Building on the market momentum at the end of Quarter 1, April remained a busy month in terms of sales, which got even busier in May before slowing down in June. The June slowdown likely came as a function of the interest rate increase announcement at the beginning of the month, coupled with an expectation that the government is not yet done raising rates. Overall market inventory increased but remained low, which led to the return of many multiple offer situations in certain market segments.
In Whistler, there were a total of 151* sales in Q2, with 78% of those coming in April and May. Sales volume was up significantly both year-over-year and quarter-over-quarter for single-family homes and townhomes, with a slight increase also seen in the condo category. While still historically low, inventory increased throughout the quarter, rising 13% from 205* units in April to 232* units in June. There was notable activity in the luxury market in Q2, with 11 sales over $4M, compared to 7 in Q1, with a high sale price of $19M.
Through the first half of the year, our buyer’s origin remained in its typical pattern, with 79% of Whistler buyers having originated from Whistler or BC’s Lower Mainland, with an additional 9% of buyers coming from other regions in Canada and 12% of buyers coming from outside of Canada.
Looking to Q3, we anticipate the typical summer market pace seen in Whistler, with a pickup in September, when buyers are actively searching for properties they can move into for the upcoming snow season. However, as inventory levels have improved and we have seen a shift towards a buyer’s market, it may be prudent for interested buyers to start their search now to have more choices and avoid peak competition.
*Excludes parking stalls