Let’s talk about GST and a hotel-condo, for example, the Westin, known in Whistler as a phase 2 Property. Owners of a phase 2 can use the property for personal use up to 28 days in winter and up to 28 days in summer, but when it’s not in use it must be available to be rented out.
There’s no residential zoning in a phase 2 covenant, and with 56 days of personal allotted allowance, the phase 2 property can never be used as a residence. Therefore, this can make it a little tricky to secure financing. This property is listed as GST non-exempt, and the buyer will automatically defer the GST.
When you defer the GST, you must apply for and receive a GST number by the completion date. This application applies to Residents and non-residents of Canada. During the purchasing process, you will be referred to an accountant to answer any questions you may have. This accountant can apply for the GST number on your behalf.
Phase 2 Investment
For those buyers looking for an investment property, they are attracted to the phase 2 properties. The reason is that the listing price is lower in a phase 2 over a residential or phase 1 nightly rental property. For more information on phase 2 investment, check out my page Investment.
Next Steps
Buying real estate in Whistler, whether ski-in/ski-out or not, is a smooth process when working with an experienced Whistler real estate agent who follows the rules. Everything in real estate, except the negotiation, is a process including writing the contract. However, if you don’t follow the process then you may hear from the other parties after the completion date, and nobody wants to experience that. Choose experienced realtor, and skilled negotiator, Marion Anderson to work with you directly from start to finish. No assistants are involved.
Marion Anderson Personal Real Estate Corporation
Sutton Group-West Coast Realty, Whistler
marion@marionanderson.com (604) 938-3885