During 2020 the Real Estate Market in Whistler experienced unexpected changes which led to new challenges and ended the year with record-breaking results.
Resort markets are best defined as second home markets but last year proved that many consumers were happy to make these locations their primary residences given the flexibility and focus on lifestyle that was heightened by Covid-19.
This resulted in average values increasing, dollar sales volume increasing, increased sales activity and a decrease in days on the market which meant buyers were faced with increased competition and fewer days to make decisions.
The Whistler experience was not unique, however. A review of the U.S. resort areas that might be considered our competitive peer group showed highly similar trends and confirmed that the move to lifestyle properties will continue to push values up in resort communities and surrounding areas in the future.
Direct comparisons with other resorts should be done cautiously as no two areas offer the same amenities or physical attributes (for instance the Vail market covers an area as big as Squamish, Whistler and Pemberton combined and features multiple mountains and associated recreational experiences). It is always interesting to see how the numbers compare in a general way. The attached table shows values as reported for 2020 and should be used for informational purposes only.
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