“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid in full, and managed with reasonable care, it is about the safest investment in the world.”
– Franklin D Roosevelt
The third quarter of 2020 saw a significant surge in activity in the Whistler marketplace with all sectors returning to pre-COVID activity levels. This activity also moved sales values higher overall and all indications are that market activity in 2020, despite all the uncertainty, will exceed the market performance of 2019.
Like most recreational and small resort areas across North America, the Whistler marketplace experienced a very definite “V” recovery which can be attributed to the pent-up demand created in the second quarter of 2020, perceived COVID safety of small towns, and their political and personal safety, inflationary concerns, and wealth creation in the stock market.
The strongest level of interest in the third quarter was in the single-family and townhouse sector, which saw the highest level of activity for a single quarter since 2016.
The luxury market (properties over $4,000,000) also reached unprecedented levels with an over 300% increase in activity as compared to the previous quarter.
Condominiums continue to lag the other sectors in terms of activity (particularly those that are oriented toward short-term rentals), due to concerns related to tourism; however, it’s important to note that values for condos have not weakened.
Currently the average sale value for a single-family home sits at $3,275,000 (median of $2,389,000). Townhomes are $1,409,380 (median of $1,199,000) and condominiums are $879,496 (median of $715,000).
*median values are the point which defines the halfway point of total sale activity (50% is above, 50% below)
The final quarter of the year, in our opinion, offers less predictability than in past years. Uncertainty related to the pandemic, political change, and the impact that could have on tourism, financial stability, and how this will impact consumer demand for real estate re-enforces the old saying, “We don’t know what we don’t know”.
That being said, the fundamental framework of the Whistler marketplace is very favourable to real estate investment, and as one of the most beautiful places in the world, it is a place that will attract buyers which will support values and equity.
Now more than ever, it is important to get an up to date assessment of the marketplace and detailed information about specific properties that are currently available in the market. Please reach out to us, give us a call, reach out to us online, or stop by our office on Main Street in Whistler Village to speak to one of our knowledgeable full-time advisors.