Whistler real estate trends

The Whistler and Pemberton real estate market is fast paced and constantly changing. Whistler is one for the most dynamic real estate markets in North America.
When Vancouver was awarded the 2010 Winter Olympics it came amidst one of the strongest real estate booms in the province of British Columbia. Now Realtors and property owners are confident the Olympics, which involves more than $2 billion in construction and infrastructure spending, will ignite the housing market to further record levels.
It is difficult to believe the Whistler housing market could get any hotter. The average price of a resale house at Whistler is now $1.2 million, and building lots routinely sell in the $700,000 range, if you can find them.
Realtors noted that, as soon as the Olympic decision was announced on July 2, they saw an increase in the number of people inquiring about real estate in the Squamish area. A key component of Olympic construction is a $600 million upgrade to the Sea-to-Sky highway, they noted.
With the Olympics and the ParaOlympic games still 4 years on the horizon, the president of the B.C. Real Estate Association is cautioning property owners to cool their enthusiasm.
The health of the real estate market ultimately depends on the health of the economy, the increased visibility also attracts corporate business and some office relocations. However, the impact on housing prices and rents seems to be greater in markets that are smaller and less mature than Vancouver, the study found.
Although accurate, long-term predictions on property values are difficult to make, previous host cities Calgary and Salt Lake City showed economic benefits from their Olympic exposure. Trends from past Olympics has generally shown a massive increase in demand for property and an increase in value and then a large dip soon after. Sydney is another example of a city which bucked this trend because of the careful planning and control over all aspects of building.
Like those cities, the impact of the 2010 Olympics on Vancouver will likely be indirect and felt over the long term. The construction of Olympic villages in Vancouver and Whistler and other permanent structures, improvements to infrastructure, such as transit, and the growth of the tourism and convention sectors, will have positive effects on the economy, which will benefit the real estate market. Few would disagree that the future of the property market in Whistler looks bright as the value has been rising steadily for many years due to the natural beauty of the area, the famous outdoor attractions and its location.
The enhanced worldwide exposure of the beauty of B.C. real estate should be very good news for property owners across the province. BCREA believes the 2010 Winter Olympics will leave a positive, lasting impression on residents, investors and tourists alike, Herman said.
Meanwhile, the real estate community is preparing for what could prove to be the biggest real estate boom in British Columbia history as the province prepares to welcome the world.

Article Source: http://www.inpop.net

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