Whistler's real estate market is demonstrating resilience, diverging from broader provincial trends as it navigates economic uncertainty. While British Columbia anticipates modest price increases, Whistler's luxury sector remains segmented and slow-moving, influenced by low inventory and cautious buyer behavior. Local realtors emphasize that Whistler's market is not monolithic, but rather comprises distinct segments, each with its own dynamics.
Local experts highlight that Whistler's real estate should not be viewed as a single entity but rather as three distinct markets. Stefanie Hostetter, CEO of REMAX Sea to Sky Real Estate, explains that single-family homes are currently in a buyer's market. In contrast, hotel condos and shared ownership units, often referred to as Phase 2 properties, have been in a seller's market for the past year. These latter properties are less affected by interest rate fluctuations as they are typically not mortgageable.
While inventory is gradually increasing, it remains tight compared to historical levels. Whistler had 319 active listings in early April, a slight increase but still below the 500 listings considered indicative of a balanced market. David Brown of Whistler Real Estate Co. notes that while listings are up from previous months, they are significantly lower than the 700 to 800 listings seen in 2010 and 2011. Buyers are finding more options and benefiting from lower interest rates on five-year mortgages, which are now below four percent. However, sellers, particularly of chalets and single-family homes, are advised to maintain realistic pricing expectations.
Whistler is exempt from British Columbia's speculation and vacancy tax. However, the federal underused housing tax is noted as a factor discouraging American buyers, who historically represented a significant portion of the market. Brown suggests this tax, when applied to units intended for nightly rentals, negatively impacts the local economy and reduces available inventory for tourists. While short-term rental regulations have not significantly altered Whistler's market due to established zoning, buyers are increasingly advised to understand usage restrictions.
Despite broader economic uncertainties, realtors express cautious optimism for the upcoming summer season. Strong conference bookings are anticipated to drive interest in vacation properties. A potential further decrease in interest rates and a stabilization of tariffs and political tensions could lead to a stronger fall market. Buyers are encouraged to stay informed about the market segments and be prepared to act when the right opportunity arises.