The Whistler real estate market has always been one of the hottest markets in Canada. With the stunning natural beauty, world-renowned ski resort, and proximity to Vancouver, people from all over the world are drawn to our picturesque mountain town. However, in the wake of the COVID-19 pandemic, the Whistler real estate market saw some significant ups and downs.
At the start of the pandemic, many people were unsure about the future and the economic impact that it would have. However, as the pandemic wore on, people realized that they wanted to escape the city and enjoy the fresh air and open spaces that Whistler had to offer. As a result, there was a surge in demand for real estate in the area, which led to a significant increase in prices.
Unfortunately, this surge in prices was not sustainable. With the increasing interest rates and uncertainty in the stock market, many buyers became hesitant to invest in real estate. This resulted in a slowdown in the Whistler real estate market, with prices stabilizing and even dropping in some cases.
However, as we move into 2023, we see renewed confidence in the Whistler real estate market. Interest rates have stabilized, and visitors have returned to the area in abundance. As a result, rental returns for hotels and Airbnb properties are at an all-time high, attracting more and more investors to the area.
With the combination of stabilized interest rates and a thriving rental market, buyers are seeing the potential for significant returns on their investments. And for those looking to invest in vacation properties, Whistler is a prime destination for this type of investment.
Important to also know, is that on January 1st of 2023, Canada implemented a 2-year Foreign Buyer Ban. However, with this new law came some exemptions, with "recreational" destinations falling into the exempted categories. Whistler fell into this category and thus became exempt from the exclusion. As more and more buyers and out-of-town agents become aware of this fact, we anticipate they will see Whistler as an excellent choice to place their real estate investment dollars.
As always, investors should do their due diligence and work with experienced real estate professionals to ensure that they make sound investment decisions. Call me any time to discuss any questions you may have, and let's chat.