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.

Just Posted

Neighbours fight a small late-night bush fire with garden hoses and shovels in Cinnabar Valley on June 5. They couldn’t get help from local fire services because the fire was located in an area under B.C. Wildfire Services jurisdiction. (Photo courtesy Muriel Wells)
Nanaimo residents on edge of city limits left to put out bush fire themselves

Cinnabar Valley residents tackle fire with hoses and buckets for two and a half hours

Nanaimo artist Dave Stevens is displaying paintings inspired by arbutus trees and the Millstone River at Nanaimo Harbourfront Library from now until the end of fall. (Josef Jacobson/News Bulletin)
Nanaimo writer and artist’s work goes up at Harbourfront library

Dave Stevens presents work inspired by arbutus trees and the Millstone River

The courthouse in Nanaimo. (News Bulletin file)
Nanaimo man, already in jail, found guilty of sexual abuse of sons

Man previously sentenced for sexual interference involving girl in Nanaimo

Stuffed toys, many with donations pinned to them, are piled in the Lions Pavilion at Maffeo Sutton Park at a vigil May 31 honouring the 215 Indigenous children whose remains were discovered outside a residential school in Kamloops. (News Bulletin file photo)
Thousands donated to child and family service agency following Nanaimo vigil

Toys and money donated to Kw’umut Lelum child and family services

A section of proposed Harbourfront Walkway between White Eagle Terrace and Battersea Road. (City of Nanaimo image)
Nanaimo’s proposed walkway extension project estimated at $25-30 million

City asking for feedback on concepts to connect Departure Bay Beach and ferry terminal

Members of the Department of Fisheries and Oceans’ Marine Mammal Response Program rescued an adult humpback what that was entangled in commercial fishing gear in the waters off of Entrance Island on Thursday, June 10. (Photo courtesy Marine Mammal Response Program)
Rescuers free humpback ‘anchored’ down by prawn traps near Nanaimo

Department of Fisheries and Oceans responders spend hours untangling whale

The Queen Victoria statue at the B.C. legislature was splattered with what looks like red paint on Friday. (Nicole Crescenzi/News Staff)
UPDATE: Queen Victoria statue at B.C. legislature vandalized Friday

Statue base splattered with what looks to be red paint, old-growth logging protest held in afternoon

Police cars are seen parked outside Vancouver Police Department headquarters on Saturday, January 9, 2021. THE CANADIAN PRESS/Darryl Dyck
Vancouver police officer charged with assault during an arrest in 2019

The service has released no other details about the allegations

Denmark’s Christian Eriksen receives medical attention after collapsing during the Euro 2020 soccer championship group B match between Denmark and Finland at Parken stadium in Copenhagen, Saturday, June 12, 2021. (AP Photo/Martin Meissner, Pool)
Denmark soccer player Christian Eriksen collapses during game against Finland

Eriksen was given chest compressions after collapsing on the field during a European Championship

As stories of the horrors of residential schools circulate after the Tk’emlups te Secwepemc First Nation announced it had located what are believed to be the remains of 215 children, Grand Chief Stewart Phillip of the Union of B.C. Indian Chiefs said he feels a connection with the former students. THE CANADIAN PRESS/Darryl Dyck
2 sides of the same coin: Ex-foster kids identify with residential school survivors

Grand Chief Stewart Phillip says the child welfare system takes Indigenous children from their families

Nathan Watts, a member of the Tseshaht First Nation near Port Alberni, shares his story of substance use, a perspective he said isn’t seen enough. (Photo courtesy of Nathan Watts)
Public shaming, hate perpetuates further substance use: UVic researcher

Longtime addict Nathan Watts offers a user’s perspective on substance use

57-year-old Kathleen Richardson was discovered deceased in her home Wednesday, June 9, 2021. Her death is considered a homicide and connected to the slain brothers found on a Naramata forest road. (Submitted)
Condolences pour in for Kathy Richardson, Naramata’s 3rd homicide victim in recent weeks

Richardson was well liked in the community, a volunteer firefighter with a home-based salon

A person receives a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
More than 75% of B.C. adults have 1st dose of COVID vaccine

The federal government has confirmed a boost in the Moderna vaccine will be coming later this month

Most Read