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.
BC Introduces New Zoning Rules for more Housing Options
British Columbia is introducing new housing legislation to deliver more small-scale, multi-unit housing for people to fix outdated zoning rules and help build more homes faster. It is meant to build more small-scale-multi-unit homes that fit into neighbourhoods to provide more housing options. The proposed legislation and forthcoming regulations will permit one secondary suite or one laneway home (accessory dwelling unit) in all communities throughout BC. In municipalities with more than 5,000 people, these changes will require the bylaws to allow for
3-4 units permitted on lots currently zoned for single family homes or duplex use, depending on lot size and
six units permitted on larger lots currently zoned for single-family homes or duplex use and close to transit stops with frequent service.
Municipalities that are covered by the legislation may permit additional density if wished for, but they can not allow bylaws for fewer permitted units than the provincial legislation allows. They are also planning on speeding up the housing development approvals. The forthcoming legislation will reduce one-off public hearings for rezonings to be replaced with more community involvement and proactive zoning. Read the full article here.
How will this affect Whistler? If passed by the Government the new proposed legislation will require local governments to update their bylaws to accommodate the small-scale, multi-unit housing zoning requirements by June 30th 2024. Please follow us for more information as we get closer to the date.
Whistler and Pemberton Market Report
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 because of the increase in interest rates throughout the year.
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.
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.
Looking to 2024, we expect to see increased sales volumes in both the Whistler and Pemberton markets. As inflation approaches the target range, it has been predicted that the Bank of Canada will begin dropping interest rates in 2024. There has already been some downward trend on longer term mortgage rates. This would increase the buying power of consumers and fuel the housing market, with the Canadian Real Estate Association Predicting a 9% increase in home sales and a 1.5% increase in home prices this year. We expect increased competition in the Whistler and Pemberton markets, which both have limited supply and strong demand.
Please find the Whistler and Pemberton Statistics package here.
Featured Listing
6 – 4750 Glacier Drive, Whistler BC
4 Bed 4 Bath 2,797sqft
With a prime Ski-in and Ski-Out location, this spacious 4 bedroom townhome has the perfect winter setting! It is ideally situated between the Blackcomb and Whistler ski-out routes. You don’t need transportation as you can ski right up to your front door and down to the gondola. There are only 7 houses in the community, so peace and quiet are assured. Once you cross Glacier Drive, you’ll arrive at the ski slopes and be prepared to ski down to the bustling Whistler Village. This property is special because it is both private and easily accessible. Approved development plans with a reputed contractor already in place will allow the new owner to start a comprehensive refurbishment that will increase the living area to 3,409 square feet. Seize the chance to shape this residence into your vision of mountain living, all while enjoying the convenience of its central location.
On December 6th 2023 the Bank of Canada held its target for the interest rate again at 5%. The global economy continues to slow. The growth in the United States has been stronger than expected and growth in the European Union has weakened.
In Canada, economic growth stalled through Q2 and Q3 2023. The Bank of Canada’s quantitative tightening is continuing but could be coming to an end. The effects of the current cycle are still working their way through the economy. Consumer spending has slowed with no consumption growth. The slowdown of the economy is reducing inflation. However, housing price inflation has picked up, reflecting a faster growth in rent and other housing costs along with the continued contribution from elevated mortgage interest costs.
On a brighter note, with the rate steady at 5%, we anticipate the competition in the Whistler and Pemberton markets to increase.
For those who looking to buy in these markets, now would be a good time.
Happiest of greetings to everyone, I hope you are having a wonderful start to your winter season.
We recently had the pleasure of visiting with Bob Deeks from RDC Fine Homes to chat about building codes, costs and working with the Resort Municipality of Whistler. Specifically, we chatted about the Zero Carbon Step Code which has some lofty goals to be achieved by the year 2050. If you own real estate in Whistler or hope to own or build some day, you will find this interesting. Click here to view the full presentation.
In December, Whistler turns into a twinkling winter wonderland with frosted trees, festive lights galore and plenty of holiday activities to embrace the festive cheer. Check out Whistler Festive Events Unwrapped, which covers all of the holiday happenings in Whistler, from skiing Santas to roving carolers, festive performances and holiday markets. Also check out our favourite local blog, The Whistler Insider.
Welcome to your dream mountain retreat! This 4-bedroom, 4-bathroom townhome is nestled in the exclusive Snowcrest complex, perfectly positioned between the Whistler and Blackcomb ski-out trails. With only 7 homes in the complex, privacy and tranquility are guaranteed. Cross Glacier Drive, and you’ll find yourself on the slopes, ready to ski down to the vibrant Whistler Village. The blend of accessibility and seclusion makes this property truly unique. Development plans have been approved, and a reputable contractor is already in place for the new owner to embark on a full-scale renovation, extending the living space to an expansive 3,409 square feet. Embrace the opportunity to shape this residence into your vision of mountain living, all while enjoying the convenience of its central location.
The ultimate winter wonderland experience awaits you this holiday season. Wintersphere celebrates this magical time of year with festive activities for the entire family! Join in the fun with visits from Santa, entertainers, a holiday café, kids crafts, Wintersphere’s signature holiday maze and much more. This spectacular, festive pop-up is a true holiday favourite for locals and visitors alike.
