Whistler & Pemberton Market Update 2023 Recap

January 16, 2024Lynne VennerBlog Post, Weekly Market Update

Greetings from Whistler and Pemberton,

Take a moment to delve into the highlights of our corporate newsletter for the year 2023! Below are this week’s figures, please reach out if you seek additional details on the latest listings or if you have inquiries regarding selling.

We are committed to helping you navigate the process and would love the opportunity to discuss it further. Reminder – if you have any questions on your BC Assessments be sure to reach out sooner than later so you do not miss the deadline for appeals.

Here are this weeks numbers:
Whistler
22 New Whistler Listings
8 Sales in Whistler
3 Price Adjustments

Pemberton
2 New Pemberton Listings
1 Pemberton Sale
1 Price Adjustment

Wishing you all a world of happiness, good health, and endless reasons to smile in 2024.

Lynne Venner & Tracey Cruz

Your Mother/Daughter Team

*Note All statistical information provided from sources deemed to be reliable. The information provided is based on data collected from Whistler Listing Service WLS and MLS.

2023 was an overall slower year in the Whistler and Pemberton real estate markets, allowing inventory to tick up while prices held. The main drivers of the lower sales volume were the impacts of inflation on households and the overall borrowing power of buyers as a result of the sustained high interest rates throughout the year.

In Whistler, there were a total of 490* sales in 2023, which is a 13% drop from 2022 and the lowest annual sales volume our market has seen in the last 10 years. Total sales dollar volume in the Whistler market was $867M, about $60 million shy of the 10-year average. Prices, however, remained strong, with the median sale price of a Whistler property surpassing both the 2020 and 2021 medians from the heat of the pandemic market. The median number of days for a property to sell in 2023 was 32, up from 21 in 2022, but remains below the 10-year average of 39 days. Despite a slower overall year for the market in 2023, the luxury segment remained strong with 39 sales over $4M in 2023, including a record-breaking $32 million sale. With Whistler’s exclusion from Canada’s foreign buyer ban, international buyers continued to purchase properties in 2023, accounting for approximately 13% of property purchases and 20% of dollar volume. The largest contingent of international buyers came from the United States, with US buyers representing 8% of all property purchases in the Whistler market last year.

In regard to inventory, there were 838* units brought to market this year, which is 50 fewer than last year, and the lowest number of units to hit the market in the last decade. Despite this, inventory levels were higher month-to-month versus last year (which witnessed a slow climb up from record-low inventory levels in December 2021) due to the slower sales volume, offering potential buyers more choices than they had over the course of the last couple of years.

In Pemberton, there were 98* sales in 2023, up slightly from 93* in 2022, but 32% below the 5-year average. Continued high borrowing costs are responsible for the sustained below-average sales numbers. Prices remained strong with a median transaction price of $852,000, the highest Pemberton has seen. This stemmed from a notable increase in luxury sales in Pemberton in 2023 with 7 sales over $2M versus only 3 in 2022. Median days to sell for a property in Pemberton was 33, up from 23 in 2022 but still well below the 5-year average of 37 days.

In regard to inventory, there were 199* new listings brought to market, 34 of which were parcels of vacant land. The average number of units available this year was 66*, up 14% from the 5-year inventory average.

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FIRE & ICE SHOW

Dates: Every Sunday, January 14 – March 10
Time: 7:30 PM
Location: Skier’s Plaza in Whistler Village

A free, all-ages night of entertainment. Whistler’s top skiers and riders flip and twist through a burning hoop.

Photo: Tourism Whistler/Mike Crane

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WHISTLER PRIDE & SKI FESTIVAL

Dates: January 21 – 28

Whistler Pride & Ski Festival is an 8-day celebration of diversity that takes place on the slopes of Whistler Blackcomb and throughout Whistler Village. Click ‘Learn More’ to see the full list of events.

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WORLD SKI & SNOWBOARD FESTIVAL

Dates: April 8 – 14

Born out of a love for all that is mountain culture, the World Ski & Snowboard Festival has been the ultimate après of the winter season since 1996. During this annual celebration of snow sports, music, arts, and culture, we will showcase Whistler’s reputation as a mecca for mountain culture.

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