Realtor suggests vacation rentals making Greater Vancouver townhouses more expensive in Whistler
A quick scan indicates that the most expensive townhomes in the Greater Vancouver market are in Whistler.
That is to say if we calculate the selling prices per square foot.
To cite an example of deals so far in 2022, a Whistler townhouse at 11-4644 Blackcomb Way went for $2.5 million.
Pricing works out to $2,363 per square foot for the two-bedroom, two-bathroom residence.
Compare this to a Vancouver townhouse at 112-1288 Marinaside Crescent.
The Yaletown-area property with three bedrooms and three bathrooms sold this year for $2,940,000.
The price works out to $1,948 per square foot, which is lower than Whistler.
the Straight asked real estate agent Dave Haboosheh for a likely explanation.
Haboosheh said that from what he can understand, it’s because of vacation rentals, mostly with Airbnb rates skyrocketing.
“The value of real estate is more than a normal family will rent a townhouse,” noted the North Shore-based real estate agent.
Haboosheh noted that a typical townhouse can fetch $3,000 a month on long-term rentals.
However, with short-term rentals, the realtor said the same property could potentially fetch up to $10,000.
“Some say Airbnb is a big reason Gibsons lost all of their long-term rentals,” Haboosheh said.