Thursday, April 4, 2013

Whistler Downhill Slalom

We know Whistler has been in bad shape for a long time. Americans left a long time ago, Chinese are not interested yet, and baby-boomer demographics are working against the lofty prices.

It is a great winter resort but there is no reason to pay $1000/foot to get a few two-by-fours there.

Well things have gone a lot further downhill than I had thought. MINUS 11% , 12% and 43% are the 5 year benchmark returns according to the REBGV stats for detached, attached and apartments.

The media has also woken up to the carnage:

Whistler real estate prices plummet up to 68 per cent from CTV (hat tip Sothseacompany on Vancouver condo)

Interesting that they go to Tsur Sommerville for analysis and commentary and explanation. Why the media go to the same few names baffles me. Did Tsur say Whistler is going to take a big fall? Maybe he did and I missed it and I stand to be corrected.


If a guy didn't call the big fall, then how valid is his opinion? Much more valid to contact a David Madani or Garth Turner who have been calling for this, than the guys who have taken the other side IMVHO.

This is how it ends:

Whistler realtors told CTV News they’re seeing momentum in some areas, and Sommerville said there could be a resurgence in prices as the U.S. economy picks up steam.
“If we’re having this conversation in a year or two from now it would be a different dynamic,” he said. “We would be talking about Whistler’s recovery rather than Whistler being in the doldrums.”

OK Tsur, we will revisit this annually and see if your prediction is right and I for one am willing to eat humble pie if I am wrong.


  1. another good day for the bears

    492 new
    229 price change
    183 sold
    6902 detached
    8600 attached

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