It seems there are still plenty of buyers taking advantage to buy today to avoid increasing interest rates in the future. Whistler’s inventory is still below the 10-year inventory average and even as sales have slowed and inventory increased, prices for single family homes, townhouses and condos remain higher year-over-year. Whistler is attracting a variety of different kinds of investors and mortgage rates do not typically impact the Whistler market. Currently we are also experiencing more interest from US buyers taking advantage of the current exchange rate of $1,000,000 CAN = $750,485.00 US!

Non-resident buyers should be aware of a new regulatory change coming into effect on January 1, 2023 – The Foreign Buyers Ban and Cooling Off Period, definitely taking place in Vancouver and other cities in Canada.

While it has not yet been finalized, the proposed legislation for the Foreign Buyers Ban contains an exclusion for recreational properties, preliminarily defined as properties that are outside of census metropolitan areas and census agglomerations, meaning both Whistler and Pemberton properties would be excluded.

Food for Thought …

A study done by the Bank of America found that young and wealthy investors prefer assets like cryptocurrency, real estate and private equity over investing in the stock market. According to the study “Individuals aged 21 to 42 with at least $3 million in assets have only a quarter of their portfolio in equities, compared with more than half for those who are older.”  This is significant, especially for the future, as Baby Boomers are estimated to transfer over $84 trillion of their wealth to Gen X and millennials between now and 2045, according to market research by Cerulli Associates.