2023 was an overall slow year for the Whistler and Pemberton real estate markets, with prices remaining steady but inventory increasing slightly. The primary driver of the decline in sales was the impact of inflation on household finances and a general decline in buyer borrowing power as a result of high interest rates throughout the year.
Whistler
Whistler saw a total of 490* sales in 2023, down 13% from 2022 and the lowest annual sales in the market in the past decade. Total Whistler market sales were $867 million, about $60 million below the 10-year average. Prices, however, have held steady, with the average sale price of Whistler properties rising above the median prices of 2020 and 2021 from the heat of the pandemic market. The median number of days it takes a property to sell in 2023 is 32 days, up from 21 days in 2022, but below the 10-year average of 39 days. While overall market growth slowed in 2023, the luxury segment remained strong, with 39 sales over $4 million in 2023, including a record-breaking $32 million sale. With Whistler now exempt from Canada's ban on foreign buyers, international buyers will continue to make purchases in 2023, accounting for approximately 13% of total property purchases and 20% of total value. The largest number of international buyers were from the United States, with US buyers accounting for 8% of all property purchases in the Whistler market last year.
In terms of inventory, 838 homes* have come onto the market this year, 50 fewer than last year and the fewest homes to come onto the market in the past decade. Nonetheless, due to sluggish sales volumes, inventory levels have been higher month-on-month compared to last year (slowly increasing from December 2021's record low inventory levels), providing potential buyers with more options than in past years.
Pemberton
In Pemberton, there were 98* sales in 2023, up slightly from 93* in 2022, but 32% below the five-year average. Continued high borrowing costs are the cause of the continued below-average number of sales. Prices remained strong, with the median transaction price of $852,000, the highest in Pemberton history. This was driven by a notable increase in luxury property sales in Pemberton in 2023, with seven sales over $2 million compared to just three in 2022. The median days on sale for properties in Pemberton was 33 days, up from 23 in 2022, but still well below the five-year average of 37 days.
In terms of inventory, there were 199* new listings on the market, of which 34 were vacant. The average number of properties available for sale this year was 66*, 14% higher than the five-year inventory average.
Regulatory Notices
As mentioned above, the Foreign Buyer Ban does not apply to the Whistler or Pemberton markets, nor does the Foreign Buyer Tax apply. However, as it stands Whistler and Pemberton are not exempt from the Vacant Housing Tax, we recommend consulting with your accountant to see how this will affect your particular property and situation.
Predictions for 2024
Looking ahead to 2024, we expect sales volumes to increase in both the Whistler and Pemberton markets. As inflation approaches its target range and the quantitative tightening measures of the past two years impact the Canadian economy in the form of mortgage renewals, the Bank of Canada is expected to begin lowering interest rates in 2024. Long-term mortgage rates are already trending downwards. This will increase consumer purchasing power, stimulating the housing market, with the Canadian Real Estate Association predicting home sales to increase by 9% and home prices to rise by 1.5% this year. Limited supply and strong demand are expected to increase competition in both the Whistler and Pemberton markets.
That's it for our year-end recap. If you'd like to learn more about the market or are looking to buy or sell, contact your local Whistler Real Estate agent. Whistler Real Estate has been Whistler's top brokerage since 1978, and we want to thank our clients for helping us maintain our number one position in 2023. Here's to you in 2024!
*Excluding parking
The information provided is based on data collected from sources deemed reliable (Whistler Listing System), however WREC takes no responsibility for the accuracy of information provided by third parties. This information is general in nature and provided for informational purposes only.