Everyone has a property investment story, and in Western Canada the stories often have a pretty strong Whistler element. Whistler has in the past offered spectacular payoffs for property investors. You could in 1980 have bought a prime waterfront property on the lake in Whistler for $10,000. Today the land alone would command $2m upwards, and other plots of land can sell for $3-4m. Add a house and you could be looking at up to $20m (the ludicrous – price being asked for The Couloir, a ski-in, ski-out location on Whistler Mountain). Prices have at least doubled in the last 5 years. Talk to realtors in Whistler and you will invariably be told that there is still considerable upside. Is there any mileage in buying in at these prices?
The quick answer is: probably not. Rental yields in Whistler are currently hovering around 1% net, with many people not even making enough to cover their taxes, let alone make a positive return. Add debt into the financing structure and you are looking at an asset which costs you significant money every month you own it. You are essentially speculating on either a continued decline towards 0% in the yield that other...
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