Let’s talk about the numbers in December 2024 Whistler and Pemberton real estate markets.
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Despite a typical slow summer of sales, inventory levels declined slightly throughout the quarter. This came as a function of an almost 40% reduction in the number of listings coming to the market in Q3 vs Q2 As a side note, there was a flurry of new listings that came on the market back in April and May as a result of the capital gains changes but that quickly slowed following the June 25 effective date.
Whistler Market Recap:
October marked a second consecutive month of increasing sales with 42* sales in Whistler. This is the highest sales volume the Whistler market has seen since last May, as more buyers secured homes for the upcoming snow season. Buyers were focused on townhouses and condos, with only 3 chalet sales coming in this month. 75* new listings hit the market in October, which is a 10% decrease from the new inventory we saw in October of last year. Overall inventory currently sits at 304*units, which is 14% below the 2024 inventory peak this past July and 3% below the 10-year inventory average. Median days on market for properties sold in October were 64 days for chalets, 28 days for townhomes and 17 days for condos. This is an increase in days to sell both versus last month and last year for chalets, but a significant decrease in the number of days to sell for both townhomes and condos. Apart from the busy condo segment, the Whistler market still leans in favour of buyers.
Pemberton Market Recap:
Pemberton saw a busier October with 13* sales – 2 single family homes, 2 townhomes, 7 condos and 2 vacant land sales. This is a significant increase from the only 4* sales in October last year and marks the second highest monthly sales volume Pemberton has seen this year. The median sale price for both townhomes and condos was up year-over-year. This increase in sales volume and price point were likely influenced by the four consecutive Bank of Canada interest rate cuts and the signaling there is more to come. Active inventory is down 19% from last month and sits at 74* units (46 units when excluding vacant land) , essentially on par with Pemberton’s 10-year inventory average. With the CMHC insured mortgage price limit increasing to $1.5 million in December, we anticipate further pressure on inventory and more competition to drive prices as this new price limit perfectly aligns with pricing for anyone entering into the Pemberton market. Overall, the Pemberton market is currently balanced, with the townhome and condo segments favouring sellers.
From Economic Views:
This is probably the understatement of the year but from an economic perspective, we are anticipating some instability spawning from the US election as potential policy shifts could influence cross-border trade and investment. The Canadian dollar is currently at a low that hasn’t been seen in years as a result of this uncertainty coupled with a divergence in monetary policy in the US and Canada, making the Whistler and Pemberton markets even more attractive to American buyers. With inflation currently sitting below the Bank of Canada’s two percent target rate and a slow economy, we anticipate more rate cuts to come, however the US Federal Bank’s decisions will likely have an influence. Further cuts will aid in overall consumer confidence and encourage some buyers who may have been sitting on the fence for quite some time to take action.
