Back To Blog November 7, 2024

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.