The Squamish and Whistler real estate markets have downshifted from the feverish pace seen up to March 2022. The number of sales per month has been cut in half from March to May in both communities, which is allowing inventory to start building.
71% of properties sold in Squamish in May went for under the asking price, while 23% went over asking. List prices have adjusted fairly quickly in Squamish and some comparable townhouses and houses are selling for $150,000-200,000 less than what they sold for in February. Overall, it seems that Squamish’s market was faster to adjust after Russia invaded Ukraine at the end of February and prices are now stabilizing.
62% of properties sold in Whistler in May went for under asking, while 23% went over asking. Whistler’s market remains relatively competitive, however is nothing like it was a few months ago when it was extraordinarily difficult for buyers to win any property. Highly desirable properties that rarely come to market are starting to pop up, which is sometimes seen as an indicator that sophisticated real estate investors believe the market has topped-out in the current cycle.
Price growth in either market is unlikely in the near term, unless something changes with the key current factors of inflation, interest rates, and geopolitical tensions on the global stage. So keep your eye on these 3 items to help you understand whether these markets will start climbing again (I’ll also keep you posted!).
We’re moving into a time of year where seasonal factors start to play a role in both Squamish and Whistler, get in touch to chat about the best timing for selling or buying!
Lastly, if you’re considering a purchase, it’s a much better time to be a buyer than it was a few months ago. There are some great properties popping up and the long-term investment prospects for both markets remains strong.
Scroll down for a full stats package from the Real Estate Board of Greater Vancouver, which looks at the whole region, as well as the Squamish and Whistler real estate markets specifically. Reach out with questions anytime!
– Lindsay