Let’s talk about the Whistler and Pemberton real estate markets in 2024.
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Whistler Market Recap:
In Whistler, there were a total of 505* sales in 2024, which is a 2% increase in sales from 2023, but remains 29% below the 5-year sales average. Total sales dollar volume in the Whistler market was $826M, which despite the slight increase in sales from last year, is the lowest dollar volume we have seen since 2019 and 14% below the 10-year average. Prices remained fairly consistent across all product categories when compared to 2023. Regarding inventory, we saw a steady decline of available listings through the back half of the year, with a total of 952 new listings coming to market in 2024, the third fewest in the last 10 years.
The median number of days for a single-family property to sell in 2024 was 57, an increase from 43 days in 2023. Days on market remained consistent with 2023 for townhouses, condos and land at 28, 30 and 95 days, respectively. The luxury segment of the market stayed steady in 2024 with 27 sales over $5M, including a new sales price record for a condo sale. As Whistler is excluded from Canada’s foreign buyer ban, international buyers continued to purchase properties in 2024, accounting for approximately 13% of property purchases in the Whistler market last year, with US buyers specifically accounting for 7%.
Pemberton Market Recap:
There were 108* sales in Pemberton in 2024, up 6% from the number of sales in 2023. The consecutive interest rate decreases the Bank of Canada delivered throughout 2024 helped fuel both sales and increased borrowing power leading to a median sales price of $870,000, a record high for Pemberton.
Luxury sales remained on par with last year with 7 sales over the $2M threshold. Regarding inventory, there were 193* units brought to market this year, inclusive of 39 parcels of vacant land. When compared to 2023, median days to sell for a property in Pemberton increased for single family to 53 days and townhomes to 39 days, but decreased for both condos to 27 days and vacant land to 86 days. Buyer’s origin for Pemberton was fairly typical with 39% of purchasers coming from within Pemberton, 35% from Whistler, 17% from the Lower Mainland.
From Economic Views:
The Whistler and Pemberton markets remain exempt from Canada’s Foreign Buyer Ban as well as the Foreign Buyer Tax. However, as it currently stands, residential properties in Whistler and Pemberton may be subject to the Underused Housing Tax and we suggest that you talk to your accountant to see what this means for your particular property and situation. As of January 1, 2025, the BC Government has introduced a home flipping tax (separate from the federal flipping rules) which applies to the net taxable income from the sale of a property owned for less than 730 days. This tax ranges, starting at 20% if the property is sold within the first 365 days of ownership, and decreases throughout the next 365 days, reaching 0% at the 730 day mark.
Looking to 2025, we expect to see increased sales volumes in both the Whistler and Pemberton markets that trend closer to historical averages, as mortgage rates are expected to continue to trend downward and policy changes such as the CMHC insured mortgage price limit increase improve the buying power of consumers. We anticipate the favourable currency exchange rates will lead to an increase in tourism in the Sea-to-Sky region and, in turn, an increase in purchasers from the US and other countries this coming year as our region is a very desirable second home market. With a Canadian election coming later this year and a leadership change south of the boarder as well, we anticipate there will be a variety of policy changes that impact our real estate markets. We are cautiously optimistic that we will see some housing and tax policy changes that will make purchasing or selling a property in Whistler or Pemberton even more attractive.
