Summer is in full swing and I hope you’ve been enjoying the beautiful weather! The days are hot but the crisp morning air reminds us that September is fast approaching. For me, September means we go full-steam ahead back into our busy routines and regain focus on our goals. This is a common theme for many people in September and it often leads to an uptick in real estate activity.
Both Squamish and Whistler have seen sales level-off at numbers that are much reduced from what was seen in 2021, and are at about 60-70% of pre-pandemic sales numbers. Squamish had 20 sales in July and 65% (13) went for under asking, 15% (3) went for over asking, and 20% (4) went for the asking price. Whistler saw 26 sales in July and 81% (21) went for under asking, 12% (3) went for over asking, and 8% (2) went for the asking price.
Sellers are adjusting their expectations and we’re starting to see some product move relatively quickly. In one transaction where I represented the buyer in July, the home had been priced appropriately for the market and we ended up in a competition with two other parties. We were able to win that negotiation, but it was a good reminder of how quickly the power dynamics can shift.
Prices have retreated in both markets and I feel that some segments will continue to see price reductions (namely, the single-family market in Whistler which has all but locked-up). One segment that should see some resilience is the nightly rental market in Whistler, and this is because pandemic-battered revenues have recovered over the spring and summer (this assessment is based on feedback from Whistler property managers and my own personal experience of running our Air BnB condo in Creekside). Prices in this segment have been more stubborn in their retreat and now that we’re past the initial wave of fear/panic, I feel that sellers may be more patient in their decision-making.
There were some policy announcements of note since my last newsletter:
– One was the announcement that a 3-day cooling-off period will be implemented in BC. Read-up on this fairly significant development and how it’s being received here: https://bit.ly/3plZ5MC. Get in touch with questions about how this may affect you.
– The second announcement was that Squamish will be included in the Speculation & Vacancy Tax after Squamish’s council requested this. Read-up on this policy and how it’s being received here: https://bit.ly/3QuFsOb.
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
For more updates and information, follow me on Instagram @squamish_whistler_real_estate
Call me: 604-612-1484