Anyone buying in America now should be aware of the broader economic context: not only is the dollar falling, but so, too, is the property market, with average prices expected to end the year slightly down on 2005. Buying opportunity or reason to hold off a little longer? The jury is still out.

There are certainly some grounds for optimism, at least in the more popular resorts. Estate agents in Vail, Breckenridge, Telluride and Jackson Hole say a shortage of land and property has been supporting prices there (in contrast to nearby cities, such as Denver, where, according to the National Association of Realtors, the average price of a family home has dropped 1% in the last year).

“Properties in the $5m-$20m bracket (£2.5m-£10m) are most often purchased when a buyer has recently sold a company or has cashed in a substantial stock option package,” says Ted Steers, of Vail estate agency Sonnenalp. “These buyers are most active when the stock market is high and the merger and acquisitions market is busy: very much like America’s current financial environment.”

We will have to wait until the end of the ski season to see if his confidence is justified: it’s in April, when the snow has melted, that most mountain homes are put on the market.

Canada

Western Canada is skiing’s new frontier, home to several expanding resorts and one entirely new one, Kicking Horse in British Columbia.

Set against the eastern face of the Purcell Mountains, Kicking Horse offers a mix of supersmooth cruising and stomach-in-your-mouth steeps — and, crucially, there is the potential to expand the terrain on offer once visitor numbers are up. The drive from Calgary airport is a long one (three hours), but it also follows one of the world’s most scenic highways, through Banff National Park.

Four years ago, there was nowhere to stay at the bottom of the lifts there, but now a modest series of properties is being developed — with good potential for capital growth. Slopeside, three-bed condominiums are on the market for £135,000-£180,000, while two-bed “town” (ie, terraced) houses go for less than £135,000 (call 00 1 250 439 5470, or visit www.kickinghorseresort.com for more information).

Of course, there is no need to make a bet against the future rise of a resort if you don’t want to: in Canada, as in its southern neighbour, you can always buy into an area that already has a reputation and an established customer base.

Mont Tremblant, where the Pitman-Rowes bought, is one, although the better skiing is to be found out west in the Rockies of British Columbia and Alberta.

Beautiful Banff National Park, for example, is home to not one but three lift systems — Mount Norquay, Sunshine Village and Lake Louise — and attracts even more visitors in summer than winter.

Several new developments are on offer at the park’s eastern gate, around the town of Canmore, Alberta, with potential for both healthy rental returns (as much as 8% annually) and capital growth. Pure International (020 7331 4500, www.pureintl.com) is currently marketing two-bedroom flats at the Blackstone Mountain Lodge there, priced from £174,500, with the chance to opt into a rental pool operated by Bellstar Hotels & Resorts.

What’s more, unlike America, there are also fewer question marks hanging over the property market. According to Canadian government statistics, demand across the nation is healthy, with analysts predicting average price rises of 5% next year.

The only worry is the Canadian dollar, which has been yo-yoing about all over the place of late. Closely linked to commodity prices, it soared to a high of $1.975 to the pound in March, but has been dragged back to $2.25 by the falling US dollar.

One recent purchaser, Dave Armstrong, who bought into Blackstone, saw an investment initially valued at £750,000 swing between £650,000 and £800,000 because of the fluctuating Canadian dollar. Under the circumstances, you would be mad not to take advice from a currency specialist such as Baydonhill (020 7594 0594, www.baydonhill.com ).

On the market

Close to Breckenridge, Colorado, this four-bed, furnished chalet is for sale with Slifer Smith & Frampton (00 1 888 531 3800, www.summitcountyrealestate.com ) for £455,000

A two-bed flat at Timberline Lodges in Canmore, Alberta, is for sale for £234,000. Newfound Property International, 020 8605 9550, www.newfoundproperty.com

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