BUYING INTO THE WHISTLER DREAM
Monday, May 22nd, 2006By Douglas Gray
Published in Western Canadian Recreational, Resort, and Investment Properties Magazine
Everybody’s heard of Whistler, British Columbia. Fantastic skiing, great golfing, and soon a player on the world stage as host to several of the Vancouver Winter Olympics events. It’s a place lots of people visit, with many buying into the Whistler dream, purchasing a property, and becoming some of the resort’s best ambassadors.
WHISTLER HAS A long history of providing lifestyle pleasures.Whistler Mountain officially opened for skiing in 1966, and Blackcomb Mountain in 1980. In 1998, both mountains merged under Intrawest Corporation. Intrawest, based in Vancouver, is one of the World’s largest all-season resort developers and recreational lifestyle companies. Since its humble beginnings, Whistler has evolved into one of the premier all-season international resorts.
WIDE RANGE OF HOUSING OPTIONS Why is Whistler so hot? The spectacular scenery is one reason. The infinite variety of outdoor four-season recreational pursuits is another. The quality of lifestyle and proximity to Vancouver are other influencing factors. Investors find Whistler appealing due to its positive international reputation, activities and amenities, and the types of housing options available.Approximately 85 per cent of buyers are second or third time property homeowners. About a third come from the Greater Vancouver area, followed by the U.S., rest of Canada, rest of B.C., then the UK and Asia. Buying a property at Whistler is not just for the rich. According to Heather Clifford of The Whistler Real Estate Company, there is a wide price range, from the modest to the super luxury from $150,000 to over $5 million.
Whistler’s proximity to Greater Vancouver means a larger buying pool for re-sale purposes thereby protecting property values over time. The buoyant economy and economic optimism in the province are also important factors when considering market stability. As Whistler has a bed cap limit imposed by the municipality, it means the amount of remaining development is restricted and limited. The law of supply and demand will work its wonders. Intrawest is spending large sums in constantly upgrading Whistler infrastructure and enhancing the quality of the visitor experience.
If Whistler is out of your price range, you may wish to consider buying in the neighbouring communities of Squamish or Pemberton. Squamish is a 40-minute drive south of Whistler, and is enjoying a housing boom due to its ideal location half-way between Vancouver and Whistler. Pemberton is a small community about a 20-minute drive north of Whistler. Both are situated in scenic mountain settings. The real estate offerings in both Squamish and Pemberton consist primarily of condominiums, but there are also new and re-sale houses and townhomes available. Prices have increased substantially over the past five years due to their proximity to Whistler and relative affordability.
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