Big news in Real Estate for Vancouver – What does it mean for Whistler?

Running the treadmill this morning I was listening to Cameron Muir - Chief Economist at the Real Estate Council of British Columbia - Cameron was talking to CTV News about sales for the month “MARCH 2010″ What I found interesting and then later googled like crazy to no avail was his comment about real estate in Greater Vancouver being unprecedented because of an 18 year boom the city has experienced….. with only a few down years. Cameron is someone I have followed for years - and I like to question him on his predictions and statements.

Vancouver ’s average house price hits $1,000,000 - what needed to be explained was the real price of what they called a “Standard Detached Home” was $800,000 up from a year ago of $650,000 - I am not sure where they cut off what is considered high-end housing and then determined Standard???? There were 1300 sales in the month of March - the dollar volume amounted to $1.35 billion.

The interview also showcased a local realtor who said Vancouver was one of the best real estate markets in the world… I agree that the market is not entirely fueled by the 2010 Olympic & Paralympic Games, he also said that the weather plays an important factor in deciding where you are going to live. After spending time in Victoria I would agree on this point – but most certainly there are other important factors for people to consider.

If first time buyers and investors fueled the Vancouver market for the last few years due to low-interest rates and affordability – it would seem Vancouver is about to experience a slow down in high-end sales. It now will cost the purchaser more to buy the property, more in monthly mortgage payments, and in 2 1/2 months more $$$$ to close on that property… even if the property is not new construction.
Which brings us to Whistler…. Mother Natures Playground.
Why not drive up and revisit that dream you once thought unattainable? Condo’s, Townhouses, and even Chalets (detached homes) are well below the million dollar mark – perhaps this is finally Whistler’s time to shine again in the real estate market - I mean if Vancouver is out of reach – Whistler is only an hour or so away.
Benefits
One of the top tips today in the Globe and Mail about working with the new value of our Canadian dollar was to buy real estate in the US – I think we should always consider our home land first – traveling is easier, and you’ll be able to vacation more often…. think about Thanks Giving Dinner in the mountains, an evening BBQ with friends on your sunny deck… why not lend the cabin to a local charity within your community, it would make a fabulous auction item – the benefits of owning real estate in Whistler are really endless – that’s the glory – It is yours to choose!
Happy Negotiating!
Two more very good articles I was reading today:
http://bit.ly/648nD Global Real Estate Trends
http://bit.ly/dA6GUk National association of Realtor – Resort Properties