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Whistler Market Update: January 2024 and 2023 Recap

After a flurry of sales in January, the pace of transactions has slowed in February. Although this market is characterized by ebbs and flows in activity and a relatively stable inventory, there also seems to be a growing demand. Currently we are seeing action on entry-level single-family homes and A+ located townhomes.

History has shown that Whistler is in high demand as a blue-chip real estate investment and offers a world-class lifestyle. That’s not changing. Selling in this market requires patience and precise pricing.

Buying when others aren’t is often hard, but when compared to competing against other motivated buyers, it is much preferable! It’s not a matter of if the market will rebound and get hot again; it’s a matter of when. I believe it will happen when most don’t expect it!

My team is ready, and I am excited for a for a great 2024!

Additional market info below.

Whistler Real Estate Market – January 2024
The Whistler market saw its first monthly increase in sales volume since October with 33* sales in January, up from 24* in December and 30* in November. On a year-over-year basis, sales activity was up 65%, but remained about 44% below the 5-year average for the month of January. Inventory remained essentially on par with December with 253* units, but sits 15% below the 10-year inventory average. Based on the sales-to-listings ratio, Whistler market conditions are currently balanced but leaning in favour of buyers. The median sales price was up year-over-year for single-family and townhouses, and down slightly for condos due to fewer Phase 1 condos versus January of last year.

Pemberton Real Estate Market – January 2024
In Pemberton, there were 5 sales in January – 3 of which were single-family homes with acreage. Median sales prices were up year-over-year for both single-family and townhomes, which is likely a function of the increased buying power that comes with slightly lower mortgage rates in anticipation of interest rate decreases in mid-2024. Inventory in Pemberton has been declining since September and currently sits at 61* units, 20 of which are vacant land. Overall, the inventory level is 5% above the 5-year average.

 

2023 Real Estate Market Recap 

2023 was an overall slower year in the Whistler and Pemberton real estate markets, allowing inventory to tick up while prices held. The main drivers of the lower sales volume were the impacts of inflation on households and the overall borrowing power of buyers as a result of the sustained high interest rates throughout the year.

 

Whistler
In Whistler, there were a total of 490* sales in 2023, which is a 13% drop from 2022 and the lowest annual sales volume our market has seen in the last 10 years. Total sales dollar volume in the Whistler market was $867M, about $60 million shy of the 10-year average. Prices, however, remained strong, with the median sale price of a Whistler property surpassing both the 2020 and 2021 medians from the heat of the pandemic market. The median number of days for a property to sell in 2023 was 32, up from 21 in 2022, but remains below the 10-year average of 39 days. Despite a slower overall year for the market in 2023, the luxury segment remained strong with 39 sales over $4M in 2023, including a record-breaking $32 million sale. With Whistler’s exclusion from Canada’s foreign buyer ban, international buyers continued to purchase properties in 2023, accounting for approximately 13% of property purchases and 20% of dollar volume. The largest contingent of international buyers came from the United States, with US buyers representing 8% of all property purchases in the Whistler market last year.

In regard to inventory, there were 838* units brought to market this year, which is 50 fewer than last year, and the lowest number of units to hit the market in the last decade. Despite this, inventory levels were higher month-to-month versus last year (which witnessed a slow climb up from record-low inventory levels in December 2021) due to the slower sales volume, offering potential buyers more choices than they had over the course of the last couple of years.

Pemberton 2023
In Pemberton, there were 98* sales in 2023, up slightly from 93* in 2022, but 32% below the 5-year average. Continued high borrowing costs are responsible for the sustained below-average sales numbers. Prices remained strong with a median transaction price of $852,000, the highest Pemberton has seen. This stemmed from a notable increase in luxury sales in Pemberton in 2023 with 7 sales over $2M versus only 3 in 2022. Median days to sell for a property in Pemberton was 33, up from 23 in 2022 but still well below the 5-year average of 37 days.

In regard to inventory, there were 199* new listings brought to market, 34 of which were parcels of vacant land. The average number of units available this year was 66*, up 14% from the 5-year inventory average.

 

Regulatory Notes
As previously noted, the Foreign Buyer Ban does not apply to the Whistler or Pemberton markets, nor does the Foreign Buyer Tax. However, as it currently stands, the Whistler and Pemberton are not exempt from the Underused Housing Tax and we suggest that you talk to your accountant to see what this means for your particular property and situation.

 

 

Feel free to call me to discuss any specific real estate goals you have for 2024.

 

 

*excluding parking stalls
The information provided is based on data collected from sources deemed reliable (Whistler Listing System); however, WREC accepts no responsibility for the accuracy of information provided by third parties. This information is general in nature and is provided for information purposes only.

Dave Burch

Buying and selling homes can be stressful. Dave streamlines the process. No wild expectations. Just honesty, clarity and the results that come with hard work. Dave Burch knows Whistler inside out, and shares his knowledge with enthusiasm.

Call him. He will answer.