Real Estate Association of Whistler - Recent News

The local real estate association in Whistler known as the 'Real Estate Association of Whistler" (REAW)  recently launched a public website portal….WhistlerListings.com

This was accomplished through REAW receiving licensing approval from the two owners of the privately owned local cooperative listing system known as the Whistler Listing System.

Here's a recent article in the Real Estate Magazine - REM*
CLICK HERE

*REM is Canada’s premier business publication for the real estate industry. REM is published 12 times a year. It is independently owned and operated and is not affiliated with any real estate association, board or company.

(Footnote: Please note in my opinion some of the reporting information in the REM article may not be 100% accurate.)

The Vancouver Sun - Whistler Properties

Here's a recent article from the Vancouver Sun newspaper on the Whistler real estate market…. CLICK THIS LINK:
Vancouver Sun - Whistler real estate market February 17, 2012

Finally Some Positive News For The Local Whistler Market…

Whistler 2011 Real Estate Market in Review

Finally some positive news for the local Whistler market….as buyers look for attractive buys and acquire well-valued properties. As a result, the end of 2011 saw the highest number of sales since 2008.

2011 Total Sales = 543 *(Excludes Timeshare & Employee Housing). Compared to the previous year - 2010 = 450* 

Since the late fall of 2008 Whistler prices have continued to be soft with motivated sellers being forced to lower their asking prices in an attempt to attract the buyers. The 2010 Olympic year side-lined most buyers as they waited to see the impact of the Olympic exposure.  Given the state of the US & World economies it really was no surprise the post-Olympic market continued to be a buyers' market with high levels of inventory.

In summary, most buyers are acquiring properties for personal use. Selling values in many cases are 20%* to 50%* lower than the peak values of the past 10 years (especially years 2001- 2003). *(Depending on the Property-Type). The outlook for 2012 should be similar to 2011 with "Value-Buys" and "Personal- Use / Lifestyle" being the reasons for acquiring a Whistler property.

The bottom line is…If one has the financial ability and a Whistler place has been on your radar, 2012 will be another good year to acquire a Whistler property. 

Here's a Snapshot of the 2011 Whistler Sales:

Highest priced sale was a luxury chalet that sold for $8.7m 

24  sales over $2m.

70 sales between $1m to $2m.

387 whole ownership sales under $1m.

62 shared ownership sales.

Here's a look at Whistler's bedroom community -  The Village of Pemberton;

Total Pemberton &  Area sales:  2011=56 vs 2010=87. 

Data Source: (WLS) The Whistler Listing System  (E&O.E).

If you want more detailed information or if you are looking to connect with a knowledgeable group of agents, drop me an email or phone call. We're here to help!

Ron Mitchell

Managing Partner / Broker

A Winter Surge in Whistler Business

From Tourism Whistler January 23, 2012


Perfect storm of conditions combine for surge in Whistler business….

Whistler, B.C. – An unprecedented snow advantage, combined with Tourism Whistler’s marketing efforts and pent-up post-Olympic consumer demand have aligned to create the perfect storm of conditions for Whistler, where bookings are up significantly this winter over last.

Tourism Whistler reports that December 2011 was the busiest December on record in terms of room nights booked, with an increase of approximately 12 per cent compared to December 2010 and a six per cent increase over the previous record held in December 2007.

Combined with increases in the month of January, February and March (room nights booked to date, as well as pace of bookings) the upward swing has resulted in a revised winter forecast from Tourism Whistler.

Research gathered originally indicated that room nights for the 2011/ 2012 winter would be up by approximately four per cent over the previous winter. With the latest numbers, however, Tourism Whistler has revised that forecast to be up by at least 10 per cent over last winter, in terms of room nights booked, making the 2011/ 2012 winter season the strongest winter since 2007/ 2008.

Improvements are being seen from all key destination markets however Tourism Whistler officials caution that the worldwide economic situation continues to play a role in resort business levels.

“It’s fantastic that we’re seeing the benefits of our efforts,” said Barrett Fisher, Tourism Whistler’s President and CEO. “Early results this season indicated a very positive response to our marketing initiatives – and there’s no doubt that we’ve effectively tapped into pent up demand.”

“However, we do have to recognize that while this is shaping up to be an exceptional winter season in terms of room nights,” said Fisher. “Consumer behaviour continues to evolve and we need to be cognizant of that and adapt accordingly.”

In addition to the success of Tourism Whistler’s marketing efforts following the unprecedented exposure from the 2010 Winter Games, Fisher pointed out several other factors affecting the positive results, including: gains in early bookings through tour operators, the resort’s early booking offers, interest generated by the Whistler Sabbatical Project, the resort’s 2011/ 2012 winter marketing campaign; and Whistler’s unprecedented snow advantage.

“Whistler capitalized on extremely positive positioning with our early booking efforts,” said Fisher, “and we know that the Whistler Sabbatical Project – which has received more than 15,000 entries and tens of thousands of viewers watching the weekly vignettes – has really resonated with people.”

The exceptional snow conditions in Whistler served to layer on additional bookings for the resort in recent weeks. Last year the resort received more than 52 feet of snowfall, shattering the average annual accumulation of 34 feet, and La Niña is helping pave the way for another strong snow season. Whistler has received 20 feet of snowfall to date and offers 8,171 skiable acres of terrain – more than any other destination in North America.

“We recognize how fortunate we are,” said Fisher. “Mother Nature has been very kind to Whistler and we’re pleased to see other resorts starting to receive some snowfall. That’s good for the entire ski industry in the long-term.”

The first few months of Whistler Blackcomb’s 2011/ 2012 winter season have been excellent, with 613 centimetres (241 inches) of total snowfall. The resort has received 68 centimetres (27 inches) in the past seven days and 28 centimetres (11 inches) in the past 24 hours. The forecast is calling for up to 45 centimetres (18 inches) this week. Visit Tourism Whistler website

Whistler WinterStart & Real Estate News - December 7th, 2011

                            Whistler WinterStart & Real Estate News

Early Winter Greetings!

Wow!  What a start to the winter season. I was lucky enough to get a little early season taste of what should be a great winter ahead when I took a little hike with a few friends on November 30^th and skied boot deep “POW” on 7^th Heaven .  Whistler Blackcomb’s E-News from today December 7^th sums up things quite well….  

November brought 312 cm (over 10 ft) of snow and one amazing opening month making it A November to Remember. Whistler called, and La Niña certainly answered. Winter has just begun and we are already beyond stoked about what this season has in store for us.  

www.whistlerblackcomb.com

Off the slopes the fall real estate market has also been somewhat “Stoked”. The past 3 months (Sept/Oct/Nov) saw the most sales activity YTD. Since September 1st the Whistler Listing System (WLS) recorded 165 Firm Sales (average 55/month).  The other most active months were June 48 sales, April & May 40 sales each.

Key Points:

  Primary buying activity is in the under-$1M price point, with 1-2 bedroom townhouse/condo properties being the most popular.  

  Chalets are selling for much less than the replacement cost.  Most activity is under $2M. Limited activity $2M to $3M.  Appears values have bottomed and are stable.

  Harmonized Sales Tax (HST 12%) is still an issue, since the primary buyer audience is from the Metro Vancouver area.  These buyers are looking for personal use rather than rental investment, so properties with HST paid are very attractive.  

  Timing is good to buy - with low interest rates and the forecast of rates dropping even further - a variable mortgage could be an attractive benefit. 

  Buyers are looking for value. Mortgage rates and selling prices attractively low. As a buyer if you can find the right property at the right price and you are looking at long term ownership, then buy now. You'll get the use and enjoyment of your Whistler Retreat immediately!                                                                                Cont’d…               

Selling Values - continue to be soft from a historical perspective. Listing inventory remains high for most Property-Types. Buyer demand is low to moderate depending on the "Property-Type." Listing inventory should diminish with the start of the winter season as many unsold listings will come off the market to be rented or used-personally.

Selling values will probably continue to be soft through 2012 as buyers look for motivated sellers and "The Best Value".

Restricted-use condo-hotel units (Phase 2) and shared- ownership (quarter-share etc): Current selling prices are 40% to 50% lower than the last 2 price peaks - (2007/08 and 2002/03).

Unrestricted condominiums / townhomes (Phase 1) in Whistler Village / Upper Village: Current selling values are off 15% to 20%.

Residential homes, cabins, townhomes & condominiums: These properties have weathered the post October 2008 financial storm much better - dropping 10% to 20% - since 2007.  Moderate buyer demand mainly supported by Greater Vancouver & local buyers, buying for personal-use. Most people feel the single family home market has bottomed-out and stabilized.  

In my opinion...It's a good time to buy if you can find the right property at the right price and you are buying for the right reasons. However it appears many potential Whistler buyers are still waiting and watching.  

For sellers it is a challenging time to get the values they want. Sellers want values to increase and buyers want prices to come down.  The question is “What will happen in 2012?” Only time will tell. 

What we do know is… It’s one of the best early season starts to the winter and it will be a great season in Whistler!  If you have a place here, then enjoy it with your family and friends!
   

                       Have a Great Holiday Season and Enjoy the Winter Snow!

                                                                 Warm regards,

                                                              Ron Mitchell

                                   

Office: 604.935.3380 / Toll Free Canada & USA: 1.866.978.8866

Email: MoreInfo@SuttonWhistler.com 

Web: www.SuttonWhistler.com 

36-4314 Main Street, Whistler BC Canada V0N 1B4

*Newsletter compliments of Ron E. Mitchell / Managing Broker. / Sale Data Source – Whistler Listing System. E&OE                                

Fall 2011 Real Estate Market - Whistler Canada

September and October were the 2 busiest months year to date for 2011. In September there were a total of 54 Firm Sales in Whistler.  October followed the trend of September with 53 Firm sales.
The other most active month was June 48 sales.(April & May had 40 sales each).

Selling Values - continue to be soft. Listing inventory is high for most property-types. Values will probably continue to be soft as buyers look for motivated sellers and the best deal.

Re: Restricted-use condo-hotel units and shared- ownership (quarter-share etc): Current selling prices are 40% to 50% lower than the last 2 price peaks - (2007/08 and 2002/03).

Re: Unrestricted  condos/townhomes in Whistler Village / Upper Village: Current selling values are off 15% to 20%.

Re: Residential homes, cabins, townhomes, condos: These have weathered the post October 2008 storm must better - dropping 10% to 20% - since 2007. Mainly supported by Greater Vancouver & local buyers. Buying for personal use.

In my opinion...Many potential Whistler buyers are still waiting and watching.  The question - Will some property-type values dip further? That's a difficult one to predict... Crystal Ball Real Estate? As always... Time will Tell.
 

RESORT MUNICIPALITY OF WHISTLER - OCP LETTER TO PROPERTY OWNERS

Note: The following is a copy of the letter from the RMOW to Whistler Property Owners of Phase One condos. To see the full report in a pdf doc, click this link: www.suttonwhistler.com/pdf/ocp.pdf

July 29, 2011

Dear Property Owner:

Thank you for engaging in Whistler's Official Community Plan process. We are encouraged by the great number of citizens and property owners (including owner-direct accommodation providers) who have been involved in this process over the last many months. This letter is in response to several items of correspondence that we have recently received expressing concerns and raising questions about a number of the policies contained in the draft Official Community Plan (OCP). Many of these comments are based on the draft version of the OCP that is currently posted on the municipal OCP website (http://www.whistler2010.com/) for feedback.

Since posting the draft OCP on the website, there have been community working group meetings for each OCP chapter, Community Advisory Group meetings, consultations with Whistler Council, and public input on that version of the OCP. I have attached the updated drafts of the relevant chapters as a result of this most recent input.

The following is an overview of the updated draft policies in the Economic Viability and Land Use and Development Residential & Visitor Accommodation chapters that were referred to most frequently in many of the letters that we have received:

In the Land Use and Development: Residential & Visitor Accommodation chapter, as with the Economic Viability chapter, the Description and Rationale sections following each policy have been removed and text boxes added to explain the intent of the Objectives.

Several sections are included that recognize the importance of having a variety of accommodation types. In keeping with an overall desire that municipalities have to achieve tax equity.

Objective 4.2 of the Economic Viability chapter states "Work to ensure all properties operating visitor accommodation are taxed equitably." The OCP does not propose changing the classification of properties that are currently classified as Class 1 to Commercial Class 6, and does not propose to change any allowed use or ownership model. Tax equity is a broad goal that we believe is supported by the vast majority of taxpayers.

Concern was expressed that the OCP proposes to change zoning of accommodation. The draft OCP does not include policies to change zoning of accommodation. The draft OCP contains policy for future approval of applications to provide a diverse accommodation mix, and to review and establish policy for consideration to determine an appropriate mix of fractional ownership, timeshare, whole ownership, strata hotels, etc.

Draft policy 4.2.4 of the Residential & Visitor Accommodation chapter entertains the possibility of repurposing poorly performing/located accommodation where appropriate and only when the alternate use is to the benefit of the resort community. Such consideration would only be given if requested by the landowner under the revised draft policy.

Concern has also been expressed with a proposed centralized visitor check-in facility. The draft wording in the OCP states "investigate opportunities to enhance visitor accommodation guest services, including the creation" of such a facility. Our desire to look into this possibility is fuelled by the many comments that we have received and have been posted on various travel blogs regarding difficulty that visitors encounter checking in to properties. Nonetheless, there is no commitment to build such a facility, only investigate.

Nothing in the Draft OCP makes any changes to Phase 1 covenants. Only a property owner can grant changes to covenants.

 Nothing in the Draft OCP creates an automatic amendment to our Business Regulation bylaw.

 And finally, Municipal Council is not seeking an amendment by the provincial government to the Resort Municipality of Whistler Act through these amendments to the OCP.

The full updated version of the OCP will be posted on http://www.whistler2010.com/ in the coming weeks. The OCP process has included extensive and valuable community involvement and input for more than one year and the final OCP draft will be before council for adoption this fall.

The OCP is a provincially-mandated policy document it includes land use designations that guide land use planning, social, economic, and environmental policies, and civic infrastructure investments. Whistler's OCP was last comprehensively updated in 1993.

Please contact me at (mvance@whistler.ca) should. you have any further questions about the policies in the OCP.

Yours truly,

Mike Vance

General Manager Policies and Programs