Whistler Real Estate Market Report: 2023 Q1
January 2023 was a very slow month in terms of sales, but the markets rebounded in February and March. This came as a function of increased economic certainty, as the Bank of Canada has signalled that interest rate increases have likely come to an end. The return of some certainty in terms of rates has led to an increase in market activity, with our inventory still being low this has even resulted in us seeing the return of multiple offers.
In Whistler, there were a total of 113* sales in Q1, with 93* of those sales, accounting for 82% of all Q1 sales, coming in February and March. Inventory improved slightly throughout the quarter, rising from 200* units in January to 229* In March, but inventory remains a major market constraint. The median sales price of properties increased both year-over-year and quarter-over-quarter for townhouses and condos, while the market saw a slight decrease in the median price of single-family homes.
Looking to Q2, we anticipate an increase in inventory as ski season and rentals wrap up and sellers may be more interested in putting their properties up for sale, ultimately fueling the spring market. From an economic standpoint, some uncertainty remains as a result of the recent Silicon Valley Bank failure, which may make this a good time to invest in less volatile assets such as real estate.
As always, please contact me for more information on any properties you see listed in Whistler or if you would like information on the market in general.