Whistler Real Estate Market Update: Q3 Summary
As we look back on Q3, Whistler’s real estate market saw a shift that may interest both potential buyers and sellers. While summer is typically a slower season for sales, this quarter was notable for a slight decline in available inventory. Here’s a breakdown of what happened in the market during the third quarter of 2024 and what it means moving forward.
Inventory and Listings
One of the key factors driving the market this quarter was a substantial drop in new listings. Compared to Q2, the number of properties coming onto the market decreased by almost 40%. This drop followed an earlier surge of new listings in April and May, largely due to capital gains tax changes that took effect on June 25. After that date, the influx of new listings slowed considerably. Despite this, the overall inventory levels dipped slightly during the quarter, leaving market conditions somewhat stable.
Sales Activity in Whistler
A total of 104 properties were sold in Whistler during the third quarter, with activity spread fairly evenly across July and August, and with a slight uptick in September. This represents a 44% drop in sales compared to Q2, but only a 4% decrease compared to the same period last year, which suggests that this slowdown is more seasonal than unexpected.
The luxury market, defined as properties priced over $4 million, also saw a slight decrease in activity. There were 7 luxury sales in Q3, with the highest recorded sale at $8.7 million. While this represents a dip, it’s worth noting that the luxury segment remains an important part of Whistler’s market, even during slower periods.
Buyer Trends
The profile of buyers in Whistler remains relatively stable. Year-to-date, 81% of purchasers are from British Columbia. There has been a small but noticeable increase in U.S.-based buyers, who now make up 10% of all purchasers, up from 8% at the end of Q2. This uptick suggests growing interest from international buyers, which could influence the market as we move forward.
Market Conditions Favor Buyers
Overall, current market conditions in Whistler are leaning in favour of buyers. Inventory is 20% higher than it was at this time last year and 25% above the five-year average. With more properties to choose from and a slower sales pace, buyers may find themselves in a stronger negotiating position, particularly as we head into the colder months.
Looking Ahead: What to Expect in Q4 2024
As we head into the last quarter of 2024, the Whistler real estate market is expected to see a noticeable uptick. Historically, the approach of the snow season brings a surge in buyer interest, as people look to secure properties before winter. However, this year, the anticipated boost is also driven by pent-up demand from buyers who have been waiting on the sidelines for a shift in interest rates.
The recent decision by the U.S. Federal Reserve to cut rates by half a percentage point in September has created room for the Bank of Canada to follow suit. With expectations that rate cuts will continue, many potential buyers who had paused their searches may now feel more confident re-entering the market. Lower rates can increase affordability, which is likely to attract both local and international buyers. As more buyers return, we could see a shift in the types of properties being sold, with renewed interest in both primary residences and investment properties aimed at generating rental income during the busy winter season.
While these factors suggest positive momentum for Whistler’s market, it’s important to keep an eye on potential volatility in the broader financial landscape. The upcoming U.S. presidential election in November may create fluctuations in the market, particularly if policies that affect international investments are at stake. These political uncertainties often lead to cautious behaviour among investors, which could impact higher-end property sales in Whistler, where U.S.-based buyers are becoming increasingly active.
Closer to home, British Columbia’s provincial election on October 19 could also introduce some short-term unpredictability. Elections often bring discussions of housing policy changes, which can make both buyers and sellers hesitant to make decisions until there is more clarity on what the new landscape will look like. Any major shifts in housing regulations could have a direct impact on how the market performs, especially in regions like Whistler where the balance of short-term rentals, tourism, and local homeownership plays a crucial role in market dynamics.
Preparing for Q4
In light of these factors, sellers may want to consider listing their properties sooner rather than later to capture the renewed buyer interest driven by lower rates and the incoming winter season. Buyers, on the other hand, may find Q4 to be an opportune time to make a purchase before the market becomes more competitive and prices potentially rise due to increased demand.
Whether you’re buying or selling, it’s important to stay informed about the market. 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.
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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, October 2024.