Royal LePage 2024 Winter Recreational Property Report

As a regular contributor to Royal LePage’s West Coast Recreational Report, I was asked to share my insights on the current state of the recreational property market in Whistler and Pemberton. I’ve included links to the full Canadian Report at the bottom of this post

Royal LePage® forecasts a 7.5% increase in single-family home prices in Canada's ski regions over the next year, despite a 0.4% decline in the national winter recreational market year-to-date in 2024.

For those interested in purchasing a home or condominium in Whistler, prices typically start at $3,000,000 and $500,000, respectively. The Whistler market has seen reduced demand and an increase in inventory, shifting market conditions in favor of buyers. While snowfall has been lighter than in previous years, the area remains attractive to buyers due to the extended biking and outdoor adventure season. Although the recent changes to the capital gains tax inclusion rate did not spark a rush of transactions in most markets, Whistler was an exception. After the announcement, I worked with several clients who became eager to finalize sales before the new tax legislation took effect. The increase in the capital gains rate prompted some sellers to either proceed with a sale or accept lower offers that they had previously rejected in order to close quickly.

Earlier this year, the B.C. government implemented stricter regulations on short-term rentals. Due to the enhanced enforcement of rental laws, most clients now plan to use their recreational properties for personal use with family.

While lower interest rates have given buyers more confidence in the broader real estate market, many are still holding off, waiting for further rate cuts. If rates drop again this December, I expect more buyers to re-enter the market. As we approach the bottom, many will look to act early before prices rise again in the spring.