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Dreams of Olympic-size real estate sales in Whistler following 2010 announcement fail to come true

But sales in Squamish and Pemberton continue to be strong Dreams of an explosive real estate market in Whistler following the announcement that the resort had won the 2010 Winter Olympic Games have not been realized.

But sales in Squamish and Pemberton continue to be strong

Dreams of an explosive real estate market in Whistler following the announcement that the resort had won the 2010 Winter Olympic Games have not been realized.

"It has been a really surprising thing because obviously we had a flow of calls and activity and there was the thought that everything was just going to go ‘whoosh’ but it didn’t happen," said Windermere Sea to Sky Real Estate agent Maggi Thornhill.

However, the markets are still hot in both Squamish and Pemberton though most people believe the Olympics is playing only a small role.

There are a number of factors why Whistler didn’t see a leap in sales and chief amongst them, believes Thornhill, was the sellers aggressive attitude after the Olympic announcement.

Many sellers wouldn’t negotiate so buyers have decided to just wait a little longer.

"We are seeing some price reductions now and I think people have to understand that we took our big rise pre the Olympic bid," said Thornhill.

"We saw a huge rise in our market and that was based on the Olympics, so people can’t expect to see that again.

"They have to understand that the price had been adjusted for the Olympics before the Olympic bid came in."

The market has also been affected by international and national events such as SARS, and mad cow disease, which have kept travellers at home.

It is a great time to buy in the resort with low interest rates still and some great properties on the market said Thornhill.

And she believes, as the ski season approaches sales will also increase.

"I think long-term, of course, we’ve got to see things changing," said Thornhill.

"It has got to get busier and I think we will see that as we get closer to the ski season.

"People are buying as long as it looks like a good deal.

"Hopefully the people who were thinking about purchasing a year ago when the market was just soaring and who stepped away will come back now as the market place has sort of settled down a bit and they have the confidence in it as we are getting the Olympics."

The markets in Squamish and Pemberton continue to do well.

In the last 18 months Squamish has seen a 25 to 28 per cent increase in prices thanks to people cashing in on their Pemberton homes and moving south, low real estate prices, a strong internal market, promises of the upgrade to Highway 99, and the dream of hosting the 2010 Games.

According to Multiple Listings Service Figures from June the year to date average price for a detached house in Squamish was $299,200, up 28 per cent from the previous year.

Two recent studies appear to back up the belief that the Olympics could help fuel an extended Squamish real estate boom.

A Canada Mortgage and Housing Corp. report on the Whistler Housing Market suggests the Olympics could have a greater impact on Squamish and Pemberton, because Whistler, where the average selling price for a detached home was $1.26 million at the end of 2002, is already well known.

"In many ways, the situation of Squamish is similar to that of Canmore, Alberta, which has experienced a housing boom since the 1988 Winter Olympics were held in Calgary," states the report.

"(And) it seems likely that faster and easier commuting between Squamish and Vancouver and Squamish and Whistler would have a positive impact on the Squamish real estate market."

As well, an analysis of the Squamish housing market released in April suggested that the town's population could grow by more than 5,000 people by 2010. The report, prepared by Colliers International Realty Advisors Inc. for the Sea to Sky University, said that Squamish is poised to capture the majority of future population growth within the Squamish-Lillooet Regional District, which includes Whistler and Pemberton.

The report said that with Whistler nearing its development cap, more and more of its workers, especially those with families, would seek housing in Squamish.

That’s a trend that Lisa Bjornson, manager Royal LePage Black Tusk Realty, has seen first hand.

"People saw the advantage of cashing out (in Pemberton) and moving down here where the dollars translated well," she said.

"The average person cannot afford to buy in Whistler and Pemberton was getting pricier and inventory was getting low so we are the next logical option.

"We found particularly groups out of Pemberton, who had been there for four or five years, liked the proximity of Squamish to Whistler and Vancouver. Now they had the best of both words – they could still commute to their jobs in Whistler but they could also go and do things in Vancouver."

The Squamish market was immediately impacted by the Games announcement with prices going up about 5 to 8 per cent.

But, said Bjornson, while there were many calls around the time of the announcement there are few now who mention the Games.

"We definitely had an immediate impact though with the announcement," she said.

"The interest levels went through the roof, as you can imagine, and there is no question that sales were generated out of the announcement. Anyone who had been fence sitting went forward.

"But I can honestly say that we are getting very few phone calls now saying they want to buy because of the Olympics."

The continued upturn for Squamish is exciting for the town said Bjornson.

"Finally it really is our turn," she said.

"We have been sitting on the edge for so long, too long, so it’s just our turn and it is exciting down here now."