with a 63% increase.

Phase I tourist accommodation, Residential Condos and Vacant Land have all seen median sale prices increase in the 40% range year-over-year.

Residential Chalets & Townhomes have seen price increases in the 20% range year-over-year. 

Disclosure: Data from the Whistler Listing System (WLS) is believed reliable but should not be relied upon without verification. While the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and Engel & Volkers Whistler is not in any way liable for the accuracy of any information printed and stored or in any way interpreted or relied upon by a user. The WLS and Engel & Volkers Whistler assume no responsibility for its accuracy. 

WELCOME TO FALL IN WHISTLER

It was a busy Labour Day weekend in Whistler, with continued sunny skies and warm temperatures. The Gran Fondo returned the following weekend after a 2 year absence due to Covid.  Organizers had boasted a record turnout for this year’s race with more than 6,500 registered cyclists, however it seems they ran out of food and hydration at the rest stops, citing challenges with food supply and volunteers.  Registration is already underway for 2023, so let’s hope they get that resolved for the next ride!

WHISTLER MARKET REPORT

Whistler had a total of 36 sales in August, representing a 44% increase from the previous month. Listings in August took longer to sell on average than in July, with a 79% increase in the number of ‘Days on Market’ (DOM). The days of multiple offers have passed for the time being, with the market showing a more balanced level of listing inventory and buyer activity. The median sale price in August was $1.5m. 

Year over year, we see that Whistler property sales are down 41% and the total dollar volume of sales in down 31%. The median sale price in August 2022, however, is still 21% higher than it was in August 2021. 

Phase II hotel condos and shared ownership properties are the only 2 property types that have outpaced dollar volume compared to last year. This is likely a result of these properties being offered at a more affordable price point than unrestricted full ownership properties. 

Among all full ownership property types, Phase I Tourist Accommodation (TA zoned) properties have performed best in terms of increase in median sale price which is up 40% year over year. Chalets, townhouses and condos have also all increased in value by more than 20% in the past year. 

We anticipate seeing less significant price gains in the coming year with the current climate of rising interest rates. 

Disclosure: Data from the Whistler Listing System (WLS) is believed reliable but should not be relied upon without verification. While the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and Engel & Volkers Whistler is not in any way liable for the accuracy of any information printed and stored or in any way interpreted or relied upon by a user. The WLS and Engel & Volkers Whistler assume no responsibility for its accuracy. 

CRANKWORX RETURNS HOME

Born in Whistler in 2004, Crankworx has evolved into a multi-stop international festival series, bringing together the best mountain bike athletes to compete in elite-level competitions in a variety of disciplines, as well as hosting races for amateurs and Kidsworx contests for young riders. And while the festival has gone international, each year the global mountain bike community comes home to Crankworx Whistler for the ultimate celebration of all things mountain bike.

WHISTLER MARKET REPORT

July started off with very slow activity, and while things picked up a bit at the end of the month, we only saw 26 sales for the month, down from the previous low point of 29 sales in June, and down 32% from the same time last year.

Nightly rental and Hotel properties led the way. Sales were comprised of:

With listings up 40% over last year, the Sales:Active Listings ratio of 9.6% puts us into a Buyer’s Market. 25% of July sales were to USA Buyers, and with the strengthening of the US dollar, we may see more going forward.

In the meantime, both Buyers and Sellers are speculating on what the market will do, and with such a small number of sales, the market isn’t really telling us what is happening, and with only 6 sales to date in August, we are still unsure, so we continue see a bit of a stand off with both sides taking a “wait and see” position.

We generally see an increase in sales activity in the fall after summer is over and Buyers turn their attention to ski season and acquiring their ski cabin, and with the increase in supply we will hopefully see some market movement going forward.