Hotel Condos gearing up for another strong revenue season
The winter has been steady through the months of January and February, but as we move through March the temperatures are rising and we are now seeing the evenings starting to extend with the passing of daylight savings. Locals and visitors alike are enjoying the final months of winter knowing that the long days of spring hiking and biking are just around the corner.
Our active listing inventory has been very stable as the number of listing has been within 6% of the average over the last 11 months. We expect to see a seasonal push in number of listings on the market, however, as of this newsletter our listing inventory has not yet seen this. We have seen a pick up in activity and current conditional sales. In some market segments we are seeing multiple offers along with back up offers which is making the current buyers be more ready to move forward when they see the right property get listed.
February did see a slight 10% increase year over year in number sales, however, the activity was centred around the more affordable end of the market in both single family homes and apartment style condos.
The Hotel condo market remains very strong with only 13 active listings (of which 3 of these are conditionally sold) as we have seen some strong year over year returns on these units and now with the prime revenue period coming up from June through September. If you are interested in discussing these strong returns, please let us know. Some buildings are seeing 6% to 7% returns for managed units in a rental pool and self-managed units can be higher still if you want to put in that effort.