A home in Whistler, where both condos and detached houses saw a year-over-year price increase. (CNW Group/Royal LePage)

real estate

Condo prices soar in B.C.’s hot spots for winter tourism

Whistler, Kimberley and Nelson saw increases in housing prices as investors look to nearby winter recreation

Retirees and investors continue to drive up housing prices in some of B.C.’s most bustling spots for winter tourism, according to a new report by Royal LePage.

In Western Canada, the median price of a condo in winter recreational regions rose significantly between 2017 and 2018, while detached properties slightly dipped, the real estate agency said Wednesday.

In Nelson, detached homes dipped by 9.8 per cent, from about $650,000 to roughly $580,000, while condo prices rose 8.9 per cent costing just under $400,000.

Detached homes in Kimberley, with the Purcell Mountains in its backyard, made the largest median price gain of regions surveyed by Royal LePage, as demand far outstripped supply. Potential buyers were shopping with less than 40 per cent of the typical inventory level for the region, said Darren Close, managing broker for East Kootenay Realty.

“While demand for detached homes in Kimberley is strong as buyers continue to be attracted to the lifestyle offered in the region, median price appreciation also reflects more expensive homes being sold,” Close said.

Meanwhile, Kimberley saw a dip in condo prices, of 7.5 per cent, now at a median of about $235,000.

Whistler was the only region in the report to see the biggest rise in both kinds of housing. The cost of a condo rose 26.5 per cent, bringing the median price to roughly $610,000. Meanwhile, the median price of a detached property rose 14.5 per cent to $2.4 million.

Royal LePage Black Tusk president Pat Kelly said the high demand stems from the B.C. foreign buyer tax and speculation tax being void in the Whistler.

“That being said, recreational properties in the area are primarily bought and sold by individuals who are local to the province, while international buyers only represent a small proportion of sales in Whistler,” Kelly said. “In 2019, we expect further price appreciation, albeit at a slower pace than in previous years.”

Kelly added that growth in tourism over the last five years has fueled an increased demand for condos, as many buyers are searching for short-term income rental and investment properties.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Large rouge floating ‘island’ corralled by Lac la Hache residents

At least 60 feet wide, this large mass of plants is free-floating on the lake

SMART55: Quesnel Lake offers a lifetime of making memories

The Gerich family moved around B.C. for work but always returned to Quesnel Lake

RCMP responded to reports of suicidal male near Lac la Hache

Subject treated and released into care of family

Williams Lake receives flood planning, mitigation support from Province

Williams Lake has been approved to receive $150,000 in funding

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

B.C. appeals judge’s decision to leave three clubhouses in Hells Angels hands

The province has filed two notices of appeal related to the B.C. Supreme Court decision

Conservation officers relocate Spirit bear known to roam northwestern B.C.

Bear roamed valley north of Terrace for many years

B.C. premier applauds call to decriminalize drug possession

Police shouldn’t struggle with health issues, Horgan says

VIA Rail lays off 1,000 unionized workers across the country

Northern B.C. route Jasper to Prince George to Prince Rupert is not affected by VIA Rail layoffs

Indigenous leader Ed John pleads not guilty to historical sex charges

Ed John’s lawyer entered the plea by telephone on behalf of his client

Woman who talked to unconscious husband for 30 years gets solace from B.C. study

Ian Jordan suffered a head injury when he and another officer were on their way to a call in Victoria in September 1987

RCMP investigate threat against Indigenous totem poles on B.C.’s Sunshine Coast

Police describe the nature of the threat as ‘sensitive’

Most Read