BRING ON SUMMER!
After 23 years in this amazing resort and community, this spring weather has been actually quite trying… For all of us! Although you can ski cold powder and mountain bike trails in the same day… We are ready for sun and spring or summer!
WHISTLER REAL ESTATE MARKET UPDATE
Okay, maybe it’s the weather but activity has slowed on the real estate front. But slow doesn’t mean price decreases or even a huge increase in inventory. There are new listings coming up weekly and notable sales weekly as well. Lots of discussion about markets across Canada slowing and maybe correcting, WHISTLER is a very specific market. I am having daily conversations with colleagues and clients. If you have any desire to reach out and have a chat about where we see the market going please do so, I’m always happy to chat.
April saw our market return to a relatively normal activity level. Sales in Whistler were in line with the historic average, but a lower monthly volume than what we have experienced in the last two years. Active listings in Whistler were up 32% from the historic low hit in December 2021.
There were some economic policy changes announced in April that likely won’t have a big impact on the Whistler market, but we may begin to see their impact in Pemberton. The second consecutive interest rate increase of the year was announced on April 13, along with plans to begin quantitative tightening (ending pandemic-related stimulus) by the end of April. Another rate increase announcement is expected in June with several more anticipated by the end of the year. These rate increases coupled with the ~6% average inflation for the first half of 2022 may lead to more price sensitivity and uncertainty than we have been experiencing. A proposed temporary foreign buyer ban was announced as part of the Federal Budget on April 7. The ban will exclude recreational properties and personal purchases confirmed to be for future employment or immigration in the next two years. We would assume that properties in the Resort Municipality of Whistler would be defined as recreational, however, we are still waiting on guidance to determine this and how the ban will affect Pemberton. We will let you know the minute we have those details. For now, the current policy stays in place, there is no federal restriction on foreign ownership of Canadian real estate.