Increased awareness, affordability, good value as compared to other housing markets in the corridor, and a relaxed rural lifestyle continued to attract buyers to Pemberton throughout 2017.
Pemberton continued to attract recreational enthusiasts, first-time home buyers, investors, and increasingly those looking for family living and ownership at price points no longer available in Whistler. This high demand for the limited opportunities available resulted in an overall 8.5% increase in average transaction value, and just about all segments of the market experienced significant average price increases.
The strongest levels of interest continued to be in the more affordable properties (condos and townhouses) that are rarely available in Whistler and Squamish, and that appeal to young families and first-time home owners.
The average value of a single-family residence rose by 27.5% (to $816,907) in 2017, with a number of individual transactions exceeding $1,000,000 for the first time. Average condo values rose by 32% (to $334,911) and average townhouse values rose by 21% (to $478,987). Acreages and homes with acreages continued to be of high interest to high net worth individuals, a new generation of agricultural enthusiasts, and families capitalizing on the real estate markets in Vancouver and Whistler.
As in 2016, new developments continued to attract strong interest and resulted in the new subdivision at Sunstone selling out and the sale of most of the remaining lots at the Benchlands. Given the sales activity for single-family building sites over the last 18 months, we expect it 2018 to be very busy for builders in Pemberton.
Increased commercial investment was also noticeable with a new rental building getting ready for occupants, another in the approval process, and the Pemberton Industrial Park becoming a beehive of activity and construction. The potential of Pemberton is turning into a reality and we expect to see a number of announcements on new projects at Sunstone and the commencement of construction at Crestline in 2018.
Limited buying opportunities
Like Whistler, the number of purchase opportunities available to consider for existing properties 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 future activity and the outcome of future housing development in Whistler will certainly be something to consider. However, until such issues have become more defined, the future looks bright for the Pemberton real estate market.
Because Pemberton is a micro real estate market, traditional market statistical analysis will be less reliable as an evaluation tool. Pemberton remains a small, dynamic, nuanced, non-traditional market that requires the insight of a full-time local expert. Call one of our advisors to get the most up-to-date data.