Throughout the past year, Curbed Ski has been following the upward trajectory of the Whistler real estate market. At the beginning of 2015, we reported on how the market in Whistler was surging at a seven-year high. Sales continued and many believed that Whistler was finally in the midst of an Olympic bump, as it took over five years after the Vancouver Winter Olympics to work through Whistler's surplus of inventory. In September 2015, Whistler did $64 million in sales for the month, making it the busiest month since the global recession. It's now clear that 2015 was a milestone year for Whistler real estate. In total, Whistler sales activity was up 14 percent in 2015, making it the busiest year since 2008.
As Pique Magazine reports, a combination of factors has led to Whistler's booming market. Low interest rates, Whistler's continued success in marketing itself as a year-round destination, low inventory, a favorable Canadian dollar, and a recovering worldwide economy has meant that people are more willing to spend money on Whistler property.
The average real estate transaction in 2015 cost $799,937, the highest value since 2007. Pique also states, "Whistler's condominium and townhouse market, which typically makes up the bulk of sales in the resort, saw a six-per-cent increase in activity. The average price of a condo rose 7.1 per cent to $415,600, while a townhouse cost an average of $756,142 in 2015, an 8.4-per-cent jump."
And perhaps the biggest difference from years past is the success of the luxury market (properties over $2 million). Like in Aspen, the wealthy are spending big in Whistler. 2015 saw a 33 percent improvement in the total number of sales in the luxury market, and even the average single-family home clocked in at $1.697 million.
A lack of development means that Whistler's inventory isn't going to increase any time soon. Expect Whistler's boom to continue.