Can Non-Residents Buy Real Estate In Whistler?

There is no Foreign Buyer Ban in Whistler. Everyone is still able to buy real estate in Whistler. Therefore, unlike many other Canadian locations, Whistler welcomes foreign buyers. The Government of Canada announced that this Foreign Buyer ban for Canada would be extended to 2027.

Therefore, this post is for non-residents of Canada who are considering buying real estate in Whistler. Due to the complexities of buying property best to review the Non-resident: Buying page on this site for the full details. It covers the basics of financing and the transfer of funds once you have found a property.

Four Types of Investment Property

There are 4 types of investment and therefore 4 types of tax considerations for non-resident individuals investing in BC Real Estate. It is important to know how often you want to use your property for personal use before you start looking at real estate in Whistler. Your personal usage will guide your realtor as to what will work for you and your family.

1. Rented Nightly

Whistler has restrictions on each property and development, so not all properties can be rented out nightly. The appropriate zoning needs to be in place. The zoning for properties with the legal right to rent nightly is referred to as Phase 1 and Tourist Accommodation Zoning. There are options to rent through an experienced rental management company or self-manage your property. Some properties have a mandatory management company bylaw and others have mandatory terms regarding their rental pool. There are a lot of options with this type of zoning. In addition, you will pay a premium for a property with nightly rental zoning.

2. Business Income

The Phase 2 properties can be identified by the hotel name attached to the property: Westin, Delta, and The Four Seasons Hotel (not Private Residences). This type of income is treated as business income rather than rental income. In order for the income to be treated as business income, the property manager must apply for approval from CRA for the entire “hotel”. That is, the decision to apply for business treatment is not up to each individual owner. Generally, this approval will only be given to properties that are operated as hotels.

Another difference is that business losses can be carried back 3 years and forward 20 years. That is different from rental losses which cannot be carried back or forward by a non-resident.

Note: This type of property is not featured on this website. There had to be a limit on content for this website.

3. Rented Monthly

All properties in Whistler, except Phase 2 properties have the zoning to rent out their property on a month-to-month basis. Month-to-month rentals should involve a written tenancy agreement. The Landlord and Tenancy Act has legislation on tenancy. This is a serious relationship and must be treated as such. Understand the pitfalls of having a tenanted property before you consider this type of property. There are property management companies that are licensed to work with tenanted property, which is an alternative to managing this type of property yourself.

4. Never Rented

The best way to describe this property is to state that regardless of the zoning, the property will never be been rented out from the day you buy it. I would call this a residence.

Main Difference between Resident and Non-Resident Buyers

The process of buying a property is basically the same for residents and non-residents alike. The Buying Process is outlined in detail on a separate page. The main difference is the transfer of funds. This can become stressful, as the Contract of Purchase and Sale has a completion date that if not adhered to will cause the collapse of the contract and the seller keeping the buyer’s deposit. In addition, if the funds are delayed and the seller is still keen to complete the transaction, the seller will probably ask for financial payment in order to not void the contract and keep the deposit.

Next Steps

If you think I would be a good fit to work with you and your family, and you are not already working with a Whistler realtor, please contact me. I look forward to hearing from you.

It’s a Good Life in Whistler!

Marion

Marion Anderson Personal Real Estate Corporation

marion@WhistlerSkiinSkiout.com (604) 938-3885