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.

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Change in the Use of Your Property May Trigger GST

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:

• “You change all or part of your principal residence to a rental or business operation
• “You change your rental or business operation to a principal residence

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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.

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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.

How Are Properties Assessed?

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The Statement of Adjustments is a Legal Document

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.

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Business License Required for Renting Nightly

In Whistler, you are required to have a business license to rent out your property for nightly rentals. The following is from the Resort Municipality of Whistler (RMOW) site:

“In Whistler, a business license is required for property owners to market, manage and provide paid accommodation to tourists. This applies to all vacation rentals, including self-managed tourist accommodation properties with Phase 1 covenants or without covenants. Any property that is being marketed as tourist accommodation without a business license is considered an illegal nightly rental, and fines are applicable.” 

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What is Phase 1 and Phase 2 Zoning?

One of the most buyer FAQ Whistler ski-in ski-out real estate questions I am asked is on the clarification of zoning. This question is typically asked by those who are considering the purchase of a revenue-generating property.

What is Phase 1 zoning?

The Phase 1 covenant is in place to maximize the occupancy of properties for use by owners and visitors. In other words, Phase 1 zoning allows for nightly rental revenue generation. In addition, the owner is allowed to use the property for themselves. Please note, that it is not as simple as that statement might suggest, as there is a GST implication that should be considered. Some, but not all Phase 1 properties have a covenant that requires the condo or townhouse to automatically be in a rental pool when not in use by the owners.

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Disclosure of Representation in Trading Services

This post is about Representation and the benefit of signing the Disclosure of Representation in Trading Services (DORTS) form. In summary, by signing the DORTS form, you are binding the real estate agent to honor four legal obligations:

1. Loyalty
2. Avoid conflicts of interest
3. Fully disclose any relevant information
4. Protect your confidentiality (indefinitely)

A 5th element was added to this form on January 1, 2023. It was an explanation of the Home Buyer Rescission Period.

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