Whistler’s real estate market has been wild over the last couple of years, with record-breaking plots, multi-million dollar homes, and views to die for.
Whether you’re considering getting a vacation home in this idyllic town, or you want to move here full-time, these are the reasons Whistler’s market is currently going wild!
Severely Limited Supply
In many areas, if there’s a great demand, supply will work hard to catch up so that they can build and sell as many houses as possible. But, unfortunately, there’s limited land in Whistler.
Not only because of the importance of keeping land safe and natural but also because of the area’s terrain: there isn’t much space left to build in. Because of this, the homes that are here are selling for high amounts, and empty lots are selling for more than full houses would in areas like Vermont.
New Plots are Breaking Price Records
The highest land sale price recorded in Whistler went through in 2021, with the sale of a 5.44-acre plot of land selling for $9 million. This is an incredible amount of money for a piece of land that still needs to be worked to create a home or two.
As the inventory shrinks, prices are skyrocketing higher and higher, with the most expensive home ever sold here still sitting at 17.5 million: far beyond the reach of most Canadians.
Desperation for Homes With More Space
Many are fleeing cities and seeking out properties that allow them to have more room to indulge in hobbies and spread out. This is a side effect of the COVID-19 pandemic that confined so many people inside their small condos and city homes.
Homes in Whistler often come with multiple acres, which allow people to spend time outdoors without having to come into contact with anyone outside of their household.
A Large Number of International Buyers
Almost a third of Whistler property buyers in 2020 were from China or the USA, which shows a growing trend of international buyers who are trying to get in on the market.
Not all of these are buying these properties to live here or use the property; many are purchasing simply to invest in properties that are quickly gaining value.
Often Seen as a Vacation Town
Whistler is most commonly seen as a vacation town, and people are willing to pay a premium to own a slice of paradise.
Real estate for sale in Whistler is worth more than the sticker price; people also see it as a status symbol and something that’s an investment in the future. This will likely make the cost of property in Whistler continue to grow.
Whistler’s Housing Market Will Continue to Burn Bright Through 2022
Although many people are worried about the housing market bursting at any moment, it’s not expected to pop any time soon in Whistler. The perfect mix of scarcity and interest has made this the sellers’ market to end all sellers’ markets.
So if you’re interested in getting a house in this city, you may want to jump in while they’re still available!