Whistler Ski-in/Ski-out Real Estate For Sale

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Key Takeaways

Non-residents buying property in Whistler cannot refinance with Canadian banks after a cash purchase due to FINTRAC regulations.
The Canadian bank does not know the source of the original funds at the time of refinancing.
FINTRAC is responsible for preventing money laundering and requires compliance from all real estate professionals in Canada.
Refinancing exists for Canadian citizens, but non-residents, even if they have Canadian citizenship, need professional advice before making offers.
For assistance in buying real estate in Whistler, contact Marion Anderson.

Estimated reading time: 4 minutes

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As of July 1, 2024, all strata corporations in B.C. except in rural locations, like Whistler, must obtain a Depreciation Report, renewing it every 5 years.
Whistler stratas have until July 1, 2027, before they are legally obligated to obtain Depreciation Report for their strata.
The Depreciation Report helps project maintenance costs for 30 years and assists owners in future financial planning.
Buyers focus on whether the Contingency Reserve Fund can cover necessary repairs identified in the Depreciation Report.
Understanding the Depreciation Report involves checking the short-term financial model and ensuring alignment with strata bylaws.
A draft Depreciation Report is less reliable than a final version; assess the strata’s budget and current contributions for insights.

Estimated reading time: 4 minutes

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Deposits are serious business; Buyers risk forfeiting them in legal disputes.
Brokerages typically hold deposits in trust, while non-neutral third parties may not be obliged to return them.
Buyers can’t count on getting their deposits back and should seek legal advice if they want a refund.
Forfeiting deposits may lead to additional damages if the Seller sells to another Buyer for a lower price.
Backing out of a contract can still result in losing the deposit, even if it’s before the due date.

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The Buyer’s lawyer prepares all essential documents, which increases closing costs for the Buyer.
Financing increases the completion costs for the Buyer.
Key steps include searching the title for encumbrances, contacting organizations, and preparing a Statement of Adjustment (SOA).
The Buyer’s lawyer prepares the Statement of Adjustment for the Buyer and a Statement of Adjustment for the Sellers.
On closing day, the lawyer registers the Land Title Transfer and sends the proceeds to the Seller’s lawyer.
Finally, the process concludes with all funds disbursed and the transfer officially completed.

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When buying property in Whistler with included furniture, PST applies to the furniture’s value, typically 7%.
Buyers need to document the value of the furniture in the Contract of Purchase and Sale to avoid tax complications.
Mortgage companies do not finance furniture, often requiring its value to be deducted from the sale price.
Buyers must pay PST on the furniture if financing is not used, leading to potential audits for unpaid taxes.
Contact Marion Anderson for assistance with buying real estate in Whistler.