Whistler’s Declining Property Assessments Could Spike New Home Sales in 2013
This week BC Property Assessments announced that Whistler’s declining property assessment trend has continued, indicating that 2013 could be the year for new home purchasers to buy in Whistler. The overall property value of residential and commercial inventory in Whistler dropped by nearly 5 per cent compared to the 2012 property assessments from an overall value of $10.08 billion in 2012 to $9.59 billion in 2013.
In fact, compared to the total property valuation of all Whistler properties valued at $10.7 billion in 2011, properties values in Whistler have declined by roughly 10 per cent over the past two years. This indicates property values in Whistler, year-over-year, appear to be declining by about 5 per cent.
As an example, a single-family home in Whistler’s White Gold area fell from $1.034 million to $969,000. Compare that to Whistler Cay, where a single-family home fell from $2.112 million to $2.038 million. However, compared to 2011, single family home sales in Whistler have flat lined for the most part in 2012 with approximately 550-650 active listings over the past few months.
Operating a Short-Term Rental in Whistler
If you’re a potential buyer waiting to see if the Whistler real-estate market goes up or down, or whether the property assessments continue to fall, keep in mind that there is always the option of turning your property into a part-time Whistler vacation rental to recoup part of your investment. As of December 2011, there were 8,010 tourist zoned accommodation units in Whistler according to Whistler’s RMOW. These properties are labeled as Phase 1 zoning in Whistler where owners are allowed to do the following:
- You can occupy the property on a full time basis
- You can rent the property on a month to month tenancy
- You can rent the property on a nightly/weekly basis
With Whistler-Blackcomb reporting record visitation at the resort in both the winter and summer seasons, now may be the time to look at recouping part of your investment with short-term rental rates typically starting at $100-$500 per night, depending on the size of your property. If you have any questions about setting up your vacation rental business or the benefits of listing your property with an online service, we’d love to be of help to you.
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