January 2021 Whistler Real Estate Market Update

The statistics provided for the January 2021 market update for the Whistler real estate market were provided by the Real Estate Board of Greater Vancouver. January’s video will show you the December sales and listing inventory with the resulting sales to active listings ratio. The sales to active listings ratio is an important as it determines what type of market Whistler real estate is in. Every month, the market can be in a Seller’s Market, a Balanced Market or a Buyer’s Market. The statistics from December 2020 show that we are in still in a strong seller’s market.

Market Update Statistics

Understanding what has happened in to the Whistler real estate market will give you an understanding of what could happen in the first quarter of 2021. For more statistics, please check out the Market Update page on this site.

It’s a Good Life in Whistler!

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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December 2020 Whistler Real Estate Market Update

The December 2020 real estate update for Whistler focuses on the supply of real estate and the continuous demand for it. The questions is, when does pent-up demand return to plain, old demand? There have been record number of sales particularly in the last three months. In addition, new buyers are showing up and wanting to purchase their share of Whistler. Unfortunately, for a lot of these buyers, the lack of supply is slowing down their ambitions. This results in a line-up to buy most types of Whistler real estate, multiple offers on a sale, and as a result pent-up demand continues.

December 2020 Review

Looking at the year in review, no-one, not even the Bank of Canada predicted the high demand in real estate in Whistler, and the Province. We know that this demand has been driven by the low interests rates, and of course the pandemic. The question is, how long will this demand continue? For Whistler, the mountains are not going anywhere, and neither is our world famous, Whistler Village. For more statistics on the Whistler sales and new listings check out the Market Update page on this site.

Purchasing Trends in December 2020

Due to the lack of supply, there is a trend with the ski-in ski-out market. I am seeing examples of current owners buying out their neighbour and expanding their personal foot print in the slope-side developments. Some of these transactions happen between the neighbours and some are listed for all to consider. However, this means that there will ultimately be fewer sales in the ski-in ski-out locations. Maybe it’s time to get into this segment of the market, while you still can.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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November 2020 Whistler Market Update

November 2020 has been a continuation of the trend since May 2020 for the Whistler Real Estate Market. Record number of sales surpassing anything we have seen in the past 10 years. This upward sales trend has been happening across BC and most parts of Canada. A surprising trend considering back in March 2020, even the Bank of Canada could not predict what was going to happen in the real estate market, or any other market for that matter.

The image of the breakdown in each segment shows that it is the townhouse market which is leading the way. So, let’s explore this segment further. Look at the orange line which represents the townhome market in Whistler.

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From the chart below we can see that in October the sales were up, and inventory was down. That was the perfect situation to drive the townhome segment into a stronger seller’s market. The numbers show the decreased number of listings from October 2020 to the previous month. In addition, the chart shows the increase in the number of sales from September 2020 to October 2020. For more statistics please view the Market Update page for the current statistics which are provided by the Real Estate Board of Greater Vancouver, of which Whistler is a member.

Chart comparing 2019 to 2020 in the November 2020 Townhome segment sales and listings

Buying Real Estate in November 2020

Buying real estate in Whistler is an education process. It involves drilling down to find the desired location and then the floor plan which will work for you and your family. Then, staying informed on what is happening in the market, so that when your target appears, you are ready to pounce with an educated, informed offer. No panic necessary.

If you are not already working with a Whistler realtor, and you think I can help you, please call me.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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October 2020 Whistler Real Estate Market Update

View of Blackcomb Mountain from Painted Cliff the reds of fall colours

Below is the monthly real estate market update for Whistler, October 2020. This month I cover the result of the increased number of new listings since May, and the increased demand from Buyers. This has taken the Whistler real estate market from a Balanced Market into a Seller’s Market.

For more information on the Whistler Real Estate Market, check out the Market Update page on this site.

If you are not already working with a Whistler realtor, and you think I can help you, please call me.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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September 2020 Whistler Real Estate Market Update

The September 2020 Whistler market update video examines August’s sales, new listings, inventory and the sales to active listings ratio. These statistics were provided by the Real Estate Board of Greater Vancouver, of which Whistler is a member.

Effect of Covid on Whistler Real Estate in September 2020

The graphs below compare each week in 2020 to 2019 for sales and new listings in Whistler. When we compare 2020 to 2019 YTD (September 1st) sales are only 5% below last year. In addition, when we compare the same period of time for new listings, we have only 7% more listings in 2020 to 2019. Therefore, 2020 is on trend to match 2019.

The above graph showing the number of new listings each week in 2020 over the same week in 2019. It looks to me that in August all those sellers who decided not to list when Covid shut us down, have now caught up with the market. In addition, the year to date statistics concur with that reasoning.

For more statistics on real estate sales and listings by segment, that is, houses, townhomes and condominiums, please click through to the Market Update page on this site.

It’s a Good Life in Whistler!

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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September 2020 Whistler Real Estate 5 Year Sales

The following charts show 5 years of sales and new listing statistics for Whistler Real Estate. These embedded statistics are courtesy of the Real Estate Board of Greater Vancouver, of which Whistler is a member. If you have any questions on these, please reach out to me.

SALES

From the sales graphs below, we can see that over the 5 year period there has been a drop in the number of sales which has coincided with a Seller’s market from 2017 to the end of 2018. Since May 2020 we have seen an increase in sales.

TOTAL INVENTORY

NEW LISTINGS

SALES TO ACTIVE LISTING RATIO

For more information on statistics and the real estate market in Whistler, check out the Market Update page on this site.

It’s a Good Life in Whistler!

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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COVID-19 Effect on the Whistler Real Estate

view of Blackcomb Mountain from Summit Lane with view up the mountain

What effect has Covid-19 had on the Whistler Real Estate market? One way to measure this effect is to look at supply and demand. To measure supply we count new listings, and to measure demand we count the number of sales. In addition, we then compare these 2020 statistics to the same week in 2019. The following statistics were taken from the Whistler Listing System.

Effect of Covid-19 on Whistler Real Estate Supply

graph shows the real estate new listings in whistler

Effect of Covid-19 on Whistler Real Estate Demand

Graph compares sales in 2020 to the same week in 2019.

Tracking the Whistler Real Estate Market During Covid-19 Pandemic

For more information on the real estate market in Whistler, please check out the Market Update page on this site. I post the stats on my Twitter account and on my Facebook account, so if you are looking for a regular update please follow me on those. The link is on this home page.

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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August 2020 Whistler Real Estate Market Update

view of Blackcomb Mountain from Summit Lane with view up the mountain

This August 2020 Whistler Real Estate Market Update covers the sales and new listings update for the month of July 2020.

Whistler Luxury Real Estate Market

We are currently seeing a lot of interest in the $7M plus market. By this date, we are not seeing the activity resulting in sales, however, I expect that will show up in the following months. During the first seven months of 2020 there were three sales over $7M. When we compare the first seven months of 2019 and 2018 there were three sales in both 2019 and 2018. This shows that the pandemic has not affected the luxury real estate market as first predicted.

Pricing in August 2020

The owners of Whistler real estate seem to be confidently listing each detached house for sale. These sellers have kept their pricing as high as they can in comparison to the previous comparable sale. Furthermore, we have not seen any dramatic increases in pricing, but neither have we seen dramatic price reductions. The length of time the property sits on the market seems to be in keeping with 2019. However, the number of showings received on each listing really does confirm the price point to both the listing agent and the seller. This measurement of showings, helps the listing agent determine whether the buyer perceives value in the property at the advertised price. No showings equals no interest.

Sales and Listing Activity

The August 2020 activity report on the Whistler real estate market is shown on the Market Update page on this site. I encourage you to look at the statistics and graph provided.

If you have any questions about the August 2020 market news for Whistler real estate, please contact me. I would be happy to help you as long as you are not already working with a realtor.

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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July 2020 Whistler Real Estate Market Update

The July 2020 Whistler Real Estate Market Update is a continuation on the same path as the June 2020 update. This is good news for both Sellers and Buyers, as both parties continue to demonstrate confidence. This should relieve the pressure for those of us who feel that a second wave of the pandemic is imminent.

The Second Half of 2020 and the Effect on Whistler Real Estate

Now that we are in July 2020, only a genius or a fool, of which I am neither, would try to predict what the second half of 2020 will look like. However, because we have seen a resurgence in Buyer confidence, real estate sales have been happening. The Seller confidence in the market, has been shown by the number of new listings. Just a reminder that back in March the number of new listings and the number of sales ground to a halt. At that time we all wondered when and if the real estate market would come back. Well, it seems that despite all the predictions, or lack of them, from the major financial institutions, the people have spoken with their pocket books.

I am here to help you before, during and after the transaction. The rules effective June 15, 2018 have banned dual agency, so it is prudent to contact a Buyer’s Agent like me, for more information. Please contact me if you are not working with a realtor.

Click the following link for more information on the Market Update for Whistler real estate. Statistics courtesy of Real Estate Board of Greater Vancouver.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA

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Compare 2020 Whistler Real Estate Market To 2019

No sign of life during the pandemic

Weekly, I aim to compare 2020 Whistler real estate market to 2019. Now, 2019 was a big adjustment from 2018, which was a very strong seller’s market which ended abruptly in December 2018. Since January 2019, the overall Whistler market has been fluctuating in and out of a Buyer’s Market. Since March 13th, it is safe to say, that with the drastic reduction in sales, and the number of new listings, Whistler real estate is now in a Buyer’s Market. Please note, the number of listings has also declined, but it has not declined nearly as much as the sales…so far.

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April 2020 Whistler Market Update and Covid-19 Pandemic Effect

The Covid-19 pandemic has had a detrimental effect on Whistler Real Estate. There have been zero sales to date in the month of April. Compare that to April 1-13, 2019 when we had 22 Sales. The video below reviews the Sales to Active Listings Ratio for the March 2020 statistics. In addition, the video covers what this current real estate situation means to Buyers. All statistics were provided by the Real Estate Board of Greater Vancouver taken from the Multiple Listing System (MLS) as of April 13th..

 

 

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March 2020 Whistler Real Estate News

There has been little change in the March 2020 Whistler real estate news compared to last month. Please watch my Whistler Market update video below for an explanation in under 99 seconds.

Real estate prices are determined by supply and demand. By comparing the number of listings for sale against the number of sales in a given month, we arrive at the sales to active listings ratio. This ratio determines whether the Whistler market is in a seller’s market, a balanced market, or a buyer’s market.

 

 

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February 2020 Whistler Real Estate News

If you are following the Whistler real estate market, the February 2020 news will be of no surprise to you. In summary, not much of a change from the last 12 months. Sellers are still pricing too high for the current market conditions. In fact when I look at all segments of the Whistler real estate market, it is staggering how many overpriced properties there are in Whistler.

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November 2019 Whistler Real Estate Market News

The following video will give you an overview of the Whistler Real Estate Market News as of November 2019. This means that the statistics are for October 2019, as the November statistics cannot be released until December 1st. The real estate statistics are provided by the Real Estate Board of Greater Vancouver (REBGV). To see the full, five page statistical report, go to the Market Update page.

Continue reading “November 2019 Whistler Real Estate Market News”

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Investment in Whistler

Ski trail from the Lookout

Now, just to be clear, when I mention investment in Whistler, I mean Whistler real estate. Whenever I get an email from someone wanting to invest in Whistler, I always lift the phone and ask them,”…what does investment mean to you?” Investment can mean something different to each buyer. The answer to this question will save both the buyer and myself lots of time. It usually minimizes the pain for the buyer, as he will soon know what he is dealing with so he can make his decision, either way.

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October 2019 Whistler Houses Sold Over $3M

Snowridge Crescent and Snowridge townhomes

When you have a look at the following chart it is simple to see that there has been decline in the number of houses sold over $3M, YTD in 2019 over 2018. Year to date (YTD) is from January 1, 2019 to September 30, 2019.

The sales stats were compiled to help those who were considering a detached house, which was ski-in/ski-out on Whistler Mountain or Blackcomb Mountain. Those detached houses used to be sold around $3M back in 2014 when I started this website. Now, those houses start at $5M, but the statistics are committed to a $3M starting price.

YTD Ski-in/out
House Sales
YTD
House Sales
YTD TOTAL
House Sales
YTD TOTAL
Sales
YTD 201951015$109,513,000
YTD 201852429$146,433,000
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September 2019 Whistler Real Estate Market News

The following video will give you an overview of the Whistler Real Estate Market News for September 2019. The real estate statistics are provided by the Real Estate Board of Greater Vancouver (REBGV). To see the full, five page statistical report, go to the Market Update page. The statistics are linked to the REBGV and they are automatically updated, usually by the 5th of the month at the latest.

Continue reading “September 2019 Whistler Real Estate Market News”

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Buying Whistler Phase 1 Condo

Swimming pool at the Aspens

Are you considering the purchase of a Whistler Phase 1 condo? Perhaps in the Aspens? Phase 1 means that the property is zoned for nightly rentals. Can statistics help you determine when to buy real estate? Let’s take an example of a client looking for a one bedroom, Whistler Phase 1 condo. They have narrowed the search down to the Aspens on Blackcomb Mountain. The clients don’t want to buy at the top of a down market, and of course they want to feel as though they are getting value for their money. So, can statistics help them with their decision. Let’s have a look at the video.

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Explaining the “D.O.R.T.S.” Form to Potential Clients

whistler Mountain image

The Disclosure of Representation of Trading Services Form (link updated October 2019) is a mandatory form in BC. Courtesy of the BC Council of Real Estate. The form content has to be explained by the realtor, so that you are comfortable signing it. The form basically binds the realtor to you, but does not bind you to the realtor. Typically, I get into the details of the form and the buyer makes a hand motion indicating they are ready to sign it.

I look at this form as the start of a form-filled experience of buying or selling Whistler real estate. It is important to ensure that the correct form is signed at the appropriate time in the transaction, and I am all over that!

The following is an article courtesy of the Real Estate Board of Greater Vancouver (REBGV) of which Whistler is a member.

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Luxury Ski Home On Blackcomb Mountain

4673 Blackcomb Way Exterior

Sounds like a dream “Ski home from Blackcomb Mountain”, and to most it will be. However, this luxury ski home on Blackcomb Mountain has a wide ski trail which ends basically at the front door. In addition, the house is in a private setting which is only a short walk to Whistler Village. With 6 bedrooms, and 5.5 bathrooms, this 5,200 sq. ft. house at the end of Blackcomb Way is one of three houses in a private enclave. All three houses are zoned residential, with no allowance for nightly rentals.

Ski Home Trail to the Front Door

Skiing home after a day on the slopes is very easy as there is a wide trail off Blackcomb Mountain that leads to home. The trail that takes people past Horstman Estates and on to Horstman Lodge, then Treeline, and finally into this private enclave.

Access to Blackcomb Mountain

Getting to the slopes is very simple, the bus stop on Blackcomb Way is less than 100 yards from the front door. This location means that it is very convenient to get to Whistler Village and a 5 minute bus ride to get to the slopes. The bus runs every 15 minutes and it is a complimentary bus service for the area. This means you can hop on and off the bus, and you do not need to buy a ticket.

Private Location

Apart from schussing home to your door, the best part of this location has to be the privacy. With privacy comes peace and quiet, as no nightly rentals are permitted in this enclave. All three properties are zoned residential.

Sales Activity in the Benchlands

By now, if you follow my blogs, we all appreciate that there are a limited number of luxury ski homes. There are very few homes which have either ski-in and/or ski-out access. Therefore, the owners of this luxury ski home on Blackcomb Mountain have listed it for $14,888,000. Their neighbour, one of the other two houses, had his property listed for sale for $14,999,000 in 2017, when the market was at its peak. However, that house did not sell, and is now off the market. To understand the current market conditions, read of my blog commenting on the luxury sales statistics for 2018 over 2017.

  • listed with Engel & Volkers Whistler
  • current listing price: $14,888,000 CAD
  • original listing date: December 2018
  • bedrooms: 6
  • bathrooms: 5.5
  • built: 2002
  • size: 5,200 sq. ft.
  • lot size: 24,800 sq. ft. (0.57 acres)
  • property taxes: $22,299 (2019)
  • GST: exempt

Photographs of 4673 Blackcomb Way

Floor Plan 4673 Blackcomb Way

I am here to help you before, during and after the transaction. The rules effective June 15, 2018 have banned dual agency, so it is prudent to contact a Buyer’s Agent like me, for more information. Please contact me if you are not working with a realtor.

Click the following link for more information on the Market Update for Whistler real estate. Statistics courtesy of Real Estate Board of Greater Vancouver.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

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Whistler Luxury House Sales in 2018 Compared to 2017

View From the Balcony 20-2300 Nordic Drive

Whistler Luxury House sales in 2018 compared to 2017 either with or without ski-in and ski-out access dropped by 34%. This drop was the same in volume sales dollars, and in the number of transactions. From the chart below, 2017 definitely was the peak of the market. In addition, 2017 was a sellers market, with 2018 being touted as a balanced market.

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If you you look at the numbers in the bracket, they show the number of ski-in ski-out luxury houses which were sold in each year. It doesn’t surprise me that there were less sold in 2018. The inventory was so limited in ski-in ski-out homes that it would really take a lot to part with your Whistler home. I approached owners to ask if they were thinking of selling. The typical response was “…where would I go?” If you own a home with ski-in ski-out access you own the best property in Whistler. There is always going to be someone who wants a lovely home, with easy access to and from the slopes.

The Vail Effect

I was contacted by more American buyers this year, than in the past ten years. Yes, there has always been one or two US buyers each year, but this year there were many more. I put this down the marketing power of Vail Resorts, featuring Whistler Blackcomb as the jewel in their crown. The best part of working with American buyers is that they are knowledgeable about the ski product. In addition, they always appreciate the value of ski-in ski-out property…I like them a lot!

Views on 2019

The luxury home market is one that is difficult to predict as the product over $7M is not as liquid as a townhouse priced at $1.5M. This is obvious as there are a lot more buyers in the other end of the market. One thing I do know, is that the sellers still believe in the value of their Whistler property, regardless of the market conditions. Sellers take the approach that they have a property of value, and if you want it, you will have to pay them what they want for it. You need an experienced, Whistler realtor, like me should you decide to purchase at this level. It really takes a lot to negotiate with this type of seller.

Click on the following link for the Whistler Market Update.

I am here to help you before, during and after the transaction. The rules effective June 15, 2018 have banned dual agency, so it is prudent to contact a Buyer’s Agent like me, for more information. Please contact me if you are not working with a realtor.

Click the following link for more information on the Market Update for Whistler real estate. Statistics courtesy of Real Estate Board of Greater Vancouver.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

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Whistler Development

bedroom image

Future Whistler Development for Ski-in Ski-out Property

Are there any approved plans for more Whistler development of ski-in ski-out property? Short answer is no, there are no approved plans, long answer refers to the Official Community Plan (OCP)…spoiler alert, the answer is still no. This OCP was adopted in 1976 and explains the measurement of bed units. Courtesy of the Resort Municipality of Whistler (RMOW), the following is their definition of bed units.

Managing Future Growth in Whistler

“A bed unit is a measure of development intended to reflect servicing and facility requirements for one person. The bed unit measurement was introduced in Whistler’s first OCP adopted in 1976. It was a means to manage the future growth of Whistler. A consistent measurement with infrastructure capacity, highway capacity and ski lift capacity. Bed units have become a key reference point for the resort community’s understanding of, and expectations for Whistler’s ultimate size and capacity. 

“The distinction between developed and undeveloped is based on occupancy as of year-end, December 31. Determination of ‘Developed’ is made by the issuance of a ‘Completed’ building permit, which indicates occupancy. Undeveloped units are those that have been committed to by Council (either through rezoning or subdivision applications) but have yet to be constructed or completed.”

Assigned Bed Units

The following is my interpretation. Decades ago, Whistler Resort was developed on paper, with a vision for the future. The development of the OCP was a thorough process, involving the community and council. The RMOW factored in that the infrastructure of Whistler could only cope with so many residents and visitors. The result was the RMOW assigned bed units to each residential and commercial building lot in Whistler. This was documented in the OCP, and termed the “bed cap”. This assured all concerned that there could be no more bed units added into Whistler.

Recently, due to the shortage of housing for the locals who live and work in Whistler, the RMOW created more bed units. However, these units were under the Whistler Housing Authority and were going to be built for the locals who provide services to the tourists.

Challenges to the Bed Cap

The big question has always been, how solid is the OCP bed cap? Over the years, any challenge to the bed cap had always been fiercely argued in the newspaper. The arguments came from both primary and secondary property owners in Whistler. The addition of new development in Whistler for ski-in ski-out real estate, has neither been questioned nor argued, so what you see is what we’ve got.

Vail Resorts Development

A few years ago, Vail Resorts published that they wanted to develop an amusement styled, water park on Blackcomb Mountain. With such a development on Crown Land, Vail Resorts would also be able to request a development permit for real estate from the Federal Government. The main response to this article was from the locals. Their response pertained to housing for the local worker who would operate this attraction. That article was published back in 2017. Since then, I have not heard a peep.

I am here to help you before, during and after the transaction. The rules effective June 15, 2018 have banned dual agency, so it is prudent to contact a Buyer’s Agent like me, for more information. Please contact me if you are not working with a realtor.

Click the following link for more information on the Market Update for Whistler real estate. Statistics courtesy of Real Estate Board of Greater Vancouver.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson PREC*

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Real Estate Closing Process

Whistler Creekside Gondola storage and summer biker

How Does the Vendor’s Mortgage Get Removed From Title?

For Whistler real estate, the real estate transaction closing process is not complicated, however it is a process which takes time. Recently, upon closing a transaction, the lawyer acting for the buyer sent them a copy of the “new” title. The Buyers names were on the title, in addition, so was the vendor’s mortgage. Naturally, this alarmed the buyers as the lawyer had not fully explained the process to them. Although there may be other steps to this process this outline will give you a sense of the basic process:

  • Upon closing, the Buyer’s lawyer (BL) sends the money from the sale, as per the adjustment document to the Seller’s Lawyer (SL).
  • SL then sends the money outstanding to the Bank which held the vendor’s mortgage. This is accompanied by a Discharge Document (DD). The Bank has up to 90 days to sign the DD. Bank returns the signed DD back to the SL usually with 45 to 60 days.
  • Upon receipt, the SL files the signed DD with the Land Title Office (LTO).  LTO filing happens within a few weeks, and when it does, they send notification to the SL that the DD has been filed. Any mortgage held by the vendor should now be removed from the title.
  • Finally, the SL can notify the BL who orders a current copy of the title from the LTO and sends that to the Buyer. In addition to having the Buyer’s name and address on it, the title will be free from any encumbrances. Just as it says in the Contract of Purchase and Sale.

For more FAQ on purchasing Whistler ski-in ski-out real estate, please read the FAQ Buyer’s Page.   

I am here to help you before, during and after the transaction. Please contact me if you are not working with a realtor. 

It’s a Good Life in Whistler!

Marion 

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Suite Rental Income To Qualify for Mortgage in Whistler

Whistler building department

House Suite Can Be Factored Into Your Mortgage Application, With Restrictions.

Using suite rental income to qualify for a mortgage in Whistler is a process. It starts with finding a house with a legitimate suite which the lending institution will accept as authorized accommodation. Some real estate agents in Whistler refer to unauthorized accommodation, as non-conforming, or illegal space. I prefer to use the term provided by the Real Estate Council of BC, which is unauthorized accommodation.

What is Unauthorized Accommodation?

The building plans are presented to and approved by the Resort Municipality of Whistler (RMOW). Through due process everything on those plans would be deemed authorized space. The suite must be in the original building plans. If the suite was added after those plans were approved, the suite would be referred to as unauthorized accommodation.

One of the most common area for change is adding on a suite, or adding on a second suite. The Seller must divulge that there is unauthorized accommodation on the Property Disclosure Statement (PDS). Which is why the BC Council of Real Estate requests that buyer views the PDS before writing the offer. In addition, viewing the property’s file from the building department of the RMOW would also be advantageous. However, most listing agents do not have the RMOW documents on-hand when they rush to list a property, rarely is the PDS completed. So, the buyer could have written an offer and then once the plans arrive, find out that there is unauthorized accommodation. The listing agent may tell us what is unauthorized space, but it really should not be relied upon. We are better to do our own research.

Whistler Mortgage Broker Comments

I asked Karen Garrett of Dominion Lending, Whistler, how easy it was to get financing on a house with a suite. Karen responded “The banks are very strict about lending against unauthorized space. If the contract states something like ‘buyer is aware the suite is non-conforming and illegal’ then it is more likely the lender won’t allow the suite to be factored in to the financings.”

To avoid a misunderstanding, the buyer’s agent should be adding the unauthorized accommodation clause to the contract. This clause states “The Buyer is aware that the property contains unauthorized accommodation and has been informed of the consequences of such ownership and the potential loss of income should the rental use be discontinued.” A clause like that will surely raise the question of “what is unauthorized?” from the lending institution.

How to Spot An Unauthorized Suite

Unauthorized suites are easy to spot. A suite is defined by it’s own exterior entrance. If the entrance is through the main house, that is your first clue. Second clue is the suite does not have a full kitchen, for example, the ‘kitchen’ only has a hot plate, that is not a true suite. Third clue is if there is already one authorized suite factored in for financing. Then you ask to use a second suite in the home. Two suites are not allowed in a Whistler home.

Banks Have An Independent Appraiser

The banks send out an independent property appraiser, hired by the bank to prepare a report on the property you are asking them to finance. This is usually done at the last minute prior to subject removal. So the report will tell them if you have accidentally misled them. These pitfalls should be identified by your real estate agent, before making an offer.

Are you looking for a real estate agent who can help navigate the pitfalls of purchasing real estate in Whistler? Check out the FAQ for Buyers page on this site. Contact me if you are not already working with a realtor.

Marion

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Disclosure of Representation in Trading Services Form

View from the 'back yard' of 26-4501-Blackcomb-Way-Snowy-Creek

Why it Benefits You to Sign the Disclosure of Representation in Trading Services Form

In summary, by signing the Disclosure of Representation in Trading Services Form you are binding the agent you have chosen, to honour four legal duties. These duties are: 1)Loyalty, 2)Avoid conflicts of interest, 3)Fully disclose any relevant information, and 4) Protect your confidentiality (indefinitely).

The Real Estate Council of BC is very serious about this form. To the point where the agent has to email each signed copy to their Broker. The Broker then keeps it on file, for future audits. There are massive fines to the real estate agent and their broker by not following this ruling. The fines can be $250,000. Needless to say, that is a game changer for most realtors. 

In summary, this is not a binding document which ties you to your agent. It actually binds the agent to you legally, and to honour the four duties mentioned above.

Real Estate Board of Greater Vancouver

Please click the following link to view the entire Disclosure of Representation in Trading Services Form.  The following is an excerpt which is taken directly from the form.

Disclosure of Representation Form

Another excellent resource is refer to the Real Estate Council of BC’s website at www.recbc.ca.

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Dual Agency in Whistler

views from Blackcomb Mountain, whistler bc

Dual Agency in Whistler is Banned

The Superintendent of Real Estate for BC, has banned dual agency in Whistler effective June 15, 2018. This is good, ethical practice for the buyer, the seller and the real estate agent. I may be one of the few agents in Whistler who think this is good practice, possibly because I represent more buyers than I list properties. Regardless, I have a strong obligation to serve my clients real estate needs before, during and after the transaction. The transaction should be all about you. The transaction should not be about the realtor, or the team double-ending the commission.

Specifically, the new rules will prohibit the practice of limited dual agency. The move to single agency is a significant change from the practice over the years when Realtors could represent both sellers and buyers in a transaction. BC is the first Canadian province to implement rules that require Realtors to act only for one party.

This new ruling also means that listing agents won’t be able to bring their own buyers to their listing. The listing agent must choose who to represent, the buyer or the seller, or neither. It is such a serious ruling, that the listing agent can provide a fact sheet, but when the licensee receives or solicits confidential information from the buyer then the listing agent must now ask the buyer to sign a Disclosure of Representation of Trading Services Form. The form clearly states, that an agent can only represent one client. Without the form being explained and signed by both the agent and the potential buyer, the agent is at serious risk of a massive fine, $250,000, and a legal hassle.

In addition, the Real Estate Council of BC has banned any team member or any agent who is related, from acting as a referral agent in the transaction. That way, the listing agent will need to refer the buyer to another realtor or help the buyer as an unrepresented party, which is a recipe for disaster.

Courtesy of the Real Estate Council of BC (RECBC)

RECBC has provided the following information on the “Disclosure of Risks Associated with the Dual Agency” document:

“When a licensed real estate professional represents two parties with competing interests in a real estate transaction, it is known as ‘dual agency’. Some examples of dual agency are when one real estate professional represents 1) both the buyer and the seller and 2) two separate buyers who each hope to purchase the same property”

Dual Agency is not Relevant in Whistler

In Whistler, BC, dual agency is not an option. Other remote parts of BC may have the option of a dual agency situation. However, I am not going to go into that on this post since it is not relevant to those who are considering Whistler ski-in ski-out real estate.

Click the link for more FAQ on Whistler real estate which will help you understand the intricacies of buying real estate in Whistler. If you are not working with a real estate agent, please contact me anytime. I am here to help you.

marion@whistlerskiinskiout.com
(604)938-3885
Marion Anderson
Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC V0N 1B1

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Sales Process for Buying Whistler Real Estate

signpost on lower Franz's leading to Kadenwood

Sales Process for Buying Whistler Real Estate

Sales Process for Buying Whistler Real Estate is explained on this website on the Buying Process page. The buying process acts as a guideline for buyers who want to know what they are getting themselves before they contact a realtor. I use it as a step by step guideline when I first connect with a buyer. This is a great document to guide a first meeting or first conversation.

The buying process:

  1. Buying Process for Whistler Real Estate
  2. Legal Process for Closing
  3. Closing Costs
  4. Professionals for buying Whistler real estate
  5. Sutton Group-West Coast Realty deposit guidelines

Understanding what happens, and at what stage reduces any surprises. Surprises, or shocks cause stress and tension, which is something I work hard to avoid. Another solid read is the Race and Company Buyer’s Guide for a local Whistler lawyer’s perspective on the sales process for the buyer.

Important documents

There are several documents which must be signed-off on as being read and understood. These documents are Working with a Realtor, Title, Property condition disclosure statement and Revenue statements. However, I always request the strata documents from the listing agent, which hopefully they have ordered! The strata and the Depreciation Report are also very important to understanding what you are buying. 

If you are ready, have a look at the Buying Process. If you are not working with a real estate agent, please contact me and I will be happy to answer any of your questions. Link through to my Marion Anderson bio page for more details on me.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson, *PREC

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Mountain Biking is Good for Ski-in Ski-out Real Estate

Mountain Biking affect on real estate values in Whistler

I am often asked about Mountain Biking’s affect on real estate values in Whistler. When I started in real estate, a veteran agent said “Marion, real estate is a numbers game. The more people come to Whistler, the higher the chance of them buying.” I was later to find out that he was a mathematician turned realtor. However, his words stuck with me as I sat in the RE/MAX office ready to help any one who walked through the door. When the parking lot at Marketplace was chock-a-block with cars and people, I was pretty much guaranteed an inquiry. It is the same when determining the effect of mountain biking on Whistler. The more popular the sport becomes, the more media is written about the sport, and then there is the TV coverage of riders racing down Whistler Mountain.

By now, I really should not be surprised at the effort the people at Whistler Blackcomb, now Vail Resorts, are putting into attracting summer visitors to our tourist town. If you are looking to buy real estate in Whistler, it really is important to continue to follow, or to quickly catch-up with what is happening with the  proposed Renaissance Project. The replacement of the Wizard Chair and Solar Coaster chair with a ten person gondola is scheduled for spring 2018.

In this article, courtesy of Pique Newsmagazine, the expansion of mountain bike trails on Whistler Mountain at Creekside is reported. Last summer the Creekside Gondola opened for summer uploading for mountain bikers. That must have worked well, because now they are going to build 14 kilometers of new trails just for mountain bikers.

What does the expansion of mountain bike trails mean to owners of ski-in ski-out real estate in Whistler.

Well, it can only mean that the summer revenue which has been sparse, will continue to pick up.  The location of accommodation which is a quick bike ride to the lifts for uploading in Whistler Village, Base of Blackcomb, or Whistler Creekside must surely have the appeal for those who want and can afford the nightly rates. However, bike storage has to be of concern to the guest.

Suspension Bridge coming to the Peak

Did I mention, we are getting a suspension bridge on Whistler Mountain at the Peak? Best read the article, or you may think I am making this stuff up! Please read the complete Pique article on the expansion of the Whistler Mountain bike trails.

If you have any questions about the value of your Whistler ski-in ski-out real estate, please contact me. I am here to help you. I have a page on this site entitled, Investment, which may be of interest to you.

It’s a Good Life in Whistler!

Marion

marion@whistlerskiinskiout.com
(604) 938-3885
Marion Anderson, *PREC

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