Crankworx is the big event going on right now, described as a  “world-famous festival celebrating the heart and soul of gravity-fuelled mountain biking. The best riders and biggest bike fans in the world come out for a week of racing, slopestyle competitions, Kidsworx events, bike demos and the chance to shred Whistler’s trails with other like-minded bike fans.” The races are exciting to watch, and we’ve seen some impressive results already from hometown contestants.

WHISTLER MARKET REPORT

Activity picked up during July, with a total of 38 sales, representing a 50% increase over June.  Pricing continues to be strongest in the Phase 1 (nightly rental) properties, with prime Village/Benchalnd properties fetching on average $1380/sq ft for properties such as Alpine Greens, Northern Lights and Painted Cliff – up to a whopping $1750/sq ft for Carlton Lodge at the base of the Village and Excalibur gondolas. 

July sales were comprised of:

Phase 1 Townhouse/Condo                   12
Chalets                                                    8
Phase 2 Hotel Properties                        8
Shared Ownership                                  5
Residential Townhouse                           4

We had 9 out of country Buyers from Hong Kong, USA, France, Scotland, Singapore and Mexico.

VANCOUVER MARKET

Given the majority of our Buyers come from the Vancouver area, we continue to be affected by the market there.  Buyer demand has increased and July reported the second highest month of sales this year, with an increase of 23% over the previous month.  Vancouver reports a balanced market, while Whistler is still on the edge of a Buyer’s market but increased activity in Vancouver should ultimately translate to an increase in Whistler as well.  Many Buyers in Vancouver have been taking a “wait and see” approach, given the new taxes and stricter mortgage qualifications that have been implemented, but the recent easing of the mortgage “stress test” has no doubt increased Buyer confidence.