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”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.
A nightly rental property is one of the 4 types of investment real estate in Whistler, BC. Whistler has restrictions on each property and development, so not all properties can be rented out nightly.
The Zoning for properties with the legal right to rent nightly is referred to as tourist accommodation zoning, and in this case, there’ll be a phase one covenant on the title. There are options to rent through an experienced rental management company, or self-manage your property.
What is the #1 Risk of buying a nightly rental property?
Getting the business license! This license application takes place once you own the property. The municipality will send an inspector to check the property against the original building plans, and any renovation plans they have on file. If there’s anything that differs between those plans and your property that’s when the headache begins.
When there’s a delay in getting your business license it means that no revenue is being earned.
4 types of investment property, therefore 4 types of tax considerations for non-residents and residents purchasing real estate in Whistler: 1) rented nightly, 2) business income, 3) rented monthly, and 4) never rented.
Next, determine the intent of your purchase, How do you intend to use the property? How often will you use it? Do you need the property to earn revenue and if so how much? Is it an asset class you’ll purchase and never use?