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Whistler’s real estate market shows no sign of cooling off



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Smyth said a single-family home in Alpine Meadows valued at $475,000 in the summer of 1999 would have sold for $527,000 in the summer of 2000.

The increases are even more significant in the pricier subdivisions. For example, a single-family dwelling in Blueberry valued at around $1.6 million in the summer of 1999 would have been worth $2.3 million the following summer.

Smyth said condominiums were generally also valued higher this year than in previous years. A condo in Creekside that sold for $325,000 in July 1999, for example, would have sold for $370,000 in July 2000. Condominiums in Snowridge in Nordic Estates saw a 30 per cent increase in value while those on the Benchlands saw a 22 per cent increase over the summer of 1999.

"There seems to big demand for Whistler real estate and there seems to be a somewhat limited supply," noted Smyth. "It has done very well on the international market, it has been rated the number one ski resort in North America and its reputation is preceding it when it comes to travellers."

Even Pemberton is riding on the coat tails of Whistler’s international success, said Smyth. The farming community saw an average nine per cent increase in property values this year.

Squamish, however, is isolated from the trend. Apart from Brackendale, market movement in Squamish between July, 1999 and July, 2000 was relatively insignificant.

For example, a single-family home that would have sold for $210,000 in the summer of 1999 was valued again at $210,000 in the summer of 2000.

Most condominiums in Squamish decreased slightly in value as evidenced by recent sales in that region. A typical suite that would have sold for $140,000 in the summer of 1999 would have sold for $135,000 to $140,000 the following summer.

In the rest of the province, Victoria saw modest increases in waterfront properties in Oak Bay, while Esquimalt and Saanich experienced marginal increases. Nanaimo saw a drop in values. Tofino, Ucluelet, Courtenay, Powell River, Port Hardy and Campbell River all saw slight decreases.

In the Lower Mainland, values for all types of properties in Vancouver remained flat on both the east and west sides. North Vancouver experienced marginal increases.

Property values in Sechelt decreased, with some strata properties dropping significantly.

Whistler’s assessment roll increased this year to about $5.6 billion from $4.6 billion last year. The assessment roll in Squamish, by contrast, is about $1.4 billion representing about a $4.4 million decrease over last year.