By Rudy Nielsen

This month, we are focusing on two of the biggest destination resorts in British Columbia; Whistler-Blackcomb Resort and Sun Peaks Resort. Both of these areas have been touted for high growth due to the year-round recreational opportunities in the area, the beautiful scenery, and the excellent climate for both summer and winter events.  Traditionally, Whistler has been seen as the hottest spot to purchase recreational property in British Columbia. But is this still the case? We turned to mylandcor.com to get the real estate statistics and other facts about the two areas. What we found may surprise you.

Sun Peaks Mountain Resort, located just 45 minutes from Kamloops and a five hour drive from Vancouver, is one of British Columbia’s best kept secrets. There are thousands of trails to hike and mountain bike, an 18 hole golf course, a 30 acre snowboard park, and over 100 ski runs, from beginner bunny hills to expert black diamond slopes. Sun Peaks has quietly put together British Columbia’s second largest ski able terrain, and third largest in Canada. With a license to cover over 10,000 acres, we are expecting a massive expansion and development in and around the area over the next several years as this secret slowly leaks out.

Number of Sales at Sun Peaks January 1999 - February 2005 - Courtesy of Landcor.com

Currently, there are about 550 condominium units in Sun Peaks. Of those, 330 condos have sold since 2000. Over the last 5 years, the number of sales has gone up by 220% and the average price per square foot has increased by 40%. These numbers make Sun Peaks seem like a pretty hot property at the moment. However, when you take into account that the average assessed value across the province only rose by 17%, and the average assessed value of Sun Peaks went up by 33%, well, that’s not just hot, that’s RED hot. It seems like one of the best kept secrets in BC isn’t as well kept as we originally suggested.

Now, let’s take a look at Whistler.

Whistler’s pedigree is just as, if not more impressive than the Sun Peaks Resort. Long regarded as the premier skiing destination in Canada, and consistently ranked in the top five skiing destinations within North American by the top skiing magazines and experts, millions of people have come from all over the world to take in the slopes at Whistler. With over 8,000 acres of ski able terrain, a mountain bike park, and trails to hike and bike and horse ride, 3 championship golf course, as well as being a co-host of the 2010 Winter Olympics, Whistler is the ultimate goal when purchasing recreational property.

Or is it?

Number of Sales in Whistler: January 1999 - February 2005- Courtesy of Landcor.com

Currently, there are approximately 4370 condominium units in Whistler. Of those, 1895 have sold since 2000. Over the last five years, the number of sales has decreased by 50%, but the average price per square foot has increased by 76%! Due to these high prices for properties in this region, many investors have given up on owning property here, and looking elsewhere for deals.  Remember that the average assessed values across the province rose by 17%. Whistler’s only rose by 5%. In some areas of Whistler, the average assessed value actually dropped!

It seems that the demand for Whistler properties is leveling off, and is growing around Kamloops. We believe that people are looking for similar properties to Whistler with a similar lifestyle and access to similar recreational opportunities, but in a more reasonably priced market. And, as other ski resorts open up by 2010 in places such as Revelstoke and Invermere, this trend will only continue.  

However, in the short term, the edge will continue to go to Whistler. The reason is quite simple- driving time from the Lower Mainland, which has the closest international airport (Vancouver International). On the Sea to Sky highway, especially with the improvements being made for the Olympics, it only takes 2 hours to drive to Whistler and get onto the slopes. Sun Peak’s five hour drive makes it less desirable for a weekend getaway or for international clients.

It all goes to show you that when purchasing recreational property, do your homework. Check www.mylandcor.com for the most recent statistics, and don’t believe all the hype you hear about the next big thing until you check it out for yourself. Finally, don’t put off purchasing that dream property, waiting until the prices come down. As I always say: “Don’t wait to buy land. Buy land and then wait!”