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

More wildfire smoke to fill the Okanagan

The smoke is coming from wildfires in California but is expected to be much lighter

Revelstoke source of clue on Jeopardy

The prompt challenged knowledge of both art and wildlife in the area

New trial ordered for man found guilty of the 2010 murder of his wife in Arrow Lakes

Peter Beckett was found guilty of murdering his wife 10 years ago

Revelstoke City Council approves replacement of $160,000 snow removal machine

It is one of three scheduled to be replaced over the next five years

Revelstoke could further delay byelection to save funds

It’s been roughly eight months since Steven Cross left city council

Orange Shirt Society launches first textbook on residential school history

Phyllis Webstad and Joan Sorley worked on the 156-page book to help educate students

6 puppies rescued in mass seizure on Princeton farm die from illness: BC SPCA

Of the 97 distressed horses, cats and dogs seized, most of the puppies suffered from parvo

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

Okanagan man accused of attacking two young boys back in court

Brian Lamb will remain behind bars until at least Oct. 14

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

U.S. boater fined $1,000 for violation of Quarantine Act

49-year-old man entered Canada to visit girlfriend in Surrey

North Okanagan Literacy Society raises readers

Raise-A-Reader campaign benefits local group’s community programs

More sex abuse charges laid against B.C. man who went by ‘Doctor Ray Gaglardi’

Investigators now focussing efforts on alleged victims within the Glad Tidings Church community

Kootnekoff: COVID-19 not necessarily a concern for all

Susan Kootnekoff is the founder of Inspire Law, her diverse legal career spans over 20 years

Most Read