2008 Market Report - Whistler Real Estate
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.
| Average Price | 2008 | 2007 |
| Single Family Home (Chalet) | 1,659,046 | 1,638,760 |
| Condo | 430,307 | 541,360 |
| Townhouse | 879,370 | 931,938 |
| Vacant Land | 932,579 | 1,730,700 |
| Shared Ownership | 172,166 | 180,827 |
..
Whistler Real Estate Sales
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
Canadian Interest Rates at record lows
Canadian Prime Rate @ 3.00%
Your ability to purchase your first home, investment or dream home could be closer than you think with Bank of Canada interest rate at its lowest level since 1934.
View a complete list of available mortgage rates at Garibaldi Mortgage
Luxury Home Sale in Whistler
We are pleased to let you know of a recent sale luxury home in Whistler
4868 Summit Lane
Listed for $7,900,000 and sold this week at $7,100,000
Please don’t hesitate to give us a call if you have any questions or would just like to chat about what’s happening in the Whistler Real Estate market.
Whistler Market Statistics
Whistler Sales History - by units
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008** | |
| Chalet | 145 | 185 | 123 | 151 | 95 | 63 | 104 | 115 | 167 | 78 |
| Condo | 209 | 323 | 421 | 657 | 384 | 424 | 221 | 170 | 289 | 142 |
| Townhouse | 289 | 321 | 243 | 330 | 155 | 124 | 138 | 163 | 282 | 168 |
| Duplex | 17 | 22 | 26 | 21 | 12 | 6 | 10 | 13 | 23 | 16 |
| Vacant Land | 40 | 39 | 27 | 45 | 11 | 21 | 14 | 14 | 30 | 17 |
| Total | 700 | 890 | 840 | 1204 | 657 | 638 | 487 | 475 | 791 | 421 |
** Year to Date
Climate of Condo Ownership in Whistler Brightens
Strata Owners and Management Company carve new deal at The Westin Resort & Spa
WHISTLER, BC, July 17, 2008 – A new 20-year management agreement has been implemented between the owners of The Westin Resort & Spa and OHR Whistler Management Ltd., a subsidiary of Vancouver-based O’Neill Hotels & Resorts Ltd. The new agreement has moved away from a revenue-based fee structure to a profit-sharing business plan which closely aligns the interests of the owners and management. The short term impact is expected to boost net income for the owners. The long term impact provides an opportunity for both the owners and OHR to achieve greater long term growth. The resulting increase in value has made owning a unit at this Four Diamond rated hotel that much more enviable.
“We recognized that changes needed to be made, but they had to be ones that truly made a difference for all stakeholders involved,” explained John O’Neill, president of O’Neill Hotels & Resorts Ltd. “We’ve spent many, many months candidly discussing what would work to make owning and/or buying a unit the right investment for all involved, so the changes that have been made to the terms of agreement are not just a collaboration of input between owners and ourselves, but also the franchise division of Westin Hotels.” O’Neill also stated that an investment partnership, of which they are a part, has also recently purchased a substantial number of hotel suites in the Westin, which will further align them with the other owners.
In addition to this new management agreement the interests of all stakeholders will be further enhanced with the planned multi-million hotel refurbishment program for the 8-year old resort hotel, which is to begin in spring 2009. Acknowledging the importance of this new management agreement and the need for the changes to be win-win for all, Starwood Hotels & Resorts, franchise operators of Westin Hotels & Resorts worldwide, will be contributing $1 million to the refurbishment program.
“We’re very pleased with the changes to the terms of the new agreement for current and prospective condo owners at the Westin,” said Colin Yip, president of the Strata Corporation at The Westin Resort & Spa. “For several years the owners have attempted to renegotiate several aspects of the hotel management agreement and it has finally come to fruition. The key to the new deal was changing the contract from a gross revenue focus to a shared net income focus which will result in more money in owners’ pockets. With the winter Olympic games just under two years away, the opportunities of a better bottom line can be more optimistically realized with these welcomed changes.”
Opened April 3, 2000 and twice-named the #1 ski resort hotel in North America by Condé Nast Traveler, The Westin Resort & Spa has just recently been awarded the Four Diamond-designate from AAA/CAA for the eighth consecutive year. As well, the Westin has been given the nod by AWARE with its Whistler Environment Business Award and the Hotel Association of Canada’s Three-Green Key eco-award, which recognizes the numerous green-friendly initiatives in place at the hotel.
Market Report
Market Activity for the second quarter of the year remained steady with over 200 units trading hands. Single family sales have slowed due to a lack of choices. Buyers continue to show a high level of interest in the area; however increased concern about the economy, fuel prices, and credit availability are causing some caution when it comes to decision making.
| Properties | Condominium | Home | Lot | Shared Owner |
| Whistler South | $604,310 | $1,347,571 | NA | $164,627 |
| Whistler Center | $567,350 | $1,630,475 | NA | $99,000* |
| Village Benchlands | $677,868 | $6,700,000* | NA | $131,500 |
| Whistler North | $1,315,500 | $1,458,727 | $854,667 | NA |
* One sale
Bank of Canada reduces Lending Rate
Bank of Canada announced today the reduction of lending interest rates by 0.5%.
OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 1/4 per cent.
The U.S. subprime mortgage crisis played as a factor in the decision, the bank commenting that growth in the global economy has weakened, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated as buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by the fall in net exports. While both total and core CPI inflation were running at about 1.5 per cent at the end of the first quarter, the underlying trend of inflation is judged to be about 2 per cent, consistent with an economy that was operating just above its production capacity.
The Bank projects that the Canadian economy will grow by 1.4 per cent this year, 2.4 per cent in 2009, and is expected to balance out at 3.3 per cent in 2010.
For the full story see http://www.bankofcanada.ca/en/fixed-dates/2008/rate_220408.html
JR :: Leaders in Luxury
John Ryan and the team are changing the face of real estate in Whistler and changing our own face in the process. We’ve got a whole new look – from the graphics on our letterhead to the grins of our newest associates. The focus is once again on Whistler’s luxury market and we’re pulling out all the stops. Expect to see everything from an increasing presence in local & international media, including the new Whistler Real Estate Magazine, to personalized web sites for exclusive properties.
Our timing couldn’t be better. Investors have turned their eyes on Whistler, and the luxury home market has never been hotter. In the past year, John Ryan and the team represented the three top sales in Whistler, including a record sale of a property listed at $22,000,000. We are leading the local real estate market in multi-million dollar transactions.
With a passion for all that Whistler has to offer, John Ryan and the team bring integrity and professionalism to the table. We engage our clients in the search for the right investment and provide the sound advice and confidentiality they need to make their final decision.
Widely recognized for his expertise, John Ryan provides the most extensive exposure for sellers and invaluable tools for buyers. No other Whistler realtor has that kind of local expertise or experience in international markets. The added knowledge and networks within the team result in an unmatched ability to best serve our clients. And with high-end international buyers always looking for something special, opportunity knocks often. We know the community as intimately as we know the real estate market and how to best present your property.
We provide the competitive edge in Whistler.
Take us up on it.
JR
