Spring is in the air and in the mountains! With the winding down of the ski season, we are getting excited to switch over to all the summer activities the Whistler area has to offer. The local golf courses will all be open in the next few weeks, the bike trails are clearing of snow and the days are getting longer as we welcome the warmer weather.
On the real estate front as you will read below, the market has been stable through the winter, however with interest rates potentially dropping in the next few months, we should see a slight uptick in the market. We have already seen a few multiple offers in the nightly rental segment of the market, as Whistler’s tourist accommodation is somewhat of a safe haven and has not been affected by the recent provincial government changes on nightly zoned properties elsewhere in the province.
If you have any questions on the market or would like to discuss what options exist for your particular situation, whether you are thinking of buying or selling, feel free to call or drop by the office at your convenience.
Wishing you a fabulous spring!
Whistler
In Whistler, there were a total of 117* sales in Q1, with sales increasing for two consecutive months in January and February and a slight slow-down in March. Overall sales volumes were in line with the same period last year, however the year-to-date dollar volume is up 9% vs Q1 2023. This is reflective of notable activity in the luxury market, with 12 sales over $4M in the quarter. We are proud to share that Whistler Real Estate Company agents represented either the buyer, seller or both in 11 of those 12 transactions. There were also record-setting deals in the condo and land categories that closed in Q1, further reinforcing the continued strength in the luxury market in Whistler. Buyer’s origin for Whistler was fairly typical, with 81% of purchasers and 82% of dollar volume coming from Canada. There was a slight increase in dollar volume from US buyers, who represented 13% in Q1 vs 10% in 2023. Listings increased across all categories vs Q1 2023, with single-family and townhome inventory rising 65% and 31%, respectively. Overall, the Q1 market conditions in Whistler were balanced.
The Pemberton market saw 17 sales in Q1 – 4 chalets with acreage, 2 chalets, 4 townhouses, 5 condos and 2 parcels of vacant land. This is 13% increase in sales from Q4 of last year, but a 26% decrease year-over-year.
Median sales prices for single-family homes, condos and townhouses were up slightly when compared to both the previous quarter and the same period last year, likely as a result of mortgage rates starting to come down. In regards to luxury sales in Pemberton, there were 2 sales over the $2M in Q1. In terms of buyer origin, 82% of Pemberton buyers in Q1 were from Pemberton or Whistler, with the additional 18% coming from Vancouver and West Vancouver. Inventory increased from 61 to 73 units over the course of the quarter, including 24 vacant lots presenting the opportunity to build. Overall, the Pemberton market leaned in favour of buyers in Q1.