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

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

Students with Seaquam Secondary’s Delta Youth Advisory Council are collecting non-perishable food donations Feb. 1 to March 5 to help feed local families in need over spring break. (Delta School District/submitted photo)
Seaquam Secondary food drive to help feed 15 North Delta families

Donations can be dropped week days between 8 a.m. and 3 p.m. until Monday, March 8

File image
OUR VIEW: Surrey council pay raise in secret not a good look

As they say, in politics perception is everything

Stephen Gregorig, co-owner of Smugglers’ Trail Caskworks, holds a soon-to-be-filled can of Orion 1-1. Smugglers’ Trail is launching the beer in an effort to raise funds and awareness for Honour House—a home that supports soldiers, veterans, first responders, and their families. (Photo: Malin Jordan)
‘It’s a tip of the cap,’ Smugglers’ Trail Caskworks launches new beer to help support B.C. charity

Sales of Orion 1-1, a poppy-seed IPA, will help raise funds for Honour House

A semi-truck hauling lumber through Tilbury did not have its load adequately secured, which Delta police believe resulted in the cargo almost falling off the trailer. (Delta Police Department photo)
Delta police find issues with nearly half of trucks inspected in January

Load safety, brakes, driver records the focus of DPD’s dedicated Commercial Vehicle Enforcement Unit

The 8800-block of 140B Street in Surrey, a block northeast of Bear Creek Park. (Google Maps)
Surrey RCMP investigate late-night shooting

Police say officers were called for reports of gunshots heard in the 8800-block of 140B Street

1 dead, 2 injured in possibly alcohol-fueled collision in North Vancouver

The collision occurred just after 11 p.m. on March 2 on Low Level Road

COVID-19 vaccines were available at a site on East Pender in Vancouver’s Downtown Eastside Feb. 25. (Twitter/Sarahblyth17)
Vancouver’s Downtown Eastside residents offered $5 after getting COVID-19 vaccine

It’s an effort to ‘incentivize people to engage,’ says B.C. Health Minister Adrian Dix

</p>
A survey by Statistics Canada finds Black Canadians earn less than non-visible minority Canadians despite having higher levels of education. (The Canadian Press file photo)
COVID-19 worsened unemployment picture for Black Canadians

Black Canadians also more likely to suffer other hardships

(Black Press Media files)
B.C. teacher transferred then suspended after students report feeling ‘scared, nervous’

Authorities found that teacher did not create inviting, respectful environment for students

Victoria’s Swartz Bay terminal. (Black Press Media file photo)
BC Ferries offers cheaper, prepaid fare options

Ferry service preparing for busy terminals when travel restrictions are lifted

FILE - Dolly Parton arrives at the 61st annual Grammy Awards on Feb. 10, 2019, in Los Angeles. The Grammy-winning singer, actor and humanitarian posted a video on Tuesday, March 2, 2021, of her singing just before getting her COVID-19 vaccine shot. Parton donated $1 million to Vanderbilt University Medical Center in Nashville, Tennessee for coronavirus research. (Photo by Jordan Strauss/Invision/AP, File)
‘Vaccine, vaccine’: Dolly sings ‘Jolene’ rewrite before shot

The Grammy-winning legend turned 75 this year

Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks about the Fiscal update during a news conference in Ottawa, Monday November 30, 2020. THE CANADIAN PRESS/Adrian Wyld
COVID-19: Wage and rent subsidies, lockdown support to be extended until June

Chrystia Freeland says now is not time to lower levels of support

The area on Cordova Bay Road where ancestral human remains were discovered Feb. 22. (Submitted photo)
Human remains discovery a reminder of B.C. Indigenous culture dug up and displaced

‘These are the people who inspired and birthed the generations that we now have here’

Most Read