Whistler real-estate is starting attract more property investment from B.C. residents due to years of investing in the growth of Whistler’s culture, infrastructure, and year-round resort offerings. While we await a report that is due to come out later this year by Vancouver-based real estate valuation company, Landcor Data Corp, they’re claiming that little has changed on the nationality make of Whistler property ownership. The company is in the process of completing a report that breaks down the fluctuations in ownership nationality in Whistler property.
One of the biggest reasons for this trend is the current exchange rate at par for Canada and the United States. Many Americans who invested in Whistler real-estate bought their home when the exchange was 45 to 55 cents on the Canadian dollar. As a result, many American property owners are cashing in on their Whistler property investment while the Canadian dollar is at par. Property values and assessments may be dropping in Whistler, but that hasn’t discouraged Americans from wanting to sell their home or rental property.
Vancouverites Eyeing Whistler Real Estate Purchases.
Landcor found that numbers of B.C-based property owners only dropped by 20 in Whistler – from 8,463 at the end of 2011 to 8,443 in Jan. 2012. In Vancouver, locals have purchased new homes in Whistler slightly more than other B.C. residents as number rose marginally from 2,019 to 2,053, compared to home owners who originate from West Vancouver, where Whistler property ownership fractionally declined by 13, from 757 to 744. One of the reasons that real-estate agents figure that there could be more local property ownership in Whistler is related to the recent advances in the regions infrastructure, such as the major upgrades to the Sea-to-Sky Highway.
In fact, Landcor president Rudy Neilsen believes that Whistler could be a better market to buy in than Vancouver, where real estate prices continue to experience drops in prices and sales. The major investments Whistler’s resorts offerings and expanded culture away from a mountain ski culture to a culture in a mountain valley resort has also become more appealing in recent years. Neilsen doesn’t think that the number of Whistler properties for sale will ever drastically decline, including the overall sales of properties in Whistler.
Either way you slice it or dice it, Whistler real-estate is becoming a more attractive investment for B.C. residents as the ski-resort only destination transitions into a year-round livable mountain resort with far more cultural and livable offerings.