For Pemberton, 2016 was a record breaking year. Recreational enthusiasts, first time home buyers, investors, and those looking for a return to a country lifestyle flocked to the area as a result of increased awareness, affordability/value, and the relaxed rural lifestyle. As a result, the local real estate market experienced a 60% increase in activity levels and a 5.1% increase in average transaction value over 2015.
All segments of the local market experienced significant increases in average prices. However, the strongest buyer interest continued to be in condominiums and townhomes. The affordable prices of these properties draw many young families and first-time buyers who have been priced out of the Whistler and Squamish markets.
Acreages and estate homes also continued to garner high interest although the sample size of sales is too small to draw any meaningful conclusions.
In 2016, work began at the new singly-family subdivisions at Tiyata and Pemberton Ridge. Both new areas have been enthusiastically embraced by the market.
In addition, a purpose-driven rental building of 40 units and a 35 unit condo building at Crestline are now underway with scheduled completion in 2017/2018. Thus infusing the market with new product.
The Pemberton real estate market continues to be restricted by a lack of inventory with the number of properties available for sale at historically low levels in all market segments. This, combined with continued buyer interest, will result in ongoing upward pressure on prices.
Although interest rates and new mortgage financing rules may impact future activity, until these possible issues before more defined, we expect the a bright future for Pemberton real estate throughout 2017.
The real estate market inPemberton is small and dynamic. If you have any questions about how the state of the market may impact your decision to buyer or sell, or if you have any other questions about real estate in Pemberton contact me. Staying up-to-date in our highly dynamic market is key to making the best real estate decisions, whether you are buying, selling, or contemplating.
*All stats deemed to be accurate and taken from the Whistler Listing System, January 2017