WHISTLER, BC--(Marketwired - February 07, 2017) - "The Whistler real estate market in 2016 was one of the most dynamic on record," says Jon Chaudhari (www.whistlerrealestateagent.com), a Medallion Club and Platinum Award-winning realtor with the Whistler Real Estate Company. According to statistics from the Real Estate Board of Greater Vancouver, the Whistler area realized more than $1 billon in total completed transactions in 2016; a 22% increase from the previous year. Prices also rose substantially in most submarkets. The highest level of interest and price appreciation occurred in larger, family-oriented properties. The average price of a single-family home in Whistler increased 32%, and the average Whistler townhome price rose 24%. Whistler's condominium market was the most active with 400 properties sold. Whistler's luxury market, properties $2 million and up, also remained strong. The average price of all Whistler property types sold increased 12.5%, climbing from a high of $801,894 in 2015 to $901,765 by the close of 2016. The market was particularly active during the first half of the year,
"Several factors contributed to the Whistler real estate market's strong showing in 2016, especially during the first six months of the year. Forces like low-interest rates, favourable exchange rates, a strong local economy, and a record number of tourists visiting the area, all played a role in stimulating buyer interest and created a seller's market. However, while 2016 was a stellar year, an unprecedented low inventory of listings in Whistler has begun to impact sales. Even though prices remain at record highs, the number of units sold dropped in December," says Chaudhari.
According to Chaudhari, 2017 will be an interesting year for those who specialize in Whistler real estate. "It's a classic case of supply and demand. Although limited inventory may push prices up even further, fewer listings mean fewer sales. Unless inventory levels increase, we will see a decrease in the number of completed transactions in 2017. Other factors that could influence the Whistler real estate market in 2017 include interest rates, Vancouver property values, changes to government and financing regulations, and uncertainty due to the impact of local and global politics, particularly the new Trump administration and the upcoming provincial election. For those shopping for Whistler real estate in the current seller's market, it is more important than ever to work with an experienced Whistler realtor. Whistler continues to be one of the most desirable locations in Canada for both residential and recreational real estate investment, adds Chaudhari.
About Jon Chaudhari Personal Real Estate: Consistently ranked as one of Whistler's top real estate agents, Jon Chaudhari, a Medallion Club and Platinum Award-winning realtor with the Whistler Real Estate Co., has helped hundreds of buyers and sellers achieve their goals through hard work, determination, and years of experience as a successful Whistler realtor. An active member of the Whistler community since 1989, Jon has an intimate knowledge of the Whistler real estate market and has been involved in numerous projects including new Whistler subdivisions, re-development of existing Whistler Village property, and new construction of slope side and waterfront developments. To learn more about Jon Chaudhari and the Whistler real estate market, please visit www.whistlerrealestateagent.com, or call 604-902-7875.