Whistler real estate market update for Feb. 21

After wrapping up an incredible 2 week trip through Japan this past Sunday, it’s good to be home and writing to you from a snowy and busy Presidents week here in Whistler. The big news this past week was the Provincial government’s announcement that BC with be transitioning back to the GST/PST taxation system on April 1 2013, replacing the current HST. Although this measure is aimed primarily to ease the burden on new home Buyers, Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012. This is good news to both Buyers and Sellers of Whistler real estate, who I feel were unfairly penalized due to Whistler’s unique zoning bylaws. To read the complete Ministry of Finance announcement, please click here.

This past week we only had 16 listings come to market compared to 27 the previous week, but we did see a double in sales resulting in 16 Sales compared to the previous week’s total of 8. Whistler saw 22 price reductions this past week compared to 18 price reductions the previous week.

We are definitely seeing interest in Whistler purchases pick up. The majority of Buyers are coming from the Vancouver area, capitalizing on the stronger Vancouver market and weaker Whistler market. I know of several sales that have occurred that had additional Buyers waiting in the wings who did not move fast enough. The key here is to move quickly if you see a property that sparks your interest and get an offer in. The time to wait was last year – this year will be the time to move.

Please go ahead and click here to view the past week's new listings and price changes as reported by the Whistler Listing System. Although I did not see a lot to write about in this week’s new listings, I do feel the following 5 price reductions offer some value: http://matrix.buywhistler.com/Matrix/Public/Portal.aspx?ID=208909123

If you have family or friends looking into the Whistler market, please feel free to forward this to them. I am always happy to answer any questions and would welcome the opportunity to earn your business.