Thursday February 4th, 2010 - Debate Over Olympic Influence of Whistler Real Estate Market Continues

Is the hosting of the 2010 Olympics in Vancouver and Whistler increasing real estate values and sales in Whistler?  Both are up, but the debate continues over whether the world wide Olympic exposure is the catalyst or if it is simply the result of a recovering economy.  Of course it could be the improved Sea to Sky Highway, giving easier access to the mountain ski resort town. That makes the debate even more interesting.

Landcor Data Corp has released housing sales figures for Whistler for the years 2000 to 2010.  In that decade condominiums increased in value by 101 percent to the current $380,000 per unit average price.  Townhouses increased by 104 percent to an average of $677,000 per home and single family home prices increased by 141 percent, making an average home in Whistler costing $1.4 million.

Landcor also noted that in the decade between 2000 and 2010, 8,999 homes were sold in Whistler.  There are a total of 13,134 residential units within the resort area. Whistler’s real estate market managed to weather the 2008 financial problems quite well. Landcor also noted that there was an increase in international buyers seeking property in the resort area.

Whistler is generally pleased at the international attention the Olympics are bringing to the town and the potential for increased revenue and property values. But some, like experts at the Sauder School of Business at UCB feel the real estate gains are more the result of a gradually healing economy, rather than being in the Olympic spotlight.