The COVID-19 pandemic might have impacted the number of home sales in Whistler and Pemberton this spring, but local realtors don't expect prices will take a dip.
"January and February were very strong," said Pat Kelly, president of Whistler Real Estate Co. "There was lots of interest and actually an improvement over 2019. Then, of course, March 15 came along and the inability to have any clarity about what was going to happen health-wise and economically started to impact decision making."
But while properties are taking longer to sell, buyers putting offers on the table are serious, he added.
"Buyers are going to make offers; they're not going to pay what you're asking, but the good news is the people who are out making offers are serious," Kelly said. "They're not going to tour through 16 times [so you have to] sanitize."
Last month, the total dollar volume of all properties sold in Whistler was $24 million, compared to $58 million in April 2019, according to a report compiled by Re/Max Sea to Sky Real Estate using data from the Whistler Listing System.
That corresponds with 11 sales in April 2020 versus 50 sales during the same month last year.
March sales were down about 57 per cent, but in February—before the pandemic sent people into self-isolation—they were up about 36 per cent, said Ann Chiasson, managing broker owner at Re/Max Sea to Sky.
"People are still looking," she said. "We've had a lot of online views. I've been checking the stats on my listings ... The reality is you're not going to see a lot of people desperate to sell. If we don't have a lot of product available, we're not going to see a price adjustment."
However, the true impact of the pandemic won't be certain until May and June numbers are available, she added.
In Pemberton, a much smaller market than Whistler, the April snapshot showed $5 million in sales for 2020 compared to $9 million for that month in 2019.
Kelly, who lives in Pemberton, said the pandemic has drawn a bit of interest to the small community. "There are people looking for acreages off the beaten path," he said. "We still have ... people with kids and families looking for places to live and see this as an opportunity. The challenge with Pemberton is there isn't a lot for sale here."
Meanwhile, the strong American dollar has had a few buyers south of the border putting offers on homes subject to in-person viewings, despite border closures, Chiasson said.
"We have to be practical with sellers saying it might be awhile before they can view it," she added.
Overall, though, Chiasson and Kelly don't see the market dropping or spiking dramatically going forward. While it's possible very high-end homes could see a slight drop, homes under $2 million are unlikely to see much change, Chiasson said. Townhouses and condos, for instance, are still seeing interest from local buyers.
"Canada is doing a good job of stabilizing people," she said. "That will affect a lot of people ... I don't know the number of people losing jobs and not going through with house [purchases], but when things go back to normal and they have their jobs back, they could go back to looking to purchase properties."
In the meantime, realtors are adjusting the way they're showing homes with additional safety measures—like physical distancing and sanitizing—more virtual viewings, and remote meetings.
"Right now, I think it's important to get a professional opinion on what you're doing," Kelly added. "I don't think researching real estate on the internet is going to help you make a decision right now. You need some experienced people who understand what's going on and [you have to] understand the process of looking at and buying real estate will take more time."
