Pemberton Newsletter

PEMBERTON 2008 REAL ESTATE UPDATE

A Review of 2008’s Market Activity

The Pemberton market was very strong over the last 18 months and at one point we only had a total of 8 condominiums and town homes for sale, not a very large inventory to choose from, and this trend continued until just recently.

Since late June the inventory has increased and sale volumes have slowed. The slower sales volume is most probably due to a very fast run up in value during 2007 which continued into 2008. The market seems to have taken a breather since late June and most likely will remain stable for the rest of this year. It is unlikely that value will drop as there was a 4 year period from 2003 through 2006 where prices actually went down and remained there until the turn around last year. The increases that Pemberton has experienced are still not enough to have pushed prices above replacement value.

For a few years buyers were opting for Squamish as the comparable value was lower than Pemberton and there were other factors such as recreation facilities and the close proximity to Vancouver that made Squamish more attractive. However by 2007 Squamish had surpassed Pemberton in value and buyers started to look seriously at Pemberton once again. As both markets are comparable in value at this time and with overall BC real estate market slowing it is expected that sales in Pemberton will remain steady but the overall number of sales will be lower for 2008 against 2007.

It is still possible to purchase a single family home in Pemberton for under $500,000 (although choices are few) and a two bedroom apartment for around $250,000. These are still very well priced and very affordable as well as competitive with other comparable towns in BC. The big advantage for Pemberton is it’s proximity to Whistler. One of the trends that have emerged in the last couple of years is the weekend owners who see Pemberton as a much more affordable alternative to Whistler.

While Pemberton’s real estate market may be somewhat quieter then just a couple months ago it still represents good value and offers a great quality of life.

Mike Wintemute is the General Manager of RE/MAX Sea to Sky Real Estate Whistler with a branch office in Pemberton.

DISCLAIMER;

E&OE
All information is provided by the Whistler Listing System and is deemed to be accurate.  The Whistler Listing System and RE/MAX Sea to Sky Real Estate Whistler make no warranties or guarantees as to the accuracy of the information and cannot be held responsible in the event of error.