Tag: Resort Centre

Whistler at 22% Interest – Part 1Whistler at 22% Interest – Part 1

June 28, 2022 Whistler Museum 3 Comments

In the early 1980s, just as the development of Whistler Village was starting to boom, the economy bottomed out and interest rates skyrocketed. Whistler Village was left with 27 unfinished lots as owners, developers, and contractors were going bankrupt at unprecedented levels. Remembering the mess left behind as construction halted, Drew Meredith said, “Imagine standing in Village Square looking up towards Mountain Square and all you see is half finished concrete foundations with rebar sticking out of it. Rusty, dirty rebar. The stroll was there but on both sides of the stroll was just chaos. Very tough to sell that to anybody who wants to come for a holiday.”

*Construction in Whistler Village halted when the economic crisis of the 1980s reached Canada leaving many lots unfinished. Eldon Beck Collection.*

Canada’s inflation had accelerated throughout the 1970s, reaching over 10% in 1980. To curb inflation, the Bank of Canada raised interest rates to a peak of 21%, however inflation remained high. During this time interest rates for home loans reached 22% and Canada went into a recession. To top it off, in November 1981 the federal government ended the Multiple-Use Residential Building (MURB) program of tax credits. With multiple-use residential on the second and third floor of every building, much of Whistler Village was constructed with the understanding that MURB would provide tax incentives for investors. With the MURB program coming to an end many investors poured the foundations quickly to make use of these incentives before it was too late.

While some developments in the new Whistler Village had opened, most were just a foundation as the economic crunch really hit. Whistler had prioritised small developers in the building of the Village and many struggled to continue and could not pay their land taxes.

*Aerial view of the construction in Whistler Village, December 1980. Whistler Question Collection.*

The Whistler Village Land Company (WVLC) was a non-profit arm of the municipality incorporated in 1978 to oversee the sale and development of the Village. As land was sold, the WVLC would use the income to pay their liabilities, including loan repayments and development costs for municipal assets, notably the Arnold Palmer Golf Course and the Resort Centre intended to host a pool and ice rink (eventually the province dictated that the Conference Centre would be built instead). However, in the early 1980s when more lots were placed on the market they would not sell. To further financial woes, in July 1982, only 60% of taxes were paid to the municipality on time and they could charge a maximum of 10% on late payments, less than the bank’s interest rates. Between 1981 and 1982, the municipality’s capital budget was almost halved from $1 million to $650,000 and in 1982 municipal staff took a 2.5% pay cut.

With finances in dire straights, WVLC staff were let go and WVLC operations transferred to the municipality. With debts of approximately $8 million, no way to pay them, and creditors knocking, concerns were mounting that the banks would repossess assets worth far more than the loan amount. Banks could then sell these lands independently to developers, while the government would get nothing for the sale and still have to pay liabilities.

Bringing in the big guns. New Mayor Mark Angus takes Lands Minister Anthony Brummet and Assistant Deputy Lands Minister Chris Gray for a tour of the rebar with WRA Executive Director Earl Hansen in January 1983. Whistler Question Collection.

Whistler went to the provincial government for assistance. On January 6, 1983 it was announced that Whistler Land Company Developments, a new Crown corporation, had acquired the assets and liabilities of WVLC for $1. Government studies showed that all outstanding debts would be paid with future land sales and continued development would create many jobs, plus the expected revenue from tax and tourism. While there was uproar at the time about a taxpayer bailout, the provincial government went on to recoup far more than the initial investment through the land sales of Village North, and today Whistler brings in 25% of BC’s annual tourism revenue.

*Looking at some of the unfinished construction in Whistler Village. Whistler Question Collection.*

Hear how some of the Whistler community dealt with the economic crisis next week in Whistler at 22% Interest – Part 2.

Whistler's Answers

Whistler’s Answers: April 29, 1982Whistler’s Answers: April 29, 1982

April 29, 2021 Whistler Museum 0 Comments

In the 1980s the Whistler Question began posing a question to three to six people and publishing their responses under “Whistler’s Answers” (not to be confused with the Whistler Answer). Each week, we’ll be sharing one question and the answers given back in 1982. Please note, all names/occupations/neighbourhoods represent information given to the Question at the time of publishing and do not necessarily reflect the person today.

Some context for this week’s question: A major recession hit North America in late 1981, with interest rates reaching up to 20%. While some buildings in the Whistler Village were completed, much of the first phase was still under construction. Construction of the Resort Centre (known today as the Conference Centre) began in March 1980 and was still ongoing in 1982. The original plans included an Olympic-sized ice rink, swimming pool, whirlpool, saunas, racquetball courts, squash court, restaurant and more. The proposed budget (not including operating costs) was in the $5.5 to 5.8 million range. In January 1983 the provincial government formed Whistler Land Co. Developments, a Crown corporation chaired by Chester Johnson to take over the liabilities and assets of the Whistler Village Land Company. Under Johnson the Resort Centre was reconstructed as a conference centre without the extra recreational facilities and construction was completed by 1986. You can find more information about the Resort Centre here.

Question: Would you be adverse to having any portion of your property taxes go towards finishing the Resort Centre?

Jim Crichton – Carpenter – Alpine Meadows

Yes. The original plan for the convention centre stipulated that the taxpayer was not to pay for it. Think it will be years before that thing is finished and I don’t want to be subsidizing it.

They should get a private developer to take it over and run it.

Barry Johnston – Social Psychologist – Alpine Meadows

I think everyone would say it depends on how much extra we have to pay in taxes.

If they did use our tax money, the Land Company would have to make a much closer accounting to property owners on how the money was spent.

David Kirk – Whistler Village Sports/Whistler Creek Ski Shop – Alta Vista

I would like to see a referendum held in order that some direction – whether it be positive or negative – be given the Land Company and municipality on this issue.

Charlie Doyle – Commercial Artist – MDC

I would be against having any portion of my property taxes going for that purpose.

It was a mistake on the part of the Land Company in estimating costs. Why should we bail them out? They certainly don’t bail out my mistakes.

The centre means something to them only as developers. If they were really interested in the community, they wouldn’t have made it such an epic of a building.

If we were given some benefit, maybe we should consider it. But we’ll end up paying both as taxpayers and as customers once the centre’s finished.

Mark Sadler – Contractor/Developer – Multiple commercial & residential property owner

That’s a difficult question to answer. My basic answer is yes, I would be against having any portion of my residential taxes used to finance the sports centre.

I would like to see the major users – namely commercial establishments which benefit the most – pay towards the completion of it, and that statement comes from me as a property owner in the Town Centre.

Why should we taxpayers be responsible for problems incurred by poor management, inflation and other factors?

Drew Meredith – Real Estate Agent – Alta Vista

No, not at all. I’ve been waiting a long time to see that building finished and I’d be willing to put out out of my own pocket for it.

The addition of a full ice area and squash and racquet-ball courts will be a definite asset to the community. It’s not going to be any cheaper in the future.

I wouldn’t be against having my taxes go towards it, providing the Land Company repays the municipality in the future when the real estate market perks up again.

Developing Whistler’s SwingDeveloping Whistler’s Swing

September 1, 2020 Whistler Museum 3 Comments

In August 1983, Arnold Palmer opened the first golf course in Canada designed by him. Palmer posed with buckets of golf balls and was photographed mid-swing surrounded by a crowd of people. This was the official opening of the Whistler Golf Course as we know it today.

The Whistler Golf Course got its start in 1973, when Bob Bishop and Bernie Brown, the developers of Whistler Cay, began developing an executive-sized nine-hole course near Beaver Lane. When completed just a few years later Whistler residents and visitors were able to play a round without driving to Squamish (the Squamish Valley course was the first golf course to open in the corridor in 1967). A temporary pro shop at the new course carried a full range of rental clubs, balls, tees, gloves and other accessories, including caps emblazoned with the course crest: a beaver. According to Bishop and Brown, the beavers were “the original course engineers who created this land.”

Work on the golf course expansion underway, as seen from the bluffs above. Whistler Question Collection, 1980.

By 1977 the course had started to host small informal tournaments, both in summer and in winter. For the course’s first official opening Bishop had planned to host a New Year’s Day tournament. The plan was for golfers to wear either skis or snowshoes and use golf clubs to hit softballs towards garbage can targets. Though we do not know if this particular tournament went ahead, there are reports of similar tournaments being played in 1975 to raise money for Whistler Search and Rescue. Golfers were on skis, and hit red tennis balls into buckets sunk in the snow to make holes.

In 1977 Bishop and Brown announced their plans to expand the small nine-hole course to a full-size 18-hole course. In order to develop Whistler Cay Heights, they were required to provide a community amenity and an 18-hole golf course was part of the newly formed Resort Municipality of Whistler’s community plan. That summer they began the preliminary clearing, draining, surveying and planning for the course, which was to be designed by Gordie McKay, the golf professional and superintendent in Squamish. Because of a short construction season, they estimated it would be at least years before the full course would be finished. In the meantime, the smaller course would be improved and kept open.

Chauffeur Chris Speedie and assistant Rod McLeod take the golf course refreshment buggy around the course during a tournament. Whistler Question Collection, 1980.

The expansion of the golf course became a key part in the plans for the development of a Town Centre and the transformation of Whistler into a year-round destination resort and was taken over by the Whistler Village Land Company (WVLC) by 1979. Arnold Palmer chose to make the golf course the site of his first Canadian design, with Gordie McKay staying on as the Canadian consultant for the course. The clubhouse and shop, along with a hockey rink and swimming pool, were to be incorporated into the planned Resort Centre (today the Whistler Conference Centre). In September 1981 the golf course received its final inspection by Palmer and looked to be on track to open for the summer of 1982.

Arnold Palmer shows his fine follow through after sending a shot nearly 200 yards with a 9 iron. Palmer stresses proper rhythm rather than pure power to achieve those awesome shots. What a way to open a golf course! Whistler Question Collection, 1983.

This opening was delayed when Whistler, along with the rest of North America, was hit by a major recession in late 1981. Real estate sales fell and interest rates climbed above 20%, leaving the WVLC with debts of almost $8 million, liabilities around $30 million, and land assets that nobody wanted to buy. Whistler Land Co. Developments, a Crown corporation, was formed in January 1983 to take over the liabilities and assets of the WVLC, including the golf course.

Under the Whistler Land Co., the full Whistler Golf Course was completed. It was ready for Palmer’s opening round in August 1983.

This Week in Photos

This Week In Photos: September 13This Week In Photos: September 13

September 13, 2018 Whistler Museum 0 Comments

A lot has happened this week in Whistler’s history – this week in 1982 has almost 400 photographs. If you’re interested in seeing more the Fall Festival and other events from that year, check out the whole album here.