Reference Guide for Homes, Property and Condos at Whistler
I’m a non-Canadian resident (Foreign Buyer). Can I purchase property in Whistler?
Yes! A large percentage of our Whistler home buyers and investors live around the world. A real estate purchase by a non-resident can be simple and stress-free by using the services of a Canadian accountant or lawyer specializing in British Columbia real estate.
MORTGAGE LENDING
Mortgage financing for all types of Whistler investments can be arranged quickly by phone or online through our affiliate mortgage broker. Conventional mortgages usually require a 25 per cent down payment. In some cases, high ratio financing requiring as little as five per cent down is available. For most out-of-country buyers, 40 per cent down payment is required, but many of our clients have been approved for as little as 25 per cent down.
PROPERTY TRANSFER TAX (PTT)
This Provincial tax applies to all transfers of real estate and it is payable by the
purchaser on the completion date. The tax is 1% on the first $200,000.00 of the purchase price and 2% on the balance. First time buyers may be eligible for a property purchase tax exemption on Whistler townhomes, apartments, homes or chalets.
PROPERTY TAXES
Property taxes and municipal utilities (water, sewer, etc.) are due on or about July 1st each year. The tax notice will be mailed to you in June at your address as it is shown on title to the property.
GOODS AND SERVICES TAX (GST)
GST is a 5 % Federal sales tax which applies to the purchase of new construction and on the resale of property which has been rented out for short-term/nightly rentals (TA zoned revenue generating properties). The payment of GST on TA zoned properties can be deferred if the buyer intends to continue renting the property out for short-term/nightly rentals and becomes a GST registrant.
INSURANCE
Purchasers are required to arrange insurance on single-family condos at Whistler, Whistler townhomes and other residences. Banks in B.C. or lenders providing a mortgage on a property require this insurance on the completion date of purchase. The strata corporation insures strata-titled (Condo) properties. Strata lot purchasers for condos at Whistler should consider obtaining liability and contents insurance.
STRATA TITLED PROPERTIES
(CONDOMINIUMS, TOWNHOMES, DUPLEXES, AND FRACTIONAL INTERESTS)
Purchasers of strata titled homes are responsible for paying monthly maintenance charges. The strata corporation is also entitled to levy special assessments for extraordinary expenses should there not be sufficient money in the contingency reserve fund. Prior to committing to your purchase, strata minutes should be reviewed carefully to determine whether the strata corporation anticipates any extraordinary expenditure.
I want to buy a chalet and rent it out for vacation rentals. Can I do that?
Unless you purchase a house that is specifically zoned for nightly rentals (TA Zoned) you cannot rent your chalet on a nightly or weekly basis. Most chalets, cabins and homes are in residential zones. You can only rent these on a monthly, seasonal or yearly basis. However there are a few areas in Whistler where homes are zoned for nightly rentals (TA Zoned). You will find more condos at Whistler that have TA zoning allowing for the flexibility of nightly rentals.
“PHASE ONE” AND “PHASE TWO” COVENANTS
These covenants are only found in TA Zoned (Tourist Accommodated) areas and mainly found on condos at Whistler.
Properties covered by the “Phase One” Covenant have the flexibility of being rented out as much or as little as the owner desires! You can live in these properties or rent them out as a short term or nightly room or apartment. Whistler townhomes and condos need the Phase One TA Covenant to enjoy this flexibility.
The “Phase Two” Covenant restricts the owner’s personal use of the property to 28 days in the summer and 28 days in the winter and defines how these periods may be booked. The property must be available for rent through a property manager for the remaining days of the year.
TOURISM WHISTLER FEES
Properties located on Resort land (Tourist zoned properties close to the mountains) are subject to a bed tax. This bed tax is a quarterly fee based on the number of bed units in the property, with one bedroom equaling two bed units in a condo or apartment. Whistler allows that even in this case, if the property is for personal use only and is not available for rent more than 14 days per year, you may file a Declaration with Tourism Whistler to pay a lower rate of fees.
This tax goes towards the budget of Tourism Whistler, which markets the resort around the globe.
Legal Information
For any property purchase in British Columbia, a purchaser is required to retain the services of a lawyer or notary to perform the purchase conveyance. You should budget $1500.00 for this service as you search for homes or condos at Whistler.
I’m a non-Canadian resident (Foreign Buyer). Can I purchase property in Whistler?
Yes ! A large percentage of our Whistler home buyers and investors live around the world. A real estate purchase by a non-resident can be simple and stress-free by using the services of a Canadian accountant or lawyer specializing in British Columbia real estate.