Real Estate Market Report: 2024 Year End

Let’s talk about the Whistler and Pemberton real estate markets in 2024. 

Whistler

In Whistler, there were a total of 505* sales in 2024, which is a 2% increase in sales from 2023, but remains 29% below the 5-year sales average. Total sales dollar volume in the Whistler market was $826M, which despite the slight increase in sales from last year, is the lowest dollar volume we have seen since 2019 and 14% below the 10-year average. Prices remained fairly consistent across all product categories when compared to 2023. Regarding inventory, we saw a steady decline of available listings through the back half of the year, with a total of 952 new listings coming to market in 2024, the third fewest in the last 10 years. The median number of days for a single-family property to sell in 2024 was 57, an increase from 43 days in 2023. Days on market remained consistent with 2023 for townhouses, condos and land at 28, 30 and 95 days, respectively. The luxury segment of the market stayed steady in 2024 with 27 sales over $5M, including a new sales price record for a condo sale. As Whistler is excluded from Canada’s foreign buyer ban, international buyers continued to purchase properties in 2024, accounting for approximately 13% of property purchases in the Whistler market last year, with US buyers specifically accounting for 7%.   

Pemberton

There were 108* sales in Pemberton in 2024, up 6% from the number of sales in 2023. The consecutive interest rate decreases the Bank of Canada delivered throughout 2024 helped fuel both sales and increased borrowing power leading to a median sales price of $870,000, a record high for Pemberton. Luxury sales remained on par with last year with 7 sales over the $2M threshold. Regarding inventory, there were 193* units brought to market this year, inclusive of 39 parcels of vacant land. When compared to 2023, median days to sell for a property in Pemberton increased for single family to 53 days and townhomes to 39 days, but decreased for both condos to 27 days and vacant land to 86 days. Buyer’s origin for Pemberton was fairly typical with 39% of purchasers coming from within Pemberton, 35% from Whistler, 17% from the Lower Mainland.  

Looking to 2025, we expect to see increased sales volumes in both the Whistler and Pemberton markets that trend closer to historical averages, as mortgage rates are expected to continue to trend downward and policy changes such as the CMHC insured mortgage price limit increase improve the buying power of consumers. We anticipate the favourable currency exchange rates will lead to an increase in tourism in the Sea-to-Sky region and, in turn, an increase in purchasers from the US and other countries this coming year as our region is a very desirable second home market. With a Canadian election coming later this year and a leadership change south of the boarder as well, we anticipate there will be a variety of policy changes that impact our real estate markets. We are cautiously optimistic that we will see some housing and tax policy changes that will make purchasing or selling a property in Whistler or Pemberton even more attractive.  

*excluding parking stalls

Market Share

Whistler Real Estate Company agents represented 39.1% of the Whistler and Pemberton market in 2024 and helped our clients achieve amazing outcomes.

That’s it for our year end recap. For more information about the market or if you are looking to buy or sell, contact your local Whistler Real Estate Company agent. The Whistler Real Estate Company has been the leading brokerage in Whistler since 1978* and we thank our clients for making us number one again in 2024. Cheers to 2025! 

*Based on statistics taken from the Whistler Listings Systems (WLS) from 1978 – to date

Regulatory Notes

Foreign Buyers Ban

As previously noted, the Foreign Buyer Ban does not apply to the Whistler or Pemberton markets, nor does the Foreign Buyer Tax.

Underused Housing Tax

The Underused Housing Tax (UHT) is an annual 1% tax on residential property owned by non-resident, non-Canadians that is deemed to be vacant or underused by the Canada Revenue Agency (CRA). There are situations, however, where the tax or reporting obligations could apply to Canadian citizens or residents, so it is important to understand whether you are an excluded or affected owner based on your specific situation. We recommend that you talk to your accountant about how it may impact you and your Whistler or Pemberton property.

Residential Tenancy Act Changes

On July 18, 2024 there were significant changes to the Residential Tenancy Act that those who own or are looking to sell or purchase tenant occupied properties should be aware of.  Some of the key changes include: 

• Mandatory landlord use of a new web portal to generate Notices to End Tenancy for personal or caretaker use
• Extended notice period
• The individual moving into the property must occupy it for at least 12 months

It is strongly advised that you seek legal advice to navigate these new regulations effectively if you plan to proceed with a transaction involving tenant-occupied property to ensure compliance with the new rules and ensuring understanding of rights and obligations of the parties involved. More information regarding these changes can be found on the BC Government Website. 

Small-Scale Multi Unit Housing

The provincial government has introduced new housing legislation to update zoning rules to deliver more small-scale, multi-unit (SSMU) housing, with the intended objective of building more homes faster. In most municipalities of more than 5,000 people, these changes can allow for 3-4 units permitted on lots currently zoned for single-family or duplex use, depending on lot size, however strata bylaws may impact this. Get in touch with your local Whistler Real Estate Company agent to learn more about how this may impact your Whistler or Pemberton property or property of interest.

BC Home Flipping Tax

As of January 1, 2025, the BC Home Flipping Tax has come into effect. Please note, this provincial tax is distinct from the existing Federal Property Flipping Tax and specifically targets short-term property sales. Some of the details include:

• The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than two years
• The rate starts at 20% for sales within 365 days of ownership, decreasing to 0% at 730 days
• This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency
• Exemptions include certain primary residences

To review all the details, please visit the BC Government Website, as well as the BC Real Estate Association website for a breakdown of the new tax, as well as a comparison with the current Federal Flipping Tax.