Bank of Canada Drops Interest Rate at 4.75%

In a widely expected and long awaited move, the Bank of Canada has cut its benchmark interest rate by a quarter point, to 4.75%. This is the first sign of interest rate relief in four years for financially stretched Canadians, due to cooling inflation and weaker-then-expected economic growth in the first quarter of 2024. April inflation fell to 2.7 per cent, down from 2.9 per cent in March.

“With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points. Recent data has increased our confidence that inflation will continue to move towards the 2% target,” the Bank noted in its interest rate announcement.

This is good news for Canadians who are renewing their mortgages, have a variable-rate mortgage, or are carrying other types of loans. However, housing experts warn that the rate cut could spark a flurry of activity in the housing market, with those who have been sidelined by higher rates seeing this as an opportunity to re-engage in the market. And a boost in demand is often accompanied by a boost in price.

With the potential for further interest rate cuts this year, time will tell how the Canadian housing market responds. For now, enjoy the quarter-point cut!

Sea to Sky Real Estate Market Update:

Through May 2024

WHISTLER’s real estate market had a total dollar volume of approximately $75 Million in May. There were a total of 46 transactions. Of those sales, 10 were chalets, 9 were townhouses and 10 were condominiums sales.

For a complete breakdown of Whistler Sales by Dollar Volume, Transactions and Property Types, for the past few years, please view our May 2024 stats package here

The SQUAMISH real estate market had a total of $43 Million in sales in May. There were a total of 42 property transactions. Of those sales, 9 were single family homes, 15 were townhomes and 11 were condominiums.

Want more Squamish Stats?
view our May 2024 stats package here

The PEMBERTON market had approximately $11 Million in total dollar volume in May. There were a total of 10 transactions. Of those sales 7 were a chalets, 1 was a townhouse, and 1 was vacant land.

Want more Pemberton Stats?
view our May 2024 stats package here

Featured Luxury Whistler Chalet

3827 Sunridge Drive | Sunridge Plateau, Whistler

6 Bedrooms | 7 Bathrooms

$10,999,999 CAD | $12,976,000 USD

Welcome to an exquisite residence that exudes unparalleled luxury and refined living in every aspect. Ski home to the exclusive Sunridge Plateau neighbourhood of Whistler, this magnificent old-growth cedar Log home embodies elegance and sophistication, offering breathtaking views of the Whistler Golf Course, Whistler Village, and the surrounding mountains. The stunning estate spans 3 levels and includes 6 spacious bedrooms, 7 bathrooms, expansive living spaces that offer an ambiance of warmth and hospitality. Indulge in culinary delights in the state-of-the-art gourmet kitchen, equipped with top-of-the-line appliances and custom cabinetry. Entertain guests in style within the sprawling dining area, boasting panoramic views of the dramatic surroundings. Resort-style amenities, including an indoor swimming pool, spa area, outdoor hot tub, billiard and games area, offer something for everyone within this unique estate located only a stone’s throw from the lively Whistler Village. If you’re seeking the perfect place to call home, with ski-home access, stunning views, abundant sunshine, beautiful surroundings, and mountain backdrops, look no further than 3827 Sunridge Drive.

Listed by Allira King and Jeff Hume Personal Real Estate Corporation | Whistler Real Estate Company