Whistler and Pemberton Market Report
The Whistler Real Estate market has increased in sales volume since October 2023 with 33 sales in January 2024. Sales activity was up 65% on a year-over-year basis but remained about 44% below the 5-year average for the month of January. Inventory remained the same as December with 253 units, which is 15% below the 10-year inventory average. The Whistler market conditions are currently balanced but leaning in favor of buyers based on the sales-listings ratio. The median sale price was up year-over-year for single family homes and townhouses, and down slightly for condos due to fewer phase 1 condos in comparison to January 2023.
Pemberton saw 5 sales in January, 3 chalets with acreage, 1 townhome and I vacant lot. The median sales prices were up year-over-year for both single-family and townhomes, which may be due to the increased buying power resulting from slightly lower mortgage rates in anticipation of interest rate decreases in mid-2024. The Pemberton Real Estate inventory has decreased since September. There are currently 64 units for sale, which include 21 vacant lots. Overall, the inventory level is 5% above the 5-year average.
Canada’s Foreign Home Buyers Ban extended unit 2027
****Whistler and Pemberton are exempt****
The Foreign Home Buyers Ban was first announced in 2022 and is effective since January 2023. This ban would prevent non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada, with some noted exceptions. It was set to expire on January 1, 2025, and will now be extended to January 1, 2027.
Whistler and Pemberton remain excluded from this foreign buyer ban. Both Whistler and Pemberton fall outside the Prohibition on the Purchase of Residential Property by Non-Canadians Act definition of “Residential Property” – which states that the prohibition applies to ‘residential property located in a census metropolitan area or a census agglomeration’.
Underused Housing Tax Update
Tourism Whistler is continuing to lobby for the removal of the Underused Housing Tax (UHT) in Whistler on behalf of its members. These efforts include ongoing conversations with political officials and collaborating with their resort and industry partners to escalate their concerns. Update from Tourism Whistler:
Tourism Whistler’s President & CEO, Barrett Fisher, has now had several meetings with federal M.P. Patrick Weiler (who represents the West Vancouver/Sunshine Coast/Sea to Sky Country region) regarding the negative impacts the UHT residential tax could have on international owners of Whistler’s tourist-zoned accommodations. The two most recent meetings included a Zoom meeting with M.P Weiler and a number of Whistler realtors on February 5; followed by an Advocacy in Action meeting with M.P. Weiler hosted by the Whistler Chamber of Commerce on February 15, where property managers and realtors echoed concerns regarding the UHT. M.P. Weiler, who also sits on the federal Finance Committee, agrees that Whistler’s tourist-zoned Resort Lands are unique, and is advocating for Whistler’s interests to the Ministry of Finance. We will share any relevant updates with Members as soon as they become available.
BC Government New Housing Measures
The BC NDP Government has been active to start 2024. Last week, the provincial budget was tabled, and a couple big changes are coming to the real estate market.
Updates to the Property Transfer Tax (PTT) Framework
In the 2024 provincial budget the BC Government is making three significant changes to the PTT Framework
1. To increase the Fair Market Value Threshold for the First Time Home Buyer (FTHB) Exemption:
Currently, the FTHB full exemption applies to properties with a fair market value (FMV) of less than $500,000, with a partial exemption for properties with a FMV of $500,000 to $525,000.
As of April 1st, 2024, the FTHB exemption will apply to properties in a different way. For properties with a FMV of less than $835,000, PTT is not payable on the first $500,000, but payable on the difference between the FMV and $500,000. For example, if the FMV of the property is $700,000, PTT paid would be 2% of $200,000 ($700,000 less $500,000). Not paying PTT on the first $500,000 saves the purchaser a total of $8,000.
If the property has a FMV between $835,000 and $860,000, then a partial exemption applies, the details of which are not yet confirmed by the BC government.
If the FMV of the property is over $860,000, then there is no FTHB PTT exemption.
2. To increase the FMV Threshold for the Newly Built Home Exemption
Effective April 1, 2024, the FMV threshold to claim the Newly Built Home Exemption will be increased from $750,000 to $1,100,000. A partial exemption is also available for properties with a FMV just above the threshold. The phase out range is $50,000 above the threshold, so properties with a FMV of greater than $1,150,000 will not be able to claim the Newly Built Home Exemption.
3. Purpose-Built Rental Exemption
The 2023 Budget included a limited exemption for purpose built rental buildings, that may limit the tax payable on values over $3,000,000. Budget 2024 builds on this exemption and provides an exemption from the PTT on purchases of new qualifying purpose-built rental buildings.
New “Flipping Tax”
A new tax targeting home flipping activity and short-term speculation will officially begin on January 1, 2025. This tax will apply on the sale of residential property held by an owner for less than two years, with the seller being taxed up to 20% of the income from the sale. To specify, properties sold within 1 year are taxed at 20%, and will decline to zero between 366 and 730 days. Exemptions may apply in certain circumstances.
As with most legislation, other conditions may apply and there is some nuance to the above summary.
Featured Listing
1517 and 1565 Tynebridge Lane
Welcome to Tynebridge Lane, a lovely neighbourhood located at the south end of Whistler. We are delighted to offer you the chance to acquire one of these magnificent building lots in this highly coveted area. These lots provide an ideal combination of seclusion and natural beauty, coupled with convenient access to world-class skiing, hiking, and biking. Picture waking up to awe-inspiring mountain vistas and spending your days exploring the wonders of Whistler. With generous space available to construct your dream home, this parcel eagerly awaits the realization of your vision. Seize this extraordinary opportunity to own a piece of paradise in one of Whistler’s most sought-after locales. Reach out to us today and embark on planning your future in this breathtaking mountain town!
1517 Tynebridge Lane – $1,595,000
Lot size 11,948 sq.ft.
1565 Tynebridge Lane – $1,695,000
Lot size 10,334 Sq.ft.
Active Listings in
Whistler + Pemberton
