Let’s talk about what happened in the Whistler and Pemberton real estate markets in February.
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Whistler Market Recap:
In February, the Whistler market saw its second consecutive monthly increase in sales volume with 42* sales in February, including a record breaking $9.3 million dollar condo sale in the Four Seasons Private Residences with both the sellers and buyers represented by our office at The Whistler Real Estate Company. Sales were essentially on par with February 2023, but remained 30% below the 5-year average for the month of February. There was a notable increase in new listings with overall inventory rising 11% from last month and 32% when compared to February of last year. The largest increase in inventory as a percentage of units available came in the townhouse category.
Pemberton Market Recap:
In Pemberton, there were 4 sales in February – one single family, two townhouse and one vacant land sale. Sales volume essentially remained on par with the sales volume we have seen for the past few months, as well as sales from February of last year. Inventory increased slightly from January, and sits at 64* units, which includes 21 parcels of vacant land. Median sales prices were down slightly when compared to both last month and February of last year. Overall, Pemberton market conditions continue to lean in favour of buyers but inventory remains a constant constraint.
From an economic standpoint, Canada’s economy recorded slow GDP growth in Q4 of 2023 as exports rose, however, housing investment fell. Continued slow growth is expected as long as interest rates remain high. Canada’s inflation rate fell to 2.9% in January, but the Bank of Canada still held interest rates steady at their March 6 announcement. There is much speculation the first-rate decrease will come later this year. I believe the anticipation of this will be enough to drive increased market activity in both Whistler and Pemberton in the coming months and create a competitive spring market.
Inflation remains above the 2% target, but shelter cost fueled by high interest rates, is one of the key drivers. On the flip side, Canada’s unemployment rate for January 2024 is expected to hit its highest level in two years, and there are indicators that hiring demand is beginning to slow.
We’ve seen the return of some competition in the market with a few multiple offers on properties having happened last month, and with inventory still pretty tight, it’s smart to put your best foot forward when a property that fits your wants and needs hits the market.
