Greetings from Whistler and Pemberton,
We hope you are enjoying this beautiful weather as we bask in sunshine day after day. But the leaves falling, and the air is crisp in the mornings, a sure sign of winter just around the corner. It’s time to put away the lawn furniture and get your winter toys out and ready to go when the snow flies. Not only should you get your equipment ready for action, but you should hit the gym and get your body tuned up for all the winter activities.
We hope you enjoy our 3rd Quarter Whistler Real Estate Market Update. We are in one of the lowest market conditions we have seen in years, however, prices remain higher year after year, people are still buying and selling in Whistler and Pemberton as it is a highly desirable place to live. We have limited supply and significant demand, so if you are thinking of buying or selling, we would love to help you navigate your decisions.
Have a great week!
Lynne Venner & Tracey Cruz
Your Mother/Daughter Team
*Note: All statistical information provided from sources deemed to be reliable. Information provided is based on data collected from Whistler Listing Service WLS and MLS.
Whistler + Pemberton Market Report Video: Q3
In terms of sales volume, the Whistler market slowed down in Q3, with both July and September ranking in the top 10 lowest monthly sales volumes in the last 10 years. Inventory continued to rebound throughout the quarter, rising about 29% from Q2 2022, but we are currently sitting 37% below the 10-year inventory average. Even as sales have slowed and inventory has increased, median prices for single-family, townhouses and condos remain up year-over-year.
The number of units sold in Pemberton was down 55% from Q2 to Q3, which likely came as a result of the cumulative interest rate hikes we have seen throughout the year, and the uncertain economic climate. Inventory continued to grow, with the total number of units on the market increasing by about 65% over Q2 and 54% over the same quarter last year.
7501 Ambassador Crescent
This charming home is a rare opportunity to own on a corner lot in this highly desirable White Gold neighborhood, with just a few steps to the village, the Valley Trail and Lost Lake, it doesn’t get much better. This home has a large bright kitchen for family get togethers, a spacious living room with a wood burning stove, vaulted ceilings and plenty of room for entertaining. The main level has 2 bedrooms and 1.5 bathrooms, upstairs there are 2 more bedrooms plus a cubby bedroom. Enjoy biking, skiing, golfing and family fun, and making memories while living in this home. This is a beautiful lot to build your dream home in the future.
7456 Dogwood Street, Pemberton
This modern and stylish home is located in the popular Benchlands neighbourhood with absolutely stunning 180° views. The impressive build greets you with a spacious entry way leading to 2 bedrooms and a rec room on the lower level. Access the outdoor living room from here and enjoy the hot tub, where everyone gets a seat with a view of Mount Currie. The main floor is home to the living area, dining and kitchen featuring engineered hardwood throughout, a butler’s pantry with wine cooler, an office nook in the kitchen, and two decks – one off the kitchen for the bbq and the other that seamlessly flows from the living room through accordion glass doors opening up to the mountain views that Pemberton is famous for. Upstairs is the primary bedroom – a sanctuary with a space for yoga or reading, huge custom divider sliding doors and a spa-like 5 piece ensuite. This home is the ultimate in comfort with heated tile flooring in the bathrooms and entry, heat pump that efficiently provides heat in the winter and air conditioning in the summer, surround sound through the interior and the outside living spaces, propane range for the chef and 2 fireplaces. Storage and parking are a breeze with the huge driveway and double car garage, and there is a 2 bedroom suite that makes a great mortgage helper, home office or nanny suite. This newer home was built without missing a single detail and is ready for a new family to start making memories of their own.
It’s no secret that Whistler offers an abundance of activities throughout the winter and summer months. Whether it be a ski day on the snow-covered mountains or a fun-packed day of water sports and relaxation by the lakes, both are busy and thrilling times to visit. With summer coming to an end and the promise of winter snow only a mere few weeks away, Autumn has arrived. It brings the beauty of red and orange-covered mountains, cozy fires, red wine, and the locals’ enthusiastic buzz and anticipation of the first snowfall. This is the opportune time to recharge and make the most of what Whistler has to offer without the crowds that the peak seasons attract.
There are two significant, upcoming regulatory changes coming into effect on January 1, 2023 that you should be aware of – The Foreign Buyers Ban and Cooling Off Period.
While it has not yet been finalized, the proposed legislation for the Foreign Buyers Ban contains an exclusion for recreational properties, preliminarily defined as properties that are outside of census metropolitan areas and census agglomerations, meaning both Whistler and Pemberton properties would be excluded.
The Cooling off Period is an unprecedented change to real estate contract law that creates the legal right to rescind a residential real estate contract in exchange for a fee. From the time the contract in finalized, buyers will have 3 days in which they can back out of the deal for a fee equal to 0.25% of the property purchase price. While more is known about how the cooling off period will work, there is still potential for it to evolve before the January 1st effective date.
We should receive final confirmation of the new regulations in the coming months but we recommend staying in touch with us to stay informed.