2015 was the fifth consecutive year of improvement for the Whistler real estate market in terms of both total sales activity and total sales value. Our data indicates that the market has fully returned to the conditions that were typical of Whistler prior to the financial collapse of 2008/2009.

 

Demand for Whistler real estate, as a result of Whistler’s continued evolution as a diverse year-round mountain community, an active real estate market in the Greater Vancouver area, low interest rates, and a favourable Canadian dollar, resulted in price increases across all market segments.

 

Overall, the total number of sales rose by 14.4% when compared to 2014 with a total value in excess of $673 million. The average transaction value for 2015 reached $799,937. This is the highest average we have seen since 2007 and shows an increase of 10.5% over the end of 2014.

 

Activity in the single-family home market increased by about 22% with an average transaction value of $1,697,000. This is a 5% increase over 2014.

 

The condominium and townhome markets saw a 6% increase in the total number of transactions with average sales prices sitting at $415,600 (a 7.1% increase over 2014) and $756,142 (an 8.4% increase over 2014) respectively.

 

The luxury real estate market also experienced a very strong year with a 33% increase in the number of sales over $2 Million.

 

The total number of properties being offered for sale in Whistler is currently at its lowest level in over a decade. As a result properly priced new listings are selling very quickly.

 

Going forward, we expect prices to remain strong as the factors driving demand for real estate in Whistler will likely remain unchanged. With no new development planned and as a result of the recent levels of activity, we do expect sales activity to fall in 2016 as a result of the lack of opportunities within the marketplace.

 

In this rapidly changing and dynamic marketplace, it is important to stay up-to-date on current market conditions by contacting one of our knowledgeable, local agents.

 

Looking for more information about what is happening in Whistler? Check out some of our recent blog posts:

This year’s 2016 Tax Assessment Notices are here. These notices show an estimate of what a property’s estimated value was on July 1, 2015 or the physical condition of a new construction or substantially renovated home as of October 31, 2015.

 

Real estate sales determine a property’s value. Local and provincial taxing authorities then calculate tax rates based on their own budget needs and the assessment roll for their jurisdiction. Property taxes will be set in the spring, once the assessment roll has been finalized.

 

Overall, the Greater Vancouver area, including the Sea-to-Sky corridor) assessment roll showed significant increases when compared to 2015 ($546.7 billion in 2015 to $636.2 billion in 2016). A total of almost $8.3 billion was added through subdivisions, rezoning, and new construction.

 

The assessment statement is a very broad brush, and every subdivision may have a slightly different experience. Before jumping to any conclusions about whether or not their taxes or property values are going to go up, it is important to look at comparable data of similar properties.

 

Property owners can look up and compare their assessments on e-Value BC. Property owners who have any concerns about their assessment should contact BC Assessment as indicated on their notice and review the appeal procedure on the BC Assessment website as soon as possible. If you would like to appeal your assessment you must do so before February 1, 2015.