Whistler Real Estate: Ski-in/Ski-out

Is G.S.T. payable on Whistler Real Estate?

Another topic which generates a lot of buyer FAQ Whistler real estate questions is the one on the Goods and Services Tax (GST). Please note, this is a huge topic, and one which cannot and should not be explained fully on any realtor’s website. Realtor’s have a basic knowledge, but they are duty-bound to recommend you take professional advice from an accountant or lawyer. Realtors are not GST experts. In the meantime, the following information has been taken from local lawyers, Race and Company’s website.

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What is Phase 1 and Phase 2 Zoning?

One of the most buyer FAQ Whistler ski-in ski-out real estate questions I am asked is on the clarification of zoning. This question is typically asked by those who are considering the purchase of a revenue generating property.

What is Phase 1 zoning?

The Phase 1 covenant is in place to maximize occupancy of properties for use by owners and visitors. In other words, Phase 1 zoning allows for nightly rental revenue generation. In addition the owner is allowed to use the property for themselves. Please note, it is not as simple as that statement might suggest, as there is a GST implication which should be considered. Some, but not all Phase 1 properties have a covenant that require the condo or townhouse to automatically be in a rental pool when not in use by the owners.

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What is Property Transfer Tax?

Property Transfer Tax (PTT) is charged at the time of closing and the transfer of title from the seller to the buyer. Financial institutions will not include PTT as part of your mortgage.

You are charged property transfer tax when you make changes to a property’s title, including but not limited to:

1. acquiring a registered interest in the property
2. gaining an additional registered interest in the property
3. becoming the registered holder of a lease, life estate, or right to purchase for the property

The property transfer tax rate is:

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