With all the recent concern over the speculation tax damaging recreational home prices, there are some properties that are not likely to see any such problem – those in ski resorts.
All British Columbia ski resorts are exempt from the province’s second-home tax that came with the February 20 provincial budget. That may be bad news for would-be buyers, but it’s good news for owners, realtors and real estate investors, as ski resorts seem to offer stability in a rapidly changing real estate climate.
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Here’s a look at how B.C.’s ski-resort real estate markets are currentl faring.
Whistler: The high rollers are back in the game at B.C.’s biggest ski resort. Luxury property specialist John (JR) Ryan recently sold a remodelled nine-bedroom home on six acres of land for $17.5 million to an Ontario family. It was the highest-selling Whistler property since 2007. While such sales grab the headlines, Pat Kelly, CEO of Whistler Real Estate, said, “the point of origin for most Whistler sales is still British Columbia, and 70 per cent of the completed sales are below $1 million.”