Whistler Real Estate Market Report | Year End 2021
Dean Linnell with The Linnell Group at The Whistler Real Estate Company fills you in on the Whistler Real Estate Summary for year end 2021 which was a very busy year for Whistler property sales.
Whistler Sales Activity
Sales activities started out very strong with the first three months of the year seeing 110 unit sales per month. The rest of the year continued at a steady strong pace at around 70 units per month, only slowing slightly during this past Christmas season. The market broke records in terms of sales volume, exceeding one and a half billion dollars in sales, an increase of 35% over 2020, which was a record breaking year in itself. The increase in demand for properties in Whistler was a result of historically low interest rates and a desire to move to or invest in smaller communities such as Whistler, which were seen as safe havens during the pandemic.
Whistler Market Summary
While the buyers of Whistler properties have historically been Canadians, mainly from the Lower Mainland, there is typically a strong foreign buyer component, comprising of 20 to 25% of all buyers. However, the 2021 market differed in terms of where the buyers came from, with a shift away from foreign investment, and 95% of the buyers and 2021 came from within Canada.
As with all other markets in BC, Canada and North America, demand exceeded supply in all areas, the result of which was an increase in prices across all categories as compared to 2020. By the end of 2021. The supply in the whistler market reached a historic all time low. As we move into 2022, the hope is for the pandemic to finally come to some sort of resolution. This will hopefully result in the relaxation of travel restrictions and lessen travel hesitation. This will add stability back to the whistler tourism market, which in turn will add to more strength and stability to the real estate market.
Biggest Challenge in 2022
The biggest challenge in 2022 will be inventory, we began 2021 With what we considered low inventory and moved to half that amount by the end of the year. The Whistler marketplace has no new developments on the horizon to take the pressure off in 2022. expected sales activity will be less in 2022 due to the inventory shortage. But prices in all categories should continue to increase because of this limited supply and ongoing buyer demand.
2021 was a very interesting time for the luxury segment of our western market. In fact, we saw record 68 sales over 4 million in my 15 years of selling real estate in Whistler. That's an incredible stat to actually have in our market. It was not only a few years ago, where sales over 4 million were much fewer, maybe only two per month. I see this trend continuing due to the increased demand both locally and regionally. And from across Canada, and the lack of supply here
Whistler Luxury Market
2021 was a very interesting time for the luxury segment of our western market. In fact, we sold record 68 sales over 4 million. In my 15 years of selling real estate in Whistler, that's an incredible stat to actually have in our market. It was not only a few years ago, where sales over 4 million were much fewer, maybe only two per month. I see this trend continuing due to the increased demand both locally and regionally. And from across Canada, and the lack of supply here
Pemberton Market Summary
The Pemberton market continued to be very strong throughout 2021. And this is mostly because of two factors. So we have historically low interest rates, which have allowed people to upgrade and move up the property ladder. So trading in their condo or their smaller home for something that's maybe a little bit newer or larger. And the second factor would be buyer migration. So this means that we have buyers coming from North Van, West Van, Whistler, lots of local movement that's able to take advantage of those interest rates. We also have people coming that are looking for more of that rural experience.
So we have a lot of farms, we have new developments. And then we also have recreational properties that allow people to escape from the city. The Pemberton market is expected to stay very strong for 2022 and this is due to the high demand and the low inventory levels. So whilst it's a challenging year for buyers, we are going to have new product in some of our new developments. So we have Sunstone and Tiana available. With that said it's really important that you're working with a local specialized Pemberton agent, because we're part of a very unique market and in order to have access to properties like those ones that may be coming on the market. It's really important that you give yourself a leg up and have all your ducks organized beforehand.