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Non-Resident: Buyers Welcome

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Buying Real Estate as a Non-resident

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

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Multiple Offers

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Disclosure of Multiple Offers

With limited supply and increasing house prices, multiple offer situations are becoming more prevalent, and buyers are getting frustrated with the home buying and selling process. 

The following information was provided by the Real Estate Board of Greater Vancouver (REBGV). It explains why seller’s agents are required to complete the new Disclosure of Multiple Offers Presented (DMOP) form and communicate to each buyer’s agents who participated in a multiple offer situation.

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Benchlands Area

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Where are the Benchlands?

The Benchlands is an area in Whistler, that was developed in the eighties. The area was designated as prime real estate as it was within walking distance of Whistler Village. In addition, the Benchlands had developments slopeside on Blackcomb Mountain, and developments linked by a network of paths to allow easier access to the slopes. It was deemed by the council of the day, that this prime location would be where the tourists would want to rent, so it was all zoned for nightly rental. The council was right.

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Completion Date

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The Completion Date Consequences

It is vital that the completion date on the Contract of Purchase and Sale is adhered to, at all costs by the Buyer. Should the Buyer be at fault and the transaction does not complete as scheduled, the Seller has the option of voiding the contract. In addition, the Seller is legally allowed to keep the full amount of the deposit. There have been several attempts to have the Buyer’s deposit returned to the Buyer. Read the Deposits are Serious blog post for a full understanding.

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Statement of Adjustments

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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.

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Nightly Rental License

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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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Home Buyer Rescission Period

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What is the Home Buyer Rescission Period?

The Home Buyer Rescission Period was developed by the British Columbia Financial Services Authority (BCFSA). The BCFSA is the governing body for BC real estate agents. The HBRP was implemented in response to the multiple offer situations in 2020-2022. During that frenzy, buyers were writing overpriced offers with no subjects, and then upon acceptance of their offer, regret set in as there was no “easy” way out of the transaction. The HBRP is also known as a non-negotiable, “cooling off period”.

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Underused Housing Tax (UHT)

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Underused Housing Tax (UHT) Is Unclear For Whistler

Whistler Accountants interpreted The Government of Canada’s (GOC) Underused Housing Tax Act (UHT) and noted that clarity was required regarding rental and business income properties. This tax pertains to some residents and all non-residents of Canada. For residents, it comes down to who is on the title for the property. See the link above for all the restrictions. Note: the author of this blog is a realtor, not an accountant. It is important to read the UHT government page and talk with your accountant.

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Non-resident: Re-financing

Re-financing is not an option for Non-residents

When a non-resident decides to buy a property in Whistler, it is important to make a decision about financing when writing the offer. If a non-resident Buyer says that it would be simpler to pay cash for the property and then refinance, that is not an option with Canadian Banks.

The reason is that the Canadian bank does not know the source of the original funds used to buy the property. Despite, you the Buyer, offering the Bank every document on the purchase of the property, no Canadian Bank can refinance your property. To do so would be in contravention of FINTRAC.

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Depreciation Report

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Understanding The Depreciation Report

Preamble: Provincial legislation requires every strata corporation in BC of 5 or more units to either acquire a Depreciation Report for the property or defer the report by means of a 3⁄4 vote of the owners at a general meeting. The report projects the anticipated costs of maintenance, repair, and replacement of building components over the next 30 years. Acquiring a report provides a long-term plan for strata property maintenance allowing owners to plan for future expenditures. A vote to defer has an 18-month time limit, resulting in the need to vote again at subsequent AGMs.

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