Pemberton Real Estate Market Dynamics: Q1 2024
As we look at the real estate landscape in Pemberton through the first quarter of 2024, a narrative of cautious optimism emerges, marked by subtle shifts and promising indicators. Here’s a look at the trends that defined the Pemberton market.
A Closer Look at the Pemberton Real Estate Market
Throughout Q1, inventory levels experienced a notable uptick, signalling a potential shift in the equilibrium between supply and demand. Concurrently, consumer confidence was buoyed by the Bank of Canada’s decision to maintain interest rates, with a hint of a forthcoming decrease later in the year. This delicate interplay has set the stage for what we anticipate to be an active spring market, ripe with opportunities for both buyers and sellers.
In Pemberton, the first quarter witnessed 17 sales, encompassing a diverse array of properties ranging from chalets with acreage to townhouses and condos. Despite a 26% year-over-year decline, there was a noteworthy 13% increase in sales compared to the previous quarter. The median sales prices for single-family homes, condos, and townhouses exhibited a slight uptick, attributed in part to the gradual descent of mortgage rates.
In terms of luxury sales, Pemberton saw 2 transactions surpassing the $2 million mark, underscoring the enduring appeal of premium properties in the region. An intriguing aspect of buyer dynamics reveals that 82% of purchases originated from Pemberton or Whistler residents, with the remaining 18% hailing from Vancouver and West Vancouver—a testament to the allure of Pemberton’s distinct charm.
As inventory grew from 61 to 73 units over the quarter, including enticing opportunities for development with 24 vacant lots, the market leaned decidedly in favour of buyers. However, this influx of choices necessitates prompt action for prospective buyers to seize desirable properties and circumvent heightened competition. Similarly, sellers contemplating listing their properties should factor in the impending capital gains tax increase that will be applied to all sales (excluding primary residences) effective June 25, 2024.
Looking Ahead
Economic forecasts project Canada’s trajectory to skirt a recession, steering toward a desired “soft landing” as inflation approaches the 2% target. The upcoming interest rate announcement on June 5 looms as a pivotal juncture, influenced in part by the deliberations of the US Federal Reserve.
Going forward, we expect the latter half of 2024 to bring a stronger market. Amidst shifting macroeconomic currents and regulatory adjustments, opportunities abound for those poised to seize them.
As a final note, a reminder that The Village of Pemberton has opted into the new provincial legislation on short-term rentals.
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.
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Find out about the Whistler real estate market here.
*Excluding parking stalls
**All stats deemed to be accurate and taken from the Whistler Listing System, April 2024.
