Whistler Real Estate market update December 2024

As we welcome in the new year, I hope this finds you well and off to a great start for 2025.  Normally the holidays for me are that – a time to take a break to recharge, and spend time with family and friends.  While I did get a chance to do that, it was an abbreviated break as December proved to be a busy one, with an increase in showing requests and offers written. Two things struck me during this time were 1.) after a year that predominantly favoured buyers in 2024, the year in real estate finished stronger than expected, and 2.) we are seeing the return of competing buyer offers, with some properties selling over their listed price (if priced competitively).

I saw this article from Western Investor “B.C.’s ski hill properties ‘buyer’s market’ may soon see price surge” and want to share it with you.  What’s driving this? I see two predominant factors – lower interest rates here in Canada (with likely reductions more on the way), and a strengthening US dollar.  I would go so far to suggest that the “may soon see…”, should be amended to “are seeing…”.  January has started strong, and there is no doubt in my mind that 2025 is going to be a much busier year in local real estate than 2024.  Expect buyer demand to increase, reducing inventory and with it, increasing prices.

Here are the market stats for December 2024*.

In December, Whistler saw 212 active listings comprised of Chalets, Condos (residential and nightly rental), Duplexes (residential and nightly rental), Townhomes (residential and nightly rental) and Triplexes. This represents a 13% increase in listings from December 2023 and represents a 5% decrease in properties for sale from November 2024.

December 2024 saw 25 sales of the same, giving a Sales to Active Ratio of just under 12% or a “Balanced” market. 2024 finished with 402 firm contracts, which is only 1% below 2023 at 405 firm sales.  Year to date sales volume came in at $767M, only 5% down from the 2023 sales volume of $808M. I was expecting the 2024 volume to be significantly lower this year compared to last.

For the trends in the subsectors we see in Whistler, please see below:

In December, there were 79 single family homes listed in Whistler with 3 sales, giving a Sales to Active Ratio of 4%, keeping this sector to a “Buyer’s market” but noting that we already have 2 sales in the book from Jan. 1, 2025.  2024 saw a sales volume of $297M, compared to 2023 which saw a sales volume of $324M.

December 2024 saw 36 active Townhouse Phase I listings with 5 sales, giving a Sales to Active Ratio of 14%, keeping this sector “Balanced”.  2024 saw $151M in sales volume which was 5% lower than the $158M we saw in 2023.

The Phase I condo sector saw 46 active listings in December and 7 sales, giving a Sales to Active Ratio of 15%, again, keeping this sector “Balanced”.  Sales volume for 2024 totaled $134M which was a 5% increase, compared to the 2023 total of $127M.

There were 22 active Phase II listings available for purchase in December, and 5 sales, giving a Sales to Active Ratio of 23% and 4 months of inventory on the market. This sector saw a strong finish to 2024 with $49M in sales volume compared to 2023 which saw $43M, representing a 14% year over year increase.

December brough a combined 23 active residential condo and townhouse listings to market and 4 sales giving a 17% Sales to Active Ratio, a “Balanced” market starting to favour sellers. 2024 Year to Date sales volume measured $100M, which was 8% higher that 2023 at $93M with 3 months of inventory available to purchase.

I wish you a healthy and prosperous 2025. Please connect if you or friends have questions on our local resort market – I am here to help.

My best always,

Nick

*As of January 11, 2025, and taken from the Whistler Listing System.  Information deemed accurate at time of record and may be subject to change.