Whistler Real Estate 2025: Sky‑High Prices, New Housing Push, and What’s Next

Prices Near Record Highs: Whistler’s property values remain elevated. The average sale price across all property types hit about $1.7 million in early 2025 pembertonrealestate.com whistlerrealestate.ca, and detached homes typically range from $2.3 million up to $6 million+ in this resort market nattyfox.ca. Median sale prices in mid-2025 were the highest seen since the previous peak in 2024 whistlerrealestate.ca, even as rising interest rates cooled the frenzy of prior years.
Sales Slowing, Supply Tight: Home sales volume is down ~20% year-to-date compared to mid-2024 whistlerrealestate.ca, and listings take longer to sell. Single-family homes now spend a median of 87 days on market (up 60%), while condo and townhome sales timelines roughly doubled whistlerrealestate.ca. Inventory remains limited – around 315–337 active listings through mid-2025 (slightly below last year) pembertonrealestate.com whistlerrealestate.ca – keeping competition moderate. The market has shifted toward a balanced or buyer-friendly footing in some segments pembertonrealestate.com pembertonrealestate.com rather than the seller’s market of 2021–22.
Rental Demand & Returns Soar: Short-term rentals (Airbnbs) thrive on Whistler’s year-round tourism. As of mid-2025, over 2,600 Airbnb listings average about 62% occupancy with a CA$309 nightly rate, yielding roughly CA$70,000 annual revenue per property airbtics.com. Strict municipal rules mean 90%+ of hosts are licensed airbtics.com. Long-term rentals are scarce – the vacancy rate is near 0%, with over 1,200 workers on waitlists for employee housing assets.cmhc-schl.gc.ca. This “rental crunch” has spurred government-backed projects to add affordable units.
New Housing Developments Underway: Whistler is adding workforce housing at an unprecedented pace. In 2024, construction began on 104 new employee rental homes (studios to 3BR) in Cheakamus Crossing under the provincial BC Builds program canada.constructconnect.com canada.constructconnect.com. The federal Housing Accelerator Fund is investing $2.5 million to help fast-track 814 homes over the next decade, with Whistler pre-zoning land for multi-family projects and streamlining permits cmhc-schl.gc.ca cmhc-schl.gc.ca. Though buildable land is limited, a few new luxury chalets (e.g. in WedgeWoods) and townhome communities (e.g. Basalt in Cheakamus) have expanded inventory at the high end remax-whistler.com remax-whistler.com.
Policy Changes Shake the Market: Unique rules make Whistler a haven for investors – it’s exempt from British Columbia’s speculation tax and Canada’s foreign-buyer ban royallepage.ca whistlerrealestate.ca, allowing non-residents to buy freely. However, new measures aim to curb speculation and protect housing: B.C.’s 2025 “flipping tax” now penalizes resales within 2 years (20% tax if sold in <1 year) whistlerrealestate.ca, and provincial law now permits 3–4 units on single-family lots to boost gentle density whistlerrealestate.ca. A Short-Term Rental Accommodations Act took effect, requiring all hosts to display a license number or face delisting airbtics.com, and empowering Whistler to fine illegal rentals up to $3,000 per day airbtics.com. These changes seek to balance tourism with local housing needs.
Regional Shift to Affordability: Priced out of Whistler, more buyers are turning to Squamish and Pemberton. Squamish (45 minutes south) offers detached houses averaging $1.35–$3 million nattyfox.ca and growing condo/townhome supply, while rural Pemberton (30 minutes north) remains more affordable with single-family homes still roughly half Whistler’s cost. Pemberton even saw double-digit price growth in 2025 (e.g. +31% YoY for house median) whistlerrealestate.ca as it absorbed demand for family homes. Both towns’ markets are relatively balanced, with steady sales (Pemberton’s mid-2025 sales were 9% above its 5-year average pembertonrealestate.com) and inventory tightening. Whistler’s satellite communities are becoming pressure valves for the region’s housing, attracting local workers and value-seeking investors.

Residential Market Trends in 2025

Slower Sales but Strong Prices: After two years of pandemic-fueled frenzy, Whistler’s residential market cooled to a healthier pace in 2025. Total sales in the first half of the year were down about 20% compared to mid-2024 whistlerrealestate.ca, reflecting both fewer buyers (amid higher interest rates) and limited listings. Monthly sales volumes have settled below historical peaks, with July 2025, for example, seeing 31 sales (about 35% below the 5-year July average) pembertonrealestate.com. Despite the dip in transactions, prices have held near record highs. The median sale price in May–June 2025 was the highest since the market’s 2024 peak whistlerrealestate.ca, and average sale prices across all property types hovered around $1.7 million in early 2025 pembertonrealestate.com. This resilience indicates sustained demand for Whistler homes, even as bidding wars have given way to more negotiation room for buyers.

Shifting Demand by Property Type: Buyer preferences in 2025 reveal some shifts. Townhomes surged in popularity, with 53% more townhome sales in Q2 2025 than the year prior, while condo sales dropped ~60% in that period whistlerrealestate.ca. This may indicate families and remote workers seeking larger spaces, or simply a reflection of what was on the market. Single-family chalet sales ticked up in Whistler’s spring season, including a number of luxury deals over $4 million whistlerrealestate.ca. Those high-end sales actually lifted the single-family median price in mid-2025 (an increase driven largely by a few luxury transactions) pembertonrealestate.com. Meanwhile, the condo sector cooled slightly – likely due to a combination of limited inventory and some buyers turning to townhomes or waiting for prices to soften. Overall, Whistler’s residential inventory remains tight, averaging around 300–337 active listings mid-year pembertonrealestate.com whistlerrealestate.ca. This is slightly lower than a year ago (about 9% fewer listings) pembertonrealestate.com, so supply has not flooded the market despite higher interest rates. With fewer new builds and many owners holding onto properties, competition among buyers persists, especially for quality listings.

Longer Selling Times, Balanced Conditions: One clear sign of the market’s cooldown is rising days-on-market. In Q2 2025, the typical Whistler single-family home sat ~87 days before selling, up 60% from a year prior whistlerrealestate.ca. Condos and townhouses that once sold in mere weeks now take ~1.5–2 months on average to find buyers whistlerrealestate.ca. By July, detached homes were taking even longer (median 104 days in Whistler) pembertonrealestate.com, indicating that high-end buyers are patient and price-sensitive. This slower pace, combined with a slight uptick in inventory since the ultra-low levels of 2021–22, has shifted Whistler into a more balanced market. Realtors report that single-family homes and condos now lean “buyer-friendly,” meaning buyers have more leverage and time for due diligence, while townhomes remain in a roughly balanced state (still seeing solid demand) pembertonrealestate.com. Well-priced properties in all categories can still sell quickly – “sharply priced” homes attract offers even in a cooler market nattyfox.ca – but sellers can no longer assume a frenzied multiple-offer scenario. This normalization is healthy: it gives local and move-up buyers a better chance to enter the market, after years of rapid price gains.

Luxury Segment Resilient: Notably, luxury real estate in Whistler has stayed active. Through mid-2025, 17 properties over $4 million sold, with 8 of those high-end deals closing in Q2 alone whistlerrealestate.ca. The ultra-luxe segment often defies broader market trends, since high-net-worth buyers are less rate-sensitive. Indeed, even as overall sales slowed, Whistler still saw trophy chalets and ski-in/ski-out estates changing hands. However, even luxury homes are taking longer to sell and require realistic pricing. By late 2024 and 2025, inventory of top-tier homes had grown, giving buyers more choice and bargaining power at the high end pembertonrealestate.com. Sellers of $5M+ properties are advised to price competitively and showcase unique features to stand out. The very high end remains a niche but important part of Whistler’s market, contributing significantly to dollar volume. Its performance in 2025 – active but more measured – underscores how Whistler has transitioned from an overheated boom to a more sustainable pace across all price brackets.

Commercial Real Estate Trends

Retail and Hospitality Space: Whistler’s commercial real estate – largely retail, restaurant, and tourist-serving businesses – benefited from the resort’s strong post-pandemic tourism rebound. Foot traffic in Whistler Village was robust through 2024–2025, translating into healthy demand for storefront leases. The vacancy rate for commercial space remains extremely low (around 4%), a figure that has held steady for over a decade performance.whistler.ca. In practical terms, almost all retail units in prime areas are occupied, and any available spaces are quickly snapped up by new boutiques, outdoor adventure shops, or eateries eager to serve Whistler’s 3 million annual visitors. Landlords have modestly increased rents in high-traffic zones, though they must stay in line with sales potential for businesses. Notably, there is a trend toward experiential retail – shops doubling as activity centers or offering entertainment – to entice tourists away from pure online shopping. Recent industry conferences (such as ICSC Whistler 2025) highlighted the need for “more experiential shopping environments” and for retail spaces to act as social hubs, not just stores mondaq.com. This reflects broader changes in retail strategy that are starting to be seen even in Whistler’s pedestrian village.

Office and Industrial Space: Whistler is primarily a resort economy, so it has a limited traditional office market. The small number of professional offices (real estate firms, architects, etc.) saw stable occupancy; many businesses that started remote work during COVID have remained flexible, so no major new office development occurred in 2025. Industrial and service-commercial space – such as warehouses, light manufacturing, and trades workshops in areas like Function Junction – has actually expanded slightly. The municipality reports that total commercial square footage has slowly increased since 2011, particularly industrial offerings performance.whistler.ca. New craft breweries, food producers, and outdoor gear companies have set up in Whistler’s industrial parks, drawn by the lifestyle and visitor economy. Vacancy in industrial units is also very low (around 4% similar to retail) performance.whistler.ca, and the main challenge is a fixed land base for expansion. Nonetheless, Whistler did see some commercial construction: for example, a new mixed-use development in Cheakamus Crossing added a few thousand square feet of neighborhood retail and service space to support the growing residential community there. Overall, commercial real estate in Whistler is characterized by stability – high occupancy, incremental growth in supply, and rent levels sustained by the steady influx of tourists and affluent part-time residents.

Outlook for Commercial Sector: Going forward, Whistler’s commercial market should remain healthy so long as tourism stays strong. 2025 visitor numbers have been encouraging, with ski season occupancy and summer event attendance approaching or exceeding pre-pandemic levels. This bodes well for retailers and restaurants. No major mall or shopping center projects are on the horizon – Whistler’s model is small-scale pedestrian village retail, which is largely built-out. Instead, expect upgrades and reconfigurations of existing spaces. Landlords are investing in modernizing storefronts and incorporating tech (e.g. app-based ordering for ski rentals, or interactive experiences in stores). Rising operating costs (property taxes, utilities, wages) pose a headwind, but most businesses are able to pass some costs to consumers given Whistler’s premium market. Commercial property values have risen in tandem with residential ones; owning a retail strata or mixed-use building in Whistler is a prized asset, rarely changing hands. Those that do sell often command premium prices, reflecting both the income potential and scarcity. In summary, Whistler’s commercial real estate in 2025 is marked by high demand and limited supply, much like its housing market, ensuring it remains a landlord’s market. Barring a significant tourism downturn, vacancies should stay low and rental rates stable to upward.

Vacation & Investment Property Trends

Resort Rentals in High Demand: Whistler’s foundation as a ski resort means vacation properties are a core part of the market. In 2025, investor interest in rental-friendly condos and chalets remained strong. Units zoned for nightly rental (in areas like Whistler Village, Blackcomb Benchlands, and Creekside) are particularly coveted, since they allow owners to generate income from Airbnb or VRBO. Both Whistler and nearby Squamish saw “high demand in the $650K–$1.5M range, particularly for $1M+ condos that permit nightly rentals in Whistler” nattyfox.ca. These condo-hotel suites and tourist homes effectively straddle the line between investment and personal use – many buyers use them for ski vacations a few weeks a year and rent to tourists the rest of the time. The math can be attractive: as noted, an average short-term rental in Whistler grosses about $70K per year in revenue with ~62% occupancy airbtics.com. Premium properties (e.g. a well-located two-bedroom valued around $1.2M) might generate $80–100K in annual rental income during good years whistlerspaces.com, yielding a healthy return to help cover mortgage and strata fees. Rental yields in Whistler are among the highest of Canadian ski markets, thanks to a virtually year-round tourist season (summer mountain biking and golfing now rival winter ski visits).

Buyer Profile – More Lifestyle than Pure Speculation: Despite the strong investment case, local brokers report that the majority of buyers in Whistler’s recreational segment are actually end-users, not pure investors royallepage.ca. Roughly 67% of purchasers are from nearby Vancouver, Whistler, or B.C.’s Sea-to-Sky region and tend to be buying for personal lifestyle reasons (a family ski cabin or a future retirement home) whistlerrealestate.ca. About 12% of buyers are international (mostly from the U.S.) whistlerrealestate.ca, drawn by Whistler’s global reputation. Importantly, Whistler’s exemption from certain taxes has kept it attractive to non-resident investors – unlike Vancouver, foreign buyers in Whistler pay no extra foreign-buyers tax and face no federal ban whistlerrealestate.ca. This means a wealthy American or overseas buyer can freely purchase a Whistler condo, whereas in the city they might be prohibited or taxed. Even so, most overseas owners also use their Whistler property part-time rather than treating it as a purely speculative asset. The pandemic era saw a surge of interest from urban dwellers seeking refuge in resort towns; by 2025, that trend evolved into a sustained demand for vacation homes from those who experienced remote work or lifestyle changes. Work-from-anywhere professionals are a new segment buying in Whistler – they might rent their property out when traveling, and live in it for extended stretches, effectively mixing investment and personal use.

Rental Regulations and Trends: A critical factor for vacation property owners in Whistler is the strict regulatory framework for short-term rentals. The Resort Municipality of Whistler (RMOW) has long required that any short-term rental (under 28 days) must have a business license and proper zoning airbtics.com. Only certain tourist accommodation zones (Phase 1 covenant properties) allow nightly rentals; renting out a residential zoned home on Airbnb is illegal and actively enforced. This regime has worked: as of July 2025, fully 90% of Airbnb listings in Whistler were in compliance with licensing rules airbtics.com, a remarkably high rate compared to many cities. In late 2024, the province strengthened these rules via the Short-Term Rental Accommodations Act, which by May 1, 2025 requires hosts to display their business license number on all online listings whistler.ca airbtics.com. Platforms like Airbnb must remove listings that aren’t licensed. The Act also empowered Whistler to increase fines – now up to $3,000 per day for rogue operators renting out units illegally airbtics.com. These changes in 2025 have stabilized the vacation rental supply; owners who want to do nightly rentals largely stick to legit properties in the tourist zones.

From an investment perspective, this means the value of “Phase 1” condos (legal Airbnb properties) is bolstered by limited supply and high compliance. Those units typically command a premium over equivalent condos that lack rental zoning, precisely because the income potential is so strong. Conversely, owners of residential properties often pivot to long-term rentals (monthly or yearly tenancies) if they can’t do short-term, but Whistler’s long-term rental demand is also extreme. With the effective vacancy rate near zero and hundreds of workers seeking housing assets.cmhc-schl.gc.ca, anyone with a secondary suite or condo to rent long-term can find a tenant immediately. However, long-term rents are much lower yield than nightly rates (and are capped by local wage levels), so many owners prefer to keep units for personal use or leave them vacant for flexibility if short-term rental isn’t allowed.

Vacation Home Outlook: The outlook for Whistler’s vacation/investment properties remains positive. Tourism is strong – 2025 is on track to be one of Whistler’s busiest travel years since 2018 – which will continue to support high rental occupancy and rates. A potential tailwind is the weakening Canadian dollar in 2025; as one local expert noted, a softer loonie makes owning a Canadian vacation home more appealing compared to buying abroad royallepage.ca (e.g. Vancouverites might choose Whistler over a U.S. property, and Americans get more bang for their buck in Whistler). One caveat is that investors face higher financing costs now: interest rates are at their highest in years, so highly leveraged buyers are fewer. Many current buyers are using cash or large down payments, viewing Whistler real estate as a long-term hold. Additionally, the new BC flipping tax (20% on gains for <1 year holds) whistlerrealestate.ca may deter quick flips of vacation condos. But since most Whistler owners intend to keep properties for enjoyment and income, this tax is expected to have minimal impact on supply. In sum, Whistler’s vacation property segment in 2025 is defined by quality over quantity: a relatively fixed inventory of legal rentals, nearly full occupancy, and owners who are in it for lifestyle and steady returns rather than short-term speculation.

Pricing Trends and Market Forecasts

Recent Price Trends: Whistler’s home prices experienced dramatic growth from 2015 through the pandemic, and by 2025 they have essentially plateaued at a high altitude. After a slight dip in late 2022–early 2023, values stabilized in 2024 and are now rising modestly again in 2025. For example, Whistler’s average sale price (all property types) climbed from about $1.35 million in late 2024 to ~$1.7 million by Q1 2025 pembertonrealestate.com. The Whistler Real Estate Board reported that median prices in spring 2025 were back near peak levels of 2022 whistlerrealestate.ca. Pemberton saw even more striking gains: the median price of a single-family home in Pemberton jumped +31% year-over-year by mid-2025 whistlerrealestate.ca (partly due to a few higher-end sales). In Whistler, single-family home prices remain in the multi-million range (typical $2.5–3M for an older chalet and $5M+ for luxury custom homes nattyfox.ca). Townhouses in Whistler often fetch $1.2–2M depending on size and location, while condos average in the high six figures to low seven figures, with $800K–$1.5M common for central village units. Notably, price resilience in Whistler bucks the broader provincial trend – many B.C. markets saw prices soften in 2023–24, but Whistler’s recreational appeal and limited inventory kept its prices comparatively firm pembertonrealestate.com. Even when sales volumes slowed, sellers did not panic or slash prices, resulting in fewer price corrections than seen in urban markets.

Short-Term Outlook (2025–2026): Most analysts expect Whistler’s prices to hold steady or see a mild pullback through the end of 2025, followed by a return to growth in subsequent years. The Canada Mortgage and Housing Corp (CMHC) projects a roughly 2% decline in average home prices nationally for 2025, with possibly sharper drops in B.C. pembertonrealestate.com. For a high-value niche market like Whistler, a “sharper drop” might translate to a small dip or flattening – essentially, a continued pause after the huge gains of previous years. TD Economics likewise expects slower price declines in late 2025 and hints that prices could stabilize by 2026 pembertonrealestate.com. On the optimistic side, the Canadian Real Estate Association (CREA) is forecasting modest price growth of ~3% in 2025–26 nationally, though B.C. is expected to underperform that average pembertonrealestate.com (perhaps growing 0–2% per year instead). Taking these together, the consensus is that 2025 will be a soft year for prices – Whistler could see flat to slightly lower prices by year-end – but 2026 may bring a rebound as economic conditions improve.

Key to the outlook is the trajectory of interest rates. The Bank of Canada aggressively raised rates in 2022, but by mid-2025 it has paused hikes; some experts (e.g. CBRE) even anticipate rate cuts by late 2025 as inflation comes under control pembertonrealestate.com. If mortgage rates ease in 2026, buyer affordability will improve, likely boosting demand, especially in pricey markets like Whistler. Local realtors foresee a balanced market through 2025 with opportunities for savvy buyers – as one noted, it’s a “softer market” in luxury segments this year, but that may be the window to negotiate a deal before competition picks up again pembertonrealestate.com. Indeed, by 2026–2027, Whistler’s chronic supply shortage and desirability could reassert upward pressure on prices. Supply constraints (limited land and construction) remain a fact of life, so any resurgence in demand tends to push prices up quickly.

Long-Term Forecast: Over the next 5–10 years, the outlook for Whistler real estate is broadly positive, with the expectation of continued appreciation albeit at a more moderate pace than the double-digit annual jumps seen during the pandemic. Royal LePage’s recreational market forecast calls for recreational home prices in B.C. to rise ~2% in 2025 royallepage.ca and to keep climbing modestly thereafter, citing ongoing supply-demand mismatch. They note that “new cottages and cabins aren’t being built fast enough to meet buyer demand,” which will support long-term price growth royallepage.ca – a statement that certainly applies to Whistler, where new development is tightly controlled. Additionally, Whistler’s exemption from speculative taxes and foreign bans means it will continue to attract investment that might otherwise go to places like Vancouver. That said, future gains will likely track income and population growth of buyer groups rather than pure speculation. With global economic uncertainty (tariffs, elections, etc.), some buyers are cautious in the short run royallepage.ca, but the underlying desire for recreational property is “steadfast” royallepage.ca. Barring a major recession, Whistler home values are expected to be higher in 5 years than today, rewarding those who buy and hold. The ride may not be as wild as 2020–2022, but steady growth in a prized resort market is a reasonable bet.

New Developments and Construction Activity

Workforce Housing Initiatives: Perhaps the most significant development story of 2025 is Whistler’s concerted push to build more resident housing. The town has faced an acute shortage of affordable and employee housing (with near-zero rental vacancy assets.cmhc-schl.gc.ca), and now multiple levels of government have stepped in. In February 2025, Whistler secured a federal Housing Accelerator Fund agreement to spur new construction – committing to enabling 62 new homes in 3 years and 814 homes over the next decade cmhc-schl.gc.ca cmhc-schl.gc.ca. The plan includes pre-zoning land for multifamily projects, speeding up permitting (with new e-permit systems), and offering municipal land and incentives cmhc-schl.gc.ca cmhc-schl.gc.ca. True to this plan, Whistler and B.C. partnered on the BC Builds Mount Fee Road development, which broke ground mid-2024: 104 rental apartments for local workers in two 4-story buildings at Cheakamus Crossing canada.constructconnect.com. This project – a collaboration of BC Housing, the Whistler Housing Authority (WHA), and the municipality – will deliver studios to 3-bedroom units aimed at middle-income families, with rents below market. The province chipped in $12.7 million plus low-interest financing canada.constructconnect.com, while the RMOW provided land and Whistler2020 Development Corp is building it. The speed was remarkable (“concept to construction” rapidly in about a year canada.constructconnect.com), and local leaders are “thrilled” as this will house over 100 residents who might otherwise live in their cars or commute from afar canada.constructconnect.com. Following this, additional WHA-led projects are on the horizon – e.g. plans for more employee units in Nordic and Function Junction areas are being explored to reach that 800+ home target. The commitment to workforce housing is unprecedented for Whistler, marking a shift in focus from just tourist beds to also retaining a year-round community.

Private Residential Developments: On the private side, Whistler’s new development is relatively limited, as the resort’s growth is tightly managed under its Official Community Plan. However, a few notable projects and neighborhood build-outs progressed in 2024–2025:

WedgeWoods: A development of estate lots about 12 minutes north of Whistler Village (just outside municipal boundaries) has been maturing. These are large single-family lots (1+ acre) appealing to luxury buyers who want more seclusion. Many custom homes are now completed, like a 5,248 sqft mountain home built in 2022 that hit the market near $5 million remax-whistler.com. WedgeWoods provides an outlet for high-end construction that doesn’t conflict with Whistler’s bed unit cap, since it’s technically in the Squamish-Lillooet regional district. The vision of “Whistler as you’ve always imagined” – a private mountain retreat – is being realized here, expanding the luxury inventory.
Cheakamus Crossing Phase II: Cheakamus Crossing (originally the 2010 Olympic Athletes’ Village) continues to grow as Whistler’s resident-focused neighborhood. New townhomes and duplexes have been completed recently, such as the “Basalt Living” townhomes which offer contemporary 3–4 bedroom units in a residential setting south of Whistler Creekside remax-whistler.com. These homes, priced around $2.5 million remax-whistler.com, combine modern design with amenities like nearby parks, trails, and a café, targeting local families and long-term residents. The successful build-out of Cheakamus Crossing shows Whistler’s ability to create vibrant local communities alongside resort areas.
Rainbow and Other Subdivisions: In the northern part of Whistler, the Rainbow neighborhood (and adjacent Baxter Creek) saw the completion of its final phases, adding a handful of chalets and duplexes with stunning lake views. Some of these new homes were pre-sold, while others hit the open market in 2025. Similarly, the Cypress Place enclave by Green Lake (near Nicklaus North golf course) had new custom homes finishing construction – one example is a mid-century modern 3,500 sqft home on the 3rd hole of the golf course, listed at ~$10 million remax-whistler.com. These high-end projects fill in the last vacant parcels within existing subdivisions.
No Major New Condo Buildings: Unlike the development booms of decades past, 2025 saw no large new condo lodges or hotels started in the central resort. The remaining zoned capacity in Whistler Village and Benchlands is sparse, and developers are cautious with high construction costs and interest rates. One small boutique condo-hotel by a local developer is in planning, but nothing on the scale of a Westin or Four Seasons is forthcoming. Instead, developers are focusing on luxury single-family homes or townhomes, which have a robust market.

Infrastructure & Commercial Projects: On the infrastructure front, Whistler Blackcomb (owned by Vail Resorts) has been investing in mountain improvements rather than new real estate. In 2025 they proceeded with upgrades to lifts and summer attractions as part of their capital plan, but a once-floated large base village expansion (“Renaissance” project) remains on hold. The municipality undertook various capital projects – road upgrades, a new pedestrian path, and an expansion of the Municipal Hall whistler.ca – to support the growing needs of the community. A new daycare and some educational facilities are also under construction, recognizing that more families are calling Whistler home full-time.

Interestingly, Whistler’s Official Community Plan (OCP) is under review in 2025 to align with B.C.’s new housing mandates piquenewsmagazine.com. The council’s decision to update the OCP suggests that zoning could be adjusted to allow more density where appropriate, such as small-scale multi-unit housing in traditionally single-family zones whistlerrealestate.ca. If the province’s push for duplexes and triplexes on single lots takes effect, we may see gradual infill development – e.g. homeowners redeveloping an older cabin into a triplex. However, Whistler’s unique resort planning (with a finite “bed unit” cap) means any changes will be carefully balanced against environmental and infrastructure capacity.

In summary, 2025 marks a turning point for development in Whistler: after years of slow growth, there’s now momentum to build more – but primarily targeted at housing for locals and workers. High-end development continues in niche pockets (custom homes, boutique projects), but the days of large speculative condo builds are quiet for now. The construction activity we do see is purposeful: keeping the community livable and ensuring Whistler’s workforce can find homes, which in turn sustains the resort’s success.

Short-Term vs Long-Term Rentals

Short-Term Rentals (STRs): Whistler’s short-term rental market is both lucrative and tightly controlled. On any given weekend, thousands of visitors fill condos, chalets, and Airbnb suites across the resort. Tourist accommodation rentals constitute a major slice of Whistler’s economy – in fact, there were about 2,628 active Airbnb listings in Whistler as of July 2025 airbtics.com (this figure doesn’t even count hotel rooms or listings on VRBO and other platforms). Nightly rental rates fluctuate by season: a 2-bedroom village condo might fetch $500–$1000 per night in peak ski season, and around $300 in shoulder season. According to Airbtics data, the average daily rate across all Airbnb listings is $309, with an average occupancy of 62% over the year airbtics.com airbtics.com. Many well-run STR properties have higher occupancy – it’s common to see 80–90% booked during winter and summer peak periods whistlerspaces.com. The net effect is strong earnings: an average host in Whistler made about $70K in rental revenue in 2023 airbtics.com, and top performers (large homes or exceptionally located condos) can gross into six figures annually.

The profitability of STRs means competition is fierce to buy properties that allow nightly rentals. Whistler restricts STRs to certain zones (mainly the Village, Blackcomb Benchlands, Creekside, and a few tourist condo complexes elsewhere) airbtics.com. Properties in these zones often carry a price premium; investors are effectively buying a business as much as a home. In 2025, demand for these was high, especially as travel rebounded. We saw scenarios where a buyer might accept a lower quality unit or higher price as long as it had the coveted “Phase 1” zoning for nightly rental, because they know they can make the finances work via Airbnb. Some relief for supply came as a handful of formerly hotel-managed units (Phase 2 condo-hotel units, which have usage restrictions for owners) were converted to Phase 1 or made available for sale, but generally the supply of legal STR properties is fixed.

The regulatory environment for STRs also evolved: the new provincial STR registry launching in 2025 will increase transparency and compliance airbtics.com. Whistler’s enforcement team is actively monitoring online platforms for any unlicensed rentals, and the community is engaged – locals do report suspected illegal rentals in their neighborhoods airbtics.com. The overarching goal is to channel tourist stays into proper areas and free up other housing for locals. For investors, this means operating a short-term rental in Whistler is a regulated, professional endeavor, often handled via local property managers or diligent self-management to ensure licensing, tax (8% PST and 2% MRDT hotel tax must be remitted airbtics.com), and guest standards are met. Whistler’s visitors likewise benefit from this well-regulated market – it helps maintain quality and neighborhood peace.

Long-Term Rentals: On the flip side, long-term rental housing in Whistler is extremely scarce and perennially undersupplied. Most Whistler employees and even many residents of modest means rely on long-term rentals, since buying is out of reach for many. However, the inventory of rental units is limited – many condos are kept for short-term or owner use, and purpose-built rental buildings are few (WHA properties are the main source). As noted, the vacancy rate is effectively 0%, and landlords have their pick of tenants. Even shared accommodations (like a room in a house) get dozens of applicants. Rents for a 1-bedroom in Whistler can range from $2,000 to $2,500+ per month; 2-bedrooms often $3,000–$3,500, which is high by Canadian standards (comparable to Vancouver city rents). Yet even at those levels, demand far outstrips supply, hence the 1,200+ workers on WHA waitlists and widespread “housing wanted” ads on community boards assets.cmhc-schl.gc.ca.

The municipality and Whistler Housing Authority have stepped in over the years with nearly 2000 deed-restricted rental and ownership units for locals. These include several apartment complexes where rent is capped at below-market rates for qualified employees. But as Whistler’s economy grew, it simply created more jobs (and need for rentals) just as fast as housing was added. In 2025, with new WHA projects on the way, there is hope that the situation will improve marginally. For instance, when the 104 new rental units at Cheakamus open, that will directly reduce the waiting list. The federal and provincial funding being poured into housing indicates a recognition that without more long-term rentals, Whistler’s success is unsustainable.

For private landlords, the dynamic is interesting: long-term rental yields are lower than short-term (annual rent might be $30K on a condo vs $60K on Airbnb), but long-term offers stability and no daily management. Some owners choose to rent to locals year-round out of principle or convenience, and they enjoy virtually zero vacancy and decent returns given high rent levels. Others, especially those who only occasionally use their property, might rent it for the winter season (4–5 month fixed-term to seasonal workers) and keep it for personal use in summer – this is common and helps address winter workforce housing somewhat. However, in 2025 the provincial government signaled it will be cracking down on such arrangements if they circumvent rental laws (they want more landlords to offer year-round leases). There’s also talk of expanding the speculation & vacancy tax to more areas in B.C. to encourage homes to be rented, but currently Whistler is exempt and it remains a second-home haven.

In summary, short-term rentals in Whistler are a gold mine but heavily governed, while long-term rentals are a critical need area being slowly addressed through new construction and policy. The balance between the two is key: Whistler wants to welcome tourists with ample accommodations (which STRs provide), yet house its workforce and community (which requires LTRs). The year 2025 showed strides in recognizing this balance – tightening the rules on one side and boosting supply on the other – to ensure Whistler remains both a world-class resort and a livable town.

Buyer Demographics and Demand Shifts

Who’s Buying in 2025: The profile of Whistler’s buyers reflects its dual nature as community and international resort. According to transaction data, roughly 85% of buyers are Canadians, predominantly from within British Columbia whistlerrealestate.ca. In fact, 67% hail from Whistler itself, Vancouver, or nearby North Shore suburbs (i.e. the “local regional” crowd) whistlerrealestate.ca. These include long-time Whistlerites trading within the market, Metro Vancouver families purchasing vacation homes, and B.C. investors diversifying into resort real estate. An additional ~18% of buyers come from other parts of B.C. or Canada whistlerrealestate.ca – for example, Albertans purchasing a ski condo, or Toronto-area folks relocating for lifestyle. The international segment made up about 12% of Whistler purchasers in early 2025 whistlerrealestate.ca. Americans are the largest group there (about 9% of total buyers) whistlerrealestate.ca, attracted by Whistler’s fame and perhaps a favorable currency exchange. There are also a smattering of buyers from Europe and Asia. It’s worth noting that Whistler’s exemption from foreign buyer restrictions (both the federal ban and prior BC taxes) whistlerrealestate.ca means it’s one of the few places in Canada where non-residents can freely buy resort property, so it remains on the radar of global buyers looking for ski investments. However, geopolitical factors (like uncertainty around tariffs or global markets) have made some foreigners cautious in 2025 royallepage.ca, and many are taking a “wait-and-see” approach.

Lifestyle Drivers vs. Investors: The pandemic reshaped many people’s priorities, and Whistler has been a beneficiary of that. A noticeable trend is the rise of lifestyle-driven buyers: professionals who realized they can work remotely and thus sought a home in Whistler for a better quality of life. Some of these are younger tech or finance workers (in their 30s/40s) moving out of cities like Vancouver or Seattle – they bring families and intend to reside long-term, contributing to school enrollment growth and year-round demand. Others are near-retirees (50s/60s) accelerating plans to purchase that dream ski chalet for semi-retirement. This has kept demand robust even as pure investment buying cooled slightly with higher interest rates. According to local agents, the “end-user” mindset is dominant: many buyers plan to use the property extensively themselves royallepage.ca, whether as a primary or secondary home, rather than flipping it or renting it full-time. This is a shift from a decade ago when more units were bought purely as income generators. It suggests Whistler is evolving into a more residential community in addition to a resort – indeed, the permanent population has grown and more owners are spending considerable time here, not just a week or two.

Impact of High Rates and Stress Test: Canada’s mortgage stress test and 2025’s high interest rates have definitely filtered the buyer pool. We are seeing fewer highly leveraged or speculative buyers, and more cash-rich purchasers. Many current buyers either leverage significant home equity (e.g. borrowing against a Vancouver property to buy in Whistler) or are high-income individuals who qualify even under strict lending rules. Some marginal buyers were squeezed out – for instance, a young local couple might have to aim for a one-bedroom condo rather than a two-bedroom townhome because higher rates reduced their budget. This has resulted in a slight shift in demand to smaller, relatively more affordable units, which partly explains why any well-priced condo under $800K attracts multiple offers even in 2025. By contrast, middle-market family homes ($2–3M range) have fewer local buyers who can afford them now, relying instead on wealthier out-of-town buyers. Overall demand hasn’t disappeared; it’s just weighted more to those with financial resilience or existing equity.

Buyer Sentiment: Buyer psychology in 2025 is mixed. On one hand, there is persistent enthusiasm for Whistler’s long-term value – many see any price dips as a buying opportunity in a place with finite supply and endless recreation appeal. On the other hand, there is also a cohort of buyers adopting a “wait-and-see” attitude, hoping that the market softens further or interest rates drop pembertonrealestate.com. This indecision has led to longer sales cycles as noted. Interestingly, the Bank of Canada’s steady rate holds in mid-2025 have helped renew some buyer confidence whistlerrealestate.ca; once people felt rates peaked, they’ve started to re-enter the market with more certainty about their financing costs. Another factor is that the return of international travel has brought back U.S. and overseas buyers who were absent in 2020-2021. Whistler’s profile as a safe and attractive investment destination benefits from global instability – when some countries have turmoil, investors put money into stable Canadian assets like Whistler property. Realtors also report that some buyers accelerated decisions in 2025 on the expectation that interest rates may actually fall in 2026, which could boost competition again – essentially, they want to buy before the crowd returns. So while transaction numbers are down from the frenzy, the demand base is actually broad and solid; it’s mostly external factors tapping the brakes.

Squamish and Pemberton Buyer Trends: In the greater Sea-to-Sky region, Squamish and Pemberton are each drawing distinct buyer groups. Squamish (to the south) has become a hotspot for young families and professionals who find Vancouver unaffordable – many buyers there commute to Vancouver or work remotely. It also has a growing local tech and film industry presence. These factors keep Squamish’s housing market brisk, with detached homes and townhomes in high demand. A lot of first-time buyers and move-up buyers from Vancouver choose Squamish for its relative affordability and outdoor lifestyle. Meanwhile, Pemberton’s buyers are often Whistler workers or long-time locals who finally have inventory to choose from. As one stat shows, 70% of Pemberton buyers in 2025 were from Whistler/Pemberton itself whistlerrealestate.ca, indicating that it’s largely a local market. Some Whistler families “drive until they qualify” and end up purchasing in Pemberton where you can get a yard and a house for the price of a Whistler condo. We also see agricultural and equestrian enthusiasts in Pemberton – it offers hobby farms and space that Whistler cannot. Pemberton’s recent sales bump (highest monthly sales since late 2024 by mid-2025 pembertonrealestate.com) and price growth show that demand is spilling over and that community is flourishing with new residents.

In conclusion, the demand landscape in 2025 emphasizes end-users and lifestyle buyers, with a tilt towards those with stronger finances. Whistler continues to attract a global audience, but remains rooted in a West Coast local buyer base. As economic conditions shift, this mix might change (e.g. if rates drop, more middle-class buyers could return). For now, the market’s fate rests largely on these demographics and their confidence in the future – and by most accounts, confidence in Whistler’s long-term appeal remains very high.

Regulatory and Zoning Changes

Foreign Buyer Ban & Speculation Tax – Not in Whistler: A major regulatory advantage for Whistler is that it dodged two key housing measures that hit other B.C. markets. First, the Federal foreign-buyer ban (2023–2025), which prohibits home purchases by non-Canadians in many areas, does not apply in Whistler whistlerrealestate.ca. As a resort community, Whistler was granted an exemption, recognizing its reliance on tourism and recreational ownership. This exemption was confirmed and even as the ban got extended to 2027, Whistler remains open to overseas buyers whistlerskiinskiout.com whistlerskiinskiout.com. Second, B.C.’s Speculation and Vacancy Tax (and the older Foreign Buyers Property Transfer Tax) also do not include Whistler whistlerrealestate.ca. These taxes, aimed at urban speculation in places like Vancouver and Kelowna, are absent in Whistler and Pemberton. The result is that investors face a much friendlier tax regime in Whistler – they can leave a property vacant or use it part-time without incurring annual penalties (unlike in Vancouver where a vacant second home would be taxed heavily). This regulatory environment has certainly drawn investment to Whistler, although it’s a double-edged sword: it also contributes to high prices and low local supply. Debates occasionally flare about whether Whistler should opt into the speculation tax or similar, but as of 2025 no such move has been made, partly out of fear it would dampen the tourism home market.

Provincial Housing Mandates: In late 2023 and 2024, the B.C. government introduced aggressive legislation to boost housing supply province-wide. One piece, often called the “plex zoning law,” effectively upzones single-family lots to allow 3–4 units in municipalities over 5,000 population whistlerrealestate.ca. Whistler, being just over 13,000 population, falls under this. This Small-Scale Multi-Unit Housing law means that sometime in 2024–25, Whistler must adjust its zoning to permit at least duplexes/triplexes on single-family land (with some lot size caveats). While this sounds dramatic, many Whistler neighborhoods are strata-controlled or geographically constrained, limiting immediate impact. But over time, it could allow, say, an older cabin in Alpine Meadows on a large lot to be redeveloped into a triplex, increasing rental or ownership options. Whistler Council in April 2025 endorsed reviewing the OCP to accommodate these provincial changes piquenewsmagazine.com, signaling compliance. Another provincial mandate is the Housing Targets Act, where specific municipalities (mostly larger ones) are assigned new housing targets. Whistler hasn’t been publicly named in the first batch of targets, but it proactively is pursuing housing through HAF as discussed. Additionally, Bill 28 (2023) strengthened local governments’ ability to enforce compliance on short-term rentals by compelling platform cooperation (which led to the STR Act and registry). Whistler embraced this as it aligned with their goals to rein in illegal rentals.

Short-Term Rental Legislation: We covered this under rentals, but to recap: the Short-Term Rental Accommodations Act (Bill 41, 2023) came into force with regs by early 2025 bennettjones.com airbtics.com. It requires listing platforms to show business license numbers and, once the provincial registry is up (expected late 2025), to validate every Whistler listing against a provincial database. This basically arms Whistler with stronger tools to shut down rogue Airbnbs. Moreover, Whistler moved to increase its own fines to $3,000/day for unlicensed rentals (from $1,000 before) whistler.ca, pending a bylaw update. The municipality has also instituted a hotline and website for neighbors to report violations airbtics.com. These combined efforts are a regulatory squeeze on any remaining “shadow” short-term rentals in residential areas. For legitimate operators, it adds an administrative step (registering and posting numbers), but many were compliant anyway. The expectation is that this will free up some units for long-term tenancy if owners decide the hassle or risk isn’t worth nightly renting. However, given Whistler’s long enforcement history (since 2017) whistler.ca, the net effect may be more pronounced in other B.C. towns that had laxer rules. Whistler essentially got what it wanted: province-wide backing to ensure its rental rules are followed.

Taxes and Financial Rules: Starting January 2025, B.C. implemented a new “Home Buyer Rescission Period” (a cooling-off period for buyers of resale property) – this had minor effect in Whistler as many deals are not rushed multiple offers nowadays. More impactful is the B.C. Home Flipping Tax which took effect in 2025, imposing a steep tax on profits from quick resales whistlerrealestate.ca. For example, flipping a house within 6 months now incurs a 20% tax on the profit as income. This likely dissuades speculation; however, flipping was never huge in Whistler due to high transaction costs and a market generally stable enough that quick flips were rare. Still, it will catch anyone who tries to buy-renovate-sell in under a year unless they qualify for exemptions (e.g. life changes). Federally, one proposed change that worried investors was an increase in the capital gains inclusion rate (taxing more of profit on sales of second homes), but the government announced in March 2025 that no such hike will occur – the inclusion rate stays at 50% whistlerrealestate.ca. This came as a relief, maintaining the status quo for investment property taxation. Another federal rule in play is the Underused Housing Tax (UHT), a 1% annual tax on vacant or underused homes owned by foreigners whistlerrealestate.ca. Whistler’s foreign owners technically are subject if their place is empty, but many either rent part of the time or use exemptions (and UHT has many exemptions, plus some foreign owners simply pay 1% as a cost of doing business). There’s been an increase in foreign owners looking for tax advice on UHT to ensure compliance – local accountants have been busy – but so far it hasn’t led to a sell-off by foreign owners in Whistler.

Local Zoning Tweaks: On a micro level, Whistler’s council made a few zoning and policy tweaks in 2025. They approved zoning amendments for a couple of small parcels to allow higher density: for instance, a site in Alpine Meadows was rezoned to permit townhouses instead of one house (aimed at a future WHA project). The RMOW also updated parking and building regulations to align with new provincial Building Code changes (which mandate things like EV charging readiness and greener building standards). Another interesting development: Whistler created a new “Paid Parking in Village” bylaw not directly housing-related, but the revenue from which is earmarked in part for transit and local infrastructure – indirectly supporting housing by improving commuter transit from cheaper outlying areas.

Overall, 2025’s regulatory landscape for Whistler real estate is characterized by external policies designed to boost housing supply and dampen speculation, with Whistler largely complying and benefiting (through funding and flexibility) while maintaining its long-standing local control on things like short-term rentals. The exemption from some taxes remains a crucial factor differentiating Whistler and enabling it to attract recreation-focused buyers without punitive costs. Keeping an eye on provincial moves – e.g. if in future the Speculation Tax gets expanded – will be important, but for now Whistler continues to walk a line between welcoming investment and ensuring it doesn’t hollow out the community.

Economic and Tourism Influences

Tourism Recovery and Growth: The health of Whistler’s real estate market is inextricably linked to its tourism-driven economy. After the pandemic lull, tourism roared back in 2022–2024, and by 2025 Whistler is enjoying near-record visitor numbers. Ski visitation in the 2024/25 winter was strong (despite a few challenging weather weeks), and the summer of 2025 saw hotel occupancy often exceeding 85% on weekends. This boom in visitors bolsters demand for rental properties and gives confidence to vacation home buyers that Whistler is as popular as ever. The robust “domestic tourism” in particular – Canadians choosing to travel within Canada – has been a tailwind. As one market update noted, “strong domestic tourism continue to support housing demand” in Whistler pembertonrealestate.com. Many travelers from Vancouver or Toronto decide to buy a small condo after falling in love with the place during a visit. Additionally, events resumed at full scale: 2025 hosted various festivals, mountain biking championships, and conferences (including high-profile ones like ICSC for retail and medical conventions). These not only fill beds but also sometimes bring in buyers – e.g. someone attending a conference extends their stay, tours real estate, and ends up purchasing a unit.

Economic Climate: Broader economic trends in 2025 present both headwinds and tailwinds for Whistler real estate. On the one hand, high interest rates and inflation have cooled buyer enthusiasm compared to the ultra-low-rate environment of 2021. The cost to finance a Whistler home is significantly higher, which softens demand and limits how much buyers can pay, especially in the mid-market. We can see this effect in the slowed sales volume and longer selling times. Yet on the other hand, B.C.’s economy remained relatively resilient through 2024–25, with low unemployment and decent income growth. A lot of Whistler buyers are business owners or professionals who actually saw incomes rise with inflation, partially offsetting higher mortgage costs.

One specific factor mentioned in multiple reports is the impact of global trade uncertainty, such as tariffs. In 2025, new U.S. tariffs on some Canadian goods and general trade disputes created some economic uncertainty pembertonrealestate.com whistlerrealestate.ca. While this doesn’t directly hit Whistler, it contributes to a cautious mood among some investors (as noted, some are waiting out the “uncertainty around tariffs” before making big purchases whistlerrealestate.ca). On a positive note, the Canadian dollar’s value is an influence: in 2025 the CAD hovered around ~$0.75–0.78 USD, lower than a few years ago. A weaker loonie tends to increase Whistler’s attractiveness: it makes it cheaper for international visitors and also encourages Canadians to vacation at home (since going to the U.S. or Europe is pricier) royallepage.ca. This dynamic likely contributed to the strong tourism and also could entice more American buyers who see Canadian real estate as “on sale” due to currency.

Local Employment and Wages: Whistler’s resort businesses are doing well with high tourist demand, but they also face labor shortages and rising wages (needed to attract staff in a high cost-of-living area). Interestingly, the surge in local wages – entry-level service jobs now paying more, some businesses offering housing or bonuses – means some renters have a bit more purchasing power. A few long-time workers who benefited from equity gains in WHA housing or saved money are starting to enter the condo market. So there is a small uptick in local first-time buyers, but it’s still very challenging; the median income even rising doesn’t close the gap to median home prices. On the flip side, if labor costs get too high or staffing too scarce, it could constrain business growth and by extension the appeal of owning commercial assets. So far, Whistler’s economy is adjusting: more housing is being added for staff, and businesses are adapting with maybe slightly reduced hours or higher prices to manage labor constraints. No sign yet that this is hurting visitor experience or desire to invest in Whistler.

Comparative Economic Insight: It’s useful to compare Whistler’s situation to that of Squamish and Pemberton economically. Squamish has a more diversified economy (some industry, port-related jobs, commuters to the city) and in 2025 it’s benefitting from people and businesses relocating out of Metro Vancouver. That local economic growth supports its housing market independently of Whistler. Pemberton remains more agriculturally and locally oriented (farming, forestry, small businesses), and some Whistler tourism “spills over” – e.g. overflow visitors might stay in Pemberton accommodations or people do day trips. But overall, Pemberton’s real estate is more pegged to Whistler’s orbit (if Whistler booms, Pemberton usually follows, and vice versa). In 2025, since Whistler is stable, Pemberton is seeing stable growth as well.

Future Economic/Tourism Outlook: Looking ahead, a few things stand out. There’s talk of Whistler potentially bidding for another international sports event or even exploring a future Olympic bid with Vancouver (though a 2030 bid was shelved, interest remains for maybe 2034 or beyond). Landing a big event would drive investment and a mini real estate boom akin to the pre-2010 Olympic rush. Also, the trend of remote work is a structural economic change – Whistler can continue to attract a slice of the tech workforce who bring their city incomes to spend and invest locally. As long as Whistler can solve some housing for those folks (and their kids’ schooling etc.), this could fuel the market in a sustainable way (year-round residents with good incomes are perfect real estate customers).

Macro risks include: a recession (which could cut demand for recreational homes), significant currency fluctuation, or another global shock to travel. But barring those, the fundamentals look solid – Whistler as a destination is as desirable as ever, and its economy, while facing growing pains, is robust. The synchronicity between tourism and real estate was evident in 2025: the bounce-back of visitors provided a floor under real estate demand, even as higher interest rates might have otherwise caused a sharper correction. In essence, Whistler’s economic engine – tourism – continues to purr, fueling real estate, and real estate in turn invites new investment that keeps the engine tuned.

Comparative Insights: Pemberton and Squamish

Pemberton – “Frontier for Adventure”: Just 30 minutes north of Whistler, Pemberton is a small valley town that has increasingly become an overflow and alternative market to Whistler. With stunning mountain scenery and a more rural vibe (farms, horses, open space), Pemberton attracts those who want a quieter lifestyle or simply more bang for their buck. In 2025, Pemberton’s real estate trends show a market that is steadily growing yet remains more balanced than Whistler’s. Sales activity picked up – mid-2025 saw the highest monthly sales since late 2024 pembertonrealestate.com – and inventory, while tight, is a bit more available relative to demand. Prices in Pemberton are significantly lower: the average detached home is around $1–1.3 million (depending on lot size), roughly one-third of Whistler’s average house price. As mentioned, Pemberton’s single-family median spiked +31% year-over-year whistlerrealestate.ca, indicating that last year you could snag a house under $1M and this year it’s more like $1.3M+. Even so, for many families or first-time detached home buyers, Pemberton is the only feasible option in the Sea-to-Sky.

In terms of property types, Pemberton offers everything from condos and townhomes in the village center (some brand new, like Elements and Mountains Edge developments) to large rural estates and farm acreages. The diversity is attracting a mix: young local families buying new townhouses, Whistler workers buying condos (and cutting their commute from 120 km away in Vancouver to 30 km from Pemberton), and even some retirees who prefer a farm setting. The buyer origin data backs this up: 70% of buyers were from Whistler/Pemberton area in 2025, and only 4% were from out-of-province whistlerrealestate.ca, showing Pemberton is mostly locals and regional folks, not international investors.

One interesting trend is the emergence of some luxury market in Pemberton. Historically rare, 2025 saw three sales over $2M in Pemberton whistlerrealestate.ca – likely high-end hobby farms or small estates – which indicates that a segment of wealthier buyers now see Pemberton as desirable on its own merits, not just as “cheap Whistler.” Pemberton’s amenities have improved (a new recreation center, better dining options) and more planned housing like the Sunstone Ridge subdivision adds upscale options with view lots. Inventory in Pemberton jumped about 20% in Q2 (to ~73 listings) whistlerrealestate.ca then later tightened again by summer (70 listings in July, down 20% YoY) pembertonrealestate.com. This fluctuation shows a small market’s volatility, but generally Pemberton has a bit more supply relative to demand than Whistler does. Properly priced homes in Pemberton still move reasonably fast – e.g. townhomes in July 2025 were selling in just 38 days median pembertonrealestate.com, faster than any category in Whistler.

Squamish – “Adventure Hub and Commuter Town”: About 45 minutes south of Whistler (and 45 minutes north of Vancouver), Squamish is a rapidly evolving city that serves as both an outdoor recreation hub and a more affordable bedroom community for the region. Squamish’s population has swelled in recent years, and with it, real estate demand. Trends in 2025 show Squamish’s market still on an upward trajectory, albeit at a more moderate pace than the crazy spikes of 2016–2018. According to one forecast, Squamish detached home prices are “rising steadily,” averaging $1.35M–$3M nattyfox.ca, which is roughly half of Whistler’s price band. The lower end of that range likely refers to older small homes or those far from the core, and the upper end to new larger homes in Squamish’s Garibaldi Highlands or Valleycliffe with views. Condo and townhome development is booming in Squamish, adding inventory and keeping that segment relatively balanced. Indeed, Squamish had more inventory, particularly of townhomes and condos, in 2025 nattyfox.ca. This is partly due to many new projects completing – for example, Waterfront Landing and other master-planned communities are adding hundreds of units. Thus buyers in Squamish have more choice now than a few years ago. Despite the new supply, demand remains very strong: any well-priced home (especially one with a rental suite) tends to get snatched up quickly nattyfox.ca, often by local families or investors who rent to the influx of residents.

Market Dynamics Comparison: While Whistler’s market in 2025 was leaning towards balance or even buyer-friendliness in spots, Squamish’s market feels a bit more dynamic and possibly still seller-leaning in some segments because of rapid population growth. For instance, a brand-new townhouse in Squamish might still see multiple offers if priced under $800K because lots of Vancouverites are vying for it. Squamish also has a different driver: jobs and community growth, not just recreation. Big retailers opened stores, a new university campus extension is planned, etc., which all drive housing. By contrast, Pemberton’s market is smaller and somewhat tied to Whistler’s fortunes. If Whistler sneezes, Pemberton could catch a cold – but currently, Whistler is healthy, so Pemberton is thriving modestly. Both Pemberton and Squamish are benefiting from the overflow of demand and the affordability gap. As one Sea-to-Sky summary put it, “across Whistler, Pemberton, and Squamish, the market remains balanced with pockets of opportunity” pembertonrealestate.com, noting that higher borrowing costs have slowed things down from the frenzy, but well-priced homes still sell quickly anywhere in the corridor pembertonrealestate.com.

Inter-regional Moves: We also see more interplay between the three markets. It’s not uncommon for someone to start in Squamish (buy a condo), then later move up to Whistler (for lifestyle or work) and perhaps sell or rent out their Squamish place. Or a Whistler family that can’t find the right home might decide to build in Pemberton where they can get land. This fluidity means the regions aren’t siloed: a slowdown or change in one can affect the others. For example, if Whistler implemented a new restriction that made owning less attractive, some investors might pivot to Squamish short-term rentals (which are mostly allowed without the same restrictions as Whistler, though Squamish is considering tighter rules too).

Price Differential and Opportunity: The price gap among the three remains large – Whistler is by far the most expensive. For the price of a basic older chalet in Whistler, you could often get a luxury home in Squamish or an acreage estate in Pemberton. This creates opportunity: some buyers in 2025 explicitly chose Squamish or Pemberton instead of Whistler, either because they preferred a full-time community vibe or because their budget stretched much further. For investors, Squamish offers potentially higher growth percentage-wise (as it’s still developing), whereas Whistler offers stable rental income and global cachet. Pemberton offers cash flow opportunities too – e.g. buying a small multi-unit or adding a rental suite to a house there is easier zoning-wise than in Whistler.

Summary: Squamish is emerging as a thriving town with its own momentum, likely to continue seeing population and price growth as it urbanizes and attracts businesses (and still convenient to Whistler’s slopes). Pemberton remains the laid-back neighbor that is growing steadily and providing relief to some of Whistler’s housing pressure without losing its small-town charm. Both are critical to the overall Sea-to-Sky housing ecosystem. For Whistler property owners, it’s wise to watch Squamish and Pemberton trends, as they can signal broader shifts (e.g. if Squamish inventory piles up, perhaps the regional demand pool is weakening; if Pemberton prices spike too high, that could push more workers to live farther away, impacting Whistler’s labor force). As of 2025, all three markets are in a relatively balanced state, with Whistler at a high price plateau, Squamish on a growth path but easing with new supply, and Pemberton quietly appreciating. The Sea-to-Sky corridor continues to be one of B.C.’s most desirable regions, and each community offers a unique slice for different needs – something reflected in their real estate trajectories.

Market Outlook for Whistler and Beyond

Looking ahead, the Whistler real estate market in the next few years (2026–2028) is expected to navigate between opposing forces of strong demand and pragmatic constraints. On the demand side, the allure of Whistler is not diminishing – if anything, the pandemic reminded people of the value of lifestyle and recreation, ensuring a steady pipeline of buyers eyeing a piece of this mountain paradise. The return of international buyers (especially Americans and some overseas investors) post-pandemic provides an additional demand layer that was partially absent in 2020–2021. Tourism forecasts are upbeat, with Whistler Blackcomb projecting increasing visitor numbers assuming stable economic conditions, which will in turn keep rental revenues attractive for investors. Major events and continuous enhancements in resort offerings (new trails, lifts, cultural festivals) will further burnish Whistler’s reputation and could spur short-term spikes in interest (e.g. a successful bid for a major sporting event would set off a mini boom).

On the supply side, Whistler’s constrained land and strict development policies mean that large increases in housing stock are unlikely. The new workforce housing initiatives will add a few hundred units over several years, but these are mostly non-market or price-controlled; they’ll help retain residents and staff but not directly increase the market listings for typical buyers. In the free market, construction will remain limited to infill and small projects – no big new neighborhoods left to build. This essentially guarantees that if demand ramps up again, prices have little room to go but up. Inventory is currently higher than the ultra-low levels of 2021, but still historically modest, and could shrink again if sales pick up.

A key timing factor will be interest rate movements. Many analysts anticipate that by 2026, the Bank of Canada will have eased rates as inflation cools and possibly an economic soft patch emerges. Indeed, forward-looking statements suggest policy rates moving back toward a neutral 2–3% range pembertonrealestate.com. If and when mortgage rates drop accordingly, buyer purchasing power will increase, likely unleashing some pent-up demand. This could particularly affect Whistler’s mid-market (young families, local up-sizers) who have been on the sidelines. Thus, 2026 or 2027 could see an uptick in sales volume and a return to gentle price growth after the 2025 pause. It’s plausible that Whistler’s property values will start setting new record highs again by 2027 if economic conditions normalize and borrowing becomes easier.

However, it’s not expected to be a return to the runaway double-digit annual appreciation; rather, think low-to-mid single digit percent increases year-over-year in a healthy scenario. This aligns with historical patterns – Whistler often experiences plateaus after big jumps, then resumes an upward trend at a more modest pace until the next shock or boom.

Risks to the outlook include: a global recession which could reduce discretionary spending on vacation homes; significant changes in government policy (for example, if a future government removed Whistler’s tax exemptions, that could dampen some investor interest); or environmental factors – climate change impacting snow reliability could long-term affect the ski industry appeal (though Whistler has four-season draw and is investing in summer, so it’s somewhat hedged). There’s also the local political will to consider: Whistler might tighten short-term rental regs further or impose its own empty home tax if community housing issues persist, which could marginally affect investor calculus. Conversely, further government support for housing (more funds, more land releases) could improve the sustainability of having a local workforce, indirectly supporting the real estate market by ensuring Whistler remains a functioning community and not a hollow resort.

Nearby, Squamish and Pemberton will continue to play complementary roles. Squamish’s growth might actually benefit Whistler by providing more housing for regional employees and an alternative for those priced out, albeit it also diverts some would-be Whistler buyers. Pemberton’s evolution will ensure that some middle-class families can stay in the Sea-to-Sky rather than leave entirely; those families still contribute to Whistler’s economy and eventually some move up the ladder into Whistler proper when they can. So a stable Squamish and Pemberton is good for Whistler too. Forecasts for those areas: Squamish likely to see continued price growth (perhaps outpacing Whistler in % terms simply because it’s earlier in development curve), and Pemberton moderate growth with occasional spikes as inventory cycles.

In conclusion, Whistler’s real estate future remains bright, with a base of enduring demand meeting a permanently limited supply. The year 2025 can be viewed as a year of consolidation – a pause from frantic activity, where the market caught its breath and stakeholders refocused on sustainability (housing for locals, balanced growth). This lays a solid foundation for the coming years. Buyers and sellers who are well-informed and prepared are expected to do well in this environment whistlerrealestate.ca. Those buyers who take advantage of softer conditions in 2025 could find themselves owning an asset that starts appreciating again in a couple of years, while sellers who held off during the dip may be rewarded by patience if the market strengthens in 2026+. As one local agent summed up, opportunities exist “for those willing to engage” even in a cooler market whistlerrealestate.ca, and Whistler’s long-term trajectory as a world-class resort destination ensures that property here will continue to be a coveted investment. The mountains are not going anywhere – and neither, it seems, is the demand to own a slice of them in Whistler.

Sources: