A busy summer of construction is coming to a close at Sun Peaks.
Projects at both ends of the village, Echo Landing and Peaks West, are nearing completion, while projects like Burfield West and Elevation are just getting off the ground.
Sotheby’s International Realty Sun Peaks managing broker Liz Forster said the construction has given buyers more options and more time to choose what they’d like.
“Buyers are now experiencing fewer competitive offer situations for smaller condos on the resale market. Those buyers seeking larger, three or four bedroom, ski-in/out properties near the main village that can be rented short term continue to experience competitive situations as these properties typically sell quickly with multiple offers. The supply of these properties remains extremely limited and demand remains high.”
Forster said she has also seen some buyers choosing to purchase something already built instead of waiting two years for new construction. Currently Burfield West has sold 15 per cent and phase one of Elevation, 30 per cent.
“The pre-sales and construction of 108 new residential units in the Village Walk, Echo Landing and Peaks West projects over the past three years has helped to satisfy some of the pent up demand for Sun Peaks properties. The market is now moving toward the more balanced conditions that support price stability. While our local market still favours the sellers, the available inventory has increased as a result of several new construction projects, and the sharp upward trend in sale prices that Sun Peaks experienced over the past few years is slowing.”
But those waiting for prices to fall will need to hold on a little longer.
“We have not yet seen sale prices falling in Sun Peaks. We have seen some aggressively high list prices reduced in recent weeks, particularly for the smaller sized condos. Some sellers are necessarily adjusting their expectations downward slightly, in response to the easing demand.”
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