It may be five years late, but real estate experts say that the market in Whistler is starting to feel the effects from the 2010 Winter Olympics. According to a report in Pique Magazine, the entire Whistler corridor (often referred to as the Sea to Sky), has seen a big change in the past year. And it's not just foreign dollars. A just released Re/Max 2015 Recreational Property Report found that almost 68 percent of Canadians would rather vacation in a cabin over the city.
The report also found that 21 percent of those surveyed would consider downsizing their home to purchase a recreational property.
So why has it taken so long for the Whistler real estate market to see a positive bump from the Olympics? Immediately following the games, Whistler had a surplus of inventory that kept the market quiet. Today, a combination of people taking listings off the market or selling their properties has led to a shortage. According to Pique, "The cost of a chalet in Whistler rose from a median price of $1,250,000 in 2014 to $1,315,000 in 2015 â€” an increase of 5.2 per cent."
And Whistler's low inventory and growing cost has sparked interest in surrounding towns, like Squamish and Pemberton. Houses are cheaper in these areas, but the recreational opportunities are still top notch.
It also looks like the market isn't going soft anytime soon. The weak Canadian dollar should entice American investors back to the resort, and Whistler has also restricted most new development. Those factors will only exacerbate the restricted inventory and likely lead to continued price hikes. The takeaway? Get in now before things get even more expensive.
· Real estate heating up in the Sea to Sky [Pique]
· The 10 Most Beautiful Vacation Rentals in Ski Country [Curbed Ski]
· Futuristic Whistler Abode Is Anything But Square [Curbed Ski]
· The Rise of the Mega-Resort: Is This the Future of Skiing? [Curbed Ski]