Post-Olympic Real Estate Market is Promising..
Local papers the Pique and Question ran an article from Landcor Data Corporation this week stating while the market today is still quiet they are expecting an increase in real estate sales as early as 2012. They compared the Whistler market to that of Expo /86 and added a slight decrease in anticipated sales due to the global recession. “We’re going to see people coming back to Whistler” they wrote.… While we agree 100% with Lancor we also know there are people buying in Whistler and they have over the last year, in fact 462 homes changed hands in 2010.
We know that our America friends have not been as active in the buyer sector of our market due to our dollar being at par and their own real estate & mortgage problems.
On one hand, a strong Canadian dollar has made it much more attractive for US home owners in Whistler to sell their properties today thus creating a win/win because of the strength of the Canadian dollar.
If I was buying Canadian dollars with my American dollars (real estate in Whistler) in 2002 the Canadian dollar was valued at about .62 cents. I remember we use to say to our American friends “we are like buying in Mexico”
Now skip ahead over the years as our economy in Canada strengthened, our export commodities rose substantially mainly oil from Calgary, and with that a rising debt in America $14.19 Trillion….
By 2007 our Canadian dollar hit an all time high for the first time in 30 years… and it didn’t stop. Today our dollar is at $1.03… sell today and take Canadian dollars back to the US… that is how even in a soft market the US home owner in Whistler can still cash out ahead. Sometimes quite a bit…
What about BC?
Within BC we have a regional market (lower mainland) stepping up to the plate and purchasing real estate…the incredible Vancouver market is making most economist scratch their heads…. the equity which has increased within their own primary residences together with performing investment portfolios; has allowed any savvy investor to look north… to Whistler. Approximately one and a half hour drive on a slick newly renovated $600 million Sea to Sky Highway, and waaa laaa… your here. The drive is more than just scenic, it is quick and highly enticing to the folks in the lower mainland.
Who Else Loves Whistler?
It might come as a big surprise to you, but the Chinese enjoy skiing as much as the Japanese, or you and I for that matter… it is a very fast growing leisure activity…Just recall the 2010 Winter Olympic and Paralympic games. China had 94 athletes competing, took home 5 gold medals and finished 11th over all out of 92 countries.
Vancouver is considered the little China sitting on the Pacific rim… It is said the tail of the dragon wraps around the city. I asked a very good friend of mine from Hong Kong why they bought in Whistler, I assumed it was for safety reasons… she laughed at me and said “Hong Kong is safer than Vancouver, but your air is like no other place in the world”…some of us however take these small gifts of beauty for granted most days…. we shouldn’t forget that many of our visitors from China are incredible golfers as well’ think of how gorgeous Whistler is in the summer…. . http://bit.ly/fZDSh6 Top Five Ski Resorts in China
We have seen an increase in Asian ownership partly due to 3 billion eyes that watched our gorgeous country from the comforts of their home…. the global exposure combined with the new Approved Destination Status granted by China…has really played a significant role.
Does a Local Living in Whistler Count?
Nowhere else in Canada can you find housing that is locally driven, price capped and regulated to the max… but here in Whistler we cater to the cost of living and cost of home ownership for those poor souls that want to call Whistler home…If we didn’t, we’d run the risk of loosing families, the people who grew up thinking ” Home ownership is the American (Canadian) dream”…Whistler needs young families to help create the fabric of a healthy environment. The process to purchase a home through the Whistler Housing Authority is not onerous; yet the outcome for a local realtor is extremely bleak. The only winners in this lottery are lawyers, the buyers and the Government… both local and provincial.
Our own locals have purchased over 400 homes in the last year and these numbers are not included in our listing sales inventory; these are legitimate sales, that the world never hears about…The sales range from $300,000 to $700,000+ for duplex and detached homes… brand new…
It is unfortunate that our Pemberton real estate market has been affected by the over abundance of local housing here in Whistler… but this brings a new buyer to that market because of the value proposition now surfacing.
YES – real estate is selling, not at the pace it once was, but none the less we are on the radar for many buyers and we have something special here… a lifestyle enjoyed by millions every year.