This market could benefit from foreign homebuyers

The housing market in Whistler could be about to see strong demand from foreign homebuyers following the planned $1.4 billion acquisition of the ski resort by US firm Vail.

Nicholas Soldan Harriss of Sotheby’s International Realty told the Vancouver Sun that the Colorado-based resort company has a strong track record in attracting big money real estate buyers.

“Vail is a much more world-renowned market where property values are exponentially higher (by comparison). Sales there in the $15-million to $20-million (range) are more common,” he said.

With the Canadian dollar still relatively weak against the US dollar, American buyers are expected to be keen to snap up property in the Whistler area but buyers from Asia are also likely to be interested.
Harriss also said that foreign buyers who may already have property in Vancouver may be dissuaded from further investments in the city due to the new 15 per cent tax for foreign buyers. Whistler could benefit as an alternative.

Prices in Whistler are surging; up 23 per cent for a single-detached family home to $1.28 million (REBGV benchmark in July); 25.4 per cent for a townhome at $755,000; and 32.3 per cent for an apartment at $353,200.

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