A Comprehensive Look at Whistler Real Estate in 2023
As we reflect on the dynamic landscape of the Whistler real estate market in 2023, we observe a year marked by nuanced shifts and resilient market dynamics.
Despite a 13% drop in total sales compared to the previous year, our community demonstrated remarkable strength, showcasing the enduring appeal of the resort. Let’s delve into the key metrics, highlighting both challenges and opportunities that defined the real estate landscape in Whistler over the past year.
A Closer Look at the Whistler Real Estate Sales Performance
In 2023, a total of 490* sales transpired in Whistler, representing a noteworthy 13% decrease from 2022. This figure marks the lowest annual sales volume witnessed in the last decade, underscoring the unique challenges faced by our market. Despite the dip in sales, the total sales dollar volume stood at $867 million, a resilient performance that trailed only slightly behind the 10-year average by approximately $60 million.
Remarkably, property prices remained robust throughout the year. The median sale price of a Whistler property surpassed the levels seen during the peak of the pandemic market in 2020 and 2021. This resilience attests to the enduring value of real estate in our region.
The median number of days for a property to sell in 2023 increased to 32, up from 21 in 2022, yet it remained below the 10-year average of 39 days.
Despite the slower pace, the luxury market segment maintained its strength with 39 sales of over $4 million, including a record-breaking $32 million sale.
In terms of inventory, 838* units were brought to the market in 2023, marking a decrease of 50 units compared to the previous year. Notably, this figure represents the lowest number of units introduced to the market in the last decade. Despite this decline, inventory levels saw a monthly increase compared to the previous year. The slower sales volume provided potential buyers with a more diverse array of choices, offering a positive shift from the constrained options observed in the preceding years.
International Buyers and Market Inclusions:
Whistler’s exclusion from Canada’s foreign buyer ban continued to attract global interest in 2023. International buyers accounted for approximately 13% of property purchases and a significant 20% of the total dollar volume. The United States led the pack, representing 8% of all property purchases in Whistler last year.
As we navigate through the intricacies of the past year’s real estate performance, there is an air of anticipation for a resurgence in the Whistler real estate markets. The groundwork for this optimism is laid in the changing economic landscape, marked by crucial indicators that suggest a shift towards increased sales volumes and heightened market activity.
As inflation approaches the target range and the effects of the past two years of quantitative tightening measures begin to manifest in the Canadian economy, particularly in the form of mortgage renewals, experts predict a noteworthy development. It is anticipated that the Bank of Canada will initiate a series of interest rate reductions throughout 2024. Already, there is an observable downward trend in longer-term mortgage rates, signalling a potential boon for prospective homebuyers.
This shift in interest rates holds significant implications for the real estate sector. As rates decline, the buying power of consumers is expected to increase, injecting renewed vitality into the housing market. The Canadian Real Estate Association has boldly predicted a 9% surge in home sales and a 1.5% uptick in home prices for the upcoming year. This projection sets the stage for a dynamic market environment, characterized by heightened competition and increased demand.
In the context of Whistler, where demand has consistently outpaced supply, this anticipated upswing in market activity presents exciting prospects. With limited inventory and a robust demand base, we expect both markets to witness heightened competition among buyers. As we navigate the unfolding trends in 2024, our commitment to providing informed insights remains unwavering, ensuring that you are well-equipped to make strategic decisions in this evolving real estate landscape.
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, January 2024.