Whistler Real Estate market update December 2024

• Monthly Active Listings: Decreased by 6%, from 239 in October to 224 in November.
• Monthly Firm Contracts: decreased by 30%, from 40 to 28.
• Sales to Active Ratio: decreased 25% from 16.7% to 12.5%.
• Median Sale Price: Dropped by 15%, from $1,170,000 to $992,000.
• Monthly Sales Volume: Decreased slightly by 8%, from $60.56M to $55.56M.
• Yearly Sales Volume (Jan–Nov 2024): sat at $721M, down 7% from 2023 .
• Months of Inventory: Remained steady at 8 months.

• Monthly Active Listings: Declined slightly by 6%, from 93 to 87.
• Monthly Firm Contracts: Held steady at 5 for both months.
• Sales to Active Ratio: Increased marginally by 7%, from 5.4% to 5.7%.
• Median Sale Price: Declined by 19%, from $3,500,000 to $2,850,000.
• Monthly Sales Volume: Jumped by 55%, from $18.37M to $28.49M.
• Yearly Sales Volume (Jan–Nov 2024): $287.5M, down 10% from 2023.
• Months of Inventory: Decreased by 11%, from 19 months to 17 months.

• Monthly Active Listings: Stayed consistent at 37.
• Monthly Firm Contracts: Increased by 40%, from 5 to 7.
• Sales to Active Ratio: Improved by 40%, from 13.5% to 18.9%.
• Median Sale Price: Dropped by 6%, from $1,725,000 to $1,625,000.
• Monthly Sales Volume: Grew significantly by 65%, from $8.24M to $13.57M.
• Yearly Sales Volume (Jan–Nov 2024): sat at $137M compared to $146M the year before.
• Months of Inventory: Declined by 29%, from 7 months to 5 months.

• Monthly Active Listings: Declined by 16%, from 25 to 21.
• Monthly Firm Contracts: Held steady at 3.
• Sales to Active Ratio: Increased by 19%, from 12.0% to 14.3%.
• Median Sale Price: Dropped by 13%, from $1,230,000 to $1,066,511.
• Monthly Sales Volume: Fell by 2%, from $3.81M to $3.75M.
• Yearly Sales Volume (Jan–Nov 2024): sat at $75M, down 9% from 2923.
• Months of Inventory: Dropped by 13%, from 8 months to 7 months.

• Monthly Active Listings: Increased by 5%, from 44 to 46.
• Monthly Firm Contracts: Declined by 43%, from 7 to 4.
• Sales to Active Ratio: Declined by 45%, from 15.9% to 8.7%.
• Median Sale Price: Dropped by 6%, from $1,044,000 to $979,500.
• Monthly Sales Volume: Declined significantly by 53%, from $9.76M to $4.63M.
• Yearly Sales Volume (Jan–Nov 2024): $122m down 1% from 2023.
• Months of Inventory: Increased by 100%, from 6 months to 12 months.

• Monthly Active Listings: Dropped by 20%, from 25 to 20.
• Monthly Firm Contracts: decreased 46%, from 13 to 7.
• Sales to Active Ratio: dropped 33%, from 52% to 35%.
• Median Sale Price: Fell by 7%, from $468,000 to $437,500.
• Monthly Sales Volume: Declined by 44%, from $6.74M to $3.79M.
• Yearly Sales Volume (Jan–Nov 2024): $46.1M up 13% from 2023..
• Months of Inventory: Increased by 50%, from 2 months to 3 months.

• Monthly Active Listings: Decreased by 17%, from 6 to 5.
• Monthly Firm Contracts: Declined from 3 to 1.
• Sales to Active Ratio: Dropped by 60%, from 50.0% to 20.0%.
• Median Sale Price: decreased from $1.17M to $665,000.
• Monthly Sales Volume: Fell by 43%, from $1.17M to $665,000.
• Yearly Sales Volume (Jan–Nov 2024): $20.M.
• Months of Inventory: Remained stable at 2 months.

Whistler real estate market update October 2024

What a busy few weeks it has been.  The 2024 British Columbia general election was held on Oct. 19 with the New Democratic Party retaining it’s second consecutive win in the majority. This however could change to a minority depending on a pending recount in the riding of Surrey-Guildford.

The end of October also saw a .5% basis point reduction in the Bank of Canada’s prime lending rate, bring the rate down to 3.75%. It is suggested that 2025 may bring further cuts, taking the rate down to 2.75% according to the BoC’s latest quarterly Market Participants Survey. Buyers thinking it prudent to wait for more reductions may find that the drops prompt a higher absorption of inventory which in turn see prices increase.

In the United States the Republicans have won the U.S. Presidency and Senate with money markets reacting positively. Interestingly, another U.S. election and another “moving to Canada” surge in Google searches. It is worth noting the USD / CAD exchange is very favourable for Americans looking to move funds into Canada, but with a Canadian ban on non-resident property purchases in major Canadian urban areas, it’s not so easy…  unless they look to a resort like Whistler, which is exempt from the National ban on non-resident property purchases. We will have to wait to see if a softening CAD will bring a resurgence of non resident purchasers back into the Whistler market, but I feel it very likely.

Regionally, the Real Estate Board of Greater Vancouver reports “After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October.”

With four consecutive drops in mortgage rates and more to come, a potential rebound should not come as a surprise.  There are many buyers who have been on the fence waiting for the drops, and we are at the start of seeing a move by many to enter the real estate market.

… and most importantly: Just over 2 weeks for Opening Day and the snow conditions are looking good!

I have included the October 2024 statistics for the Whistler market below.

All Whistler real estate update

• Active Listings: September closed with 255 active listings, up 26% compared to last year. October followed with 239 active listings, a 21% increase year-over-year. The rise in inventory giving buyers more choice.
• Firm Sales: September 2024 recorded 35 sales, up 30% from September 2023 (27 sales). October saw 36 sales, a 3% increase month over month but a 28% drop from last October’s count of 50 sales.
• Sales to Active Ratio: The S/A ratio has climbed another 10% from last month and now sits at 15% from 13% in September.  This represents a significant increase from the summer which saw a consistent S/A ratio of between 9% – 10%, noting that a S/A ratio under 12% is considered a ‘Buyer’s Market’.
• Median Sale Price: In September, the median sale price climbed to $1.39 million, marking a 22% increase from last year. October saw a median price of $1.17 million.
• YTD Sales Volume: Total sales volume up to and including October 2024 sat at $659M, down 9% from October 2023 ($724M) reflecting a slower 2024 year compared to 2023. This said, YTD firm sales were only down 5% in October 2024 (344 firm sales) compared to 362 in 2023. This shows that buyer activity was relatively consistent year to year but the price points have lowered in 2024.

I am pleased to share the October trends in the subsectors we see in Whistler, below:

Single Family Homes update

• Active Listings: There were 93 Single family homes available for purchase in October, down 8% from September.
• Sales: October saw 3 sales.
• Sales to Active Ratio: The S/A ratio was 3.2% for Single Family Homes.
• Median Sale Price: The median sale price for single-family homes in October was $3.75 million, up 18% from last year and 17% from September ($3.2M). This fluctuation may be due to the wide range of properties sold each month.
• YTD Sales Volume: YTD Sales Volume was $123M for October 2024.  This down 6% from this time last year which posted a October YTD volume of $131M. YTD firm contract were also down from 2023; 53 sales in 2024 compared to 62 in 2023.

Phase I Nightly Rental Townhomes

• Active Listings: Inventory rose in the Phase I townhome market, with 36 active listings in September (up 29% YoY) and 37 in October (up 9% YoY), allowing for more buyer choice in this category.
• Sales: Sales declined slightly in October, to 5 sales compared to September 2024 which saw 6 sales. October 2023 saw 4 sales which means an increase of 25% year over year.
• Sales to Active Ratio: the S/A was 13.5% for October.
• Year to Date Firm Sales: 53 sales have occurred in this sector since the beginning of the year, down 15% for the same time last year (62 sales)
• Sales Volume: YTD sales volume is down 6% to $123M compared to October 2023 at $131M.

Residential Townhomes

• Active Listings: October saw 24 active residential listings (no nightly rentals allowed). This is up 41% compared to last year but reduced by 23% from September (31 active listings).
• Sales: October saw 3 residential townhome sales, a 25% decline from October last year and down 40% from September which saw 5 sales.
• Sales to Active Ratio: The S/A ratio sat at 12.5% for October.
• Median Sale Price:
• YTD Sales Volume: Sales volume hit $71M million in October. This was down 10% from October 2023 which saw a YTD volume of $79M.

Phase I Nightly Rental Condos

• Active Listings: Phase I condo inventory saw 41 active listings in September (down 7% YoY) and 44 in October (up 22% YoY), indicating more options in October compared to last year.
• Sales: Condo sales in Phase I rose to 7 in September, a 75% increase from last year, though October saw a drop to 6 sales, down 14% from September 2024.
• Sales to Active Ratio: October posted a 13.6% S/A ratio.
• YTD Sales Volume: YTD date to October saw $116M in sales volume, down 3% from October 2023 ($120M).

Phase II Hotel-Condos

• Active Listings: Phase II condos saw 25 active listings in October.
• Sales: October saw 12 sales, a jump of 140% from September (5 sales) but still lower than October 2023 which saw 14 sales.
• Sales to Active Ration: The S/A ratio sits at 50% showing this sector to be robust in demand.
• Residential Condos.
• Active Listings: Residential condo listings sat at 9 in September (up 200% YoY) and 6 in October (up 50% YoY), showing a decrease in availability.
• Sales: 3 residential condo sales occurred in October.
• Sales to Active Ratio: This sector saw a 50% S/A ratio in October.

Market Summary

With Provincial government stability in place and a continued reduction in the cost to borrow money, the Whistler market is poised to move from a Buyer’s market back into a more balanced market. Being ‘open for business’ to buyers outside of Canada, specifically those purchasing in US dollars, could put downward pressure on the inventory available to purchase, and move some sectors back into a Sellers market. As Canada’s #1 ski and outdoor recreational destination, and some would argue N. America’s top 3, demand for Whistler real estate will continue to gain momentum.

For Buyers, now presents an excellent time to purchase.

For the Seller’s, the coming months may see upward movement in price points.

The Whistler market is a dynamic micro-market, making it crucial to stay informed and adjust strategies as conditions change. Whether you’re planning to buy, sell, or explore your options, I’m here to offer expert guidance and tailored service. I am here to make your next real estate move a successful one. Please connect if I may be of service to you, family or friends.

My best always,

Nick

*Source: Whistler Listing Service as of November 7, 2024, and deemed accurate at publication.

• Active Listings: Inventory across Whistler stands at 255 active listings, a 3% decrease from September 2023 (203 listings) but a 26% increase compared to last year.
• Firm Sales: A total of 35 firm contracts were reported this month, reflecting a 30% increase from last year and a 46% increase from last month.
• Sales to Active Ratio: The sales to active ratio is at 13.7%, up 3% from the previous year and a month-over-month increase of 50%.
• Median Sale Price: The median sale price for September was $1,350,000, showing an 18% from last year and down 20% from August.
• Sales Volume: The total sales volume for the month reached $62,267,800, a 31% increase month-over-month and a 6% increase compared to last year.
• Year to Date Firm Contracts: Year to date, there have been 307 firm contracts, a -2% decrease from last year’s 312 contracts.
• Year to Date Sales Volume: The year-to-date sales volume is currently $600,855,599, representing a -5% decrease from last year’s figures.
• Months of Inventory: We are now seeing 7 months of inventory, down 13% from the previous year.

Whistler Real Estate Market by Property Type:

• Active Listings: There are 101 active listings, a 23% increase from September 2023 (82 listings) and a 6% increase from August.
• Firm Sales: This month, 8 homes sold, a 100% increase from August.
• Sales to Active Ratio: The sales to active ratio is 7.9%,still keeping this sector in a Buyers market.
• Median Sale Price: The median price for single-family homes has dropped to $3,002,150, down 61% from from last September.
• Monthly Sales Volume: The total sales volume for single-family homes was $30,191,800, a 77% increase from last month.
• Months of Inventory: There are currently 13 months of inventory.

• Active Listings: There are 36 active listings, a 8% decrease from August.
• Firm Sales: 6 firm sales were recorded this month, a 100% increase from August and 20% increase year-over-year.
• Sales to Active Ratio: The sales to active ratio is 16.7% moving this sector into a balanced market, favouring sellers.
• Median Sale Price: The median price for Phase I townhomes is now $1,446,500, down 12% from August.
• Monthly Sales Volume: The sales volume for Phase I townhomes reached $8,773,000.
• Months of Inventory: We now have 6 months of inventory, down 54% from last month.

• Active Listings: There are currently 31 active listings, reflecting a 63% increase from last year (19 listings) but down 6% month-over-month.
• Firm Sales: 5 townhomes sold this month, a 25% increase from August and a 150% increase year-over-year.
• Sales to Active Ratio: The sales to active ratio is 16.1%, up 33% month-over-month, representing a more balanced market.
• Median Sale Price: The median sale price is now $1,426,000, a 5% reduction from last month.
• Monthly Sales Volume: The monthly sales volume reached $9,483,500, a 60% increase from August.
• Months of Inventory: We currently have 6 months of inventory, down 25% from last month.

• Active Listings: There are 41 active listings, down 7% from compared to last year and a 15% decrease from last month.
• Firm Sales: September saw 7 firm sales, a 75% increase year-over-year and a 13% decrease from last month.
• Sales to Active Ratio: The sales to active ratio stands at 17.1%, keeping this sector balanced.
• Median Sale Price: The median sale price is now $940,000, down 37% from August.
• Monthly Sales Volume: The monthly sales volume reached $7,688,000, a 36% decrease from last month.
• Months of Inventory: We now have 6 months of inventory.

• Active Listings: There are currently 22 active listings, a 38% increase from last year (16 listings) and up 5% from August.
• Firm Sales: This month recorded 5 firm sales, down 29% year-over-year but up from last month’s single sale.
• Sales to Active Ratio: The sales to active ratio is 22.7%, continuing to keep this sector in a seller’s market for in-demand complexes.
• Median Sale Price: The median sale price increased to $669,000, up 24% from last year.
• Monthly Sales Volume: The monthly sales volume reached $2,771,500, up 272% from August.
• Months of Inventory: There are currently 4 months of inventory available for purchase.

• Active Listings: There are 9 active listings.
• Firm Sales: September recorded 4 firm sales.
• Sales to Active Ratio: The sales to active ratio is at 44%, but noting that such a small sample size will skew this value.
• Median Sale Price: The median sale price is now $720,000, down 16% from last month.
• Monthly Sales Volume: The monthly sales volume reached $3,360,000 in September, marking a 96% increase from August.
• Months of Inventory: We are currently seeing 2 months of inventory.

Whistler real estate market update August 2024.

As summer winds down and the cool, crisp air starts hinting at the upcoming ski season, Whistler’s real estate market is heating up. Despite the changing season, the market remains dynamic, with unique opportunities for both buyers and sellers. Demand for well-situated properties, particularly in the nightly rental sector, continues to be strong. However, with inventory levels steady in most areas, pricing strategy is key for anyone looking to make the most of the current market conditions.

The Canadian Real Estate Association’s Senior Economist predicts an uptick in housing activity by the end of 2024, making this a prime time for buyers to enter the market. For those focused on resort real estate, movement is expected to begin at the high end—something we’re already witnessing in Whistler with high-end homes and vacant lots changing hands.

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different. With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” Andrew Lis, GVR director of economics and data analytics

Here’s an overview of the Whistler real estate market as of August 2024:

Whistler Real Estate Snapshot (August 2024):

• Active Listings: 263, down 4% from last month, but up 49% year-over-year.
• Firm Sales: 21 contracts, a 22% drop from July and 25% below last year’s numbers.
• Median Sale Price: $1,720,000, up 63% year-over-year, but down 16% from July.
• Sales Volume: $43.15M, a 26% decrease year-over-year and a 31% drop from July.
• Months of Inventory: 13 months, reflecting a 30% increase from July and a 117% rise compared to last year.
• Overall Sales-to-Active Ratio: 8%

Whistler Real Estate Market by Property Type:

Single Family Homes:

• Active Listings: 95, up 1% from last month and 34% from last year.
• Firm Sales: 4 homes sold, down 43% from July but steady year-over-year.
• Median Sale Price: $4,317,500, up 39% from July, though still 27% lower than last year.
• Sales Volume: $17.1M, a 36% drop from last month.
• Months of Inventory: 24 months, an 85% increase from last year.
• Sales-to-Active Ratio: 4.2%

Townhomes – Phase I:

• Active Listings: 39, up 3% month-over-month and 56% year-over-year.
• Firm Sales: Only 2, down 67% from July and 71% from last year.
• Median Sale Price: $1,200,000, down 55% from July and 42% lower than last year.
• Sales-to-Active Ratio: 5.1%

Townhomes – Residential:

• Active Listings: 33, down 11% from July but up 94% from last year.
• Firm Sales: 3, down 40% from July, but consistent year-over-year.
• Year-to-Date Sales: 34, a 13% drop from 2023.
• Sales-to-Active Ratio: 9.1%

Condos – Phase I:

• Active Listings: 48, a 13% drop from July, but up 41% year-over-year.
• Firm Sales: 8, double from July.
• Year-to-Date Sales Volume: $100.1M, up 3% from last year.
• Sales-to-Active Ratio: 16.7%

Condos – Phase II:

• Active Listings: 21, down 22% from July but 40% higher than last year.
• Firm Sales: Only 1, a 75% year-over-year decline.
• Median Sale Price: $745,000, up 22% from last month and 28% higher than last year.
• Sales-to-Active Ratio: 4.8%

Residential Condos:

• Active Listings: 13, up 30% from July.
• Firm Sales: 1 in August.
• Year-to-Date Sales Volume: $12M.

Whistler Real Estate Market Summary

With inventory on the rise in Whistler, downward pressure on pricing may continue on the Whistler real estate market, but another potential drop in interest rates could soon drive demand back up. If you’re considering buying, now may be an excellent opportunity before prices level out or even rise heading into 2025. For sellers, patience will be crucial as the market transitions from a buyer’s market to a more balanced one.

If your property is currently on the market, strategic pricing remains key to attracting offers in today’s conditions.

Whether you’re looking to buy, sell, or explore your options, I’m here to provide expert guidance and personalized service. Let’s work together to ensure your next real estate move is a success!

As summer heats up, so does the real estate market in Whistler. July 204 has brought some interesting shifts and trends that potential buyers and sellers should be aware of. Whether you’re thinking about purchasing a home, investing in a vacation property, or simply keeping tabs on the market, here’s a comprehensive overview of the latest real estate data in Whistler.

Active Real Estate Listings See Significant Increase

The most noticeable trend in July 2024 is the surge in active listings. Compared to July 2023, there has been a 67% increase in the number of properties on the market, with 275 homes available. This is a significant rise, though it’s worth noting that the number of active listings has remained stable from June 2024. The increase in inventory suggests that sellers are eager to list their properties, but it may also indicate a cooling in buyer demand, as properties are staying on the market longer.

Sales and Firm Contracts Decline

Despite the increase in listings, the number of firm contracts in July 2024 has dropped by 31% compared to last year, with only 25 properties sold. This represents a 14% decline from June 2024. The sales to active ratio—a key indicator of market health—has also taken a hit, dropping 58% year-over-year to just 9.1%. This decline from 2023, as well as the 14% decrease from June, points to a more sluggish market where buyers are either hesitating or finding themselves with more options, leading to slower sales.

Median Sale Price on the Rise

One of the more positive signs for sellers is the 50% increase in the median sale price year-over-year, which now stands at $2,050,000. This substantial rise indicates that while fewer homes are being sold, those that do sell are commanding high prices. This could be due to the desirability of specific properties, or perhaps the market’s adjustment to higher-priced inventory that meets buyers’ expectations.

Sales Volume Declines Across the Board

While the median sale price has increased, the overall sales volume tells a different story. The total sales volume for July 2024 was $59,135,000—a 38% decline from July 2023 and a 7% drop from June 2024. This decline in sales volume across all property types suggests that the market may be entering a correction phase, where prices and sales activity are stabilizing after a period of rapid growth.

Single Family Homes: A Mixed Bag

For those interested in single-family homes, the market has shown some mixed results. Active listings for single-family homes increased by 59% from July 2023, with a total of 94 homes available. However, the number of firm contracts was relatively stable, with a slight increase from June, as 7 homes were sold in July 2024.

The median sale price for single-family homes decreased by 15% year-over-year, coming in at $3,100,000. This decline may indicate that while more homes are on the market, they are not necessarily attracting higher offers. The total sales volume for single-family homes was $26,590,000, reflecting a 42% drop from last year, despite a small month-over-month increase.

Townhomes and Condos: Varied Performance

Townhomes and condos, two of the most popular property types in Whistler, have shown varied performance in July 2024.

• Townhomes Phase I: Active listings increased by 63% year-over-year, and the median sale price saw a modest 22% rise. However, sales volume slightly decreased, suggesting a balance between supply and demand.
• Townhomes Residential: Listings in this category more than doubled, with a 111% increase from last year. Despite this, firm contracts dropped by 44%, and sales volume fell by 53% compared to July 2023, indicating a slower market for these types of properties.
• Condos Phase I & II: The condo market also showed varied trends. Phase I saw a 57% increase in active listings, but the sales to active ratio dropped significantly by 72%. In contrast, Phase II experienced an 18% increase in sales volume, even as its sales to active ratio declined by 53%.  The Westin Resort Whistler and Delta Whistler Village Suites continue to see high demand.

Inventory and Market Conditions

The average days to sell across all property types decreased by 34% from June to July, now averaging 39 days. This decrease suggests that while fewer homes are being sold, those that do sell are moving quickly—likely due to motivated sellers pricing their properties competitively.

Another key indicator to watch is the months of inventory, which have increased significantly. Single-family homes, for instance, now show up to 13 months of inventory, indicating a shift toward a buyer’s market. This trend, combined with the rise in active listings, suggests that buyers have more options and negotiating power, which could lead to further price adjustments in the coming months.

Year-to-Date Overview

Looking at the year-to-date data, the number of firm contracts has decreased by 5% compared to last year, with a slight decline in overall sales volume. The total sales volume for 2024 so far stands at $485,565,799, which is 6% lower than the same period in 2023. These figures reflect a market that, while still active, is showing signs of slowing down after a period of rapid growth.

Conclusion

The Whistler real estate market in July 2024 presents a mixed bag of opportunities and challenges. While there are more properties available, buyers seem to be taking their time, resulting in longer selling periods and lower sales volumes. On the other hand, the rise in median sale prices indicates that high-quality properties are still in demand. As the market continues to evolve, it will be interesting to see how these trends develop in the coming months.