Financing Construction

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Financing Construction Costs

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.

April 3, 2024August 20, 2024

Property Taxes

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How are Whistler Property Taxes Calculated?

The Resort Municipality of Whistler’s annual property taxes will be noted on the listing data for each property. These taxes will probably increase every year based on the Resort Municipality of Whistler (RMOW) budget increases. The BC Assessment occurs annually and the owner is notified in early January of any increase and decrease in the assessed value of their property. The value is based on the sales in the area in the previous year. Click the link for more insight into BC Assessment.

March 11, 2024August 20, 2024

GST: Change of Use

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Change in the Use of Your Property May Trigger GST

This is another complex topic that requires the experience of an accountant. The purpose of this post is to alert the owner that it is time to connect with their Whistler accountant. The author is a real estate agent and not an accountant.

From the Government of Canada’s website, “Changes in the Use of Your Property: When there is a change in use of a property you have, you may be considered to have sold all or part of your property even though you did not actually sell it. The following are some sample situations:

February 12, 2024August 20, 2024

Tourism Whistler (TW) Fees

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What are Tourism Whistler (TW) Fees?

If you own a property located in the Benchlands, Whistler Village, or the Whistler Mountain base at Creekside, you will notice on the listing data sheet there are TW fees. To categorize these properties, we say that they are “on Resort Land”. This terminology does not relate to First Nations or Aboriginal Lands. It was a term created by the council of the day back in the eighties and has stuck.

January 5, 2024August 20, 2024

BC Assessment

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The Purpose of BC Assessment

BC Assessment’s business is to provide a stable and predictable base for real property taxation in British Columbia. The corporation determines ownership and tax liability and classifies and values each property in British Columbia. In other words, the BC Government is legally required to know the value of all the properties within the Province. However, it does not directly affect your property taxes.

Category: Legal and Financial