Let’s dig into the 2022 Whistler 1st quarter real estate market numbers.
Compared to the first quarter of 2021, the pace of unit sales slowed substantially from 108 sales per month, hitting a high of 114 in March 2021. So far in the first 3 months of 2022 we’ve averaged 71 sales per month which means the market still out paced the long-term average of 65 units per month.
The average sales price of properties in Whistler has continued to climb, even as the pace of sales has slowed.
The average transaction value year to date is $1,880,000 which is a notable increase of about 20% from the average transaction value of $1,570,000 reached at the end of 2021.
Property inventory in Whistler has slightly improved from the all-time historical low reached in December 2021, but the market is still constrained by a distinct lack of supply and we expect that to continue throughout the second quarter of 2021.
At this point, the Whistler market has not been affected by the March 2022 interest rate increase, the first increase from the Bank of Canada since 2018. Additional interest rate hikes are likely on the way in an attempt to curb inflation as the year progresses. But, we expect the impact on the Whistler market to be minimal at most.
The foreign buyer ban announced on April 7, 2022 as part of this year’s Federal budget excludes recreational properties which on paper seems like great news for the resort but whether real estate in Whistler is within the Federal government’s definition of “recreational properties” remains to be seen. An avid ski family from Seattle buying a home or condo in Whistler is about as recreational as it gets but we expect to find out more on this in the coming days.
We recommend keeping in touch with us to learn more as this Federal regulation develops. Given the vast majority of Whistler buyers originate from the B.C. lower mainland and foreign ownership here is actually quite small in comparison, we don’t anticipate this will have an impact on the pace of sales or prices in the Whistler market. As of yet, the current geopolitical conflicts and resulting uncertainty also hasn’t seemed to have an impact on the market. We will see if that continues.
That sums up our 2022 1st quarter Whistler & Pemberton market report. Thanks for watching. We’ll see you for our next quarterly update in July!
2022 Q1 Whistler Market Update
Average Sale Price
Has your Whistler property value changed?
We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.