Marion Anderson Personal Real Estate Corporation SUTTON GROUP – WEST COAST REALTY
A Balanced Market suggests to some that there should be a lot of action happening in the Whistler real estate market. After all, there has not been this much inventory since September 2020, and there are plenty of Buyers.
There are two components to financing a house build in Whistler, 1) the cost of the vacant land, or land with a tear-down house on it, and 2) determining the construction cost of the build to secure financing. I can help you with both of those components.
In Canada the borrower does not receive a lump sum from the lender in advance of construction. In addition, the borrower must inject all their funds into the project before the lender will release the borrowed funds. The lender controls the draws, ensuring the build has enough money to complete at every draw. Based on the budget, any overruns need to be covered by your own funds as the loan can’t be (easily) increased mid-flow.
Continue reading “Financing Construction”The strata Form B is a financial and legal snapshot taken on a specific date and covers a specific strata lot, and the strata corporation. When the strata documents are requested the Form B is prepared by the strata manager. It is then signed off by the strata management company, i.e. the company hired to manage the building and land. It can also be signed by a director of the strata council, i.e. the group of owners elected to represent all the owners and liaise with the strata management company. It is essential to receive a current Form B as part of the subject conditions.
Continue reading “Strata Form B”For non-residents, there is good news and bad news about UHT. It all depends on how often you want to use your Whistler property, and who is on the title deed. One would hope that you love coming to Whistler to enjoy this wonderful resort year-round. Note, for more information, read the Non-Residents: Underused Housing Tax page on this site.
Continue reading “Non-Resident: Underused Housing Tax (UHT)”As a non-resident of Canada, you pay tax on the net income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive. This is called Withholding Tax.
There are tax considerations based on whether you own the property personally, in a partnership, or a Trust. This real estate site will not go into each of these but will focus the page on personal ownership.
Continue reading “Non-Resident: Withholding Tax”