Laura Barkman

South of the border,. the real estate downturn has been affecting many areas of the economy, but there is hope for a turnaround.

Home sales are expected to rise moderately in the next 6 months as a result of recent price declines and more affordable mortgages.

Bargain hunters have entered the market en masse, and NAR's (National Association of Realtors) pending home sales index a forward looking indicator based on contracts signed in April 2008, rose 6.3% since March 2008.

Overall affordability conditions are the best they've seen since the middle of the housing boom in 2004, but with far more choices.

The  Whistler and Pemberton real estate markets remained strong throughout the third quarter this year, and prices are expected to climb as we near 2010.

Recent growth is a result of investors catching on to an undervalued market.  Since the market peaked in 2002, sales have been low and properties have appreciated little, and because construction costs have increased 50% over the past five years, properties are selling for less than their replacement value.

Both Whistler and Pemberton are considered good buys, and soon property prices will rise in both communities as sales start to outpace listings.  We've seen increases

 In a perfect world, homeowners and landlords in Whistler would be able to rent their homes to seasonal workers without the risk of unpaid rent or damages and without the hassle of lease paperwork, collecting rent and checking on the property to make sure everything is in order.

The Whistler Housing Authority (WHA) and the Chamber of Commerce are joining forces with a local property manager to provide owners  with a "hassle free" rental experience in which all the details are taken care of.  All the property owners have to do is provide the space at a reasonable rate and collect the monthly cheques.

The hassle-free

CANADA'S FIRST LIFT-ACCESSED NEIGHBOURHOOD

Starting in spring of 2008, and set for completion that winter, Intrawest Placemaking will build an approximately $3.5 million gondola to service Kadenwood - Canada's first lift-accessed community.

Given the high-end nature of the subdivision - with Phase I sold out and lots in Phase II starting at $1.5 million - the local Kadenwood homeowner's association approached Intrawest with an idea that makes the neighbourhood far more convenient and accessible for residents and visitors renting the luxury properties.

The "pluse" gondola will have just four cabins that can carry up to 8 people each, which

This past weekend, over 75 cm (over 2 feet) of snow has fallen on Whistler Blackcomb Mountains and the forecast is for snow to continue for the rest of the week. With this incredible snow fall, Whistler Mountain will OPEN early on Saturday, November 18 for the rest of the Winter 2006/07 season. Blackcomb Mountain will open as scheduled on November 23. NEW Symphony Express Lift  on Schedule Even with the snow in the alpine, construction on the NEW Symphony Express high speed quad lift is on schedule for a grand opening celebration December 16. The new lift-accessed area in the high alpine of Whistler Mountain is crowned the Symphony Amphitheatre to reflect

The decision of the Tory government to change the tax laws in Canada could have a far reaching affect on the markets in the days and weeks to come, but no more so than on the Canadian dollar.  The Canadian dollar has fallen below 88 cents and it looks like much further weakness ahead.

The stock markets are taking a beating and that means the dollars are heading to the bond market which lowers rates for longer term mortgage money.  The silver lining in this is that non residents will gain back some of their purchasing power due to favourable exchange rates.  In addition, it looks like mortgage rates may drop sooner that expected

Overall, Tourism Whistler is predicting room nights from May to the end of October 2006 to be up 13 percent from 2005, with monthly rates on par or ahead of the peak numbers of 2002.

Whistler's growing reputation as a mountain bike destination also brought visitors to the resort, with the Whistler Mountain Bike park again breaking records with rider numbers of  98,000 - an increase of 10 per cent over the previous year.  Each year since 1999 the bike park has broken the previous year's records with double digit growth.

Golf was also successful, with total golf rounds at Whistler's three courses up and Big Sky Golf and Country Club

The Bank of Canada held key interest rates steady at 4.25 per cent on Tuesday.  Many Canadians can breathe a little bit easier as general consensus is that we're heading into a more stable interest rate environment. 

The Bank of Canada said it will "monitor global and domestic economic developments, including adjustments in the Canadian economy.

After the rate announcement, the Canadian dollar was off .51 of a cent to 88.37 cents U.S.

It was announced today that CMHC will eliminate application fees on all high-ratio homeowner mortgage loan insurance products.  The typical fee eliminated will be $165 but could be as high as $235 depending on the type of transaction.

In addition, CMHC will provide mortgage insurance that allows lenders to offer borrowers with a proven history of managing their credit responsibily the option of making interest-only mortgage payments for up to the first 10 years when they purchase or refinance their home. 

REMAX 2006 RECREATIONAL PROPERTY REPORT - WHISTLER

 

Although the record sale prices seen in 2005 have yet to be matched in 2006, Whistler's recreational property market is off to a solid start.  Sales of chalets and condos are up over the first quarter of 2005 and buyer interest remains strong.

Supply is adequate at the moment but will quickly diminish as market activity increases in the coming months.  As a result, there will be further upward pressure on prices.

As the 2010 Olympics approach, it's anticipated that fewer listings will become available as existing owners choose to hold on to their investment.