In the past two years, Whistler has been one of the few areas of British Columbia where the assessed value of a typical residential property showed no increase from the year before. It was seen as a striking anomaly in a resort market that is the co-host of the 2010 Winter Olympics.  It now appears that the lag is over.  Early this year, an investor from Vancouver purchased an older Whistler townhouse for $1.1 million and spent an estimated $50,000 on ‘lipstick’ renovations, adding new carpets and paint and upgrading bathroom and kitchen accessories. The unit was sold this fall for a $300,000 profit.

Whistler is back, was the word at the Ozzie Jurock real estate outlook conference in Vancouver this fall. With few new homes or condominiums having been built over the past two years and demand rising, “older, tired condos and townhouses” are now a prime real estate buy. The reason for this is construction costs have increased some 50 per cent since 2002 and older properties are selling for far less then replacement value.

Whistler real estate sales posted the first major increase since 2002 during the first half of this year and that has continued through the fall. Inventory levels have dropped by about 20 per cent and we expect this trend to continue as sales are outpacing listings. It is inevitable that the reduced inventory and increased sales volume will lead to higher prices. Demand is coming from offshore and non-resident investors, as well as Vancouver investors who appreciate the value Whistler offers. Especially active are people from the United Kingdom who see Whistler prices as a bargain. Buyers looking at Whistler shouldn’t wait - the next two months will be the best time to get into this market with fewer than 70 chalets for sale in Whistler (priced between $729,000 and $22 million) and the inventory of available properties in any specific price range very limited Whistler is positioned to make a big move.