Throughout 2017, Pemberton continued to attract first-time home buyers, recreational enthusiasts, investors, and those looking for price points no longer available in Whistler. Increased awareness, good values compared to other Sea to Sky markets, affordability, and a relaxed lifestyle continue to be the main attractants for purchasers in Pemberton.
As a result of increasing demand combined with low numbers of available listings resulted in an overall 8% increase in average transaction value and significant price appreciation in almost all market segments.
In Pemberton, the more affordable properties (condos and towhomes) continues to draw the highest levels of interest as these properties appeal to young families and first-time buyers, and are rarely available in Whistler and Squamish right now.
Breaking down the numbers by market segment:
It is important to note that for the first time, 2017 saw a number of individual transactions exceeding $1 Million for a single-family home. Acreage properties, continue to be of interest to to high net worth individuals, a new generation of agricultural enthusiasts, and families capitalizing on the real estate markets in Vancouver and Whistler although the number of sales remains too small to draw reliable statistical information.
With new subdivisions at Sunstone selling our, and most of the remaining lots at the Benchlands now sold, the new residential developments in Pemberton attracted strong buyer interest throughout 2017. Given the strong sales activity for these single-family building lots, we can expect 2018 to be a busy year for builders in Pemberton.
2017 also brought increased commercial investment to the community. The Pemberton Industrial Park is now a hive of activity and construction and there are several new rental buildings getting ready for occupants.
In 2018, we expect to see a number of announcements for new projects as Sunstone and the start of construction at Crestline.
As is the case in Whistler and Squamish, the number of properties available for purchase is at historically low levels while buyer interest remains high. Therefore, we expect that 2018 will continue to support upward pressure of prices.
New mortgage / financing rules, interest rate changes, and the outcome of future housing development in Whistler may all impact the market, but, until these issues have become more defined, the future looks bright for Pemberton.
The Pemberton real estate market truly is a micro market so individual sales and valuations may vary widely from the ‘norm’ so it is important to evaluate each property individually. If you are interested in selling and wondering what your property might be worth, or if you are looking to buy and wondering how the market will impact you, contact me and I would be happy to discuss the current market situation with you.