housing market of Canada

Vancouver is no longer hottest housing market of Canada

Attesting to continued global draw in housing market of Canada, benchmark costs in the ski town of Whistler now have surpassed as those in Vancouver.

Businesses in Vancouver are buying million of dollar properties to house their employees as living cost has driven out their workers.

Cost of visiting also has spiralled, with the overnight rates during winter peak which is topping up anywhere in the nation.

Marc Riddell, a spokesperson for Whistler Blackcomb, owned by Vail Resorts Inc. and is one of biggest employer of the area, told to Bloomberg via email that they think that housing is the single important issue that they are facing like a community.

Housing prices in resort destination have been increased at noticeably faster clip as compared to the Toronto and Vancouver.

Scaled over last 12 months, benchmark of Whistler home price has been increased by around 19.6% as compared to Vancouver’s 16.1%.

Over the last 3 years, benchmark prices of Whistler grew by 78.4%, compared to Toronto’s 41.5% and Vancouver’s 62.3%.

As, 5 year gains in home prices of Whistler stood at 110.2%, compared to 63.7% in Toronto and 81.1% in Vancouver.

Last October, benchmark cost of a townhouse surpassed by $1 million for the very first time in Whistler. Vancouver is a steal around C$835,000. Detached homes in Whistler presently is now at $1.67 million, 4% costlier as compared to Vancouver.

Whistler’s transition from skiing mecca in a 4-season destination for bikers, hikers and golfers, hikers means that pressure for accommodation from seasonal tourists and workers no longer eases when snow melts down.

With permanent population of fewer than around 12,000 residents, there are more than 1,300 applicants which are on wait lists to either buy or rent homes at below market cost in residents-only a pool which is managed by Whistler Housing Authority.

This agency aims to offer housing for 75% of employees of town – a target which “will be too challenge to continue to meet out,” according to December assessment.