The real estate markets in Whistler and Pemberton have experienced a slow start to 2023, but there are signs of growth and optimism for the rest of the year. In this blog post, we’ll dive into the highlights of the first quarter and what we can expect in the coming months.
Slow Start in January and Market Rebound in February and March
January was a quiet month for both markets, with fewer sales than anticipated. However, this is not unusual for the season. As ski season was in full swing, many buyers and sellers were focused on enjoying the winter activities and holding off on real estate transactions.
As February and March approached, the market began to pick up steam. Economic certainty played a significant role in this rebound, as the Bank of Canada signaled that interest rate increases had likely come to an end. This grounding of rates has led to an increase in market activity, and with inventory still being low, this has even resulted in the return of multiple offers.
Whistler Market Overview
In Whistler, there were a total of 113 sales in the first quarter, with 93 of those sales, accounting for 82% of all Q1 sales, coming in February and March. Inventory improved slightly throughout the quarter, rising from 200 units in January to 229 In March, but inventory remains a major market constraint. The median sales price of properties increased both year-over-year and quarter-over-quarter for townhouses and condos, while the market saw a slight decrease in the median price of single-family homes.
Looking Ahead to Q2
As we move into the second quarter, we anticipate an increase in inventory as ski season and rentals wrap up, and sellers may be more interested in putting their properties up for sale, potentially fueling the spring market. From an economic standpoint, some uncertainty remains as a result of the recent Silicon Valley Bank failure, which may make this a good time to invest in less volatile assets such as resort real estate.
Overall, the first quarter of 2023 in the Whistler and Pemberton real estate markets saw a slow start, but the market rebounded in February and March, signaling a positive outlook for the rest of the year. With inventory remaining a major constraint, it’s an excellent time for sellers to put their properties on the market, and buyers to consider investing in resort real estate. We look forward to providing you with an update on the second quarter market in July.
