In terms of sales volume, the Whistler real estate market remains “normal”. Sales slowed slightly throughout the quarter, but the number of sales year-to-date remains in line with the 10-year average for Whistler. Inventory continued to rebound throughout the quarter, rising about 40% from Q1 2022, but still 10% shy of where we were sitting a year ago. Even as sales have slowed and inventory has increased, median prices for single-family and condo prices have increased year-over-year.
Watch Market Report
Although the pace of home sales in Whistler has slowed and the market has seen a number of price reductions in the last month or so, price gains have still been made year-over-year and well-priced properties are still moving quickly. We expect sales to remain in line with historic averages for the remainder of the year and pricing to level out.
Interest rates are still expected to rise as the year progresses, with the latest increase released on July 13th, and further details on the proposed Foreign Buyer Ban are still to be announced. Expectations are that neither the interest rate increases nor the proposed foreign buyer ban will have an impact on the Whistler market because of the small average mortgage size in Whistler and the proposed ban is to exclude recreational properties. Stock market performance may, however, have an impact. If the bear market continues for the remainder of 2022, sales may slow further, and price sensitivity is likely to increase.
Despite economic conditions, Whistler remains an incredibly desirable place to live or own property and demand remains greater than supply.