In Whistler, there were 43 sales in March, which is below the 5-yr March sales average of 65 (2018-2023). Of these, 5 went for asking price, 4 went for over asking, and 34 went for under asking.
In Squamish, there were 31 sales in March, which is well below the 5-year average of 61 sales in March. Of these sales, 3 went for asking price, 2 went for over asking, and 26 went for under asking.
Overall, there is certainly more activity in the marketplace than in the past 6 months; whether this converts to increased sales is yet to be seen.
Interest rates held steady at the April 10th Bank of Canada announcement, however the BoC’s speech indicated they’re feeling a cut will come soon.
RBC released a great report on the state of housing in Canada, linked here. The bottom line is that it’s extremely difficult to get into the market right now, and that high interest rates, a lack of skilled workers, and a host of other problems are preventing more homes from getting built. The inability to get into the housing market is worsening the pent-up demand, not to mention the fact that Canada’s population grew at the fastest rate since 1957 . The supply/demand imbalance is getting worse and everyone can expect another run on prices the next time interest rates drop.
In other news, the economics of land just completely changed in Squamish, and is likely to do so in Whistler. On April 9th, Squamish released the draft zoning bylaw that will bring local zoning into alignment with the requirements the BC government has mandated via Bill 44. The upshot is that nearly all lots in Squamish are automatically zoned to allow a 4-plex plus a rental unit. There are some locations that will allow higher density, if certain conditions are met. The draft zoning is linked here . Whistler has really dragged its feet and has released essentially zero communications on its plan to bring Whistler zoning into alignment with Bill 44. Presumptively, a fight for an exemption is occurring behind the scenes, however it sounds like this may be in vain. Whistler, like other resort communities, suffers from some of the most severe housing shortages and it will be tough to make the case that Whistler couldn’t use more housing.
All communities are being forced to figure out how to handle more people, more traffic, and more strain on local infrastructure. In my opinion, it’s a bummer and I’m disappointed that our community-level planning processes have been trumped, but for those who own land, it just became more valuable. The market will recognize this sometime soon.
All that to say, it’s a great time to buy shitty houses on simple lots in Squamish and Whistler. Happy to help!
~
Lindsay