A Q1 Whistler Real Estate Market Snapshot
As we navigated through the first quarter of 2024, we observed a landscape marked by shifting inventory levels, steady consumer confidence, and changing market dynamics.
A Closer Look at the Whistler Real Estate Sales Performance
Throughout the quarter, inventory levels experienced a notable uptick, aligning with a surge in consumer confidence. Listings increased across all categories compared to Q1 2023, with single-family and townhome inventory witnessing significant increases of 65% and 31%, respectively. This surge is largely attributed to the Bank of Canada’s decision to maintain interest rates, hinting at a prospective decrease later in the year. Such stability has set the stage for what we anticipate to be an active spring market.
In Q1, Whistler saw a total of 117* sales, marked by consecutive increases in January and February, followed by a slight moderation in March. While overall sales volumes remained consistent with the same period last year, year-to-date dollar volume exhibited a promising 9% increase compared to Q1 2023.
Noteworthy activity was observed in the luxury market segment, with 12 sales exceeding the $4 million mark. Additionally, record-setting deals in the condo and land categories underscored the enduring strength of Whistler’s luxury market.
Buyer origin trends remained relatively stable, with the majority of purchasers and dollar volume originating from Canada. However, there was a marginal increase in dollar volume from US buyers, indicative of sustained international interest.
These trends contributed to balanced market conditions in Whistler during the first quarter.
Looking Ahead
Economically, Canada is poised to navigate away from recessionary threats, steering toward the desired “soft landing” as we approach the 2% inflation target. While the upcoming interest rate announcement in June is anticipated to maintain stability, external factors such as the intentions of the US Federal Reserve may influence market dynamics.
With improved inventory levels, prospective buyers are encouraged to seize the opportunity to explore a wider range of options and potentially circumvent peak competition. Likewise, sellers should be mindful of the impending capital gains tax increase slated for June 25, 2024, affecting properties other than primary residences.
Moreover, in May 2024, The BC government is introducing the Short-Term Rentals Accommodation Act. While the new regulation will not impact short-term rentals in Whistler, there will be rules that those renting their properties for this purpose will need to follow (ie. obtaining and displaying your business license, and updating).
In conclusion, the real estate landscape in Whistler exhibits resilience and promise as we progress through 2024. The second half of the year is poised to amplify market momentum, driving opportunities and growth in these dynamic locales.
For more information about how the current Whistler real estate market activity trends may impact your decisions to buy or sell, contact me at any time.
–
Find out about the Pemberton real estate market here.
*Excluding parking stalls
**All stats deemed to be accurate and taken from the Whistler Listing System, April 2024.
