Northern Exposure
Whistler, Canmore and Mont Tremblant attract buyers from below.
Print
Email
Bookmark
ShareOctober 1, 2007
We turn our gaze to Canada. The number of Americans emigrating north is at an all-time high; the approach of the 2010 Winter Olympics in Whistler signals more mountainside construction; the exchange rate gap between the dollars is closing. Sooner, not later, is the time to purchase property in the increasingly cosmopolitan Great White North.Whistler
Approximately 75 miles north of Vancouver, Whistler claims the
two highest vertical-rise mountains in North America—Whistler and Blackcomb—each
of which extends one mile into the air. The town’s exceptional topography,
along with its ability to keep up with growth and demand, has made it a
desirable locale for buyers from Seattle to London. "Whistler attracts ski
instructors and mountain em-ployees from all of the world—the U.K., Australia,
South Africa—who come for the 8,000 acres of skiable terrain," says Ross McCredie, president and CEO of Sotheby’s International Realty Canada. "That
cosmopolitan mix of people, combined with the amazing ski runs, creates a unique
kind of ski town." And with its hosting of the 2010 Winter Olympics, the
community has had an influx of improvements such as the CAD$800 million highway
connecting Whistler and Vancouver.; function voidFunc() { } voidFunc();)
A four-bedroom private residence at the
Four Seasons Resort Whistler, where all 37 homes sold out within an hour. Resale
units are available, and 23 of the homes are offered in the hotel’s rental
pool. (Click image to enlarge)
Unlike other mountain towns where a lack of employee housing
and a surplus of high-end condo developments create the feeling of a temporary
community, Whistler has avoided becoming a transient town. The past 15 years
have seen a tripling in the city’s population, but unlike other high-end ski
towns that are not able to provide enough affordable housing, Whistler has been
conscious of keeping up with demand. And to avoid an excess of empty condos,
many of the condo-hotel developments in Whistler Village have a covenant called
Phase II, which limits the number of days owners can use their unit to 28 days
in the winter and 28 days in the summer and requires them to rent out their unit
when not in use.
At the base of Blackcomb, the Four Seasons Resort Whistler set
a new benchmark for Phase II developments in the area. Completed in 2004, the
resort includes 250 condo-hotel units, which sold out in less than three hours
when they hit the market in 2001. "While there were definitely people who
purchased units because they wanted a second home, those who flipped them have
made a good profit," says McCredie, whose company handled sales for the
building. Units that were priced at CAD$800 per square foot in 2001 are now
selling at CAD$1,000 per square foot. And a four-bedroom penthouse that sold for
CAD$5.5 million in 2001 recently sold for CAD$7 million. In addition to the
condo-hotel units, the Four Seasons development also offered 37 private
residences, which sold out in less than an hour when they were released in
2003.; function voidFunc() { } voidFunc();)
This modern home in Whistler is listed through Ann Chiasson of Sea
to
Sky Premier Properties for CAD$6.9 million. (Click image to enlarge)
While the Four Seasons remains the highest-end condo-hotel
development in the area, other hotel chains such as Westin, Hilton and Pan
Pacific have had success with their residential units as well.
Private communities generally allow buyers more flexibility with design and usage. At Kadenwood, buyers can build a custom home at the highest buildable point on Whistler Mountain. The first phase of 19 homesites sold out in its first day in 2001, but a second phase of 21 homesites ranging from a half acre to one-and-a-half acres are priced between CAD$1.5 million and CAD$2.5 million ($1.4 million and $2.3 million). Slightly lower on the mountain, the Stonebridge development encompasses 400 acres in a protected forest within Whistler Valley. The 30 estate lots range from approximately one to 20 acres and are priced from CAD$3 million to CAD$6 million ($2.8 million to $5.6 million).
Other neighborhoods offering ski-in/ski-out duplex homes adjacent to Blackcomb include Pinnacle Ridge (for around CAD$2.5 million); estate homes at Sunridge Plateau with access to Whistler Mountain start around CAD$3.5 million. However, the most sought-after real estate in Whistler is not necessarily next to one of the mountains. "One of the appealing things about Whistler is that you also have access to a great mountain biking park and four golf courses," notes McCredie. "Not everyone is a skier." A five-minute drive from Whistler, the village of Alpine offers homes from around CAD$1.5 million, while homes in Blueberry Hill sell for around CAD$2.5 million.
"The quality of the homes in Whistler is similar to what you’d
see in a town like Aspen, but the lifestyle in Whistler is completely
different," says McCredie, who is based in Vancouver, but has had a home in
Whistler for the past 20 years. "Aspen is more a place to see and be seen.
Whistler is more low-profile." And while many ski towns promote summer
activities to counterbalance the ski season, Whistler is one of the few that
offers skiing almost year-round. "During the summer months, you can mountain
bike in the morning, ski in the afternoon and water-ski in the evening," adds
McCredie. "There aren’t many ski towns in North America that have the landscape
for all of that." --Samantha Brooks
