When the COVID-19 outbreak took the world by storm in March 2020, there were many uncertainties. With all the chaos and unknowns, few could have predicted that the pandemic would ultimately spur one of the most competitive and tight housing markets in both Canadian and U.S. history. Between August 2020 and August 2021, home prices across Canada and the United States rose to record levels, with the U.S. housing market rising to a record of 19.9% and the Canadian housing market rising to a record 21.4%.
While these prices have been a Whistler seller's dream, it has also made buying a property in our beautiful mountain paradise much more difficult over the past year and a half. So, what can Whistler home and condo sellers and buyers expect as we move into 2022? Will the Whistler market continue to rise, stay the same, or finally see a steady decline? Check out the video below where I give you my personal thoughts on the 2022 Whistler real estate market. 🎬
Will the 2022 Whistler Real Estate Market Run Bullish or Bearish?
When it comes to predicting markets, you will always have experts on both sides of the discussion. So while some real estate experts are predicting a bullish outlook for the 2022 real estate market where home prices continue to rise, others are predicting a bearish outlook where home prices will start to trend down. I don't believe that will necessarily happen in Whistler or Pemberton though.
Of course, with property prices hitting record levels of growth, even faster than that experienced in the run-up to the 2008 financial crisis, the current market will not be sustainable forever. However, the question is not if the market will trend down, but when. Will the real estate market in Whistler come to a crashing halt in 2022, or will it slow gradually?
Will Home Prices Rise, Fall, or Stay Steady in 2022?
While there are many predictions regarding the 2022 real estate market, the general consensus is that the market will generally cool off in both the United States and Canada, but not by much and certainly not in premium resort locations such as Whistler. Fannie Mae predicts that the median home prices will see a rise of around 7.9% between the fourth quarter of 2021 and the fourth quarter of 2022. While this would mark a fall in the current price growth of the market, it would still represent a strong growth by historical standards of the real estate market. Ultimately, Fannie Mae's predictions have the housing market returning to steady levels of price appreciation.
In comparison to Fannie Mae's outlook on the 2022 real estate market, Zillow and Goldman Sachs are forecasting a much more bullish run while CoreLogic has put out a bearish prediction. Zillow has predicted home prices jumping 13.6% and Goldman Sachs even higher with a prediction of 16%. While Zillow and Goldman Sachs are seeing a world where home prices soar in 2022, the real estate data firm CoreLogic is predicting only a small 2.2% home price growth in the coming year.
Ultimately, it looks like the 2022 real estate market will still strongly favor Whistler sellers rather than buyers. The supply of Whistler and Pemberton property for sale is at record lows, and the gap between supply and demand is only widening with no new construction product on the horizon either. However, with the right Whistler real estate agent on your side, finding your dream Whistler home or condo in 2022 is still certainly possible.
What's Going onin Whistler?
If you're wondering how real estate activity over the last two years has impacted your Whistler property's value, click below to get started with your free evaluation.
