The Whistler housing market / prepared by: Kathleen Mancer in association with Pip White. : NH15-918/2000E-PDF

The objective of the research ws to investigate the evolution of the housing market in the resort municipality of Whistler, which has emerged as the most expensive housing market in Canada. The median price of single family homes sold in the first quarter of 2000 was $662,000, up 21% from the median price recorded in the last quarter of 1999. In 20 years, Whistler has grown form a handful of residents to almost 10,000. The number of visitors has also grown exponentially - more than 2 million skiers visits were recorded in the 1999 ski season. Almost 85% of Whistler's population is under the age of 45 in contrast to only 67% of the B.C. population. The population over the age of 65 represents just 1% of Whistler's population, compared to 13% of the B.C. population. About 57% of all households in whistler are renters, compared to 34.5% of the B.C. population. The housing market in Whistler is complex with 11 different housing types and tenures: hotels; condominium hotels; townhouses; single family residential where tourist use is not permitted; single family residential where tourist use is permitted; quarter-shares; auxilliary suites; timeshares; campgrounds; parking lots; and resident housing. High hosuing prices in Whistler result in 20% of Whistler employees living in the more affordable communities of either Squamish or Pemberton which are more than 30 minutes commute by car. Overall, about 53% of property owners in Whistler live in the Vancouver area, 25% are Whistler residents and 2% live in other parts of B.C., meaning that 90% of registered property owners live in B.C. However, purchases by international buyers are increasing, so the proportion of B.C. ownership is likely to decline in the future. Whistler housing has market appeal due to increasing international exposure, the prestige value of owning Whistler's real estate, the lack of good snow in Colorado ski resorts over the last two years, the low Canadian dollar, better flight connections to and from Vancouver International Airport, improved infrastructure (more and better ski lofts and golf courses), now hotels that advertise heavily for an international and wealthy clientele, and importantly, the Interet, which has revolutionized resort marketing. Whistler has instituted a development cap in its Official Community Plan that will likely be reached in three years. Unless the cap is modified, demand will surpass supply and house prices will invariably increase. Some real estate professionals are anticipating Whistler home prices comparable to the internationally-renowned ski resort of Aspen, Colorado, where home prices are about three times the level of Whistler prices. If the Vancouver-Whistler bid for the 2010 Winter Olympics is successful, the experience of other Winter Olympic cities indicates that the impact on the housing markets of Whistler will be minor. Probably the most significant item of infrastructure as far as Whistler (and Squamish) are concerned would be transportation improvements between Vancouver and Whistler. It is probable that the impact of the Winter Olympics would be more significant for Squamish and Pemberton than for Whistler. Whistler is already well known on the world stage, unlike either Squamish or Pemberton.

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