Susie Frank - Real Estate in Whistler, British Columbia, Canada
Buyers Information
I will work to find a property that fits the description of what you're searching for; whether you're looking for a weekend home, a lakefront cabin, a ski in/ski out condo or a chalet tucked in the woods. Of course I will factor in your price range, preferred location and desired amenities.
After choosing a selection of available listings, I will arrange a tour for you to view the properties so you can decide which ones best suit your needs. Quite often, buyers end up buying a property that wasn’t part of their original Wish List. Once we've found your ideal home, I will be here to assist you throughout the buying process.
It is easier than most people think to buy property in Whistler! A property can be yours within as short a time as 30 days (completion times vary) from the date the contract is written, accepted and any subject conditions are removed.
I can connect you with a Whistler mortgage specialist; guide you through learning all about your new property including costs of ownership and if it's a strata-titled ownership, supplying and reviewing the minutes and history of Strata Council with you.
Zoning
Residential zoning encompasses single family homes and multifamily complexes outside of Whistler Village and Blackcomb.
Tourist Accommodation – Phase 1 or 2
There are two main types of Tourist Accommodation condos in Whistler, Phase 1 and Phase 2. Tourist accommodation properties are mainly located at Whistler Creekside, the Village and Blackcomb.
Phase 1 properties are flexible and ‘unrestricted'.
Owners can live in them full time or rent them long term or nightly. When not in use by the owner, an organized rental program is available. Phase 1 properties are the most common condos in the Whistler. They generally cost more but can be renovated and decorated to suit your taste, are larger and have greater capital appreciation.
Phase 2 properties are considered ‘restricted'.
Owners can stay in the property for 28 days in the summer and 28 days in the winter plus 15 extra days on shorter notice. These condos are hotel operated with full services and amenities. Throughout the rest of the year, the property is in the rental pool and the owner will receive a portion of pooled revenue. This type of property is best for owners who love hotel living (Howard Hughes!) and wish to cover some expenses.
Types of Properties
- Single Family Homes
- Duplexes/Triplexes
- Condos/Townhomes
- Shared Ownership
- Vacant Land
Single Family Homes
In Whistler, they're called chalets and are generally located in the surrounding neighbourhoods and are mainly zoned for residential use. Quite often, chalets also have legal suites to help with your mortgage.
These chalets vary from the ‘old-timer A-frames' to luxurious estates with guest houses!
Duplexes/Triplexes
The advantage of owning an attached home is that you also own the land but share some costs with your neighbours.
Condos/Townhomes
Condos in Whistler can be either hotel style apartments, a townhome style condo with your own door (no hallways) or a townhome on 2 or 3 levels, usually with a private garage. They can be either Phase 1 or Phase 2 or Residential zoning.
Shared Ownership
Quarter ownership is an affordable way to own property in Whistler. 12-13 weeks usage per year is more than enough for you to use your property and have it available for rent when you're not available to use it. There is a Resort to Resort Program that allows you to exchange for other properties all over the world (trade a winter wonderland for a sunny, beach getaway!)
Vacant Land
Lots are becoming scarce in Whistler but can be found in most neighbourhoods. Buying a vacant lot in Whistler is for people who really want to design their dream home the way they want it. Typically banks will finance 50% of your purchase.
Costs for Buyers
Mortgage costs including a bank appraisal. Please see my links to several excellent Mortgage Brokers who are experienced in financing properties in Whistler.
Legal fees including searching and investigating the title, executing the mortgage documents and registration at the BC Land Title office.
Taxes
- B.C. Property Transfer Tax (PTT) is applicable on all real estate purchases. It is 1% on the first $200,000 and 2% on the balance. First time homebuyers can get an exemption if the purchase price is under $375,000.
- Goods and Services Tax (GST) as of January 1, 2008 the rate is 5%
- Applicable on new construction and properties that have been rented out nightly.
- GST can be deferred if the new owner plans to continue to rent out the property nightly and becomes a GST registrant at completion.
- Your lawyer or accountant will assist you with GST advice
Adjustments for property taxes, maintenance fees etc. already paid by the seller at time of completion
Strata fees – a Monthly maintenance fee is applicable for all strata-titled buildings. Also referred to as Condo Fees or Body Corporate (Australia)
Tourism Whistler fees (if applicable) – this used to be called a 'pillow tax' as it is calculated based on the number of people that can be accommodated in the property. I like to describe it as a Marketing fee that is applicable to all Tourist Accommodation zoned properties. If the property is used mainly for personal use the fees are lower.
Tourism Whistler Info Package 2010 - pdf
Tourism Whistler is a local organization that markets Whistler to the world. They do all of the Whistler general and lifestyle advertising and are constantly adapting to current market conditions. See Tourism Whistler under the Whislter heading for more information.
House and Contents Insurance
Non-Resident Buyers
Withholding Tax on Rental Income: You may obtain an exemption from the 25% non-residents are required to pay to Revenue Canada by filling out a simple form called an NR6, explaining that the projected rental income is less than the anticipated expenses associated with the property. After filling out this form, you must also file a tax return with Revenue Canada.
Buyers Origins
We are often asked where our buyers come from. The common misconception is that we have a large number of international (non-Canadian) buyers driving our market. Although international buyers are an important part of our marketplace; particularly for our higher priced properties, it is clear from this graph that year after year Whistler's best customers live in the Greater Vancouver area.
