I hope this newsletter finds you happy and healthy. Ski season is now upon us and, I'm not sure why but, I am more keen this year than I have been in the past few. I skied Whistler last Wednesday and it was really good. The grooming and snow were excellent. Blackcomb Mountain, or as I call it, the back of my hand, opens today!! Rumor has it (I talked with a couple senior management folks) that Blackcomb has a solid snow base and you will find it better than you might expect. So, if you can make some time to ski before the Christmas rush, do it. I hope to see you on the hill.
Market Update
It has been a wild 3rd quarter and the 4th is looking very strong as well.
Sales volume is at an almost record high and is only a few percent shy of 2007 levels. Why such high volume? Value! Buyers see it and they are tired of sitting on their hands. Instead of putting money in the stock market, they are buying property again and enjoying the use of their money.
The biggest issue with the Whistler real estate market now is availability. I was involved in 3 multiple offers last month. I won 2 and the other the seller decided not to sell. Over the past few years, this is an almost unheard of situation.
So far this year, the total number of listings has dropped from 969 twelve months ago to a low of 536 as of November 26. We have not seen listing inventory lows like this since 2002 and a sellers' market isn't far off if this continues.
Chalets have been the biggest area of growth in 2013. We are presently on track to record the most Chalet sales since 2007. We have seen this big swing because there have been more homes available this year listed at under a million.
Condos are also up some while townhomes are down a little when compared to last year. Vacant land sales are also down because it's cheaper to buy a built home than start from scratch these days.
Our market is strong so it is becoming increasingly important for buyers to make a decision when they find the right property. Waiting too long means that it could be gone.
That's today's market. If you'd like more detailed information, email or call me and I'd be happy to discuss further.
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Brio
List Price: 1,139,000
Bedrooms: 3
Baths: 2
Floor Area: 2,850 Sq. Ft.
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Bayshores
List Price: 1,199,000
Bedrooms: 4
Baths: 4
Floor Area: 2,600 Sq. Ft.
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9588 Emerald Drive
In Canada, reduced growth expectations lowered the Canadian dollar slightly and reinforced the view that the Bank of Canada will not change the Prime rate until 2015, if not later. Bond yields are down a bit this week and most lenders are still tweaking rates slightly lower to compensate for raising the rates too much a few months ago. Consumers are advised to get rate holds in place for potential purchases, refinances or renewals as a 120 day rate hold will last until mid-March. This should be long enough to ride out the uncertainty of debt ceiling talks in January and any potential changes to the expected tapering timetable in the US.
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Hockey is in full swing and Aiden & Taylor are loving it. My voice is having some issues though. Now that the mountains are open we can't wait to have family ski days when we are not at the arena. Andrea is volunteering with the School PAC. She's a perennial student, I guess. I still have my silver beard, for now that is, we'll see how long it lasts past November! Now, I need to tackle our Christmas shopping, Andrea is almost done!
See you on the slopes or at the arena, or most likely out shopping.
As always, if you or anyone you know is thinking of buying or selling and would like more specific information, call or e-mail me any time.
Regards,
Steve
