Legal and Financial

July Whistler Market Update

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Year-over-year, Whistler had a 22% increase in sales in contrast to the Greater Vancouver Real Estate Board, which is bemoaning a 9% decrease in sales over the same period.

Year-over-year, Whistler saw a 6% drop in new listings, and the sales-to-inventory ratio of 12% indicates a balanced market.

After COVID, inventory peaked last June at 341 listings, and a year later inventory was at 319 listings, meaning that the selection in Whistler right now is only 7% off the post-COVID peak. The selection of real estate for sale may be as good as it gets.

How do I finance construction?

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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.

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?

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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.