Market Report The 2011 Year in Review Real Estate sales in Whistler showed a significant increase in sales activity in 2011 as compared to the prior two years. Overall sales activity increased by 18% in 2011 as compared to one year ago. All of the major categories (single family homes, condos townhouses and shared ownerships) experienced double digit increases in unit sales with buyers focused on properties that suited family lifestyles and were perceived to be good value for money. Overall, the total value of real estate sales also rose in comparison to last year. The total value of reported sales increased by 6% (up to $363,665,000) for the calendar year. Most categories experienced a marginal gain in average values. That being said, outlier events continued to skew average numbers significantly so determining a reliable analysis of the market by using average values should be done with caution. For 2011, the average sold value of a single family property in Whistler was $1,508,000, a condominium was $389,000, a townhouse was $657,750, a fractional interest was $124,000, and a building lot was $706,000. The vast majority of sales in the Whistler area continue to be properties selling under $1,000,000. Given the dominance of medium density development (condos & townhouses) as a percentage of all properties in Whistler, it is not surprising that over 80% of all transactions in Whistler fall below this $1,000,000 mark. Properties above $1,000,000 continued to sell at a similar pace to last year, with the luxury market (over $2,000,000) remained active despite a continuing consolidation phase of the market cycle as value buyers continue to pursue the best homes in the best locations. The turnaround in market activity indicates that buyers have shaken off some of the uncertainty that resulted from the past financial crisis and are actively looking for purchases that demonstrate clear, long term value. Whistler is back on the resort and recreational property buyers’ radar as good value for money combined with a world class lifestyle and recreational experience! We expect continued improvement in sales and an improvement in values in the year to come as a result. Assessment Role Furor Recently, regional media made some front page headlines that…. “gasp”….. prices had ‘surprisingly’ fallen by “as much as” 15% in the last year in Whistler. Perhaps this was surprising to those not familiar with the Whistler market but not to us at The Whistler Real Estate Co. as we have been reporting a consolidating market since 2008. The assessment report actually indicates an average decline for Whistler of 6% which is consistent with what was occurring in the marketplace 12 to 18 months ago. This was a trend that began in 2008 with the onset of the financial crisis. It continued well into late 2010 and was experienced in every resort area in North America and every town in BC except for the Westside of Vancouver. The following points should be made: - Every property is unique and every buyer has unique criteria when considering a purchase. An assessed value is not a report card about how value is, or should be determined nor is it an indicator of a trend. It is simply an estimate of market value at a point in time based solely on historical data that can be as much as two years old.
- Sales activity, as previously reported in this newsletter, has increased in the last calendar year and average prices (except in some specific cases) are largely unchanged and have been marginally higher in most sectors.
Assessed values do not reflect what is happening in today’s marketplace. Only someone working every day in the marketplace, such as a Whistler Real Estate Co realtor, can give you accurate guidance and insight into the real value today of the property you are considering. Outdoor skating at Whistler Olympic Plaza 
Nothing could be more Canadian than strapping on a good old pair of ice skates and hitting a rink in the great outdoors for a little healthy fun and recreation. In addition to every other winter sport imaginable, Whistler has always offered ice skating options – indoors at Meadow Park Sports Centre, and outside (weather and ice permitting) on Green Lake. But this year, the Resort Municipality of Whistler (RMOW) transformed the Whistler Olympic Plaza’s Great Lawn and Pavilion into brand new skating rinks for the winter season. Games-watchers will remember the Whistler Olympic Plaza was where cheering crowds gathered every night for Victory Ceremonies and hot outdoor concerts during the 2010 Winter Games. Located right in the heart of Whistler Village, these new outdoor rinks offer great views of the ski hills and surrounding mountain ranges, and are just steps away from a hot beverage or snack at a local coffee shop or restaurant. Best of all – and in true Canadian outdoor rink tradition – the skating is free! However, if you don’t have a pair of your own skates, rentals are available for $5 from 11 a.m. to 2 p.m. and 6 to 9 p.m. The rink itself is open daily from 11 a.m. to 5 p.m. and 6 to 9 p.m. – with an hour for ice maintenance between 5 and 6 p.m. Whistler Tips from the Insiders After a day of ripping down Whistler or Blackcomb Mountain’s 8,100 acres of powder-laden slopes, nothing can derail the fun like standing around in your ski boots trying to decide where to go for après or a satisfying meal. Whistler Resort’s dizzying variety can be a bit daunting for the newcomer. Although it’s actually pretty hard to make a bad dining or après decision in the resort, many long-time Whistler locals still have their list of personal favourites. - The chefs cook right in front of you at Teppan Village making it great fun for my kids - Kris Skoupas
- Rimrock for Ahi Tuna Poke & the Rack of Lamb - Carolyn Hill
- The IGA offers a quick, easy lunch that is cheap and portable - Drew Meredith
- Sachi Sushi has the best sushi in town! Make sure to try their Tuna Tataki and their Mango Roll - Susie Frank
- Pasta Lupino has a great casual atmosphere for lunch or dinner - Sherry Baker
- The best wine selection can be found at the Rim Rock - Steve Legge
- Try the Southside Diner for Brunch. They serve a great Ceasar and comfort food - Jimmy Simpson
- Elements has small, interesting plates with good quality food and attentive service for lunch - Pat Kelly
- Dups is perfect for a fast snack when you are on the go - Sherry Baker
- The Bear Foot Bistro offers outstanding food, jazz music, ambiance and service - Kris Skoupas
- Order the Oso Bucco at the Trattoria di Umberto - Jimmy Simpson
- Dusty's is like Cheers for après because you know almost everyone - Steve Legge
whistlerlistings.com iPhone App. The whistlerlistings.com app is a free application offered by the Real Estate Association of Whistler. It allows users to search for homes and property throughout the Whistler and Pemberton area and to connect with Real Estate Agents for more detailed information. The app. will even connect you with an Agent to view, buy or sell property. This app. can be downloaded in the usual way using your iPhone or iTunes. |