Let’s talk about Q1 2024 in the Whistler and Pemberton real estate markets.
Inventory levels rose throughout the quarter and consumer confidence also grew after the Bank of Canada kept interest rates on hold and signaled the first rate cuts would come later this year, setting the stage for what is expected to be a strong spring market.
Whistler
Whistler saw a total of 117* sales in the first quarter, with January and February seeing two consecutive months of increased sales, followed by a slight slowdown in March. While overall sales volume was comparable to the same period last year, year-to-date dollar value increased 9% compared to Q1 2023. This reflects notable movement in the luxury market, with 12 sales over $4 million in the quarter. We are proud to say that Whistler Real Estate agents represented the buyer, seller, or both in 11 of these 12 transactions. Record-breaking transactions were closed in the condo and land categories in Q1, further supporting the continued strength of Whistler’s luxury market. The origins of Whistler buyers were fairly typical, with 81% of buyers and 82% of dollar value coming from Canada. Dollar value from U.S. buyers increased slightly, accounting for 13% compared to 10% in Q1 2023. Listings increased across all categories compared to Q1 2023, with single-family home and townhouse inventory up 65% and 31%, respectively. Overall, market conditions in Whistler were balanced in Q1.
Pemberton
The Pemberton market saw 17 sales in the first quarter: four landed chalets, two chalets, four townhouses, five condominiums and two vacant land lots. This is a 13% increase from the fourth quarter of last year but a 26% decrease year-over-year.
The average sales price of single-family homes, condominiums and townhouses increased slightly compared to the previous quarter and this time last year, likely due to mortgage rates beginning to fall. In terms of luxury home sales in Pemberton, there were two sales over $2 million in the first quarter. In terms of buyer origins, 82% of Pemberton buyers in the first quarter were from Pemberton or Whistler, with an additional 18% from Vancouver and West Vancouver. Inventory increased from 61 to 73 homes during the quarter, and there were 24 vacant land parcels offering building opportunities. Overall, the Pemberton market was tilted in favor of buyers in the first quarter.
Going forward, we expect momentum to pick up in both the Whistler and Pemberton markets. From an economic perspective, Canada is expected to avoid a recession and achieve a desirable “soft landing” as it moves closer to its 2% inflation target. The next interest rate announcement is on June 5th, and economists expect rates to remain steady, but this may be subject to the will of the US Federal Reserve. Overall, the second half of 2024 is expected to be stronger than the first half, driving real estate markets in both the Whistler and Pemberton markets.
Inventory levels are improving, so interested buyers may be wise to act now to have more choice and avoid peak competition. Current or prospective sellers may also need to consider the new capital gains tax increase that will apply from 25 June 2024 onwards on the sale of property that is not a primary residence.
*Excluding parking
market share
Whistler Real Estate agents represented 44% of the Whistler and Pemberton market in Q1 2024, helping their clients achieve great results.
Regulatory Notices
Prohibition of foreign buyers
As previously mentioned, the foreign buyer ban does not apply to the Whistler or Pemberton markets, nor does the foreign buyer tax apply.
New state short-term rental laws
In May 2024, the BC Government will introduce the Short-Term Housing Rentals Act. While short-term rentals in Whistler will not be affected by the new regulations, there are rules that those who rent out properties for this purpose must follow (i.e. obtain and display a business licence and update their listing with their licence information on websites like Airbnb). The Village of Pemberton has chosen to follow the new provincial legislation regarding short-term rentals, so contact your local Whistler Real Estate agent to find out how this may affect your property.