Whistler’s property values are taking a breather for 2024, after years of double-digit growth.
The value of a single-family residential home in Whistler as of July 1 was $2,842,000, according to BC Assessment numbers released Jan. 2—a two-per-cent decrease compared to the same period a year prior.
The decrease comes after two years of double-digit growth: Last year, single-family property values rose by 11 per cent, while the year before, values rose by 29 per cent.
Strata properties (condos and townhomes) also saw a decrease in value by one per cent to $1,349,000.
Assessed property values are released every January, reflecting the market rate of properties across the province as of July 1 the previous year.
The modest declines in Whistler reflect similar stabilizations across British Columbia, according to BC Assessment’s Bryan Murao.
“What we’ve seen in Whistler this year is pretty consistent with similar markets around the province,” he said in an interview with Pique.
According to BC Assessments’ press release for the province-wide numbers, most markets in B.C. are seeing changes in the range of minus five per cent to five per cent.
“What we’re seeing in Whistler is relatively consistent with, say, West Vancouver, at minus two per cent, as well,” said Murao.
Values in the Sea to Sky corridor were similarly muted compared to previous years: The average value of a single-family residential property in Squamish declined by one per cent to $1,475,000, while in Pemberton the average increased by one per cent to $1,340,000—changes which Murao again said were well within range for B.C. Respectively, those changes were plus eight per cent and plus 16 per cent in 2023.
Notably, Murao said location, location, location didn’t have such a huge impact on 2024’s numbers.
“The market forces that we’ve seen have an impact on the 2024 roll assessments are pretty consistent everywhere because of how tied they are to interest rates, it’s not really a locational factor. Interest rates are hitting the entire residential market,” he said.
“We’ve seen a bit of a standstill where vendors are not necessarily feeling pressure to sell yet, but purchasers aren’t necessarily feeling pressure to buy—and because of that we haven’t really seen a lot of price movement either way.”
The BC Assessment numbers provide municipal governments with the foundation by which they can determine property tax rates.
The new assessment notices will arrive in the mail in the coming days.
Property owners can head to bcassessment.ca for detailed information on their 2024 assessment. Those who wish to challenge the assessment can do so by contacting BC Assessment as indicated on their notice, as soon as possible this month. Appeals can be submitted until Jan. 31.
Despite the softening of Whistler property values, with 60 of the province’s 500 top-valued residential properties here in the Resort Municipality of Whistler, the community is still king of top values in the province outside of the Greater Vancouver municipalities of Vancouver (with 271 on the list) and West Vancouver (with 91 on the list).
The highest-value residential property in Whistler is 5432 Stonebridge Drive, which is valued at $31,001,000, putting it at 17th place in the province.
The second-highest valued property is 5462 Stonebridge Drive—an address keen readers will remember as the highest-valued property on the market in Whistler in 2023 when it sold for $32 million. The property lands at 33 on the top-500 list, at an assessed value of $27,693,000.
Every property on the list is seven figures, while 500th place on the list also goes to a Whistler property; 2970 High Point Drive, valued at $12,158,000.
The top position provincially goes to 3085 Point Grey Drive, in Vancouver, valued at $81,765,000. That property is owned by Lululemon founder, Chip Wilson.
The top-10 highest-valued single-family residential properties in Whistler:
5432 Stonebridge Drive: $31,001,000 (17th in B.C.)
5462 Stonebridge Drive: $27,693,000 (33rd in B.C.)
3837 Sunridge Drive: $26,030,000 (42nd in B.C.)
3105 Hillcrest Lane: $25,217,000 (47th in B.C.)
3359 Lakeside Road: $25,158,000 (48th in B.C.)
3102 St Anton Way: $23,558,000 (60th in B.C.)
4844 Summit Lane: $19,488,000 (105th in B.C.)
5425 Stonebridge Drive: $19,381,000 (110th in B.C.)
2982 High Point Drive: $18,689,000 (124th in B.C.)
2978 High Point Drive: $18,667,000 (125th in B.C.).
