As 2024 wraps up, the real estate market across the Sea to Sky corridor reflects some transitions and potential. While macroeconomic factors like interest rates and inflation have influenced activity, local and regional drivers remain key. With slightly more inventory and a shift toward a balanced/buyer's market, buyers and sellers are experiencing new challenges and opportunities. If you intend on being in the real estate markets for the medium or long-term, these markets look strong for a great lifestyle and financial investment. Here's a breakdown of how each market performed and where things are headed.
Listings across the corridor have risen compared to recent lows but remain below historical highs. Buyers now have more options, with months of inventory increasing in all three markets.
• Chalets: Stabilizing but slower to sell, with higher inventory levels. Higher prices homes across the corridor are taking longer and will likely need to make
adjustments to meet demand.
• Condos: Continued strength driven by affordability and opportunity with new development
• Townhouses: Stable pricing and steady demand, especially for family-focused buyers.
Flexible zoning for nightly rentals in Whistler
Rising inventory and more balanced conditions mean buyers can take their time and negotiate better deals.
Whistler and Pemberton remain exempt from foreign buyer restrictions. With the weaker Canadian dollar, US buyers have 45% more purchasing power, making these markets attractive to international investors.
Squamish maintained its position as the most stable and efficient market in the corridor, showing resilience across transactions and pricing:
• Dollar Volume: $553M, up 8.7%from 2023 but 32% below the 5-year average.
• Transaction Numbers: 494 in 2024 (unchanged from 2023).
• Median Price: $1,021,500 for all property types, up 101%since 2015.
• Single-Family Homes: Represented 35% of all sales {173 transactions), down from 51% in 2014. Median price rose to $1,565,000 (+7.4%).
New Development: At least 8 condominium/townhouse projects are underway, with completions expected in 2025-2026. The much-anticipated Oceanfront Squamish Masterplan Development {1,400 doors over 15 years) launches in spring 2025, signaling transformative growth.
Squamish's real estate market reflects the area's rapid population growth and shift toward multi-family properties. Its affordability, proximity to incredible adventure and Vancouver make it a strong option for families and investors alike.
Pemberton's small yet unique market continues to attract buyers seeking a recreational lifestyle with a rural charm less than 12 hour away from Whistler.
Population: Less than half that of Whistler, leading to fewer properties on the market.
Property Types: Dominated by single-family homes and acreages, with some multi-family developments.
Market Activity: While fewer transactions occurred in 2024 compared to Squamish and Whistler, the market remains attractive for those seeking space and privacy.
With its proximity to Whistler and affordability compared to other Sea to Sky communities, Pemberton remains a desirable option for buyers looking to invest in a quieter, outdoor-focused lifestyle. Key metrics include:
Dollar Volume: $107M, up 7%from 2023,16% below the 10-year average, and 46% lower than the 2021 high ($194M).
Transaction Numbers: Slight increase to 108 in 2024 {+8% from 2023), but down 34% from the 10-year average.
Active Listings: Rose 5% above the 10-year average, but inventory remains constrained compared to long-term levels.
The Whistler market in 2024 showed mixed performance, with significant variability across property types and price points. Key metrics include:
Dollar Volume: $826M, down 4%from 2023,12% below the 10-year average, and 46% lower than the 2021 high ($1.578}.
Transaction Numbers: Slight increase to 511 in 2024 (+3% from 2023), but down 31% from the 10-year average.
Active Listings: Rose 10% above the 10-year average, but inventory remains constrained compared to long-term levels (276 listings in January, peaking at 347 in July, dropping to 254 in December).
Months of Inventory: 8 months as of December 2024, indicating a more balanced market.
Chalets: Total sales were stable (70 sales in 2024 vs. 72 in 2023), but dollar volume declined to $296M (-8%). The median price increased 5%to $3,140,000, while the least active segment ($4M-$7M) saw 22 months of inventory.
Condos: A bright spot, with sales volume+10% above the 10-year average and transaction numbers up 10% from 2023.
Townhouses: Steady in pricing, with the median at $1,850,000 and the average at $1,950,000.
Shared Ownership: Increased sales and volume, with affordability driving interest in fractional ownership.
Buyers in Whistler are benefiting from more inventory and greater negotiating power. Sellers should anticipate longer days on the market, especially in higher price points.
For Buyers: With prices stabilizing and inventory increasing, 2024-2025 presents a window of opportunity for those waiting for a more balanced market. The flexibility in Whistler's zoning and ongoing developments in Squamish offer attractive options for families, investors, and lifestyle buyers. Decreases in interest rates have already stater having an impact.
For Sellers: While demand has softened in some segments, properties with unique features, updated designs, or strong rental potential continue to perform well. Pricing strategy and professional marketing will be key to success in a more competitive market.
Long-Term Growth: Despite current market adjustments, the Sea to Sky remains a globally sought-after destination. Its blend of natural beauty, recreational opportunities, and proximity to Vancouver ensures strong long-term investment potential.
The Sea to Sky market continues to adjust after the highs of 2020-2021, presenting both challenges and opportunities. The climate of lower interest rates and favourable currency exchanges for anyone with USO should continue the momentum created in the final quarter into 2025 and beyond.
Whether you're buying, selling, or simply exploring your options, local expertise remains critical to navigating these unique markets. If you'd like to discuss how these trends affect your real estate goals, don't hesitate to reach out, 604 905 8833 or
rpalm@rennie.com.
I'm here to help you make informed decisions and .....
