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I would also like to thank Raymond Rousseau for doing the math in his letter last week that exposes affordable housing in Whistler as a myth even for substantial income earners. This reinforces the need to re-evaluate the system and protect the existing housing stock.
Flexibility part of affordability
I am writing in response to Raymond Rousseaus assessment of affordability in Whistler. I am one of the lucky owners of the 10 lots mentioned in Spruce Grove. By the way, the price of the lot was $120,000 + GST.
Mr. Rousseau is pretty close in his estimate of resale prices for our homes, as two have sold for prices close to $500,000. And he is also quite right that a chartered bank would not finance a purchaser unless their income was close to $100,000.
Where he missed the mark is that a chartered bank is not our only option. We are very fortunate to have the North Shore Credit Union, which is more flexible in the way they recognize rental income in Whistler properties.
Using the same assumptions that Mr. Rousseau uses, someone with $100,000 saved who needed to finance $400,000 would only need a family income of around $40,000 if they had a legal suite that rented for $1,000 per month. The critical part of this equation of course is having $100,000 saved.
When I built my house, I was a single mother. My savings combined with my parents' contribution was considerably short of the 25 per cent down payment. I got creative and lucky and pulled it off completely on my own. (My parents let me put a mortgage on their house for the rest of the down payment which I was responsible for.) If I managed it, so could many others.
Lets hear from people
I would like to respond to Karen Tamakis letter to our mayor-elect, which appeared in your paper last week. Let me take you back to the eve of the election. Ken Melamed was attending the annual Patrol Pro Night, Karen and I were also there. The three of us had a conversation; Karen told Kenny that she thought continuing to work as a patroller could be seen as a conflict of interest if he was elected. I put my two cents in and said that at the very least working one day a week as a patroller would be a stress buster. Kenny thought that it would maintain his connection to both workers and tourists.