Whistler Real Estate Market Update December 2024. What does this mean for the Buyer?
Sales: In November there were 41 sales, that’s a decrease of 22% or 12 sales over the previous month. The highest number of sales this year was in April at 60 sales.
Inventory: There were 273 listings available for sale now at 41 sales a month that’s seven months of inventory we have on the books.
New Listings: 62 new listings came to Market in November, but with the exception of October, we’ve seen a decline in new listings ever since May of this year.
Market Type: While we continue to be in a balanced market meaning there are plenty of sellers and plenty of buyers neither has an obvious power advantage.
What do these statistics mean for you the buyer?
Well if you were to look at the increase in sales from September to October we increased by 60% in sales, and then from October to November it dropped by 22%. Now, anybody listening to just these statistics would say wow 60% then 22% drop what’s happening? what’s causing those fluctuations? when in actual fact the 22% drop was only 12 sales.
Statistics
I would caution you that when you are looking at information about Whistler it’s really important to dig deep and find out what those statistics mean. We all know that statistics can be wrapped around in any which way, and in any shape so it’s very important to find somebody who can put that into context for you.
Understanding Variable and Fixed Mortgage Rates
Another fact that’s happening right now is I’m hearing the report that recently the Bank of Canada dropped their interest rate by 50 basis point, usually it’s been 25 now it’s 50, and I’ve seen some posts, which oh fantastic this is the time to go and buy the house, pull the trigger, pull the plug, let’s go shopping for a house I see these kind of posts and I’m like well hold on now, the variable rate mortgage is influenced by the Bank of Canada but the fixed rate mortgage certainly isn’t because that’s linked to the bond market, so hold on everybody.
Great Time To Buy If You Don’t Need Financing
The interesting part about all of this is that these are the two situations that are happening right now. We’re in a balanced market where the seller doesn’t have power over the buyer and the buyer doesn’t have an automatic power over the seller. However, if you do not need Financing on a property then you have a power advantage right now over everybody else who is looking because with the mortgage rates and with the questionable number of sales that we’re having, this is an excellent time for a buyer who has that financial power to come in and start negotiating.
Next Steps
The current Market Update video is posted on this page. Each month I remove the previous month’s Market Update Video and replace it with the current video. I am not sure why you might want to view the Market Update Videos from past months or years, but if you do they are on my YouTube Channel Market Update Playlist.
If you have any questions about the monthly statistics, and you are not already working with a Whistler real estate agent, please contact me.
It’s a Good Life in Whistler!
Marion
Marion Anderson Personal Real Estate Corporation
marion@WhistlerSkiinSkiout.com (604) 938-3885