Pemberton Real Estate Market Update: First Quarter 2022

The Pemberton real estate market continues to be defined by historically low levels of listing inventory. This has resulted in a slowing of the market, rising prices, and strong seller’s market conditions.

Pemberton Real Estate Market Snapshot

With a typical average of about 9 sales per month, the pace of sales in Pemberton has slowed by over 30% (to about 6 per month) through the first quarter of 2022. This is indicative of a general slowing across all markets, but it is exaggerated by Pemberton’s lack of available products. Pemberton is currently sitting at historically a low level of inventory with only 21 active listings, 6 of which are not move-in ready until 2023.

Average sale prices in Pemberton continued to rise through the first quarter of 2022. Driven by the lack of inventory, average sales prices in Pemberton continue to rise. Over the first 3 months of 2022, average prices increased by 18% – from $932,000 in December 2021 to $1.1M.

A Closer Look

Looking Ahead For 2022

With the limited number of sales that have taken place so far in 2022, it is hard to predict if the average price point of $1.1M will continue to hold. The biggest influence will be the type of inventory that becomes available to the Pemberton market.

Although it was perhaps anticipated to have an impact on the live-work community of Pemberton, the 25 basis point interest rate increase announced by the Bank of Canada in March has not yet had an influence on demand for real estate in the community. With additional interest rate increases expected throughout the year, we may eventually see its impact on the Pemberton market.

The foreign buyer ban announced on April 7, 2022, as part of the Federal budget will exclude recreational properties so the impact this will have on the Pemberton market will be dictated by how recreational properties are defined in the coming months.

Supply is the primary issue in Pemberton and we anticipate that it continue to restrict the local real estate market throughout 2022. While exciting, the future development slated for Pemberton will do nothing in the immediate future to remedy the extremely low inventory levels the market is currently facing.

For more information about how the current Pemberton real estate market activity trends may impact your decisions to buy or sell, contact me at any time.