Buying in Whistler

Buying in Whistler

 

Infused with an international flare, Whistler’s diverse and vibrant village culture makes Whistler stand-out as one of the world’s premier year-round resort destinations. Boasting reliable visitation figures of over 2 million annually, Whistler offers not only an incredible resort experience and attractive revenues, but a genuine mountain community of over 10,000 permanent residents.

Whistler has become increasingly popular with both national and international buyers helped in part by historically low interest rates and favourable exchange rates. Our extensive experience working with both national and international buyers and sellers means we are well versed in guiding clients through the buying process.

WHY USE AN AGENT?

Working with a trusted advisor with a deep understanding of not only the local market, but with an analytical mind is paramount to buying property in Whistler. With over 50 years of combined local real estate experience, we can expertly guide you through the buying process, engaging established professionals and connecting you with trusted companies and contractors to ensure your purchase runs smoothly from start to end.

As a member of the Whistler Real Estate Company, we have access to all listings currently available on the market. Further to this, through our marketing efforts and long-standing networks we can also engage owners of properties currently not on the market too.


BUYING PROCESS

Property short list – we work closely with you to establish a search criteria, while also seeking to understand your objectives from purchasing property in Whistler. Our intimate knowledge of Whistler allows us to recommend the right choice for our clients; from friendly neighbourhoods for a family-orientated buyer to condos presenting the maximum ROI for a client with investment in mind.

Property preview – we will schedule a shortlist of potential properties for buyers to preview. For clients out of town, our use of high resolution imagery and videography can provide a valuable insight into each property.

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ZONING & COVENANTS

The following is designed to be a guide to some of the more commonly used terms when looking at Whistler Real Estate. Buyers are advised to confirm the zoning and permitted use of the Real Estate they are looking to buy.

Phase II Covenant
Properties with a Phase II covenant are generally found in the larger Condo/Hotels properties such as the Four Seasons and Pan Pacific Hotels. The covenant restricts the level of Owner Use to 56 days per year – 28 days in the winter and 28 days in the summer. The remaining days the property is available for rental through the in-house rental agency (e.g. Four Seasons). All owners are in a Rental Pool where they are receiving a percentage of the Gross Rental Revenue for all the suites in the hotel for each night of occupancy. These styles of properties are best suited to those coming to Whistler a couple of weeks a year or investors interested in revenue producing properties with an in-house management company.

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Additional Fees & Taxes

Property Transfer Tax (PTT)
Property Transfer Tax is charged when there is a change to a property’s land title, usually initiated through the sale of the property. The amount charged is based upon the sales price at a rate of:

  • 1% on the first $200,000,
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
  • 3% on the portion of the fair market value greater than $2,000,000.

The additional 15% Property Transfer Tax charged to foreign nationals or foreign corporations is not applicable to our market and is limited to the Greater Vancouver Regional District area only. The recently approved ‘1% Empty Home Tax’ introduced in Vancouver where properties or residential land that sit empty for six or more full months in a year are penalised with an additional 1% tax on the property’s assessed value is not applicable in the Whistler market.

Property Taxes
These are charged by the Resort Municipality of Whistler on a yearly basis. Payments are made in July for the full calendar year.

Strata Fees
Also referred to as Condominium and Townhouse Maintenance Fees. These are paid to the strata corporation on a monthly basis to cover maintenance of complex. A levy may be applied at times by The Strata Corporation to cover special assessments for extraordinary expenses that may not be sufficiently covered by the contingency reserve fund.

Tourism Whistler Fees
Tourism Whistler is responsible for the promotion of Whistler as an International destination. Any property located on Resort lands is required to pay an annual fee based on the number of bed units present in the accommodation – for example a 1 bedroom suite equals two bed units. The amount of the fee is also dependent on the use of the property – residential vs. commercial.

Goods and Services Tax (GST)
GST (Goods and Services Tax) is a 5% federal tax that is charged to the purchase of new constructions and on the resale of properties used for short-term or nightly rentals where this tax has previously been deferred. In order to defer this payment on rental properties, the new purchaser must intend to rent the property on a short-term or nightly basis for at least 90% of the time, and become a GST registrant.

 
JR - Whistler Real Estate