Whistler Blog

Challenging Condo Market

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I know I seem to talk a fair bit about the mining museum at Britannia, but I am pretty excited by the Santa visit coming up on December the 11th.  Yes, I don’t know if it is the early snow fall or the continuous ornaments and Christmas decorations that keep coming home from school with my son, or the needing something to look forward to, but I am definitely in the Christmas spirit early this year.  Looking at the lights on the Christmas tree twinkling, I feel some optimism, and in this real estate market that isn’t so easy. The condo market has been flooded by an oversupply of new product.  With the sale of the Aqua units(formerly Skye at Coastal Village) coming on line the condo resale market has been decimated. While this makes it a buyer’s market – brand new units at foreclosure prices – it isn’t helping those of us looking to sell our condos on the resale market, as prices are now far below what they were even a year ago.  But just like the lights on the tree, there is a glimmer in the market.  The Aqua inventory is beginning to move.  As the glut on the condo market diminishes, the thought is that the prices will stabilize, making the resale  market prices come back inline.  So, while it may be mixing my metaphors, or some such inaccuracy in grammatical symbolism, I am going to wish upon the star on the tree and then look forward to good tidings in the New Year.