Whistler Real Estate

Whistler Market News

Allan Jenner

Allan Jenner

604 905 9589
allanjenner@wrec.com
Contact Allan now

Up Our Sleeve!

Posted : Tue, Jul 19, 2011 8:06 pm

Looking for an island retreat that will earn you money? We have a fabulous oceanfront estate for sale consisting of a beautiful main house, 2 bedroom cottage, stables and a campground overlooking the water. Call us for details and a package on this incredible piece of paradise.

New Waterfront Listing!!

Posted : Thu, Jun 30, 2011 7:38 pm

Great Opportunity to build on the lake in Whistler. This is a unique property. There is not much waterfront available in Whistler. Call Allan for info.

Allan’s 1st Quarter Report

Posted : Sat, Apr 16, 2011 9:36 pm

 

Allan Jenner’s

1st QUARTER REPORT from WHISTLER

 

 

    Number Unit Sales Unit Sales Unit Sales
    Listings 1st Qtr 4th Qtr Last 12
    03/31/2011 2011 2010 Months
Chalets          
Under $1,000,000   27 10 6 40
$1,000,000 to $2,000,000   47 9 3 32
$2,000,000 to $3,000,000   25 2 1 10
$3,000,000 to $5,000,000   21 0 3 4
$5,000,000 & up   16  0  1  1
Total   136 21 14 87
           
Vacant Land   67 3 2 33
           
Condos & Townhouses          
Nightly Rentals          
  Phase II- Restricted Usage   131 23 15 67
  Phase I- Unlimited Usage   298 38 52 160
Other- non-nightly rental   81 17 20 80
Total   510 78 87 307

 

While the home market in Greater Vancouver neared record numbers in March for sales and saw the Housing Price Index increase 5.4%, our market remained tepid. The ratio of sales to listings continues to put downward pressure on pricing for most products, the one exception being chalets under $1,000,000 where prices seemed to have stabilized. This could signal the beginning of a change for chalets and other non-nightly rental townhouses and condos, as it is often at the entry level where change first appears. The main driver of this segment of the market is buyers from British Columbia, and the Lower Mainland in particular. Recent reports show consumer confidence in British Columbia improving and given the rise in pricing of Lower Mainland homes over the last few years, we now represent better relative value than in the past.

 The value of nightly rental properties is dependent on the revenue they can generate. This segment continues to suffer from the decline in destination tourists over the last five years resulting in both low occupancy levels and low room rates; unless Whistler can reverse this trend these properties will continue to see a decline in their value. Stopping the decline will be further exacerbated as our dollar continues to strengthen and interest rates start to rise. Competition for tourist dollars is extremely intense, played out in a world arena and price sensitive. Whistler institutions will need to bring their “A” game to deal with this problem; it won’t be easy nor will it be solved by the “Olympic effect”.

 Whistler Blackcomb Holdings stock closed at $11.60 on Tuesday April 6th, down marginally from the $12.10 close on January 7th referenced in my last newsletter. My theory that this would represent a good proxy on how business in the resort was fairing may prove to be wrong. While it would appear Whistler/Blackcomb is having a good season the same can not be said for the rest of the business community. Retailers and restaurants owners in the Village report sales are down for this winter season and they blame pay parking for dislocating normal pedestrian traffic flows. Day visitors are parking at Creekside or day parking lots 6, 7 and 8 on Blackcomb and at the end of the day they get into their cars and never get close to the Village. This is particularly irritating to business operators already suffering from the reduction in destination tourist traffic.

 There is a recurring theme here. Destination tourist visitors are key to Whistler Village’s long term well being. If their numbers don’t start to increase then hotels, shops and restaurants in the Village will continue to suffer. Businesses will close their doors, vacancy levels will increase, rents will decline, maintenance will be deferred and infrastructure will deteriorate. This issue should be foremost on everybody’s mind when decisions are being made. Going forward we need our leaders to ask “Will this increase tourism?”, “Will this be good for business?” before establishing policies, otherwise the Village as we know it is not sustainable. I also find it staggering that the RMOW could plan on increasing taxes in an environment where so many of its constituents are experiencing financial difficulties.

 If you would like to discuss the above or any other matter regarding Whistler real estate please contact me.

 Allan Jenner 

Tel 604-905 2821

Email allanjenner@wrec.com

 

 

Third Snowiest Ski Season on Record!!

Posted : Wed, Apr 6, 2011 11:36 pm
News from Tourism WhistlerThis Unforgettable Ski Season Isn’t Over Yet
Spring hasn’t stopped the snow from falling during what is now Whistler Blackcomb’s third snowiest ski season on record. Whistler’s alpine has received 49 centimetres (19 inches) of snowfall within the past seven days. Since the beginning of this ski season, the alpine has received a total snowfall of 1437 centimetres (566 inches), and the snowbase is currently 352 centimetres (93 inches). Spring skiing has begun — and there are still opportunities to experience this unforgettable ski season before it ends. 

Twitter

Posted : Fri, Mar 11, 2011 9:34 pm

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RMOW News March 10th Update

Posted : Fri, Mar 11, 2011 9:31 pm
        WHISTLER TODAY Latest News from the Resort Municipality of Whistler
        
In This Edition 03/10/2011
This month at a glanceDid you know?

Experience the magic of the 2010 Winter Games on whistler.ca

All-ages pedal-powered concert at Whistler Olympic Plaza for Earth Hour on Saturday, March 26 at 8:30 p.m.

Christa Vandeberg – behind the scenes events guru

Whistler.ca is getting an overhaul and your input is needed

RMOW to use Caldwell Partners International to recruit new CAO

OCP Community Open House, Thursday April 7, 2011

   
 
RMOW employee Lindsay Debou (left) was recently awarded with a King Clancy Award recognizing outstanding achievements in the disabled community. The award goes to individuals whose outstanding accomplishments have helped to increase public awareness about the potential of disabled people. The provincial government has also proclaimed March 13, 2011 as “Lindsay Debou day.” PHOTO: submitted Whistler.ca Logo
         
 
         
   
Did you know?
Whistler’s 2011 Spring/Summer Recreation Guide is available online on whistler.ca. In addition, hard copies of the guide will be available at Meadow Park Sports Centre for $2.Spring/summer class registration for Whistler residents begins Sunday, March 20, 2011 at 12:01 a.m. online at register.whistlerisrecreation.com, and March 21 at 9 a.m. by phone 604-935-PLAY(7529) or in-person at Meadow Park Sports Centre. Non-residents may register beginning Sunday, March 27.

Plan ahead to secure your spot. To register online ensure that you have registered your email address with Meadow Park Sports Centre. You can call 604-935-PLAY(7529) and press ‘0’ to speak to a receptionist between the hours of 9 a.m. and 5 p.m. daily, or drop by the front desk and verify your account profile.

The information you will need when registering includes:
1. PIN and barcode (for online registration only). When an account is created a PIN and Barcode is assigned. If you forget your PIN or barcode and would like to register online, visit register.whistlerisrecreation.com and select the ‘My Account’ tab. Follow the prompts at Forgot My Login ID (Bar code) or PIN Number and they will be emailed to you immediately.
2. Course name
3. Course number. It helps to have an alternative class in mind, in case your first choice is unavailable.
4. Credit card number and expiry date All registrations must be paid for at time of booking.

   
         
   This Month at a Glance

Tuesday
Mar. 15
Resort Municipality of Whistler council meeting – Millennium Place, 5:30 p.m
Tuesday Mar. 15 How to Stay Healthy When High: In the Himalayas, Whistler Public Library, 7 to 9 p.m.
Tuesday Mar. 15 to Sunday Mar. 20 Northwest Funds Coupe Nor-Am Cup Finals, Whistler Mountain
Wednesday
Mar. 16
Winemaker Apres Series: Jackson Triggs, Steeps Grill, Roundhouse, Whistler Mountain, 2 p.m. to 2:30 p.m. Event Tickets: (604) 905-2379. A separate lift ticket is required.
Friday Mar. 18 Luna’s Cinema Politica , Lost Lake PassivHaus, Doors 6:30 p.m. Films 7 p.m. Entry by donation 
Saturday
Mar. 19
Showcase Showdown, Blackcomb Mountain, 10 a.m. to 3 p.m., 80 Riders, 2 Heats Battle It Out For $5000 In Cash & Prizes
Monday
Mar. 21
Film Movement Series: Only When I Dance, Whistler Public Library, 7 p.m. to 9 p.m.
Thursday
Mar. 24
Twestival Whistler - Zero Ceiling Fundraiser, Whistler Brewing Company, 7 p.m. to 7:30 p.m. -  evening of fresh beer, delicious bites, live music, art animations and lots of social media nerdery. 
 
Experience the magic of the 2010 Winter Games on whistler.ca
Whistler is still celebrating the one-year anniversary of the 2010 Olympic and Paralympic Winter Games on whistler.ca.You can watch videos from the Games as well as view community slideshow images. As part of the one-year anniversary of the 2010 Winter Games, the Resort Municipality of Whistler, the Whistler Arts Council and the Whistler Question Newspaper, invited the community to submit their favourite photos from the Games.

From moments of celebration to athlete success, the slideshow and videos are a look at the 2010 Winter Games through the lens of the community itself. Thanks to the community members whose snapshots tell the story of a time in Whistler’s history that we will never forget.  So watch highlights from the Games with a behind the scenes look at some of the people and stories from Whistler’s once in a lifetime celebration of sport, culture and community. Click here. 

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Christa Vandeberg – behind the scenes events guru
Christa Vandeberg - behind the scenes events guruChrista Vandeberg works in the Resort Experience Department as the coordinator for festivals, events and animation.Q: What is the role of the Festival, Events and Animation department?
A: Our department provides a seamless experience for event producers who are planning and executing events within the resort. We help with everything from coordinating the Village maintenance crew, to coordinating with the fire department, RCMP, and bylaw services. We understand the positive economic value that events contribute to our community and we strive to engage our stakeholders to become involved and leverage each event opportunity.

Q: What is the best part of your job?
A: I consider my job to be a dream job for someone in the event production industry. I am able to take what I have learned from my previous event roles within the community and beyond.

Q: What can we look forward to in terms of the Festival, Events and Animation department? 
A: From the amount of calls my department receives on a daily basis, I can tell you that summer 2011 in Whistler will be full of new and returning favourite festivals & events. I’m excited to see the inaugural Whistler Half Marathon kick things off on June 4th, the new Warrior Dash; a mud crawling, fire leaping extreme run from hell event on August 6th, to the second year for the RBC GranFondo Whistler, that is almost sold out at 7,000 participants, in September.

Whistler Olympic Plaza, our shiny new gathering place for locals and visitors, will be host to an energized street entertainment program, classic car shows, event finish lines and numerous celebrations. Take a stroll down to Whistler Olympic Plaza on a sunny day and you will understand the beauty and potential of this location as a new event venue for our community.

All-ages pedal-powered concert at Whistler Olympic Plaza: One way to celebrate Earth Hour on Saturday, March 26 at 8:30 p.m.
All-ages pedal-powered concert at Whistler Olympic Plaza: One way to celebrate Earth Hour on Saturday, March 26 at 8:30 p.m.   For the fourth year in a row, the Resort Municipality of Whistler (RMOW) will join communities around the world by turning off the lights for Earth Hour on March 26 at 8:30 p.m. The global lights-out event raises awareness about solutions to climate change and demonstrates that people are ready to take personal action.To encourage participation in Earth Hour 2011, Whistler is hosting the community’s first-ever bike-powered all-ages free concert at Whistler Olympic Plaza from 8:30 p.m. to 9:30 p.m. Community members are invited to generate bicycle-powered energy prior to and during the concert, which features reggae artists Aaron Nazrul & the Boom Booms. Candlelight dinners starting at 6 p.m. are also being offered at participating restaurants.

Last year, Earth Hour was a huge success with more than 80 countries participating worldwide. In Canada, over 10 million people participated in more than 275 cities from coast to coast. Locally, Pemberton earned top spot for energy savings in the Sea to Sky Corridor with a 3.4 per cent drop, while Whistler reduced its consumption by 3.2 per cent and Squamish by 2.5 per cent.

“Earth Hour raises awareness of the high levels of energy consumption in the world, and the need to find ways to live and prosper while reducing use and increasing efficiency,” said Whistler Mayor Ken Melamed. “Whistler’s 2020 Sustainable Community Vision helps guide the community in these choices every day, and participation in Earth Hour shows our shared responsibility in addressing the global challenge of sustainability.”

The RMOW has already committed to a number of initiatives and municipal staff have been challenged to put on their thinking caps and identify targets in RMOW facilities and operations, as well as their homes. RMOW will support Earth Hour through a number of initiatives:

  • Turning off festive lighting in the Village;
  • Turning off the lights at the Whistler Village Fire Hall, Municipal Hall, Public Safety building, Spruce Grove Field House, and Public Works Yard;
  • Turning off all Village heat tracing; and
  • Turning off the lighting at the Lost Lake cross-country ski trails.

Everyone can participate in Earth Hour by switching off their lights from 8:30 to 9:30 p.m. at work, at school, and at home, and by engaging friends, family and colleagues. Whistler residents can find out more about Earth Hour and resort activities by visiting www.whistler.ca and can register their participation www.earthhourcanada.org.

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Whistler.ca is getting an overhaul and your input is needed
Whistler.ca is getting an overhaul and your input is needed

Online survey designed to gather feedback 

The Resort Municipality of Whistler (RMOW) has launched a comprehensive website redesign project for the municipal website, whistler.ca. Upgrades will include a new look, a more efficient user experience and a much-needed technical upgrade to enhance the website’s role as a robust online portal to share information about, and access to RMOW programs, services, and operations.

The RMOW has launched an online survey on whistler.ca to gather public input as part of the website upgrade project. Whistler residents, second homeowners, visitors and other users are being asked to provide feedback on strengths and weaknesses of the current website, as well as ideas for increased usability. The survey will be live until March 21, 2011.

The survey takes less than 10 minutes to complete via whistler.ca and stakeholder input will help create the foundation for the comprehensive website redesign.

Whistler.ca currently hosts a broad range of information for community members, resort guests, partners, and media and has approximately 18,000 visits per month. The site is also a resource for the delivery of services to the public such as municipal news, business license applications, recreation program registration, property tax information, GIS maps and much more. Whistler.ca plays an important role in providing information about municipal services, programs and initiatives for community members and resort guests; for supporting partnerships; and for demonstrating a commitment to openness in decision making, accountability and transparency.

The new website will offer enhanced information and services in a more user friendly format. The website upgrade will also address technical issues related to the current content management system, improve website design, navigation and functionality to enhance the user experience. The website redesign will also include upgrades to the site search engine, site map, and access to online services.

The goal is to ensure that whistler.ca continues to be an effective and affordable way of delivering information to community members. Whistler.ca was officially launched in January 2005 and six years later, the volume and depth of content has significantly expanded. The expectations of users in regards to information and services available on municipal websites have increased significantly and the RMOW has outgrown its current site.

Input gathered from the online survey on whistler.ca will be used to help guide the redesign project. The survey is part of an overall website review process that includes analysis of municipal websites and best practices, as well as input and analysis from RMOW internal departments for all sections and services on the site. Work on the website began in January and is expected to be completed in November 2011. Whistler.ca will remain live during the entire upgrade process.

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RMOW to use Caldwell Partners International to recruit new CAO
The Resort Municipality of Whistler (RMOW) has engaged Caldwell Partners International to recruit its new Chief Administrative Officer (CAO). The RMOW issued a request for proposals and selected Caldwell in late February following Bill Barratt’s retirement announcement in January. The overall process for recruiting a new CAO involves Mayor and Council working with the Director of Human Resources on the selection of the recruitment firm, and then working with the agency to develop criteria and move forward with recruitment. Council and human resources will hold its first meeting in March with Caldwell to begin the process. This will include establishing the detailed requirements and desired attributes and skills for the position, with plans to post the position in early April.

The CAO position leads the team of staff and operations of the RMOW. The position also builds and maintains key relationships with other levels of government, as well as with resort and external partners. The CAO reports directly to Council.

Recruitment for executive positions often takes many months to complete. The current CAO, Bill Barratt, announced his retirement in January after serving with the municipality for nearly thirty years. He plans to begin his at the end of June 2011, but has stated that he will stay on longer should the new CAO not be in place by then.

Bill Barratt served as the CAO from 2005 to present and was preceded by Jim Godfrey who served in the role from 1996. The RMOW has had four administrators since the establishment of the municipality in 1975.

Caldwell Partners International is one of North America’s premier providers of executive search and has been for 40 years. As one of the region’s most trusted advisors in executive search, Caldwell has a sterling reputation built on successful searches for board directors, chief and senior executives, and selected functional experts.

OCP Community Open House, Thursday April 7, 2011
In January and February, over 200 community members participated in working group discussions as part of Whistler’s Official Community Plan (OCP) update. Working groups, divided into six OCP chapter areas, met to discuss pre-draft policies in detail, to identify policy gaps, and to propose policy ideas.The first draft of the updated OCP will be presented on April 7 at a community workshop entitled “The Whistler Experience” from 5:30-8:30 p.m. in the Mount Currie Ballroom of the Hilton Whistler Resort and Spa. Building on previous community engagement opportunities, this workshop will be another chance to provide input before the first draft of the updated OCP is presented to Whistler Council.

Why should you attend?
This is your chance to:

  • Review the OCP first draft and ask questions;
  •  Identify and prioritize community assets to protect or enhance for the next five years;
  • Listen to a panel of community leaders discuss why this OCP update is important now for Whistler.

Visit whistler2010.com for event details. Check the site March 31, 2011 to review first draft OCP chapters.

 
Resort Municipality of Whistler Contact Info

THE PREMIER MOUNTAIN RESORT COMMUNITY | MOVING TOWARD A SUSTAINABLE FUTURE

Whistler Rea Estates latest newsletter

Posted : Wed, Feb 9, 2011 1:16 am

Click here to see our company’s latest newsletter:

http://oldsite.whistlerrealestate.ca/realtors/44/newsletters/153

News Release from BC Assessment Authority

Posted : Mon, Jan 10, 2011 10:00 pm

Here is a news release from the BC Assessment Authority dealing with the assessed values for Whistler and Pemberton as of July 1, 2010 for your information

NEWS RELEASE

For Immediate Release

January 4, 2011

 ASSESSMENT NOTICES SENT TO PROPERTY OWNERS IN THE RESORT MUNICIPALITY OF WHISTLER AND THE VILLAGE OF PEMBERTON

Value of provincial assessment roll exceeds $1 trillion for first time

 WHISTLER – More than 15,200 property owners in the Resort Municipality of Whistler and over 1,200 property owners in the Village of Pemberton can expect to receive their 2011 assessment notice in the next few days.

 Assessments are an estimate of a property’s market value as of July 1, 2010. This common valuation date ensures there is an equitable property assessment base for property taxation.

Real estate sales determine a property’s value which is reported annually by BC Assessment on assessment notices.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will decide their property tax rates based on the assessment roll for their jurisdiction.

 “The majority of homes in the Resort Municipality of Whistler are worth slightly less on this year’s assessment roll than they were on the 2010 assessment roll,” said Jason Grant, Area Assessor. “Most home owners in Whistler will see decreases in the -2% to -5% range. In addition, Pemberton property owners can expect assessments similar to the 2010 roll with changes in the -5% to +5% range.”

 Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.  

 Overall, the Resort Municipality of Whistler’s assessment roll decreased from $11.020 billion last year to $10.849 billion this year. This reduction reflects changing market values for many properties but also includes $231 million in subdivisions, rezoning and new construction. 

 Overall, the Village of Pemberton’s assessment roll decreased from $493 million last year to $491 million this year. This reduction reflects changing market values for many properties but also includes $11 million in subdivisions, rezoning and new construction. 

The examples below demonstrate local market trends for properties by a geographic area; trends are affected by many variables.

Resort Municipality of Whistler (Sample Assessments) 2010 Assessment RollValuation Date

July 1, 2009

2011 Assessment Roll Valuation Date

July 1, 2010

Creekside – Single Family Dwelling $1,017,000 $1,010,000
Whistler Cay Heights – Single Family Dwelling $2,984,000 $2,042,000
White Gold – Single Family Dwelling $945,000 $983,000
Alpine Meadows – Single Family Dwelling $940,000 $964,000
Village – 2 Bedroom Apartment $610,000 $576,000
Village – 1 Bedroom Apartment $522,800 $498,000
Blackcomb Benchlands – 3 Bedroom Townhouse $2,059,000 $1,940,000
Creekside – 1 Bedroom Townhouse $240,000 $234,100
Village of Pemberton     
Pemberton – Single Family Dwelling $522,000 $550,000
Pemberton – 3 Bedroom Townhouse $337,000 $337,000

 

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2010 or see incorrect information on their notice should contact the BC Assessment office indicated on their notice as soon as possible in January,” said Grant.

 BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to www.bcassessment.ca and click on the e-valueBC link.  Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.

 “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” said Grant. The panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

 The Vancouver Sea to Sky assessment office is located at Suite 200 – 2925 Virtual Way in Vancouver. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.

 For the first time in British Columbia’s history, the total value of all 1.9 million real estate properties on the provincial assessment roll has surpassed $1 trillion.  For more information on the 2011 assessment roll and regional and province-wide real estate market trends please visit www.bcassessment.ca and click on the 2011 assessment roll information link.

 

For More Information:

 Jason Grant

Area Assessor – Vancouver Sea to Sky Region

BC Assessment

Office Phone: (604) 739-2450

Toll Free: 1 (800) 661-1780 local 450

Allan’s Fourth Quarter Report

Posted : Mon, Jan 10, 2011 9:53 pm

4th QUARTER REPORT from WHISTLER

    Number Unit Sales Unit Sales Unit Sales
    Listings 4th Qtr 3rd Qtr Last 12
    12/31/2010 2010 2010 Months
Chalets          
Under $1,000,000   31 6 11 30
$1,000,000 to $2,000,000   56 3 8 28
$2,000,000 to $3,000,000   24 1 2 11
$3,000,000 to $5,000,000   20 3 1 7
$5,000,000 & up   19  1  0  1
Total   150 14 22 77
           
Vacant Land   75 2 3 33
           
Condos & Townhouses          
Nightly Rentals          
  Phase II- Restricted Usage   105 15 17 45
  Phase I- Unlimited Usage   262 52 28 146
Other- non-nightly rental   76 20 20 77
Total   443 87 65 268

 The number of listings has declined about 15% since the high water mark of last summer. Notwithstanding this decline in listings, the rate of sales shown above is still quite low to the current level of listings and this supply/demand dynamic continues to put downward pressure on pricing. I looked at several complexes in Whistler and prices have come down between 15% and 20% from the peaks before the financial crisis in 2008. While the housing market in Vancouver has stabilized over the last several months, Whistler, being a resort community, will need the economic recovery in North America to become more evident before our market stabilizes.

 Whistler Blackcomb Holdings stock price, the public company owning 75% of the Whistler Blackcomb Limited Partnerships, should be a good proxy for how the resort is doing business wise. It closed on Friday January 7th at $12.10 and its initial offering price was $12.00. Early anecdotal reports for this winter season are favourable. 

Whistler is competing to get tourists to come here. A major front in this battle will be pricing, thus we have to get our costs down to be able to offer better pricing. In that regard we are told by the RMOW that property taxes will increase for 2011 and, as we know, property taxes are an important component in many businesses’ operating costs.

 The RMOW’s budgeting process now under way implies that the only choices to cover the forecasted deficit are to cut services and/or raise taxes. Clearly there are other choices; cancel capital expenditure programs and cut costs and operate more efficiently. I am informed that more than 50% of the municipality’s budget is comprised of wages and benefits. It becomes obvious that this is an area where they should look for cost savings. All institutions, if left alone, will experience bureaucratic creep in the number of employees and pay grades over time and become less productive. 

 There are other ways of raising tax revenue without increasing taxes on existing owners. We could allow redevelopments that increase density and expand the tax base. This could be done without increasing Whistler’s footprint. To accomplish this in a meaningful manner we would have to scrap the self imposed bed unit cap.

If you wish to discuss the above or any other issue regarding Whistler real estate please feel free to contact me. Happy New Year.

Here’s Allan’s 3rd Quarter Newsletter!

Posted : Wed, Dec 15, 2010 6:03 pm

3rd QUARTER REPORT from WHISTLER

Number Unit Sales Unit Sales Unit Sales
Listings 3rd Qtr 2nd Qtr Last 12
09/30/2010 2010 2010 Months
Chalets
Under $1,000,000 41 11 7 38
$1,000,000 to $2,000,000 56 8 9 31
$2,000,000 to $3,000,000 23 2 5 11
$3,000,000 to $5,000,000 23 1 1 6
$5,000,000 & up 19 0 0 6
Total 162 22 22 88
Vacant Land 101 3 22 37
Condos & Townhouses
Nightly Rentals
Phase II- Restricted Usage 121 17 8 39
Phase I- Unlimited Usage 308 28 38 141
Other- non-nightly rental 107 20 18 84
Total 536 65 64 264

Like all resort communities in North America, Whistler’s real estate sales continue to suffer from a lack of consumer confidence caused by the economic malaise in the US and Europe. The US situation is of particular importance to Canadians as it remains our main trading partner and it is difficult for our consumers to feel confident while the US continues to struggle. I do not see our real estate market strengthening until it becomes apparent that the US economy has turned the corner. The number of listings shown above has stopped growing in the last quarter, however, the ratio of sales to listings remains weak and we continue to experience buyers’ market conditions. Notwithstanding the above, I continue to be bullish about the outlook for Whistler real estate for the medium and long term, given the continuing forecasts for growth in the Lower Mainland’s population and the relative ease of access to Whistler from the Lower Mainland where a majority of buyers live.

The Chamber of Commerce, Tourism Whistler, the Resort Municipality of Whistler and Whistler-Blackcomb are working together to develop coordinated strategies to address Whistler’s economic sustainability. The goal of this effort is to increase the number of tourists coming to town with experiences that go beyond skiing, snowboarding and biking. The emphasis will be a focus on “cultural tourism” that encompasses the arts, education, entertainment, personal wellness, etc. Local businesses will be asked to get behind this effort by supporting individual events such as the film festival, farmers market and native cultural centre to name a few. Steve Tome from the University of Waterloo has been engaged by the RMOW to facilitate the process to develop action plans for the future.

Who will be the owner of Whistler-Blackcomb remains an unknown.  A recent article in the Globe and Mail indicates that Intrawest has been unsuccessful in finding an institutional buyer willing to pay their price and are now exploring the option of a public offering. Intrawest’s inability to get top dollar for Whistler-Blackcomb was attributed to the lack of diversity and limited growth opportunities associated with the current business model.  As mentioned before the pressure on Intrawest to raise cash remains and Whistler-Blackcomb is their most valuable asset. It would be helpful to get this issue resolved. Stay tuned.

The HST came into effect on July 1, 2010. The tax applies to new residential construction, often vacant land and commercial properties, not re-sales of residential property. Residential properties that are engaged in nightly rentals are deemed commercial and thus HST applies.

If you wish to discuss the above or any other issue regarding Whistler real estate please feel free to contact me.