Everyone’s talking about the changes that are developing in the Sea-to-Sky corridor real estate markets. Prices over the last 2 to 3 years have grown consistently to what are now all-time highs. Buyers are now starting to show price resistance.
Detached Houses – Shift to a Buyer’s Market - In addition to buyer resistance, we are seeing a higher volume of listings. The total number of active listings in Whistler in June 2018 was 246, compared to 191 active listings in June 2017*. The combination of these two factors is swinging the detached home market trend into a buyer’s market.
Townhouses & Condos – Still a Seller’s Market - While Townhouses & Condos are still safely sitting in a seller’s market, price growth is showing signs of decelerating. Both Whistler & Squamish are experiencing similar trends, with buyers being less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years. Rising interest rates, high prices and more restrictive mortgage requirements are among the factors reducing home buyer activity.
Generally speaking, listings are sitting on the market longer and buyers are more restrained by rising interest rates and stricter mortgage lending rules that were imposed at the start of this year by the NDP government.
If you’re ready to sell or buy, I’d be happy to discuss how these market trends affect you. Call me to make an appointment today.
Thanks for reading!
*Market statistics gathered from Whistler Listing Service Stats Centre & the REBGV Stats Centre. Image is taken from Whistler stats.