Market Update - Nov 2021

As a banner year for Whistler approaches its denouement, overall Dollar Volume Traded YTD is about to cruise past the $1.3bn mark, and lack of inventory has become the new focus. Listings are at an all-time historic low, with only one single townhome for sale at one point in the last few weeks. Approximately 40% of current listings are vacant land with recent new releases in Wedgewoods to Whistlers North and Cheakamus to the South. 10% are fractional/shared ownership, and the balance is a mix of Freehold across all remaining ownership types. The lack of willing Sellers seems to be driven by high market confidence and the promise of a (hopefully) full and unrestricted ski season. Average Sale Prices have now returned to the similar levels seen at the same time last year, albeit showing increases across the board, Single Family Homes being the standout, up 16% YOY for an average of just shy of $4m. Average price across all sectors has taken a dip this month, as lower-priced inventory gets picked off.

Squamish continues to see consistent growth and is also suffering from a current lack of inventory. However, a plethora of new development is on the way, and the surge of interest in lifestyle living shows no end. The town's infrastructure will undoubtedly have some growing pains as it struggles to cope with the number of new residents and tourists. Growth in terms of average price remains consistent, but with plenty of Condo and Townhome products in the pipeline, the upward price pressure is coming in the Single-Family Home Sector.