Whistler Ski-in/Ski-out Real Estate For Sale
Marion Anderson Personal Real Estate Corporation SUTTON GROUP WEST COAST REALTY
Under the new legislation, short-term rental hosts are required to display a valid business licence number on their listing on any short-term rental accommodation platform. If the listing does not follow the local government’s business licence requirement, the local government can require the rental platform to remove the listing. Rental platforms need to validate their listings with a provincial registration number.
Continue reading “BC Short Term RENTAL REGISTRY”There are two components to financing a house build in Whistler, #1 the cost of buying the vacant land or land with a tear-down house on it, and #2 determining the construction cost of the build.
In Canada the borrower does not receive a lump sum from the lender in advance of the construction. 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 cannot easily be increased mid-flow.
I own a quarter-share in Whistler, do I pay Underused Housing Tax (UHT)? Yes! The quarter-share property has one freehold title, which is divided into four shares termed sub-leases. The non-resident owner of each quarter-share must use the property for 28 days to avoid paying a penalty.
Now this is where it gets interesting. Should one of the owners buy out one or more of the other three sub-lease owners in the same title or deed, the UHT requirement for that person stays at 28 days. For example, 101 A, B, C, and D, the owner of Unit 101 A and B is now the same non-resident. But, only 28 days of usage is required, not 2 x 28.
Do non-resident Canadian citizens pay Underused Housing Tax (UHT) on their Whistler property? Well, regardless of where you live in the world and how long you’ve lived there for UHT purposes you’ll be recognized as a Canadian citizen, rather than a non-resident. Therefore, you are exempt from the UHT penalty.
However, in order to qualify for the status you need to have your personal name on the title. You cannot be a Canadian citizen who owns the property in a company name, and expect the same relief.
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.