Increased awareness, affordability/good value, and a relaxed rural life style attracted buyers to Pemberton in record numbers in 2016. Recreational enthusiasts, first time home buyers, investors and those looking for a return to a country lifestyle flocked to the area, increasing overall activity levels by 60% as compared to 2015. This increase in activity resulted in an overall 5.1% increase in average transaction value with all segments of the market experiencing significant average price increases.
The strongest levels of interest continued to be the more affordable properties (condos and townhouses) that are rarely available any longer in Whistler and Squamish and appeal to young families and first time home buyers.
Average single-family values rose by 18.6 % (to $640,368) in 2016, while condos rose by 13.5% (to $252,337) and townhouses rose by 24.2 % (to $395,009). Acreages and homes with acreages continued to be of high interest to both existing markets, and a new generation of agricultural enthusiasts.
2016 was also the first time in a number of years that several new subdivisions and projects for the area were unveiled for the Pemberton area.
New single family subdivisions at Tiyata and Pemberton Ridge were announced and enthusiastically embraced by the market. Further, a purpose driven rental building of 40 units and a 35 unit condo project named Crestline are now under construction for completion in 2017/2018
What Does it Mean?
Like Whistler, the number of purchase opportunities available to consider is at historically low levels and with continued interest in the area we expect ongoing support for the market and upward pressure on prices. Interest rate changes and new mortgage financing rules may impact on future activity however, until such issues have become more defined, the future looks bright for the Pemberton real estate market.
Pemberton remains a small, dynamic and nuanced market that requires the insight of a local expert. Call one of our advisors to get the most up to date data.