Back To Blog October 15, 2024
Whistler real estate market update September 2024.
What a great start to fall we have enjoyed so far. This time of year is one of my favorite times as we transition from summer activities and prepare for winter. The leaves are turning, the mornings are crisp, we have seen a dusting on snow on the mountains and despite it being a ‘shoulder’ season, the resort is still busy. Of note is the Whistler Writers Festival Oct. 17 – 20 and the International Freesports Film Fest, Oct. 16 – 19. This weekend marks Canadian Thanksgiving, and I wish you a very happy one.
Currently the Bank of Canada benchmark interest rate sits at 4.25% but we are expecting to see another rate drop on Oct. 23, some predicting up to .5% basis points. As rates continue to fall, we are seeing the return of more buyers to the real estate market, but prices must reflect the softer market to attract the offer.  Inflation is still high and contributing to some hesitancy. Typically, the fall marks a busier time of the year for sales here in Whistler and Pemberton and we are at a crossroads that still enable buyers to find well priced properties, but this won’t last.  My experience is that our resort micro-market takes time to drop but moves up very quickly once buyers start to move back in, a trend we are already starting to see.
Here’s a snapshot of the Whistler market as of the end of September*:
Whistler Real Estate Snapshot (September 2024)
  • 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:

Single Family Homes
  • 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.
Townhomes – Phase I
  • 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.
Townhomes – Residential
  • 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.
Condos – Phase I
  • 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.
Condos – Phase II Hotel-condos
  • 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.
Condos – Residential
  • 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 Summary
The Whistler market continues to provide opportunities for both buyers and sellers, with increased inventory and a more balanced sales-to-listing ratio. Single-family homes and Duplexes continue to faced price pressure, but Phase II condos seeing stronger sales volumes. Inventory is rising across the board, so buyers have more options, but sellers should be mindful of potential pricing adjustments.
The market is active, and as always, it’s essential to stay informed and adapt strategies based on the shifting market dynamics. 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!
Wishing you a very happy Thanksgiving,
Nick
*Source: Whistler Listing Service as of October. 12 2024 and deemed accurate at publication.