The flurry of buyer activity noted in the past couple newsletters has sustained and increased in the past month, with slightly higher sales activity seen in both Squamish and Whistler. In Squamish, there were 25 sales in February; while Whistler saw 43 sales. The majority (83% in both markets) went for below-asking price, however many of those sales were only slightly below asking price.
The Bank of Canada delivered on it’s earlier promise to pause increases on interest rates. There are concerns that as the US Federal Reserve continues to raise rates, the Bank of Canada’s hand will be forced into further rate increases to protect our currency from devaluation. However, the last few days brought a pretty serious wildcard into the fold with some major bank failures in the US. These failures are largely considered to have been caused by the speed with which the Fed has raised interest rates, which has devalued huge swaths of these banks’ financial assets. The Bank of Canada and Federal Reserve have been looking for signs of stress due to increased interest rates, and they just got them in the most serious and systemic of ways. Further rate increases in the near term are looking less likely.
Inventory remains low and good product (well-priced, updated and staged) continues to go quickly. Both markets have shown price resilience and rental rates are strong. According to the MLS Home Price Index – which is considered the most credible indicator – prices in both Squamish and Whistler increased from January to February.
Have a great month and reach out anytime!
– Lindsay
For more updates and information, follow me on Instagram @squamish_whistler_real_estate
Call me: 604-612-1484
Email me: lindsay@lindsaymcivorrealestate.com