Hello Readers,
Let’s dive into the highlights of the second quarter of 2024 in the Whistler and Pemberton real estate markets.
Whistler Market Insights
This quarter saw a steady rise in inventory levels in Whistler, driven by typical spring market activity and recent capital gains changes. April was bustling with sales, but May and June slowed down, despite the anticipated interest rate cut in early June.
- Sales: Whistler recorded 136 sales in Q2, with half occurring in April. This marks a 16% increase from Q1 but an 18% decrease from the same period last year.
- Prices: Despite the drop in sales volume, median sale prices rose each month due to the type of properties sold. The luxury market saw 10 sales over $4M, keeping it active.
- Buyers: Most buyers (83%) were from British Columbia, with others from Canada, the US, and international locations.
- Inventory: A listing boom resulted in 315 new units, with total market inventory at 346 units—50% higher than last year and 23% above the 5-year average. The market remains balanced, slightly favoring buyers.
Pemberton Market Insights
Pemberton also experienced a rise in inventory and a busy April, followed by a quieter May and June.
- Sales: There were 31 sales in Q2, nearly doubling Q1's volume. However, year-to-date sales are 17 fewer than by the end of Q2 2023.
- Prices: Median sales prices dipped across all categories due to sensitivity to mortgage rates.
- Inventory: Inventory grew by almost 40% from April to June, reaching 94 units—the highest since August 2020. The luxury segment saw one sale over $2M in Q2, compared to two in Q1.
- Buyers: 37% of buyers came from Whistler, 33% from Pemberton, 16% from the Lower Mainland, and 8% from other BC areas. The market leaned in favor of buyers.
Looking Forward
Summer traditionally brings a slower market in Whistler and Pemberton, with a pickup expected in late summer to early fall as buyers prepare for the snow season. We might see some properties taken off the market due to the new capital gains increase deadline passing.
Economists predict the Bank of Canada will hold rates steady at the end of July, with possible reductions in the fall. This could reinforce the usual summer and fall market patterns. The recent 0.25% interest rate cut hasn’t yet impacted the market significantly, and economic uncertainty persists, influenced by the upcoming US election.
Many buyers and sellers are in a “wait and see” mode, but there are still opportunities for motivated individuals.
Stay tuned for more updates, and happy house hunting!
