28 days and…done!
What a whirlwind month- Hotels and suites were booked at occupancy, we had an exceptionally milder month, and overall, we observed buyers making moves. Family Day & Presidents Day weeks ended with a bounty of snow, and mountain conditions supreme.
Several properties previously listed and reintroduced, found new owners quickly, and the new inventory is being closely watched; February marked a real change in the real estate market for the region.
In Whistler, there were 42* sales in February, a sharp increase from the 19* sales seen in January. This ties October 2022 for the highest number of sales Whistler has seen in a month since April 2022, when the heated pandemic market really slowed down. Inventory remains quite low with 212* units on the market. Notably, days on market for chalets decreased significantly both month-over-month and year over-year.
In Pemberton, there were 5 sales in February – two single family, two townhomes and one condo. Inventory has improved slightly from December and January and currently sits at 54* units, which is about 13% below the 5-year average. Median sales price essentially remained even or increased for single family, townhomes and condos when compared to January, while days on market decreased significantly for both single family and townhome units.
With spring approaching, there are hopes that we will see a more typical spring market with a relative influx of inventory in both Whistler and Pemberton to keep the market momentum. From an economic standpoint, As signaled in its previous interest rate announcement, The Bank of Canada maintained its overnight rate at 4.5 per cent this morning, March 8th. The BOC will be watching the economy moving forward to assess if they need to raise rates again to cool things off, but the economist from the BCREA seems to think that rates will start falling by the end of the year. We are expecting this rate hold may bring more confidence to those looking to make a property purchase; thus being prepared is crucial.
If you are considering property, and will require a mortgage, there are two excellent brokers locally that always enjoy connecting people to. A good mortgage broker provides insights, options, and will really work to find you the best rate. Having this information in hand when looking for properties is powerful and allows us to work in an optimal state on your behalf.
With Spring Break here this weekend, I am looking forward to seeing many familiar faces in resort- I’ll be in the office often, but also trying to get up on the hill with family at least a few times. As always call/text with any questions!
My very best,