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

Jennifer Rice MLA for the North Coast said on International Women’s Day March 8, that thousands of frontline superheroes in health, education, childcare, food, and community services who help us daily through the pandemic should be celebrated. (Photo: K-J Millar/The Northern View)
British Columbia North Coast MLA, Jennifer Rice spoke with The Northern View on Jan. 7, 2021, at a proper social distancing length to explain the goals and focuses in the riding and for the provincial government for the upcoming year. (Photo: K-J Millar/The Northern View)
International Women’s Day celebrates leadership in 2021

Celebrate the thousands of frontline superheroes … who help daily - North Coast MLA Jennifer Rice

Haida Gwaii man, Keifer Collinson is shown in his audition video for T.V. reality show Big Brother where he promoted the Haida language in the March 3 episode. (Photo: supplied)
Haida man promotes First Nations language on national T.V. show

Haida Gwaii born Keifer Collinson promotes the importance of language preservation on Big Brother

Amanda Parsons, a registered nurse on staff at the Northwood Care facility, prepares a dose of the Moderna vaccine in Halifax on Monday, Jan. 11, 2021. Almost two in three Canadians surveyed recently said they trust COVID-19 vaccines to be both safe and effective. THE CANADIAN PRESS/Andrew Vaughan
Northern Health to open 30 COVID vaccine clinics for oldest residents, Indigenous seniors

Health authority says it plans to vaccinate nearly 15,000 people in Phase Two

Prince Rupert’s Bobby Brown celebrated his 95th birthday milestone on March 5 with family across the country in an online celebration. (Photo: supplied by Jodi Brown)
Prince Rupert man celebrates 95th birthday milestone online

Five generations come together COVID-19 style in Prince Rupert to say “Happy Birthday”

Main door at Cranes Crossing, Prince Rupert’s homeless shelter, on March 5. Northern Health issued a public notice of potential exposure occurring at the shelter between Feb. 22 and 24. (Photo: K-J Millar/The Northern View)
COVID-19 Public Exposure Notice issued for Prince Rupert’s homeless shelter

Northern Health said possible exposure between Feb. 22 and 24

(The Canadian Press)
‘Worse than Sept. 11, SARS and financial crisis combined’: Tourism industry in crisis

Travel services saw the biggest drop in active businesses with 31 per cent fewer firms operating

A special committee has been appointed to look at reforming B.C.’s police act and is inviting the public to make submissions until April 30, 2021. (Black Press media file)
Have thoughts on B.C.’s review of the provincial Police Act?

Submissions will be accepted until April 30

Cottonwoods Care Home in Kelowna. (Google Maps)
New COVID-19 outbreak at Kelowna care home includes fully vaccinated seniors: Henry

Two staff and 10 residents tested positive at Cottonwoods Care Centre

Excerpts from a conversation between Bria Fisher and the fake truLOCAL job. Fisher had signed a job agreement and was prepared to start work for what she thought was truLOCAL before she learned it was a scam. (Contributed)
B.C. woman warning others after losing $3,000 in job scam

Bria Fisher was hired by what she thought was a Canadian company, only to be out thousands

Provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix provide a regular update on the COVID-19 situation, B.C. legislature, March 2, 2020. (B.C. government)
B.C.’s COVID-19 cases: 545 Saturday, 532 Sunday, 385 Monday

Focus on Prince Rupert, Lower Mainland large workplaces

Rising accident rates and payout costs have contributed to billion-dollar deficits at ICBC. (Comox Valley Record)
B.C. appealing decision keeping ICBC injury cases in court

David Eby vows to ‘clip wings’ of personal injury lawyers

(Black Press Media files)
Hosts charged, attendees facing COVID fines after Vancouver police bust party at condo

Police had previously received 10 complaints about that condo

Minister of Families, Children and Social Development Ahmed Hussen takes part in an update on the COVID pandemic during a press conference in Ottawa on Tuesday, Oct. 27, 2020. A joint federal and B.C. government housing program announced today aims to help people living in up to 25,000 vulnerable households pay their rent. THE CANADIAN PRESS/Sean Kilpatrick
Federal, B.C. governments announce $517-million rent aid program to help vulnerable

Benefits for those not eligible for B.C.’s Rental Assistance Program or Shelter Aid for Elderly Renters

Most Read