Echo Landing, a new 48 unit residential development in the East Village, sold out March 30 just over four months after sales began.
As construction started on the site beside Settler’s Crossing, Sotheby’s Sun Peaks’ staff wrapped up the final sale. The two to four bedroom units priced between $350,000 and $619,000 were at what managing broker Liz Forster called the midpoint price range of the resort’s market.
“That middle point is very popular, as is the tourist accommodation zoning,” she said. “To have a project sold out before they start building is pretty special.”
Most were bought as secondary residences but Forster said many owners have long-term plans to live in the community. She added many people were attracted to securing their unit with a deposit and paying the remainder when the project is completed in mid-2020.
Forster said the majority of buyers were Canadian, 52 per cent from B.C. and 6 per cent from elsewhere in Canada. Eight per cent of units were sold to international buyers while only one unit was purchased by someone from the U.S.
The project had less international buyers than A&T Project Developments’ other local project, Village Walk. Forster said the larger units and central village location of the development was more attractive to foreign buyers.
Each project showed the strong demand Sun Peaks has seen over the last two years.
“We’re not seeing any dwindling of demand,” she said. “Building can’t keep up with the demand.”
Forster said being the second largest ski area and a string of announcements for projects like the Sun Peaks Centre and new lift for the East Village is attracting people who want to purchase before being priced out.
She added buyers are continuing to come from Whistler where increasing demand and prices can make ownership challenging and popularity means growing crowds and lines.