Greetings from Whistler and Pemberton,

What a great start to 2025! The mountains are in great shape and the sun has been shining as everyone settles back into routines after the holidays. Lots of activities planned for Whistler in the next few weeks including Whistler Pride and Ski Festival, celebrating its 32nd year in 2025 and February 8-16th is the Invictus Games. The Invictus Games Vancouver Whistler 2025 is an international adaptive sporting competition for wounded, injured and sick service personnel and Veterans. Up to 550 competitors from more than 23 nations will compete in adaptive sports in both Vancouver and Whistler. The schedule of events can be found here.

Your 2024 Year End Market Report is below or you. Real estate the past 7 days has shown an increase in viewing requests and a number of properties are under offer when we are calling to arrange showings. Let us know if you are thinking of selling or want to get into the market in Whistler or Pemberton, we look forward to helping you navigate the markets.

Here are the numbers for the past 7 days:

Whistler
19 New Whistler Listings
13 Sales in Whistler
6 Price Improvements

Pemberton
8 New Listings in Pemberton
2 Sales in Pemberton
0 Price Adjustments

Have a great week!
Image
Tracey Cruz & Lynne Venner
Your Mother/Daughter Team

Tracey 604-905-9552
Lynne: 604-932-8842

Let’s talk about the Whistler and Pemberton real estate markets in 2024. 

In Whistler, there were a total of 505* sales in 2024, which is a 2% increase in sales from 2023, but remains 29% below the 5-year sales average. Total sales dollar volume in the Whistler market was $826M, which despite the slight increase in sales from last year, is the lowest dollar volume we have seen since 2019 and 14% below the 10-year average. Prices remained fairly consistent across all product categories when compared to 2023. Check the link to Read Full Market Report

Whistler Real Estate Company agents represented 39.1% of the Whistler and Pemberton market in 2024 and helped our clients achieve amazing outcomes.

That’s it for our year end recap. For more information about the market or if you are looking to buy or sell, contact your local Whistler Real Estate Company agent. The Whistler Real Estate Company has been the leading brokerage in Whistler since 1978* and we thank our clients for making us number one again in 2024. Cheers to 2025!

*Based on statistics taken from the Whistler Listings Systems (WLS) from 1978 – to date

Regulatory Notes

Foreign Buyers Ban

As previously noted, the Foreign Buyer Ban does not apply to the Whistler or Pemberton markets, nor does the Foreign Buyer Tax.

Underused Housing Tax

The Underused Housing Tax (UHT) is an annual 1% tax on residential property owned by non-resident, non-Canadians that is deemed to be vacant or underused by the Canada Revenue Agency (CRA). There are situations, however, where the tax or reporting obligations could apply to Canadian citizens or residents, so it is important to understand whether you are an excluded or affected owner based on your specific situation. We recommend that you talk to your accountant about how it may impact you and your Whistler or Pemberton property.

Residential Tenancy Act Changes

On July 18, 2024 there were significant changes to the Residential Tenancy Act that those who own or are looking to sell or purchase tenant occupied properties should be aware of.  Some of the key changes include:

  • Mandatory landlord use of a new web portal to generate Notices to End Tenancy for personal or caretaker use
  • Extended notice period
  • The individual moving into the property must occupy it for at least 12 months

It is strongly advised that you seek legal advice to navigate these new regulations effectively if you plan to proceed with a transaction involving tenant-occupied property to ensure compliance with the new rules and ensuring understanding of rights and obligations of the parties involved. More information regarding these changes can be found on the BC Government Website.

Small-Scale Multi Unit Housing

The provincial government has introduced new housing legislation to update zoning rules to deliver more small-scale, multi-unit (SSMU) housing, with the intended objective of building more homes faster. In most municipalities of more than 5,000 people, these changes can allow for 3-4 units permitted on lots currently zoned for single-family or duplex use, depending on lot size, however strata bylaws may impact this. Get in touch with your local Whistler Real Estate Company agent to learn more about how this may impact your Whistler or Pemberton property or property of interest.

BC Home Flipping Tax

As of January 1, 2025, the BC Home Flipping Tax has come into effect. Please note, this provincial tax is distinct from the existing Federal Property Flipping Tax and specifically targets short-term property sales. Some of the details include:

  • The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than two years
  • The rate starts at 20% for sales within 365 days of ownership, decreasing to 0% at 730 days
  • This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency
  • Exemptions include certain primary residences

To review all the details, please visit the BC Government Website, as well as the BC Real Estate Association website for a breakdown of the new tax, as well as a comparison with the current Federal Flipping Tax.