Whistler Blackcomb real estate agents...

The Whistler real estate market has seen it's share of ups and downs over the decades.  Many believe that timing is everything.  The experienced local realtors know when the timing is right.  Whistler's real estate agents can offer the inside track on what's hot and what's not... locations,  rental revenue history,  ease of resale, and more.  Whistler's best realtors know where future developments are planned and what their impact on pricing may be.

Whether buying or selling Whistler real estate, you will be subject to numerous fees and taxes.  Follow these links to find out which fees apply to buyers and sellers.

Discover profiles of an Internet home buyer...

Fees associated with buying a Whistler home...

There are fees associated with buying any home, and buying a home in Whistler is no exception. Here is a brief summary of the fees associated with buying a home both for Canadian residents and non-residents.  Article Provided by Whistler's Dean Linnell, dean@whistler-realestate.com.

Canadian resident and non-resident fees:

Property Transfer Tax:

This is a Provincial Government Tax that applies to all transfers of real estate and is payable on the completion date. The rate of the tax is 1% on the first $200,000 of the purchase price and 2% on the balance.

Goods and Services Tax (GST): 

The GST is a 7% tax that applies to the purchase of new construction and on the resale of accommodations that have been rented out for short term or nightly rental. The payment of the GST can be deferred if the new purchaser intends to use the accommodation for short term or nightly rental at least 90% of the time and he or she becomes a GST registrant.

Tourism Whistler Assessment Fees: 

These are quarterly fees payable to Tourism Whistler and are calculated based on the number of bed units (one bedroom equals two bed units) in the accommodation. If you are using the accommodation for personal use only and it is not available for rental more than 14 days a year, you may apply to pay a lower rate of this fee. Insurance: Buyers are required to arrange insurance on single family residential accommodations, and liability and contents insurance on strata-titled properties.

Condominium (strata) Fees:

Of special concern to condominium purchasers, there will be monthly maintenance charges, and the Strata Corporation is also entitled to levy special assessments for extraordinary expenses if necessary.

Non-resident fees and details:

The above fees apply to residents and non-residents of Canada. For non-residents, following are a few details you should be aware of:

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.

Execution of Mortgage Documents: 

Once the borrower has signed a commitment letter with the lender, the lender will instruct a lawyer or notary to draw the mortgage security. These documents must be couriered to the borrower for their execution in the presence of a notary public. What this means to the buyer is simply that sufficient time be allowed to courier the documents as faxes or other methods of transmission are not possible in this case.

Methods of Payment: 

It is recommended that the purchaser open a bank account in Whistler for the transfer of funds. The balance of the purchase price must be paid by certified cheque or bank draft in Canadian funds. Since exchange rates fluctuate from institution to institution, from day to day, and depending on the amount to be exchanged, it is important to research this before the completion date.

Completing the Transaction: 

It is critical to complete transactions on the designated completion date in British Columbia. The vendor has the option of canceling the contract of Purchase and Sale should the funds not be paid on the stipulated completion date, and is entitled to retain the deposit. It is not uncommon for vendors who wish to continue with the transaction to demand interest or additional charges for extensions for late completion. Basically, it is important to note that some rules are different in Canada and you should be aware of them. 

I frequently deal with foreign ownership and would be more than happy to discuss any other questions you may have through email or a quick phone call.  Buying a home in Whistler is a simple, hassle free process when you have my team and I on your side. We are able to put you in contact with lawyers and mortgage lenders to make the transaction as simple as possible. 

Fees and details associated with non-residents selling a Whistler home...

Whistler is the number one resort in North America, and as such, a good percentage of property owners are non-residents. Selling a home in Whistler is not a complicated process. For non-residents, there are a few points you should be aware of when considering the sale of your Whistler property. I can streamline the process for you so that it is simple, easy and straightforward.  Article Provided by Whistler's Dean Linnell, dean@whistler-realestate.com.

Obtain a Clearance Certificate: 

You will need a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. The current wait for a Clearance Certificate is 6 to 8 weeks, so it is important to contact your lawyer or accountant as soon as an accepted offer has been received. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold. 

Calculating Capital Gain: 

To determine the adjusted cost base in order to calculate capital gain, Revenue Canada allows the following:

Revenue Canada does not allow any deductions from the selling price in determining the gain, and the rate of the Capital Gain Tax is 33.33% of the gain. However, by filing a Canadian tax return with Revenue Canada after the sale, some of the tax paid may be recovered.

We deal frequently with non-resident sellers and are equipped to facilitate the process for you. Give me a call or drop quick email for a quick answer to your question.