Whistler Real Estate 2009 Update: Whistler Housing Affordability At Risk PLUS 2010 Olympics NOT Affecting Property Values

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Housing Affordability is Whistler’s Number One Challenge

By Claire P for the “New on the Valley” Pique Newspaper Column. The number of Whistler residents with trouble making ends meet has increased by 10 per cent over the last year, reported Dan Wilson, from Whistler 2020. “Essentially quality of life remains strong, but one of the challenges is affordability,” Wilson told council last week. Approximately 27 per cent of Whistler’s permanent residents earned an income below the cost of living in 2007, up from 18 per cent in 2006. And 70 per cent of seasonal workesr are living below the Whistler housing affordability line, also up from 66 per cent the previous year. Wilson did point out that some of the seasonal workers choose not to work full time. However, almost half of seasonal employees in Whistler BC resort (49 per cent) are still making less than the cost of living involuntarily. The three areas Whistlerites spend most on are accommodation, recreation and foot, he added. Despite these numbers, Wilson also said the total income in Whistler is trending upwards. “Total income is still less than in 2001, when you account for inflation, but it is the highest it has been it he last five years,” he said. Other highlights from the presentation include that the number of employees living in whistler is just over 11,000 both permanent residents and seasonal residents are extremely satisfied with Whistler’s recreational opportunities, and summer tourist accommodation occupancy increased between 2006 and 2007. On the environmental side, Whistlerites are using less water annually, only 520 litres in 2007, down from 566 litres in 2006. But the development footprint of Whistler housing real estate development has also increased from 1,014 hectares in 2006 to 1,070 hectares in 2007, which Wilson said this was largely due to the Cheakamus Crossing and Rainbow developments. The number of unlawful incidents in Whistler also increased in 2007 compared to previous years with a record number of reported incidents in 2007. “This is a tremendous report and it is a great way to keep track the community,” said Major Ken Melamed following the presentation. “It tells the good side and the bad side and shows where we need to expend more effort. The Whistler 2020 Monitoring Report is available to the public at www.whistler.ca.

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The Winter Olympics are NOT Affecting Whistler Housing Market says Realtors

Widely held view amounts to mythology, as no drastic impacts measured according to Jess F for the Pique Whistler Newspaper. The 2010 Olympics aren’t having much impact on the Whistler housing market, according to at least two local realtors. The reality flies in the face of the widely held assumption that the Winter Olympic Games will drastically affect housing prices in Whistler real estate market. That just isn’t the case, according to Pat Kelly, owner of the Whistler Real Estate Company. “People have been saying that to me for three years and I have yet to see that happen,” he said. “Most people buying investment in resort properties and recreational properties are not buying it because of a three week event. They are buying it because of what Whistler offers year after year after year.” Instead, Kelly said the housing market in Whistler real estate is more likely to see an impact post Olympics thanks to increased awareness of the resort. “If you don’t know about Whistler now, you’re certainly going to know about it in the future,” he said. “it wouldn’t need a lot of additional interest in the area, say 150 new Whistler home purchasers, to change the dynamic of the marketplace.” That sentiment was echoed by Michael D’Artois, a realtor with the Whistler branch of RE/MAX Sea to Sky Real Estate. “It has very little impact,” he said. “The fact that we’re having another event in Whistler, notwithstanding that it’s giving us a wonderful road and we’re doing the Peak to Peak, real estate in Whistler would have been very popular, subject to the global economic climate, with or without the Olympics.” D’Artois said 2010 will not raise or reduce Whistler housing values, but he said that the exposure brought on by the Olympics would have a positive influence on the property market once the Games are over. “Many more people will know about it and choose it as a destination for travel or for living,” he said. “Added to that, the in-migration into Canada and B.C. will spill over into the corridor and there will be some benefit to our community as well.” As for the current Whistler housing scene, D’Artois described it as a “buyers’ market,” meaning that there are lots of units available to buy and that well priced properties are getting a lot of attention from prospective buyers. “We’re probably adding more supply than absorbing the supply,” he said. “in the single family homes we probably have 163 today. We have twice the inventory that we started with in January and we probably have 71 Whistler houses for sale as of today.” Kelly also described Whistler’s current real estate market as a buyers’ market – a fairly normal situation, according to him. “A buyers’ market means that there isn’t a lot of urgency on the buyer to make a decision,” he said. The house they looked at may very well stay on the Whistler market for a longer period of time, and… if they’re still interested in the house, they’re probably able to write terms and conditions in their contract that are more favourable to them.” When asked to compare the number of Whistler houses on the real estate market against the number being sold, Kelly said the property market in Whistler is weighing in the direction of the former. “I think there’s an increase in the choices available in the marketplace in the last 12 months,” he said. “the number of listings are growing faster than normal.”

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