WHISTLER REAL ESTATE NEWS - MARCH 2022Greetings from the Sea-to-Sky! I hope you and your families are all well. Real estate seems to be the 2nd most popular topic of discussion for the media and public these days. Most notably: the Finance Minister's 2 year ban on Non-Resident buyers in Canada . "The government is under pressure to cool an overheated market after prices climbed by more than 20% last year, while rental rates have also been rising" - Finance Minister Chrystia Freeland
I am still waiting on more details. So far, as usual, this news has had little effect on the Whistler market. I will keep you all posted as more information becomes available.
Interest rates are rising, so secure your mortgage ASAP for any upcoming purchases or refinancing. Bank of Canada is widely expected to raise its interest rate by 0.5% on Wednesday. (April13, 2022)
Fed to raise rates aggressively in coming months, say economists:
"The latest April 4-8 Reuters poll of more than 100 economists forecast two half-point rate rises this year, the first such move since 1994, taking the federal funds rate to 1.25%-1.50% by the June meeting."
There were 110 active listings in March 2022. This is a small improvement from the December 2021 low of 95 active listings! We are very close to the least amount of listing inventory in the last decade. In March 2021 there were 185 active listings. Listing inventory has plummeted 40% in the last 12 months!
Amazing to see how the urgency has increased over the last decade. Buyers used to have 6 months to make a decision. Some properties are now sold in hours... on a Sunday. If you are in the market for something specific, it is important to move quickly.
Please let me know if you enjoy the newsletter! If you would like any more information about any listings or sale or to chat real estate, please email me here or call me anytime. If someone you know is considering buying or selling anywhere in the Sea-to-Sky, please pass on my info.
Matthew Callaghan - Personal Real Estate Corporation
Sutton Group - West Coast Realty