Get into Whistler

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Get into Whistler

Blowing the Whistler on Canada's great ski market

When it comes to lifestyle it appears Canada has it all...it is ranked first on the G7 for quality of life and is one of the safest places to live. But what of the property market and, more importantly, the ski market? According to Judy Ferguson from Imoinvest International, Canada should not be overlooked when it comes to property investment and now is the time to get in there. Prices are reasonable and the Canadian dollar remains strong against the US dollar but still lower than the Euro.

British Columbia is the area where the market has experienced the largest growth in recent years. In addition to increased tourism in the region, the oil and gas economy in Alberta has been booming. Add internal migration levels, with the highest ever amount of Canadians (370,000) migrating west in 2006, and it is clear that there are several reasons why the property market is thriving.

Vancouver Island, West Vancouver and Whistler have one of the highest concentrations of expensive homes on the market. Most recently, though, Whistler, the host city for the 2010 Winter Olympics and home to world-famous ski resorts, has captured buyers' attention. Adventurous elite athletes and wealthy investors alike have honed in on the area's magnificent homes, many of which are situated directly on the slopes. But there are properties available for all types of buyer and all budgets, with some bargains to be had if you know where to look.

Whistler it is 115 km from Vancouver and has two fantastic mountains...

Whistler and Blackcomb....lying side by side with over 8000 acres of skiable terrain rising a mile above the valley. Ski Magazine consistently ranks it as one of the top ski resorts in North America. This is a Canadian resort with a multi national flavour and its fair share of glitterati. It averages 30 ft of snow a year and boasts the biggest vertical rise in North America, at 5,280 feet. Unlike many other major ski destinations, last year it had a healthy snowfall of 14.16 metres, making it a great ski season.

The resort comprises three villages at the base of the mountains - Whistler Village, Upper Village and Creekside. Built from scratch just 27 years ago, Whistler Village is the centerpiece of the three. There is “powder” for all levels of skier and the après ski and nightlife is bustling - the Dubh Linn Gate Irish pub is one of the many places in town where revelers can be found until late into the night. The resort has year-round attractions – in summer there is glacier skiing as well as water sports, golf and mountain biking.

Imoinvest is currently selling a two bed condo in the Whistler Hilton priced at €487,000. According to the company, over the last five years the average condominium in Whistler has appreciated by 70.5%. The average price is €528,000. Unit sales for single detached homes were up 66% in the first quarter of 2007 over 2006, with a 29% increase for condominiums in the same time frame. The average Whistler condo purchaser is over 40, looking for a second home and a sound investment.

While the Winter Olympics may only last 17 days, the effects on the property markets of the host city are felt long after the final gold medals are awarded. This was the case in Salt Lake City, where the impact of the 2002 Winter Olympics was significant.

Local agent Ursula Morel says that construction costs in Whistler have increased some 50% since 2002 and properties are selling for less than replacement value. “Whistler is currently considered a buy in the real estate community and this is reflected in the increased sales volume. The best locations are waterfront, golf course and ski in/ski out”. Her agency is currently selling Taluswood, a 4 bed 2 bath luxury home at the top end of the market. A ski in/ski out property with spectacular views, it has also has a spectacular price tag at €1,918m. But they also have a variety of more modest including a one bed one bathroom condo in the village costs for €410,000. Studio properties near the village cost from €182,000.

Lance Lundy of Whistle Realtors says “As we approach build-out we will not see the village get any larger so we can predict with some certainty that after the Olympics we will see a heavy demand for existing properties here in Whistler. The Peak-to-Peak Gondola that will join the tops of the two mountains will be a huge draw to Whistler for both summer and winter”. His agency is selling Asymmetry on Emerald Drive. It is at the top end of the market at €2,055,675...a luxurious four-bedroom property surrounded by mature forest.

Irish Tour Operator Direct Ski.com (www.directski.com) has been sending Irish tourists to Whistler for the last two seasons. Gavin McEldowney believes that Irish skiers are becoming more adventurous and are now looking for destinations other than the traditional European resorts. “The attraction of the dollar and the high level of customer service in Canada are proving to be quite a draw”.

Buy to Ski