US Residents Buying in Whistler – Notes on Financing

Exchange rate

Buying in Whistler right now is a pretty attractive investment! Especially for US residents, where they are automatically getting a 20+% discount, thanks to the weak Canadian Dollar.

exchange-rate

If you are an American considering purchasing a property in Whistler, here are some important notes on the financing and the steps required to make the process as smooth as possible:

– Anyone who files taxes in the US is considered a US resident for mortgage financing purposes.

– US residents can get up to 80% financing for properties just under $1,000,000. For properties over $1,000,000 the percentage financing available will decrease as is common with most higher priced purchases.

Read more US Residents Buying in Whistler – Notes on Financing

How will the falling Canadian Dollar affect Whistler Real Estate Values?

Whistler Real Estate

Today’s leading business news on the CBC website reports the Canadian dollar hitting an all new low of under $0.79 to the US dollar. This is the lowest level in 6-years, when in mid-March 2009, the dollar dipped below 78 cents. Click here to read the CBC article.

This size of a foreign exchange gap equals an approximate 20% discount* on Whistler real estate for Americans. Purchasers with US dollar buying power can now purchase a Whistler home listed at $1.2M Cdn for $1M US*.

dollar-realestate

We will see an increase in the US purchaser – a factor that has had a strong effect on real estate market values in Whistler in the past. We are a world-class resort offering an unbelievable amount of winter, summer, spring and fall recreational options AND we are a short 2.5 hour drive from the US/Canada border. With real estate now being presented with a 20% discount for our American neighbours, how can this NOT have an effect on our market?? 

I will be watching this closely in the coming months. I am excited to watch the return of our American investors.

If you are curious about if/how this low Canadian dollar may affect the Whistler real estate market, call me today at 604-935-7913 and we can discuss! I would love to hear your opinion.

*depending on the exchange rate your bank gives you.