Below from British Columbia Real Estate Association …

The British Columbia Real Estate Association and its members are concerned that home buyers and sellers, particularly buyers of new homes, will bear most of the burden associated with the proposed Harmonized Sales Tax (HST).

The cost of real estate transactions will increase on July 1, 2010 with the introduction of the new HST. The people of BC will be particularly affected since our province has some of the highest priced real estate in the country. Approximately 40 per cent of all real estate transactions in BC involve sales priced over $400,000, the threshold over which any HST rebate begins to lose significance.

The effect of the HST will also be to introduce a new tax on most services provided by GST/HST registrants in BC. As such, service-providers like REALTORS®, home inspectors, and appraisers will be required by government to collect and remit 12 per cent HST on their fees.

The bottom line is that the proposed HST will increase the cost of buying and selling all property and it will have a much greater impact on the purchase of newly-built homes. Almost 60 per cent of the average family’s household income is required to cover home ownership costs. If the HST is implemented as planned, they’ll be paying even more.

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MORE ON HOW YOU WILL BE AFFECTED

FREQUENTLY ASKED QUESTIONS

Our Summer 2009 Magazine is now available! Pick up one of these high quality magazines throughout Whistler, Squamish & Pemberton or take a peek online at The Whistler Real Estate Magazine

Whistler, The Magazine
The Whistler Real Estate magazine has been included as part of the popular publication Whistler, The Magazine. This high-quality publication explores, informs and depicts the history, life and lifestyles of our exciting resort. It is a keepsake for many visitors to Whistler and more often than not slips into their bags for the journey home. Whistler The Magazine is available in nearly every hotel room and resort property in Whistler. Also available on news stands and tourist locations at key points throughout British Columbia and the Pacific Northwest, its readership of over 400,000 for each edition is significant.

Real Estate sales continue to be strong in Whistler this month with 18 sales reported so far for May. Buyers are continuing to take advantage of the value in our market and lock in at low interest rates! With the 2010 Olympic Games less than a year away, it is hard not to get excited about the opportunities to buy in Whistler and become a part of this inspiring mountain community.

This week’s Whistler Real Estate picks

2972 Kadenwood Drive - a stunning luxury home located at the exclusive Kadenwood Estates. Ski-in Ski-out from Whistler mountain or take in the endless SW views of the Tantalus Mountain range from your outdoor hot tub & entertaining area, either way, the choice is yours.

21 Four Seasons Private Residence - with every need and wish catered for, these Private Residences are ready to welcome you home.

812 Pan Pacific Mountainside - take top position for the 2010 Olympic Games at the Whistlers desirable location. Steps from Whistler Blackcomb base this Penthouse suite offers quality finishing and excellent service in one of the best revenue producing hotels.

3 Northern Lights - Prime Location & Priced to Sell! Walk to village, shops & restaurants, ski-in ski-out to Whistler mountain or relax by the wood burning fireplace, this is a home perfect for the whole family.

Whistlers Fairmont Chateau Golf Course

Golf Season has begun with all of Whistler’s Championship Golf Courses open

Whistler Golf Club Arnold Palmer Signature Course
Fairmont Whistler Golf Course Robert Trent-Jones Signature Course
Nicklaus North Golf Course Jack Nichols Signature Course
Big Sky, Pemberton Robert Cupp Signature Course

Average Sales Prices Last 12 Months By Area

Much like financial markets, real estate also works in cycles - and Whistler is no exception. Macro-economic trends, demographics, weather, buyer psychology, and even the seasons, all move the markets to favour either the buyer or the seller at any particular point in time.

The common theme throughout this cycle however, is that opportunity always exists for the well-informed investor, property owner or purchaser. Recent economic events have certainly had their part in impacting the volume of sales in the Whistler marketplace. Yet this actually presents significant opportunity for anyone considering an investment in Whistler and the surrounding area.

The recent slowing of sales means there is a tremendous variety of options available for consideration. Sales values are at levels that have not been seen in more than five years, and with interest rates at historical lows, the carrying costs of ownership in Whistler have never been lower.

Whistler continues to evolve and mature as the leading four-season mountain resort community in North America, offering an unparalleled array of services and amenities that appeal to all age groups. With the eyes of the world locked on Whistler until the end of 2010, the resort’s long term value has become more obvious than ever before.

Last week the Bank of Canada lowered rates by a quarter point resulting in Canada’s prime rate reducing to 2.25%. This came with a commitment, conditional on inflation outlook, to hold the current policy rate to the second quarter for 2010.

This is great news for those looking to buy real estate in Whistler. With our rates at record lows and a buyer’s market mentality, now is the time to take advantage of the incredible Real Estate opportunities available in Whistler.

In our continuing effort to provide you with the necessary information to make informed decisions in the Whistler Real Estate market, we believe the current value of the Canadian dollar to be a significant factor.

In the last 10 days the Canadian dollar has averaged .779108¢ USD compared to a year ago when the Canadian dollar was actually worth more than the US dollar! The experts are saying that the Canadian dollar should remain in the current range through the first half of this year before heading higher over the next year to the .90¢ USD range.

The combination of incredible value in the Whistler Real Estate market (remember we have had a flat stable market since third quarter 2002), the current strength of the US dollar in relation to the Canadian dollar, historically low interest rates and a strong “buyers market” mentality makes this the ideal time to seriously consider Whistler.

In addition, remember that the true benefit of hosting the 2010 Olympics next February is the incredible media exposure with close to 3 billion television viewers and over 10,000 media representatives in attendance. The predictions are that our market will see increased activity as a result of the Olympic exposure beginning the summer of 2010.

Please give us a call if you would like to discuss the possibilities.

Bank of Canada lowers overnight rate target by 1/2 percentage point to 1/2 per cent.

The bank has now reduced interest rates by four percentage points since it commenced the latest cycle of easing in December 2007.

The move by the central bank to lower lending costs was quickly followed by several of the country’s big chartered banks, as they cut their prime rates by one-half of a percentage to a record 2.5 per cent.

Whistler Real Estate Purchases in 2008

Real Estate sales in 2008 were valued in excess of 420 million dollars. Although below activity levels experienced in 2007 (which should be considered a watershed year) it was consistent with the yearly activity levels experienced since 2000. Overall sales activity slowed dramatically in the last quarter of 2008 as the realities of the world economic situation began to be felt. We expect the first half of 2009 to experience below average levels of activity and market conditions which will be in the buyers favour. However as pre-Olympic media exposure builds and a new value paradigm is created we expect to see increasing interest from investors both regionally and worldwide. The Greater Vancouver region continues to be the largest source of buyers, followed by Whistlerites, and then buyers from the U.S. Although, we expect increased levels of interest from the rest of the world, Whistler will continue to be primarily of interest to investors within four to five hours of travel time of the resort.

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January 2009

13 sales under $1,000,000
2 sales between $1,000,000 - $2,000,000
3 sales over $2,000,000

Highest Sale of the month $7,100,000

2 Chalet/Single Family home
3 Condominium
6 Townhouse
7 Shared Owner