Whistler real estate market updates and new listing information

McLean's market musings for May 23

Nick Swinburne, Whistler Real Estate Services — Thu, 23 May 2013 12:24:01 -0700

The past few days were very volatile for global markets and currencies.   A number of factors combined to cause this volatility and although many of the affected markets and currencies have rebounded slightly by now, it is important to look at the factors that caused the dramatic ups and downs.

Declining factory numbers out of China increased concern that the world’s second largest economy is taking longer to get back to full steam.     Japan’s main stock exchange, the Nikkei, fell by over 7% overnight after increasing by 80% since November.   It remains to be seen if this is just a correction on a continued upward trend due to the Bank of Japan’s new policy of stimulus or if it is the realization by the markets that the declining and aging population of Japan may never be able to be the force of consumerism that it was in the past.   This drastic one day decrease contributed to lower stock market results globally over the past days.

Ben Bernanke, the chairman of the US Federal Reserve, made comments that contributed to the overall volatility.   His first remarks encouraged the markets when he noted that the Federal Reserve’s bond buying stimulus program needs to continue to ensure the economic recovery maintains its current forward momentum.   However, shortly after the initial speech, Bernanke hedged his initial position by saying that the stimulus measures cannot go on indefinitely and if economic data supported it, the program could taper off in the next few months. The markets surged with exuberance on the first speech and then fell sharply with the secondary comments.     Despite the market reactions, the all important housing sector continues to improve in the US which should assist in job creation and continue to push the US economy forward.

In Canada, the stock markets exhibited similar volatility to many other countries, but the quick nature of the markets is best shown by the Canadian dollar. On Monday afternoon, the dollar ended at $0.978 and by Wednesday afternoon it had fell to $0.9675.   It is now back up to $0.97 and may continue upwards for the afternoon. This is a perfect example of watching the markets closely to take advantage of volatility, especially for clients that may need to exchange substantial sums for real estate purchases.

Since it will be the Memorial long weekend for US visitors, please remember that 80% financing is available for qualified US residents at great rates!

Cheers,
Jason

Jason McLean
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

New 3 bedroom 3 bath Forest Trails townhouse for sale in Whistler

Nick Swinburne, Whistler Real Estate Services — Wed, 22 May 2013 13:12:47 -0700

I am very excited to be bringing this listing to market. This bright, west facing, upper level, 3 bed, 3 bath residence has one of the largest floor plans in the complex. With it's own private garage and over 200sf of storage area, you have ample space for ski's, golf clubs, bikes and winter/summer clothes. A breath-taking Alpine setting, year round recreation choices and convenient location, Forest Trails has the space and quality that you are looking for in a vacation property or full time home. Enjoy all that Whistler offers, just steps from your front door. Flexible phase 1 zoning allows for unlimited owner use or opt to generate revenue through nightly rentals - the choice is yours and the GST has been paid. Easy to view, call today to schedule your appointment.

Check out all of the details of this Forest Trails townhouse for sale, 22 4737 SPEARHEAD Drive, Whistler, British Columbia

Whistler Chalet, Condo and Townhouse sales and month in review for April

Nick Swinburne, Whistler Real Estate Services — Tue, 21 May 2013 14:44:00 -0700

The spring and summer period in Whistler has historically been a time of increased listings and sales. This year, as you may have read in my past reports, we are seeing a shift in the local Whistler market. Despite a small surge in active listings towards the end of March and into April, the current trend of decreased inventory continues. Current single family home, condo, duplex, townhome and vacant land listings for Whistler total 529 compared to the same time last year when we had 670 active listings*

Whistler sales for April totaled 37, 1 shy of March’s total of 38 and down compared to the 46 sales from April 2012. Phase I condos and townhomes (unrestricted use with nightly rentals permitted) continue to be in demand. February’s run on single family homes has left a shortage of this type of property in the market and March and April’s sales numbers reflect this.

Whistler Sales		April 2012	March 2012	April 2013
Chalet	Residential	7	6	6
Condo	Phase I	14	8	10
	Phase II	4	7	5
	Residential	2	1	1
	Total	20	16	16
Duplex	Residential	0	3	1
Townhouse	Phase I	11	9	9
	Residential	7	4	4
	Total	18	13	13
Vacant land	Residential	1	0	1

Buyer activity continues to be present and I am receiving a number of enquiries each week about real estate for sale in Whistler. The challenge we are starting to face is matching Buyers with the property they are looking for. In some cases active listings are just not available in some complexes or areas. In terms of median sales prices, after our large spike in February, March saw a return to more normal numbers with April’s numbers showing a complete opposite trend with onee of the lowest Median sale price figures we have seen for the past 2 years.

The general sentiment both in the local market and globally is that the worst of the recession is behind us. Those people who needed to sell and liquidate assets have done so. As we return to a more optimist economic outlook, we are finding that many sellers of Whistler real estate are comfortable waiting for the market to stop its downward path and move to recovery. This will be a slow process and while I do not feel we will be seeing price increases occurring soon, the possibility of increased multiple offers on well priced and more unique properties is likely. Our current sales to active listings ratio stands at 6.6%, which is still very much in the realm of a Buyers market.

For Buyers, if there is a property that strikes a chord, my advice is to move on it - do your due diligence but do not wait long to submit the offer. Being the second offer in, is not where you want to be in the current market.

Sellers may find that now is an advantageous time to list, especially if your ownership consists of phase I condos or townhomes, or single family homes in the surrounding subdivisions. Pricing correctly for the current market is still needed to generate the Buyer interest and attract offers - We are not out of the woods yet but are moving in the right direction for now.

Please call me if I can assist with a Whistler real estate sale or purchase. I would be happy to provide my expertise on the local market.

Thank you,
Nick

* figures are taken from the Whistler Listings System and deemed to be accurate

Whistler real estate sales, price changes and new listings

Nick Swinburne, Whistler Real Estate Services — Mon, 20 May 2013 12:57:00 -0700

Whistler saw a busy Vistoria long weekend and there was no shortage of people interested in learning more about the local real estate market. I had a number of people stop in to the office on Saturday and Sunday saw showings with 2 sets of clients.

In the past week we saw 27 new listings, 5 price changes and 5 completed sales and currently have 535 active listings availble for purchase in Whistler.

Sales consisted of 3 condos selling between $275,000 and $4.8m, and 2 Townhomes selling between $185,000 and $509,000. To view the past week's new listings, price changes and completed sales, please visit my Listings Update page.

If you have questions on buying or selling in Whistler, please feel free to touch base so we discuss your goals and please look forward to my 'April month in review' later this week.

All the best for the week ahead!
Nick

McLean's Market musings for May 16

Nick Swinburne, Whistler Real Estate Services — Thu, 16 May 2013 12:22:16 -0700

European inflation fell to 1.2%, the lowest level in 3 years, as consumer prices on many items declined in a number of countries.     As the European Central Bank will want to avoid the possibility of deflation, another interest rate cut may be seen in the next few months.

US inflation dropped by 0.4%, the biggest decrease since 2008. This news should make the Federal Reserve more comfortable with continuing the bond-buying stimulus program for the short to medium term. There was also a minor increase in jobless claims but the overall US economy seems to be on the right track to sustainable growth.   The US is the world’s largest economy and the rest of the world will be watching closely as the global economy needs a powerhouse to lead the way.

In Canada, bond yields have started to creep upwards. If this trend continues, we may see some lenders start to increase fixed mortgage rates to maintain profitable spreads on mortgage loans.

The Office of the Superintendent of Financial Institutions has announced that it will look into limiting amortizations longer than 25 years for conventional mortgages.   This was done last year on high-ratio mortgages (less than 20% down payment) and the effect on first-time buyers has been dramatic.   Most lenders currently allow 30 year amortizations on conventional mortgages and some even allow 35 years.   In my opinion, the real estate market has already deflated sufficiently. Any additional moves to limit buyers ability to qualify for homes will negatively affect the economy.

If you are looking to purchase a home in the next six months and obtain a longer amortization, whether for qualifying purposes or to maintain cash-flow flexibility, it would be advisable to speed up your search for a property.

Please remember that 80% financing is available for qualified US residents at great rates!

Cheers,
Jason

Jason McLean
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

Whistler real estate new listings, price changes and sales for May 13

Nick Swinburne, Whistler Real Estate Services — Mon, 13 May 2013 15:36:00 -0700

I hope this finds everyone well and relaxed after the Mother's day weekend and looking forward to the Victoria Day long weekend coming up. Hopefully we will see some of the stormy weather here on the West (wet!) coast subside and enjoy a return to sunshine. Now that we are into our 'shoulder' season, I always like to remind readers that now is a great time to come up to Whistler (despite the rain) and enjoy some well valued pricing at hotels, restaurants and activities here in town. Come on up – it’s a great time to be here.

Speaking of well valued offerings, the Whistler market saw 20 new listings this past week but only 5 price changes and 6 sales. Current active listings for the Whistler market stand at 532 and we would need to head back to 2008 to see this same level of available inventory.

A client that has been watching the market for some time made the appropriate statement that ‘all the cheap real estate has been bought up!”. While I still feel there are excellent opportunities available, we are continuing to see a reduction in inventory and a shift in this market. My recommendation is not to wait – While I appreciate the economic outlook is still not ‘great’ I feel that a slow recovery is moving forward and with it, a correction to the local Whistler housing market.

Completed sales comprised of 2 single family homes both selling for just over $1,000,000, 2 condo sales fetching $72,000 and $305,000 respectively, 1 townhome sale at $620,000 and a vacant parcel of land selling for $1.7M. To view the past week's new listings, price changes and completed sales, please visit my Listings Update page.

If you, family or friends have questions on buying or selling in Whistler, please feel free to touch base so we discuss your goals.

Enjoy the week ahead!
Nick

19 4737 Spearhead Drive, Whistler, British Columbia

Nick Swinburne, Whistler Real Estate Services — Thu, 09 May 2013 20:29:09 -0700

Looking for value and location? Forest Trails in the Benchlands of Whistler is a private townhome complex within a short walk to Blackcomb Mountain, Lost Lake Park, Chateau Golf Course and Whistler Village. This bright, 2 bedroom end unit features one of the largest floor plans and the best views in the complex and comes with its own private garage. Flexible phase I zoning allows for unlimited owner use as well as nightly rental. Rental management through Mountain Hideaways and Alluradirect website is already in place. If you are looking for a turnkey consistent revenue producer that also offers you a Whistler home away from home, #19 Forest Trails is for you. Easy to view so come by and see how affordable Whistler is.

Check out all of the details of this Townhouse for sale, 19 4737 Spearhead Drive, Whistler, British Columbia

McLean's Market Musings for May 9

Nick Swinburne, Whistler Real Estate Services — Thu, 09 May 2013 20:06:00 -0700

On the international front, Korea and Australia cut interest rates this week to provide stimulus to their economies.   These countries are both mainly exporters and lower interest rates will help stimulate their domestic consumption as well as reduce the strength of their currencies to make their products cheaper on the global marketplace.   Some analysts view Korea’s move as specifically targeted to combat Japan’s weakening currency since Japanese companies compete directly with many of Korea’s major manufacturers.

The Bank of England left rates unchanged this week as it waits to see how effective previous stimulus measures will become. The Bank of England may also want to wait for the new Governor, Mark Carney, to start his new job in June after many successful years as the Governor of the Bank of Canada.

The US economy continues to produce improving job numbers despite government spending cuts as jobless claims fell to a five year low. This shows that the US economy may not be as fragile as some has predicted.   Improving job prospects will increase consumer confidence, which is a huge factor in the sustainability of any economic recovery.

Stephen Poloz was named the new governor of the Bank of Canada and although his appointment surprised some analysts, it is expected that he will continue to focus on inflation concerns as his predecessor did. However, there are some pundits that predict that Poloz may turn his attention to the strength of the Canadian dollar.    The strength of the currency has slowed growth in Canada, particularly in the resource, tourism and manufacturing sectors. Over the past week the dollar has remained very close to par and despite many international investors betting against it, the dollar has remained resilient.

Bond yields increased around 0.10% this week but this should not be enough to cause any lenders to increase mortgage rates. Fixed term mortgage rates remain near historical lows and should remain there for the short to medium term.

Please remember that 80% financing is available for qualified US residents at great rates!

Cheers,
Jason McLean

Jason McLean BSc, AMP
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

Sold! 9271 Emerald Drive, Emerald, Whistler, British Columbia

Nick Swinburne, Whistler Real Estate Services — Thu, 09 May 2013 08:35:55 -0700

I just helped buyers purchase their new home at 9271 Emerald Drive, Emerald Estates in Whistler. Attracted by it's open floor plan and quiet setting, 9271 Emerald Drive offers a great build and excellent value with a final sale price of $920,000, a savings of almost $80,000 from it's origianl list price. If you are thinking now is a good time to purchase in Whistler, contact me today and get the best price possible for your Whistler purchase.

View this recently sold House or see all my home sales

Whistler homes, condos and townhome new listings and market update for May 6

Nick Swinburne, Whistler Real Estate Services — Mon, 06 May 2013 17:52:23 -0700

Today the weekly Whistler Real Estate update comes to you from the shores of Lake Chapala in the sunny State of Jalisco, Mexico. A mix of old world charm and a new developments, the area is home to about 10,000 Canadians which represents the second largest group of Canadian retirees after Florida. Attracted by the low cost of living and an average annual temperature in the mid 70's, it is easy to see why this part of the world will continue to grow in popularity with Canadians looking for a warm place to retire.

This past week the Whistler market saw a increase in new listings to 23, from the previous week's total of 20, a decrease in price changes from 18 to to 9 and and increase in completed transactions from 5 to 17.

The sales consisted of 3 chalets ranging from $920,000 to $3m, 7 condo sales ranging from $50,000 to $481,000, 1 duplex sale at $753,000 and 6 townhomes ranging from $190,000 to $1.4m.

To view these properties, please visit my weekly update page.

Active chalet, condo, duplex, townhouse and vacant land listings for Whistler currently total 528.

Please contact me with questions on these or other Whistler listings.

Hasta luego,
Nick

McLeans musing for May 2

Nick Swinburne, Whistler Real Estate Services — Thu, 02 May 2013 20:05:00 -0700

The European Central Bank cut its main rate by 0.25% today in an effort to provide additional stimulus to the troubled European economy.    This should cause the Euro to weaken slightly against other currencies which will assist exports by making European products less expensive.   However, most analysts consider this move to be too little, too late.    Banks in Europe already have substantial access to very low cost loans but there is minimal demand for loans at this time so this rate cut will be of minimal benefit.

In the US, the Federal Reserve has stated that it will keep rates low and continue the existing bond-buying stimulus measures as long as needed.   With the markets showing concern over weaker than expected spring numbers, this news should encourage markets that the Federal Reserve is committed to ensuring job creation and economic growth reach sustainable levels.   This will definitely be beneficial to Canada as the US is the largest purchaser of our exports.

In Japan, efforts by the central bank to stimulate the world’s fourth largest economy seem to be gaining momentum. A plan to double the money supply is causing the yen to drop against other currencies, the stock market to gain momentum and consumer confidence to rise. The goal of 2% inflation in the next few years now seems possible and would be a dramatic change to the decades of economic malaise that Japan has suffered.

The Canadian dollar almost reached parity this week as GDP numbers for February were higher than expected. Although the Canadian economy is still in need of some stimulus, the positive GDP news, along with increased trade surplus figures, provide hope that the economy is moving in the right direction.

Canadian bond yields continue to creep downwards which is consistent with the projection that fixed-term mortgage rates should remain at historic lows for the short to medium term.

Please remember that 80% financing is available for qualified US residents at great rates!

Cheers,

Jason

Jason McLean   BSc, AMP
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

Whistler homes, condos and townhome new listings and market update for April 29

Nick Swinburne, Whistler Real Estate Services — Mon, 29 Apr 2013 19:34:00 -0700

This past week I have had the pleasure of enjoying the sand, surf and sun just north of Puerto Vallarta, Mexico. The last time I was here was in 2008 and the amount of development along this part of the coast continues at a strong pace - the quote from 'Field of Dreams' of 'If you build it, they will come' is certainly true here and we are enjoying beautiful weather, great hospitality and smiles everywhere.

The Whistler market slowed down a little this past week, with us seeing 20 new listings, 18 price changes and only 5 completed sales for the period between April 20 to the 29. This compares to the previous week which saw 28 new listings, 14 price changes and 17 sales.

Sales consisted 2 condo sales ranging from $205k to $415k, 1 duplex sale at $753k and 2 townhouse sales ranging from $950k to $1.1m.

This upcoming week finds us moving up to the mountains to visit family just south of Guadalajara at the lakeside town of Ajijic. As always, please feel free to contact me with any questions on the local Whistler real estate market - I look forward to assisting you with your Whistler real estate sale or purchase.

Sincerely,
Nick

McLeans musings for April 25

Nick Swinburne, Whistler Real Estate Services — Fri, 26 Apr 2013 09:39:00 -0700

The latest GDP numbers from the UK showed positive economic growth although just barely at 0.3% growth. This was enough to strengthen the pound by over 1% against the US dollar. Jobless numbers in Spain are now over 27%. However, there is renewed hope that the European Central Bank will cut interest rates next week to provide more stimulus to the region's economies.

Improving employment numbers in the US have reversed the slightly negative trend of the past two months. This good news was tempered by a contracting manufacturing sector. The US economy continues to grow but at a slightly slower pace than has been seen over the past year. This may be due to reduced government spending to meet budget targets but this will become more clear over the coming months.

Chinese manufacturing numbers were slightly disappointing but there is expected to be some trouble in this sector as exports decrease. China’s manufacturers will begin to look towards the growing middle class there to increase consumption as their traditional overseas markets continue to reduce spending.

The Canadian dollar increased over half a cent today due to recent gains in commodity prices, particularly gold, copper and oil. The increase in commodity prices appears to be mainly due to anticipation of an interest rate cut in Europe and projections of a stronger second half of the year for China’s economy.

Canadian mortgage rate remain very low and, at this time, there is no indication of significant changes for the remainder of the year.

Please remember that 80% financing is available for qualified US residents at great rates!

Jason McLean BSc, AMP
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

Marquise 2 bedroom condo for sale new price

Nick Swinburne, Whistler Real Estate Services — Wed, 24 Apr 2013 14:22:14 -0700

506 Marquise - 2 bedroom 2 bath 1040sf Whistler condo for sale.

We are pleased to be offering a new price for this beautiful 2 bedroom, 5th floor Marquise condo. Offering incredible views and a concrete building with pool and gym, this property is sure to impress. For more infomation and to view photos please click here to visit the website.

Please contact me with any questions,
Nick

e: nick@nickswinburne.com

Whistler homes, condos and townhome new listings and market update for April 22

Nick Swinburne, Whistler Real Estate Services — Mon, 22 Apr 2013 15:20:14 -0700

What a beautiful day we are enjoying here in Whistler. With World Ski and Snowboard festival wrapped up on Sunday, the village will seem unusually 'unbusy' for the next few weeks. That said, the skiing and riding is still good and the mountain bike trails and golf courses are starting to look ready to enjoy. It also means that getting in to view properties will be a lot easier.

This past week saw an increase in the number of new listings, from 22 to 28. Price changes and sales were slightly down - 14 price changes this week compared to 15 from the previous week and 17 sales compared to 23.

Sales consisted of 5 chalets ranging from $1.25m to $3.5m, 3 condo sales from $188k to $360k, 1 duplex at $750k and 8 townhomes ranging in price from $366k to $1.2m. Please visit my weekly update page to view these properties.

Current active Whistler inventory sits at 563 listings.

I recently ran the sales summary report for Whistler for year to date for the end of March. Comparing this year to date to 2012, we have:

Gross Sales: up 26% from $80m to $101m.
Units listed: down 19% from 309 to 248.
Units sold: up 25% from 109 to 137.

This trend of increased buyer activity and reduction in inventory is one we have now been seeing for the past 6 months. While we will see additional inventory come to market over the next few months, the buyer activity is now at a strong enough pace that the days of the 'great deals' may be quickly coming to an end. While I do not feel we will see dramatic price increases over the next few months, the Whistler market is showing signs of recovery which will lead to a stabalization of pricing.

If you would like to receive your own copy of the sales report, please drop me a line.

As always, I welcome your questions and comments on our local market and some of the better opportunities within. Please contact me if I can assist with the sale or purchase of real estate here in Whistler.

Sincerely,
Nick
Sutton Group WestCoast Realty Whistler
tf: 1-866-978-8866 ext. 27
c: 1-604-935-4848

McLean's market musings for April 18

Nick Swinburne, Whistler Real Estate Services — Thu, 18 Apr 2013 14:40:51 -0700

Lower than expected growth in China caused markets to reduce positions in commodity heavy countries, such as Canada, earlier this week. While the latest numbers showed growth in China at 7.7%, which is still very high compared to most industrialized nations, this is a lower number than expected for a country that is one of the global economic drivers.

The US economy remains on track with positive growth in many sectors. Recent negative job numbers have worried some that current growth is not sustainable but it is more likely that the latest numbers are just a bump in a road to recovery. This road to recovery will have a few ups and downs but it still seems headed in the direction of strong economic growth and the return of the US to the position of a global economic leader.

This week the Bank of Canada kept the Prime rate unchanged and indicated that the Canadian economy will take longer to improve than previously expected. Many analysts are now extending the timeline for the next interest increase to the end of 2014 or even the middle of 2015. This is the 22^nd consecutive time, over 31 months, that the key interest rate has been left unchanged. Household debt levels remain a concern but this problem has subsided slightly in the past few months. Inflation, which is one of the main factors that influences decision by the Bank of Canada, remains quite low and early 2013 numbers showed core inflation below 1% for the first two months of the year. If the Canadian economic growth turns negative, the Bank of Canada may be forced to actually reduce the Prime rate slightly to provide additional economic stimulus but the household debt concerns means that GDP would have to worsen significantly for this to happen.

Canadian bond yields continue to creep downwards and this will keep mortgage rates extremely low for the foreseeable future.

The Canadian dollar decreased against both the US dollar and the Euro over the past week. The disappointing Chinese GDP numbers, along with the reduced growth prospects for the Canadian economy caused the dollar to lose over one cent against both major currencies this week. As the price of gold recoups some earlier losses, the loonie should bounce back a bit but the volatility will likely continue for the next few months. The dollar should not see significant long term changes in value but day to day volatility will provide opportunities to get relatively better exchange rates for those who are patient.

Please remember that 80% financing is available for qualified US residents at great rates!

Jason McLean BSc, AMP
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

Whistler real estate market update for Q1 2013

Nick Swinburne, Whistler Real Estate Services — Tue, 16 Apr 2013 13:59:00 -0700

As we move into the second quarter of the year, stats from the Whistler Listing System show that first quarter residential home sales saw a 45% increased from the end of 2012 and a 40% increase from the same period last year. Figures for condo sales stayed relatively similar for phase I, phase II and standard residential zoned properties while duplex sales saw a small increase. Both phase I and residential townhome sales saw a decrease in sales, (due in part to less inventory available for people to purchase), with Phase I townhomes seeing a 20% decline in the number of sales compared to the same period last year and a 15% decline from Q4 2012.

Sales for the first 3 months of 2013 totaled 122, compared to 124 sales in Q4 2012, and 122 for the same period last year (Q1 2012)

Whistler Sales		Q1 2013	Q4 2012	Q1 2012
Chalet	Residential	35	24	25
Condo	Phase I	24	27	24
	Phase II	16	14	17
	Residential	1	1	2
	Total	41	42	43
Duplex	Residential	5	3	2
Townhouse	Phase I	28	33	35
	Residential	12	15	14
	Total	40	48	49
Vacant land	Residential	1	7	3

Despite a small increase in March, the trend of decreasing inventory has continued through the first quarter of 2013, with a total of 541 active chalet, condo, duplex, townhouse and vacant land listings available for purchase.

Looking at inventory levels in each type of property, we have seen a 4% increase in the number of single family homes come to market since January (128 up to 133), A 11.7% decrease in the amount of active condo units (213 to 188), and an increase of 3.8% in townhome inventory since the start of the year (131 to 136).

January saw a total of 40 sales and 542 active listings giving us an absorption rate of 7.2%; February saw 46 sales with 545 active listings for an AR of 8.4% and March saw a total of 39 sales with 551 active listings, giving an AR of 7%. This leaves us with an average absorption rate of 7.5% for the first quarter of 2013, keeping Whistler in a Buyer’s market. It should be noted though that due to increased Buyer activity, inventory availability in some types of property (i.e. single family homes and phase I townhomes) is decreasing, leading to a more balanced market.

Median sale price for Whistler real estate was up in the first quarter of 2013 to $633,300. This is a 9.6% increase from the 2012 first quarter figure of $577,600 and a 13.4% increase from 2012 Q4 figure of $558,300. It should be noted that there were several above average sale prices in February of 2013. These outliers will have an effect of moving the median sale price up for this period.

Overall sales volume also continued to increase. In the first quarter of 2012 we had $98 million in sales, the last quarter of 2012 we had $103 million in sales and for the first 3 months of 2013 we had $112 million in sales volume, respective increases of 14.2% and 8.7%.

Looking forward

The Whistler market continues to see an increase in Buyer activity leading to an increase in the number of sales (where inventory is available). While price decreases continue to be prevalent (and in some cases still needed to reach fair market value), the large price reductions that we saw through 2010 – 2012 have abated. There is an increasing sentiment from Sellers that as inventory decreases and the burden of economic crisis is reduced, they will hold off reducing their price and wait for this market to recover. I still maintain that there are very good opportunities for buyers in this market. A reduction in selection is starting to tip the scales back into the seller’s favour meaning the difference between asking price and selling price is starting to shrink.

With continued low financing options, continued growth in Whistler tourism from events like the Ironman, Tough Mudder and Grandfondo; with improvements to Whistler/Blackcomb infrastructure (2 new lifts announced for next year) and ease of transportation up the Sea to Sky, I would suggest that if owning a recreational property in Whistler is a goal for you, then 2013 is the year to get onboard.

As always, I welcome the opportunity to discuss the local market and current opportunities within. If you, or someone you know, is interested in buying or selling here, please contact me or forward my contact information to them. I would be pleased to extend my professional services to them.

Sincerely,
Nick

Whistler homes, condos and townhome new listings and market update for April 15

Nick Swinburne, Whistler Real Estate Services — Mon, 15 Apr 2013 16:38:30 -0700

Hello from Whistler. I trust everyone had a great weekend and you are off to a good start for the week. We continue to see signs of winter here in the valley and the reports of fresh snow this past weekend would make you think that ski season is just starting. This week marks the continuation of the World Ski and Snowboard festival here in Whistler. It's always a great event and a fun way to wrap up the season.

This past week we saw the steady increase in the number of new listings, price changes and sales continue. We had 22 new listings come to market, up from the previous week's number of 12. Price changes were up to 15 from 13 and sales were up to 23 from the previous week's number of 19.

Sales consisted of 5 chalets ranging from $690,000 to $3.1M; 9 condo sales ranging from $95,000 to $719,000; 1 duplex sale at $750,000 and 8 townhome sales ranging from $920,000 to $1.2M.

The number of active listings for Whistler currently sits at 549.

Later tomorrow, I will be publishing my first quarter review of how the Whistler has been trending from the beginning of the year, so stop by to have a read.

Please contact me with any questions you may have. If I can assist someone you know with a Whistler real estate question, feel free to forward my contact info. Now is a great time to be getting involved in Whistler.

Sincerely,
Nick

McLeans Market musings for April 11

Nick Swinburne, Whistler Real Estate Services — Thu, 11 Apr 2013 17:40:00 -0700

In Europe, the continued availability of low interest loans is providing optimism that economic growth still has a chance.   After a number of years of failed austerity policies, anything that can promote positive economic growth is a welcome sight to the beleaguered European economy.   The bailout of Cyprus continues and although the negative headlines continue to worry some, the relatively small economy of Cyprus is unlikely to have a significant impact on the overall economic performance of Europe.

The US economy remains on the right track despite some minor concerns about job numbers in March. Weak hiring numbers from March became less of a concern when jobless claims for last week showed dramatically fewer new applicants for unemployment benefits.   The positive economic growth has resulted in speculation that the Federal Reserve will end the stimulus program by the end of the year. The program, which involved monthly purchases of $85 billion in treasury and mortgage bonds per month, should slow down as job numbers continue to improve.

The Canadian economy continues with low growth but improving prospects in the US, and to a smaller degree China, provide hope for stronger economic prospects in the next few years.

The Canadian dollar showed some increased strength this week. Although the dollar has stayed slightly below par for a while, it remains relatively stable and should remain so for the short term.

Canadian bond yields remain steady with a slight downward trend over the past month.   Interest rates should remain low for the foreseeable future although some recent government policy changes may cause rates to creep up slightly over the remainder of the year.

Please remember that 80% financing is available for qualified US residents at great rates!

Jason McLean BSc, AMP
The Mortgage Centre: Garibaldi Mortgage
www.garibaldimortgage.com
fax: 604-905-3801
cell: 604-935-9190

Whistler homes, condos and townhomes new listings and market update for April 8

Nick Swinburne, Whistler Real Estate Services — Mon, 08 Apr 2013 14:13:00 -0700

Just when we though spring was here, this weekend saw continued snow accumulations in the high alpine on Whistler and Blackcomb. Although the official amount was only 8cm, sources on the mountain tell me 20cm - 25cm was more realistic. Today we are greeted with beautiful day here in the valley. The Whistler new listings remain the same this week compared to last, giving us 12 new properties on the market. Price changes were up from 8 to 13 and we had 19 sales complete this week. The trend of increasing sales and decreasing inventory in some areas continues, with Buyers taking advantage of well priced offerings.

Sales consisted of 4 chalets ranging from $800,000 to $4.4M, 7 condos ranging from $178,000 to $3.2M, 7 townhomes from $320,000 to $1.5M and a parcel of vacant land selling for $775,000. Please visit my weekly update page to view these properties.

The number of active listings in Whistler currently sits at 537 units.

Last week a CTV article told of Whistler real estate prices “plummeting up to 68%”. I feel it’s important to note that this figure predominantly applies to the pooled revenue generating phase II hotel condos and fractional ownership. Purchases of this type were typically speculative and occurred at the height of a strong US dollar. Today we are seeing a different type of buyer; typically from the lower mainland and looking for a long term holding property that gives a return on lifestyle first and cash flow second. The big picture is that Whistler is a luxury market, and when times are tough, the luxury items are usually the first items people sell and the last items they purchase. We continue to be between these two points but this market is changing and Buyers are seeing the value both in pricing and enjoyment in having property here.

I am available to answer any questions you have on the Whistler maket, so feel free to touch base.

Have a great week ahead!

Nick
tf: 1-866-978-8866 ext.27
e: nick@nickswinburne.com