Economics Help Org

What's the relationship between Employment Rates & Housing Prices?

I receive an incredible amount of statistics from the real estate associations.  But what do they really mean?  What is the relationship between employment & unemployment rates and housing prices?

Employment rates are just one of the factors sited as affecting the housing market.  But how?  Logically, the more people that are employed, the more money that is available in the economy to spend.  More buyers.  Less supply.  Increasing prices.

During covid, however, fewer people were employed.  Unemployment rates were higher.  And you'd think the reverse would be true.  Higher unemployment.  Fewer buyers.  More supply.  Decreasing prices.

Not true during the past 2.5 years in…

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Listing and Selling Tenanted Properties 

Listing and selling tenanted properties can be complicated and add complexity to a transaction. From coordinating showings, to providing vacant possession, to provisions in contracts for standard adjustments at closing, there is a lot for REALTORS® to know and understand.

Coordinating Showings

At common law and under section 28 of the Residential Tenancy Act (the “Act”), a tenant has the right to quiet enjoyment of the rental unit. This means they are granted the right to reasonable privacy, freedom from unreasonable disturbance, and exclusive possession of the rental unit.1 This right of quiet enjoyment can sometimes make showing a tenanted property a bit more complicated. REALTORS®…

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  $2,498,000 8167 Alpine Way Alpine Meadows 2 Bd · 3 Ba · 1,604 Sqft
  $2,599,000 4 2200 Taylor Way Whistler Creek 4 Bd · 3 Ba · 1,918 Sqft Royal LePage Sussex
  $4,999,000 9543 Emerald Drive Emerald Estates 6 Bd · 7 Ba · 3,070 Sqft Macdonald Realty
  $2,495,000 422 2202 Gondola Way Whistler…

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What does the CMHC say?

In its most recent post, CMHC has received public feedback and is working to finalize the details and regulations under the Act, and how to enforce it.

CMHC's summary of the legislation is:

"The Act prohibits non-Canadians from purchasing residential property in Canada for 2 years. This act doesn’t affect Canadians and permanent residents. There may be exemptions for certain groups of people, types of residential property, and particular circumstances – these have not yet been established. (Once we’ve reviewed your feedback, we can establish the exemptions.)

The Act:

  • restricts non-Canadians from avoiding the prohibition by using corporations or other entities to purchase residential property
  • allows the…

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911 Westin Resort & Spa

Click on the image above to watch the 3D matterport tour

911 Westin Resort & Spa

1 bedroom, 1 bathroom 590 sf
Listed for $620,000 CAD

Download the information package including the revenue statements right here

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Foreign Buyer Ban

The Canadian Real Estate Association (CREA) published an update on the "Prohibition on the purchase of residential property by non-Canadians Act" (also called Foreign Buyer Ban) which comes into force January 1, 2023.  

While Whistler avoided British Columbia’s Foreign Buyer Tax (implemented in August 2016) and the Speculation and Vacancy Tax (SVT) (introduced in the province’s ‘Budget 2018’), it is not going to avoid this Ban.  Based on BC's experience with these taxes, such measures have had a small and often temporary effect on real estate markets, housing availability and affordability. The effects are largely isolated to large metropolitan markets, with no statistically significant impact in smaller communities.  The Act:

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Did you know?

Sales Increase the closer we get

to Ski Season?

As we head into cooler temperatures our minds turn to...... skiing!

Did you know that a significant number of our sales each year occur just before the ski season begins? Buyers look to purchase their Whistler ski 'cabins' before the snow falls and skiing opens November 25th.

If you were considering putting your property on the market, fall is a great time to consider it.

My January to September review of the market shows that prices are remaining strong in all categories of properties.  Time to sell is a little longer and we are not seeing as many multiple offers.  The market is changing across North America with almost all areas lacking in properties for families to purchase.

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  $39,000,000 5462 Stonebridge Drive Westside 6 Bd · 10 Ba · 7,704 Sqft Engel & Volkers Whistler
  $7,950,000 5458 Stonebridge Drive Westside 0 Bd · 0 Ba · 0 Sqft Whistler Real Estate Company Limited
  $7,995,000 8150 Muirfield Crescent Green Lake Estates 4 Bd · 6 Ba · 3,375 Sqft Whistler Real Estate Company Limited

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