Similar to the other communities in the Sea to Sky corridor, the third quarter real estate market in Pemberton was noticeably slower than that experienced in 2016 or 2017. Government policy impacted interest rates and affordability while several years of increasing valuation have combined with a limited supply of affordable options to slow sales activity despite strong interest from first-time buyers and families relocating to Pemberton. This strong level of buyer interest has supported values despite the lower activity levels and the overall average transaction value for real estate in Pemberton has increased by 15% since the start of 2018.
Interest in family-style accommodation has increased values in all categories of the local marketplace with single-family homes sales now averaging $925,000, an increase of 13% since the start of the year. Meanwhile, average townhome values have increased by 21% to $584,540 and average condominium values now sit at $383,287 which is a 14% increase since January 1st.
In 2018 we have seen several new housing projects come to Pemberton that will appeal to many and will hopefully mitigate the lack of choice which is a defining characteristic of the Pemberton marketplace. However, it is important to note that most decisions in Pemberton are determined by affordability and as such do not have the ability to appreciate in a rising interest rate environment to the same extent that many other markets, such as Whistler, do.
What to Expect
Going forward we expect the recent trend low activity levels and longer time on the market to be the norm. New offerings at Crestline, Sunstone and Orion will provide a significant amount of medium density housing, while new single-family homes will be available at Tiyata, Sunstone and The Ridge. As such we expect buyers to proceed cautiously to ensure that they have considered all the choices that may meet their financial situation.
Pemberton is a small marketplace that can change quite quickly despite rather small changes in supply and demand. To ensure that you get the most up-to-date and timely market information about the Pemberton area, make sure to call one of our local, full time, expert advisors.