August 2022 Market Update

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Whistler Real Estate Market A Buyer’s Market

In the August 2022 Whistler real estate market update, the main observation pertains to the 30% decrease in new listings from June 2022 to July 2022. This is a tell-tale sign that Sellers are not prepared to list their property only to have it sit on the market for the foreseeable future. The alternative may be to chase the market down with regular price reductions…not a great experience. The market is shifting and Buyers are prepared to wait. How long Sellers are prepared to wait, remains to be seen.

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Referentail Offers

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When is an Offer not an Offer?

The following explanation is courtesy of my broker, Sutton Group-West Coast Realty:

“In an environment of multiple offers, a listing agent might be presented with an offer containing what is generally referred to as a ‘‘referential purchase price clause’’ (RPPC). The RPPC is a means by which a buyer endeavors to establish a purchase price by reference to prices contained in competing offers. The thrust of the RPPC is for a buyer to piggyback on the next highest bona fide offer which is acceptable to the seller. Such a clause might read as follows:

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Unauthorized Accommodation

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Unauthorized Accommodation Rental Suite

The topic of buying a Whistler property with unauthorized accommodation is expansive. Unauthorized means that the space was not identified in the original plans which were submitted to the municipality to obtain a permit.

This post is going to focus on unauthorized accommodation in the form of a rental suite. A rental suite within a residential property (house) is common in Whistler. The definition of such a suite might be: “A suite is a separate living area contained within a dwelling unit functioning as a self-contained suite, typically complete with its own kitchen, bathroom, and bedroom.” They are colloquially known as an in-law suite, mortgage helper, nanny suite, non-conforming suite, and other similar descriptive names.

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