Whistler resort and the surrounding area are large draw for Canadians and tourists from around the world. It’s inevitable that a lot of people, after experiencing the world-class slopes, restaurants and scenery, would consider buying property in Whistler, whether it’s to move here permanently or to own a home away from home with rental potential. But, the real estate market in Whistler isn’t quite like other markets.
There are many factors, both internal and external, that affect the Whistler real estate market. It is often described as a bubble, not in the sense that it will burst, but because it follows its own trends, separate from surrounding areas.
Here’s what you need to know about one of the most dynamic real estate markets in North America:
The time of year vastly affects the market here in Whistler. It is hard to determine a “busy” period as spring and fall benefit from an influx of listings, while summer and winter experience the most traffic from tourism.
These combined factors can often be hard to analyse, especially as many try to take advantage of perceived busier or slower periods, which in turn can dictate market trends.
The number of houses on the market at any time is crucial in regards to Whistler’s real estate scene. Currently, fewer listings have made it slightly more a seller’s market, and the area experiencing lower than normal inventory.
It’s one factor that makes Whistler so unique – as a village, there will typically be a limited number of properties, meaning if you find one you like, be ready go after it!
As previously mentioned, Whistler is world-famous, which means it appeals to buyers from all around the globe. As the value of the Canadian dollar is in flux with other currencies on a global stage, exchange rates can have a dramatic affect on the Whistler market and the purchasing power of foreign buyers.
The current season has seen its fair share of snow, and lots of snow usually comes with an upswing in the amount of visitors coming to experience all that Whistler has to offer. As more and more people visit, there tends to be an increase in interest regarding real estate properties. This interest then affects pricing and the intangible buzz surrounding the market.
Speaking of buzz indirectly affecting the market (combined with some of the factors mentioned), the increase in press coverage regarding Whistler’s snowfall, such as Vail Resort’s Renaissance project, exchange rates, or even B.C.’s real estate market in general, can have a great influence on Whistler.
As you can see, there are a variety of factors affecting Whistler’s market and it is evident that it is slightly more nuanced than, and incomparable to, other markets.
It truly is a unique place, from its incredible amounts of powder to its highly dynamic real estate market. For more information on our unique market, get in touch with one of our agents.