Homes & Land Magazine - September 2013 Issue
Look who’s coming to Whistler now!
A destination resort community like Whistler, with its seemingly endless list of attractions, draws different types of buyers at different stages of the market cycle.
Any fully four-season location is going to attract the attention of the vacation property developers, and Whistler is no exception. In the late 1990s and early 2000s, there was a lot of interest from the Pacific Rim and the northwestern United States. Here was a location with as rich a collection of natural assets as could be imagined just a couple of hours from a growing metropolitan centre. International air connections and Canadian highway infrastructure made it easily accessible, and a significant amount of market activity resulted.
It is no secret that the world has changed. The global economic downturn has taken a lot of the wind out of the sails of the vacation property market, and a very active development and construction sector has more than met the shrinking demand, leading to diminishing returns in the vacation investment property market.
The Whistler real estate market, though, has only changed – not gone away. The abundant natural attractions continue to fuel demand, but from other types of buyer. Ron Mitchell, a Whistler market specialist with Sutton West Coast Realty, points to the growing number of buyers from the lower mainland who are purchasing homes in the Whistler area as a conscious lifestyle decision.
Transportation upgrades such as the improvements to the Sea-to-Sky highway have made travel to Whistler faster, safer, and more convenient. As a result, it is easier than ever for lower mainland families to make a Whistler home with its attendant potential for recreation and relaxation a part of the rhythm of their family routine. This increased demand has come at a time when the construction of new developments has slowed and fewer homes are available for sale than in the past few years.
The result has been a much more balanced market, according to Mitchell, with overall buyer confidence in Whistler continuing to grow stronger. Properties ranging from studio condominiums to upscale chalets are finding buyers, with some types of property showing a marked increase in both number of sales and total dollar value compared to the comparable time period in 2012. As Ron reads the market trends, “If a property is priced right and offers value, chances are it will sell within a reasonable period of time.”
Another trend that bodes well for the continued growth of Whistler’s community life is the number of local residents who are finding their way into the market, often purchasing older homes with great potential for renovation and increased values over time. This commitment to local community living plays a significant role in reducing the risk of the development of a hollow community such as has been the experience in some resort destinations. It ensures a vibrant and thriving local culture that provides a more positive context for the comings and goings of out-of-town owners.
Community leaders and volunteers, including those in local government and business, continue to stack the calendar with diverse activities in every season. Whether homeowners and potential buyers are looking to Whistler as a place to retreat from everyday life or as a place to put down roots, regardless of their stage of life, they are finding the properties that meet their needs.
In the next issue of Homes & Land, we will have Ron Mitchell and others who know the Whistler market intimately weigh in on the prospects and direction for local real estate in the next few years, and beyond.
