Whistler Real Estate Market Overview: Q2
During the second quarter of 2024, inventory levels in Whistler rose steadily, driven by typical spring market activity and the introduction of new capital gains changes towards the end of the quarter. April saw a significant surge in sales within the Whistler market. This was followed by a slower May and June, as the highly anticipated interest rate decrease at the beginning of June did not significantly boost market activity.
Whistler Market Insights
In Q2, Whistler recorded a total of 136* sales, with approximately half occurring in April. This represents a 16% increase from Q1 but an 18% decrease compared to the same period last year. Despite the decline in sales volume over the quarter, the median sale price increased each month due to the mix of properties sold. The luxury segment, although slower than in Q1, remained active with 10 sales exceeding $4 million in Q2.
Buyer demographics in Whistler for the first half of the year were typical: 83% of buyers were from British Columbia, 2% from the rest of Canada, 8% from the US, and 5% from other international locations. A listing surge likely spurred by the capital gains change saw 315 new units enter the market throughout the quarter. Total market inventory now stands at 346 units, which is 50% higher than this time last year and 23% above the 5-year average. Overall, Q2 market conditions in Whistler were balanced, slightly favouring buyers.
Looking Ahead
Traditionally, the Whistler real estate market slows down during the summer, with activity picking up in late summer to early fall as buyers seek properties for the upcoming snow season. We might see an inventory correction as the deadline to sell and avoid the new capital gains tax increase has passed, and some unsuccessful sellers may withdraw their properties from the market.
Economists anticipate that the Bank of Canada will maintain current interest rates in the July announcement, with potential reductions later in the fall. This is expected to reinforce historical summer and fall market patterns. The initial 0.25% interest rate decrease in early June has not yet generated significant momentum. While the rates are consistent with past levels, they remain higher than what borrowers are accustomed to, contributing to ongoing economic uncertainty. Some of this uncertainty is exacerbated by the volatility in the US market due to the upcoming November election. As a result, many buyers and sellers are adopting a “wait and see” approach. However, for those motivated to act, opportunities exist from both buying and selling perspectives.
Conclusion
The Whistler real estate market experienced notable changes in Q2, marked by increased inventory, shifting buyer demographics, and evolving market conditions. As we move into the latter half of the year, keeping an eye on interest rate decisions and market trends will be crucial for making informed real estate decisions in Whistler.
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, July 2024.
