The momentum gained since the beginning of 2023 continued into May, with both Squamish and Whistler seeing a substantial rebound in sales volumes.
In Whistler, there were 62 sales in May, which is significantly higher than the 5-year (2019-2023) May sales average of 46 sales. Of those sales, 61% went for under the asking price, 26% went for over asking, and 13% went for asking price. Of the sales that went for over the asking price, these were nearly all in the Phase 1 (nightly rental) segment of the market. As predicted, this segment has remained strong and prices have decreased minimally off the peaks seen in March 2022.
In Squamish, there were 54 sales in May, which is substantially higher than the 17 sales seen in January and is in closer alignment with the 5-year (2019-2023) average for May, which is 53. Of those sales, 73% went for under asking, 17% went for the asking price, and 10% went for above asking. The sub-$1.5M market remained surprisingly strong, and many of the properties sitting in the $1.7M zone sold or came under offer.
It’s tough to know if this momentum will sustain itself after the Bank of Canada decided to raise rates last week. What is abundantly clear is that these markets are resilient and that confidence returns quickly when positive news comes out.
Reach out with questions and have a great month!
– Lindsay
For more updates and information, follow me on Instagram @squamish_whistler_real_estate
Call me: 604-612-1484
Email me: lindsay@lindsaymcivorrealestate.com