Market Update Dec 2021


Reported Dollar Volume traded YTD stopped a hair short of the $1.4BN CAD mark at the end of November, comfortably setting a new record for the measure. An almost full year of market activity tells an interesting story, the standout being the increase in Average Price in the Single Family Home market. Only 10% more properties were traded versus the previous year, but the Average Price increased by 22.4% YTD. Similarly, Shared Ownership opportunities were up by 24.5% in value, but 60% more units changed hands by contract than the previous year. Of particular interest, however, is the Condo market, which has seen some record-high sales, but statistically shows almost no change in Average Price YOY, despite 67% more sales than the previous year. Having double-checked this data and looking back to the last monthly figures, we can see that the product type is the determining factor in the market segment. In isolation, we are witnessing ‘high demand’ units (e.g. ski-in/out, a newer product, specific locations) selling for record numbers, but that is in balance with the rest of the market throughout the Village. The attached graph also shows a ‘hot’ condo market in the first six months of 2021, while the second half was more muted. As a result of YOY, the Averaging figure shows that condo prices effectively remained the same, even though there were moments of frenzied activity. Despite the continued lack of inventory, monthly sales remained consistent through November. Removing shared ownership and Vacant lots from listings, there are only 47 Freehold Full ownership properties currently for sale in Whistler.


The consistent growth pattern in Squamish continues with no sign of a slow down coming. The current trend of remote working and lifestyle living has driven the market all year, and growth in all Sectors YOY, with all Average market Pricing up 23%. Every market segment reflects this level of growth, with the standout figure being almost 50% more condos sold than the previous year. As it stands, Developers cannot build properties quickly enough to meet soaring demand levels, a trend that looks set to continue into 2022. It is worth mentioning that an excellent Single Family Home is now well over the CAD 1.4m mark and hard to find. Low resale inventory is the biggest issue facing the market next year unless Interest Rate increases arrive to quell the temperature in a highly leveraged market in borrowing.