From a real estate standpoint, property values have gone through a similar transition over the last decade and a half.“From 1998 through 2002 there was large demand and property values went up 100%,” notes Ron Mitchell of Sutton West Coast Realty. “The market softened through 2006 while at the same time, prices in Vancouver were going up and a lot of Vancouver people were jumping into the market. But the shock of 2008 put the brakes on all recreational and a lot of residential markets throughout North America.”
“From 2008 people were holding on thinking the Olympics were going to spread some magic dust. Meanwhile, prices of unrestricted recreational properties — chalets, condos and townhouses — have softened by 20-25 percent. Condo hotels have dropped by about 50 per cent from their peak in 2002-03, when American investors were buying them as revenue properties with their 65-cent dollar.”
Today the market is more balanced and despite a downturn in Vancouver’s real estate figures over the past several months, Whistler is experiencing a slight improvement compared to last year.
“It’s been a busier year in Whistler with sales up about 5% over 2011, but there are fewer listings right now,” comments Sally Warner of Re/Max Sea to Sky Real Estate. “Prices are stable but a decline in inventory can put upward pressure on prices so it’s hard to predict what might happen.”
The perception that most of the properties being purchased in Whistler are by foreign buyers is a common misunderstanding of this market. “80% of the buyers in Whistler are from BC, with the vast majority of thosecoming from the Lower Mainland,” Warner continues.
An improved Sea to Sky Highway has meant reduced travel times and safer road conditions making the area even more desirable to anyone travelling from the Lower Mainland, and with affordability and convenience being the two main features buyers are looking for it’s a very good time to jump into the market. Prices have come down but remain stable, interest rates are still very low, and there’s less competition coming from buyers out of the US.There’s also a variety of product to choose from between hotel condos, shared ownership, timeshares, chalets, condos or townhomes - as long as you’re working with someone that understands the local market.
“Whistler is still a very viable real estate market,” Mitchell adds, “but sellers have to manage their expectations a bit more and buyers may have to wait to find their dream property. There’s enough interest and financial stability coming out of Vancouver, and I expect that’s going to continue for some time.”
With snow on the ground and another surge of winter visitors expected over the next few months, anyone thinking about buying up here may just find their timing couldn’t be better. *