Pemberton Market Update: January 2019

Date Posted: January 17, 2019

It has been a busy year for real estate in Pemberton so what does this mean for the local market and what can we expect moving forward through 2019?

2018 Year in Review

Over the course of 2018, the real estate market in Pemberton continued to follow much the same course as was established through 2017. As the year progressed, activity levels returned from the peaks of 2016/17 to levels that are more typical of what we would expect based on historical data. As interest rates increased and new mortgage rules came into effect and impacted the costs of ownership, the second half of the year demonstrated a noticeably slower marketplace as compared to the first 6 months of 2018. It is important to note that these changes served to dampen real estate markets and buyer enthusiasm across the board – nationally and regionally as well as locally.

The real estate market in Pemberton continues to attract recreational enthusiasts, first-time buyers, investors, and those looking for family living at prices no longer attainable in Whistler. Due to the limited opportunities that were available through 2018, this demand resulted in an overall 7.1% increase in average transaction value for property in Pemberton throughout the course of the year.

Breaking the numbers down a little more:

  • Single-Family Homes: Average sale value increased 9.8% to $897,096 over 2017 (with a number of sales exceeding $1 Million)
  • Towhomes: Average sale value increased 22.8% (to $588,561) over 2017
  • Condos: Average sale value increased 13% (to $378,459) over 2017

Acreages and homes with acreages continued to remain of interest to high net worth individuals, a new generation of agricultural enthusiasts, and families taking advantage of the real estate markets in Vancouver and Whistler. The strongest buyer interest, however, continues to be in affordable properties (specifically condos and townhomes) that appeal to young families and first-time buyers.

Through the course of the year, Pemberton has been a hive of activity with several new developments getting underway and continuing to attract attention. Local builders and trades can expect a busy year ahead based on the sales activity on single-family building lots within the community. With several condo and townhome developments also on offer, buyers of real estate in Pemberton will have the option to consider newly-built properties of all types (and all the benefits that accompany them), unlike buyers of real estate in Whistler.

This activity extended into the commercial sector with a lot of growth and construction occurring in the Pemberton Industrial Park as new businesses decide to own their place of work rather than operate as a tenant.

What We Expect Moving Forward

With the number of properties available for sale slowly on the rise and strong buyer interest in the community, we expect sales activity in Pemberton to make a return to more balanced levels as we move forward through 2019. We also expect that as we reach that point of balance, further price appreciation will become more subdued.

With several considerations in the books and on the horizon, including:

  • Interest rate changes
  • New mortgage financing rules
  • The future of affordable housing in Whistler (and new developments in Squamish)

we anticipate the buyers of real estate in Pemberton will proceed with caution and, as a result, sellers can expect their properties to spend longer on the market than was experienced in the recent past. Going forward, effective pricing will be the key to success for sellers and there will continue to be strong buyer interest in Pemberton real estate for properties that are well priced.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, January 2o19


Whistler Market Update: January 2019

Date Posted: January 17, 2019

With 2019 well underway, it is time to take a look at what has been happening in the local Whistler real estate market and how the trends of 2018 may impact where we go from here as we move forward through the new year.

2018 Year in Review

Over the course of 2018, the real estate market in Whistler continued to follow much the same course as was established in 2017. As the year progressed, the number or transactions began to decrease as the market slowed. The rapid pace of sales began to dwindle and many sellers found that their properties were staying on the market longer. This trend started slow at the beginning of the year and accelerated somewhat through the second half of 2018 as a result of rising interest rates, changes to mortgage approval rules, and a combination of government policies and taxes that had an impact on buyer enthusiasm.  Combined, these factors resulted in overall slowdowns in real estate markets regionally and nationally, not just in Whistler.

Although down 26% from 2017, overall real estate activities (number of transactions) that occurred in 2018 remained consistent with the levels achieved prior to the peak of the current market cycle (in 2015 to 2017). Suggesting a return to more ‘normal’ levels of market activity. Meanwhile, 2018 demonstrated an 18.2% decrease in the total value of transactions that occurred (at $828 million) as compared to the previous year.

Despite an overall cooling of the market, overall values continued to increase with the average transaction value for a property in Whistler sitting at $1,250,168 at the end of 2018 (a 7.5% increase from 2017). The greatest price appreciation was seen in the medium density market segments. Interest was particularly high for family oriented accommodation (large townhomes and single-family homes) although scarcity of supply and high price points mitigated the amount of demand. Condos and townhomes that offered opportunities for short-term rentals (especially those located close the the Village and/or slopes) were also in very high demand.

It is also important to note that as the market slowed, the number of properties available for sale increased from the historical lows we witnessed at the start of the year. This means that there are more options for Buyers and potentially more competition for Sellers.

Breaking the numbers down a little more:

  • Single-Family Homes: Average sale value increased 2.5% over 2017
  • Towhomes: Average sale value increased 33% (to $1,526,168) over 2017
  • Condos: Average sale value increased 11% (to $664,390) over 2017

Combined, condo and townhome sales accounted for 67% of the total transactions and 56% of the total transaction value in 2018 – making them a critical portion of the local real estate market. Especially as increased international awareness (due to the Vail purchase) as well as significantly increasing overnight guest numbers continue to bring interest from traditional real estate investors and those looking to enjoy the “Whistler Lifestyle” while offsetting some of their ownership expenses.

In 2018, the luxury real estate market (properties listed at over $2 Million) accounted for 119 transactions with an average transaction value of $3,363,000. While the number of transactions remained very consistent with 2017, the average value is down slightly. Overall, these sales account for 18% of all transactions and about 48% of the total transaction value.

In Whistler, buyers will now find that many listings are priced at over $1,000 per square foot. This places our local real estate market on par with most of the other elite ski resorts in North America; however, when the exchange rate is taken into consideration, we remain good value from an international perspective.

What We Expect Moving Forward

Going forward through 2019 we expect to find ourselves in a more balanced marketplace with levels of activity remaining consistent with historical levels. We also anticipate the price appreciation will be more subdued as the market adjusts to more sustainable levels. That said, it is still possible that some properties will still surprise due to pent-dup demand for specific locations and types remains.

Going forward, buyers will continue to buy and sellers will continue to sell. Supply and demand will direct pricing in the year ahead and there will continue to be strong buyer interest in Whistler properties, especially those that are well priced and/or unique.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, January 2o19


SOLD! 5-2227 Gondola Village

Date Posted: January 8, 2019

A rare top-floor Gondola Village townhome in Whistler Creek

This rare, top floor Gondola Village townhome offers an airy living space with vaulted ceilings and plenty of windows. The extra-large deck extends the living space for summer entertaining and the wood-burning fireplace adds a cozy element on winter nights. This home is ready for your renovation ideas and personal touch. You’ll love this Creekside location and enjoy the convenience of walking to the gondola and Alpha Lake, not to mention the shops, restaurants, and amenities. GST is not applicable and the Phase I zoning means that you can take advantage of rentals or enjoy unlimited personal use.

Listed for $559,000 and sold over asking price for $565,000!

Market activity in Whistler remains strong but not at the same levels we were seeing through 2016 and 2017. As the market returns to more normalized levels we are seeing many listings staying on the market longer giving buyers more choices and the opportunity to take more time to consider their options – good news for buyers. Meanwhile, prices have continued to rise in all segments of the market – good news for sellers.

If you are curious about your home’s value in today’s market, want more information about this sale or similar listings, or if you would like an update on market conditions, contact me today!


SOLD! 64 Glaciers Reach

Date Posted: November 21, 2018

A fully furnished 2 bedroom townhome in Whistler Village

 

This fully furnished, 2 bedroom townhome in Glaciers Reach is ideally situated in a central location that is just steps from all the Village amenities and free shuttle bus. Imagine yourself relaxing in your private hot tub on the main deck or enjoying a morning coffee on the deck off the master bedroom with views of Whistler Mountain. With new living room furnishings, appliances, and hot tub it is ready for you to enjoy for weekend getaways or as an excellent rental investment with a strong rental history. In addition to your private hot tub, Glaciers Reach offers a year-round outdoor pool, a hot tub, secure underground parking, and an exercise room.

Listed for $1,029,000 and sold for 99% of the list price in just 18 days!

Market activity in Whistler remains strong but not at the same levels we were seeing through 2016 and 2017. As the market returns to more normalized levels we are seeing many listings staying on the market longer giving buyers more choices and the opportunity to take more time to consider their options – good news for buyers. Meanwhile, prices have continued to rise in all segments of the market – good news for sellers.

If you are curious about your home’s value in today’s market, want more information about this sale or similar listings, or if you would like an update on market conditions, contact me today!


JUST LISTED! 5-2227 Gondola Village – Now Sold

Date Posted: October 30, 2018

A convenient townhome in a popular Whistler complex

 $559,000

1 Bedroom   |   1 Bathroom   |   423 Sq.Ft.   |    Townhouse

Conveniently located within walking distance to the Creekside Gondola and amenities, this rare top-floor townhome is ready for your personal touch. Make it your own and enjoy cozy winter days by the wood-burning fireplace and long summer evenings with family and friends on the large deck. Phase I zoning gives you the flexibility to enjoy unlimited use options.

See the photos & find out more here.

Listed: October 2018


SOLD! 4875 Casabella Crescent

Date Posted: October 3, 2018

A luxurious townhome in a fantastic year-round location

Situated in a fantastic year-round location walking distance to the Village amenities and Lost Lake, this end unit three bedroom, three bathroom townhome with garage offers a luxurious escape just minutes from everything Whistler has to offer. Whether you are gathering with friends and family in the open concept living area with vaulted ceilings, cozy gas fireplace, and grand wood beams, relaxing after a day of adventure in the brand new, private hot tub in your private backyard, or taking in the mountain views and afternoon sun from the master bedroom deck – you can’t beat this location. You will find everything you could need for full-time living, Whistler getaways, or rentals in this fully-furnished, turn-key property in Montebello, one of Whistler’s most sought-after neighbourhoods.

Listed for $2,090,000 and sold for $2,190,000, in 47 days (that is 97% of the list price)!

“I used Amber for the second time this summer to sell my place and once again had a great experience with her.  She’s knowledgeable, professional, and makes the overall experience great whether you are buying or selling your property!” – Seller of 4875 Casabella Crescent

The real estate market in Whistler has remained steady so far through 2018. Buyer interest remains strong while listing inventory continues to be low. As a result, prices are still feeling some upward pressure and despite a slowing in transaction rate, it continues to be a Seller’s Market.

If you are curious about your home’s value in today’s market, want more information about this sale or similar listings, or if you would like an update on market conditions, contact me today!


SOLD! 6 Mountain Edge

Date Posted: September 14, 2018

Exclusive 3 bedroom townhouse in secluded Mountain Edge

Coveted and rarely available, this 3 bedroom 2 bathroom townhome in Mountain Edge is tucked away in a quiet location in the village and is one of only seven townhomes in this exclusive complex. Just steps to the ski lifts and the heart of all the action, my clients will be able to just park the car and walk to everything! Beautifully renovated, this four season home features a gourmet kitchen, open concept living area with walk out decks on either side of the living space, vaulted ceilings, floor to ceiling windows and beautiful views of Rainbow Mountain. Perfect for family gatherings and entertaining, this home is great for full time living or as a weekend home. After a day on the slopes or golf course, they will cozy up by the fireplace or relax in the private hot tub overlooking the Whistler Golf Course driving range.

Listed for $2,499,000 and sold for $2,190,000, $309,000 under asking price!

“Amber’s broad experience as a realtor in Whistler was a true asset in our search for the right property for our family. Her guidance regarding neighbourhoods and developments suitable for our needs, along with her organized manner and quick response to any questions, made the buying process a pleasure for us!” – Buyer of 6 Mountain Edge

The real estate market in Whistler has remained steady so far through 2018. Buyer interest remains strong while listing inventory continues to be low. As a result, prices are still feeling some upward pressure and despite a slowing in transaction rate, it continues to be a Seller’s Market.

If you are curious about your home’s value in today’s market, want more information about this sale or similar listings, or if you would like an update on market conditions, contact me today!


JUST LISTED! 64 Glaciers Reach – Now Sold

Date Posted: August 28, 2018

A Quiet Whistler Village Townhouse

 

 $1,029,000

2 Bedroom   |   2 Bathroom   |   899 Sq.Ft.   |    Townhouse

Glaciers Reach, a popular townhome complex in the Village, is situated in a quiet setting adjacent to the Marketplace and an easy walk or ride on the free shuttle to all the shops, restaruants and ski lifts. This upper level 2 bedroom townhome is fully furnished and ready for you to enjoy for your unlimited personal use and/or rentals.

See the photos & find out more here.

Listed: August 2018


SOLD! 22 Pioneer Junction Townhomes

Date Posted: August 4, 2018

A desirable Pemberton location

 

Wonderful 2 bedroom townhome in one of Pemberton’s most-desired neighborhoods! This bright home has many tasteful updates that include 2 new bathrooms, bamboo flooring, wood blinds, stair railings, and bonus 3rd sleeping area that could be used as an office space. The open living area flows outside to a covered outdoor deck with grassed area below. The master bedroom is quite spacious and features a new ensuite bathroom and an over-sized walk in closet. The guest bedroom is very comfortable and features beautiful views of Mt. Currie! Geothermal central heating and air-conditioning, a “super single” garage and crawlspace area, and amenities that include a playground, gym, and community garden complete the package. Definitely worth a closer look! 

“Amber is a very reliable, understanding and professional realtor. She met all our needs with finding a home for us and our new baby. Amber took the time and broke every home down we looked at with pros and cons to ensure this home was the winner! Our family couldn’t be happier with the neighbourhood, lay out of the home and quality of service delivered from Amber. I recommend her quality of work to anyone who asks who is the best in the business. “ Buyer of 22 Pioneer Junction.

The real estate market in Pemberton is busy. Well-priced properties are generally selling very quickly and prices continue to feel upward pressure. If you have been thinking of selling, this could be the right time.

If you are curious about your home’s value in today’s market, want more information about this sale or similar listings, or if you would like an update on market conditions, contact me today!

August 2018


JUST LISTED! 4875 Casabella Crescent – NOW SOLD!

Date Posted: June 19, 2018

A Luxurious Location, Steps from Whistler Village

 

 $2,090,000

3 Bedroom   |   3 Bathroom   |   1,379 Sq.Ft.   |    Townhouse

Montebello, one of Whistler’s most luxurious neighbourhoods, puts the Whistler lifestyle at your doorstep. Lost Lake, the Valley Trail, and all the amenities of the Village are just a short, easy stroll away. With 3 bedrooms and a functional, open concept living space, this beautiful townhome has space for the entire family. A private garage and backyard with brand new hot tub are an added, rare bonus. Whether you are enjoying the sun and mountain views from the master bedroom deck, or entertaining after a day of adventure, you will feel right at home here.

See the photos & find out more here.

Listed: June 2018


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