Greetings and happy almost Friday!
Continued evidence that the US housing market is moving forward in a positive direction coupled with the European Central Bank standing firmly behind the preservation of the Euro marked good economic news this week. In Canada 2nd quarter figures show wages increasing faster than inflation indicating increasing wealth and more disposable income to make luxury purchases. Overall, interest rates remain low both in Canada and the US due to the relatively predictable nature of these two countries.
Here in Whistler our local market continues to also show signs of moving to a more balanced market with the trend of Active listings and new listings decreasing. This said we do see a general trend of list prices continuing to decrease. This combined with low interest rates still puts Whistler in a “Buy” position. Current active chalet, condo and townhouse total just less than 600, the least amount we have seen since January 2010. Current months of inventory has also declined to its lowest amount since Spring of 2008:
I was recently asked if the slowing Vancouver market would have a detrimental impact on Whistler purchases. Historically we actually see sales in Whistler increase as investors shy away from the uncertainty of the Vancouver market and opt to park their money in the already devalued Whistler market. I will still caution that any purchase in Whistler should be seen as a lifestyle purchase first with Return on Investment as a secondary benefit.
These past 2 weeks brought 44 new listings, 29 Price changes and 19 completed sales. Please click here to view.
If you have family or friends who are looking into the Whistler market, please forward my contact information to them. It would please me to be able to offer my services to them.
Have a great weekend,
Nick Swinburne REALTOR®
Sutton Group WestCoast Realty Whistler
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