Opportunity Knocks: Shauna’s Top Real Estate Picks for June 2024
- Chalets
- Vacant Land
- Hotel Investments – Phase Two
- Condos & Townhomes – Rental Zoned
- Condos & Townhomes – Residential Zoned
- Pemberton
Real Estate 101: Change is the Only Constant
Are you familiar with the saying ‘The only thing constant in life is change’? And boy, does that apply to our real estate market! From government policies to interest rates, there’s always something new shaking things up.
Recently, the provincial government introduced Bill 44, pushing municipalities to revise zoning regulations for increased density. Translation? More housing opportunities are on the horizon! On top of that, the federal government is looking to tweak the capital gains tax, which might change how investors play the game. Add in the Bank of Canada holding interest rates steady (with whispers of a decrease later this year), and you’ve got a recipe for an interesting market!
Whistler: A Winter Wonderland of Deals
Sales and Volume: Whistler was bustling in Q1 with 117 sales, a steady stream of activity through January and February, and a slight chill in March. Overall, our sales volumes matched last year, but dollar volume jumped 9%. Thank you, luxury market! We saw 12 homes sell for over $4 million and some record-breaking condo and land deals.
Who’s Buying? Mostly Canadians, of course! 81% of buyers were from the Great White North, and they accounted for 82% of the dollar volume. We also saw a little more interest from our neighbours down south, with US buyers making up 13% of the dollar volume (up from 10% in 2023).
Inventory: We’ve got more options for you! Listings are up across the board compared to Q1 2023. Single-family home inventory soared by 65%, and townhomes by 31%. Whistler is balancing nicely, offering plenty of opportunities for both buyers and sellers.
Pemberton: The Buyer’s Paradise
Sales and Volume: Pemberton saw 17 sales this quarter, a 13% increase from Q4 2023 but a 26% drop year-over-year. We had a mix of charming chalets, cozy townhouses, stylish condos, and prime vacant land.
Prices: Median sales prices for single-family homes, condos, and townhouses crept up a bit compared to last quarter and the same time last year. Stabilizing mortgage rates are likely playing a part here. Plus, we saw two luxury sales over $2 million.
Who’s Buying? Local love! A whopping 82% of buyers were from Pemberton or Whistler, with the remaining 18% coming from Vancouver and West Vancouver.
Inventory: More choices, more fun! Inventory jumped from 61 to 73 units, including 24 vacant lots ready for your dream home plans. Pemberton is currently a buyer’s market, so if you’re looking to negotiate a sweet deal, now’s the time!
What’s Next?
As we move into Summer, we’re expecting even more activity. With the Bank of Canada hinting at a rate decrease, consumer confidence is up, and the market is primed for a busy season. Sellers are wanting to take advantage of a sale prior to the tax gain so savy Buyers are jumping in to take advantage of the potential savings being passed on to them.
Whether you’re thinking of buying, selling, or just curious about the market trends, stay tuned for more updates and don’t hesitate to reach out with any questions.
Here’s to an exciting and interesting Summer!
Shauna
