Legal and Financial

March 2025 Market Update

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Reviewing the stats for February, and analyzing them with my Whistler colleagues, the conclusion reached…the Whistler real estate market is in a holding pattern, with nothing of note happening. Yes, there was a modest increase in sales and inventory with a slight decrease in new listings, but the excitement of buying a property in Whistler is not as prevalent as it was in early January. However, this stale market does expose those who need to sell. Buyers who know what they want, there are opportunities waiting. In February there were:

40 sales
270 listings available for sale
73 new listings
sales to active listings ratio was 15%.

What is important for property insurance?

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Never underestimate the process and length of time it may take to get insurance coverage, especially if you’re buying a detached house.

In my experience, the insurance agent is most interested in anything that has to do with water: the condition of the roof, the water tanks, the pipes, the plumbing, the water sprinkler system, and any heating system that depends on water. The condition of the wood-burning fireplace and everything connected to it is the second biggest concern for the insurance agent.

What do I need to know about FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Most countries have their version of FINTRAC. Their mandate is to prevent and deter money laundering and terrorist financing. To meet this objective, all real estate agents are legally bound to verify the identity of their clients and unrepresented parties in a real estate transaction. It is expected that this verification occur at the start of their relationship. No one buying or selling real estate is exempt from FINTRAC. Every real estate agent has a legal obligation to complete the FINTRAC forms and ask their clients questions as to the source of the funds.

Why is the Statement of Adjustments important?

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The Statement of Adjustments on a real estate transaction is a financial statement showing various debits and credits for both the Buyer and the Seller. Basically, it shows the final calculation of the monies the Buyer owes to the Seller in order to complete the sale.

In British Columbia, the Statement of Adjustments is prepared by the Buyer’s lawyer. There is one statement prepared for the Buyer called the Buyer Statement of Adjustments. In addition, the Buyer’s lawyer prepares a separate statement for the Seller called the Seller Statement of Adjustments.

How important is unauthorized accommodation?

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The topic of buying a Whistler property with unauthorized accommodation is expansive. Unauthorized means that the space was not identified in the original building plans. These plans were submitted to the municipality so that a building permit could be obtained. Obtaining the permit is a legal process.

This post will focus on unauthorized accommodation in the form of a rental suite. A rental suite within a residential property (house) is common in Whistler. The definition of such a suite might be: “A suite is a separate living area contained within a dwelling unit functioning as a self-contained suite, typically complete with its own kitchen, bathroom, and bedroom.” When the suite is unauthorized, the suite is colloquially known as an in-law suite, mortgage helper, nanny suite, non-conforming suite, and other similar descriptive names. Meaning that the suite is not on the original building plans.