- What type of Properties are available?
- Condos
- Duplex
- Single Family Homes
- Townhouses
There are two types of condominiums in Whistler:
1. Phase one units
Also known as "UNRESTRICTED UNITS." For the most part, these
are one and two bedroom condo units generally found in "lodge"
type buildings. There are no restrictions on owner usage, but
organized rental programs are available for those times when
the owner is not using the unit.
2. Phase two units
Also known as "RESTRICTED UNITS" these are studio, one and two
bedroom apartment condos incorporated into an ongoing hotel
operation. The owners' number of days of personal usage is restricted
to 28 days in the summer season and 28 days in the winter season.
Benefits include revenue, potential tax shelter and various
hotel services and facilities. This type of unit is best suited
to the occasional visitor to Whistler or for the investor interested
in revenue only. Phase two units are ideal entry level investments
in Whistler.
Please ask for further details on which phase property may
best suit your investment needs.
Single Family Homes
Whistler offers a wide variety of homes to suit different budgets.
Prices vary depending on location, view, size and age. Generally,
the further away from the Village or Whistler and Blackcomb
mountains, the less expensive the property. There are many quality-built
homes in ski-in-ski out locations as well as a short 5 minute
drive away.
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- Is Whistler a Good Investment?
There are very few of us Whistlerites who do not believe that investing
here is a wise decision. Of course, it may sound as though we are somewhat
bias in our belief, however it is founded on sound business principals
as well as our decision to choose Whistler because of our lifestyle.
Our historical real estate data shows us that over the past 5 years, our property values have increased an average of 20% per year. We continue to be ranked as the #1 resort with major magazines such as Sports Illustrated for Women and Ski and Transworld Snowboarding magazines.
After the events in New York on September 11th, we are frequently asked how our resort will be impacted and if we feel that prices will decline. To answer that question, we must look to our economic indicators. We are seeing very little inventory supply at this time, which is not the norm. We see many properties on the market listed for only a few days before they are purchased by those anticipating a fantastic ski season. The last two years have been extraordinary with respect to traffic and overall skier visits. We are expecting to see our numbers get back to more normal levels considering the hesitation of some to travel.
The real estate market in Whistler, like everywhere else is still based on supply and demand and with low inventories matched to a high demand from global investors to own a piece of North Americas' #1 Mountain Resort, we see our prices continuing to rise. Many people view Whistler as a safe haven and many have reviewed our priorities. Whistler, and all that it has to offer in both winter and summer, is the perfect get-away for many families, and I believe will continue to be a good choice for many years to come.
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- What is the Procedure for Buying a Whistler Property?
The first step is to determine what type of property you are searching for and what your budget range is. I will prepare a list of properties available that suit your requirements and then arrange a time to view the properties. Once a property is selected, a contract offer to purchase is prepared for the Vendor of the property.
There are several considerations when writing an offer to purchase. We first establish the price you are prepared to pay for the property and select a date of possession. If financing is required, we make that a "condition" of the sale.
We will ask the seller for several items to learn more about the property. We make them "conditions" of the sale, which will be for the benefit of the purchaser only, such as in the case of a condominium purchase:
- A copy of the property disclosure statement;
- A current Information Certificate (form B) attaching the strata corporation's rules, current budget and the developer's Rental Disclosure Statement, if any;
- A copy of the registered strata plan;
- The current bylaws and financial statements;
- Minutes from the last 2 years of strata meetings;
Any other concerns that we may have will be added as "conditions" to the contract and are there for your protection.
The offer to purchase is presented to both parties until all terms and conditions are agreed to. Once accepted, the property will become yours on the date of completion. I will assist you through the entire process and long past handing you over the keys.
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- What Additional Fees are involved?
In addition to the purchase price, you need to factor in the following additional costs:
- Property Transfer Tax
A Provincial Government tax which applies on all transfers of real estate and is payable on
completion date. The transfer tax is 1% on the first $200,000 of the purchase price and 2% on
the balance of the purchase price over $200,000.
- Legal Fees And Disbursements
These are the closing costs paid to a lawyer or notary to complete the transaction on your
behalf. The exact amount of these charges will vary depending on the transaction but they generally
range from approximately $600.00 to $1,000.00. Most lawyers and notaries will provide quotes as to
charges. It is important to ask whether the quote includes all expenses to complete the transaction.
Whistler transactions are somewhat unique, and we are therefore happy to recommend a lawyer for you.
- Goods And Services Tax (Gst)
GST is a 7% tax which applies on the purchase of new construction and on the resale of accommodations
which have been rented for short-term / nightly rentals. The payment of GST can be deferred if the buyer
intends to rent the property and becomes a GST registrant. This matter is handled entirely by your lawyer
or accountant.
- Tourism Whistler Fees
These are quarterly fees payable to the Whistler Resort Association and are calculated based on the
number of bed units present and the use of the property. Should you use the property for personal use
and don't rent it for more that 14 days per year, you may file a declaration to pay a lower fee. For
more information about bed units contact the Whistler Resort Association at 604-932-3928.
- Insurance
Purchasers will be required to arrange insurance on single family residential accommodations. Strata
properties already have the insurance in place, however, purchasers should always maintain liability
and contents insurance.
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- How Do I Rent Out My Property?
If your property is a phase 2 property, it will be a part of the hotel rental pool which is already managed. You will be required to sign the rental pool agreement as a part of the transaction.
A phase 1 property can be managed in most cases by whomever you choose. We have several rental management companies in Whistler and I would be happy to recommend them to you. Many phase 1 properties already have a rental pool in place and new owners simply continue with that. Other new owners who feel they can manage the property on their own take their unit out of the rental pool. We find that many of our clients who do this, usually experience it for a year and then put their unit back into a formal rental pool to take advantage of their marketing and management skills.
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- What Do I Need To Know About A Strata Property?
What are BYLAWS of the strata?
Many strata's create bylaws that are unique to their complex. These bylaws can include things like restrictions on Pets, Noise, Rentals etc. For any restrictions or fines to be adopted, a formal bylaw must be placed on an agenda for an Annual General Meeting or Emergency General Meeting, voted on and passed in the same manner that budgets are approved. Once the bylaw is approved, it is then registered on title. Under the STRATA PROPERTIES ACT, when making an offer, we will ask for a number of things, one of which will be a copy of the current bylaws of the Strata.
What are Rules and Regulations?
Rules and Regulations can be created by the Strata Council without the approval of the general ownership, however, these rules and regulations may only apply to common areas. Examples of this may be, DOGS MUST BE ON A LEASH WHILE ON THE COMMON PROPERTY or RENTERS ARE NOT ALLOWED TO USE THE COMMON ROOM AREA.
What should I look for in the Financial Statements?
We will have a copy of the financial statements from the Strata Corporation. They will give us the general financial health of the complex that you're buying in. Look for the amount in the contingency reserve fund and also for any additional reserve funds.
What are Special Levies and Contingency Reserves?
On occasion, the Strata complex may encounter an extra-ordinary expense that has not been foreseen, and therefore not included in the annual budget. In these instances, the funds can be raised by a Special Resolution being passed at an Extra-Ordinary Meeting, or if time permits, at the AGM. It's important to note that funds raised by these levies are due and payable by the owner on the day they are passed. The Contingency Reserve is an amount of money set aside by law to equal not less than 5% of the annual budget.
What is included in Strata Fees?
Strata Fees are monthly assessments that provide the income to maintain the entire common area of the complex in which you have an interest. These fees cover the costs of common area Hydro Charges, Snow Removal, Building Maintenance, Landscaping, Garbage Removal, and Management Fees. Other costs may be included, depending on the particular complex.
What is Unit Entitlement?
The concept of Unit Entitlement serves to allocate ownership of the common property among the owners of the individual strata lots. The unit entitlement of a strata lot indicates the share of its owner in the common property, common facilities, and other assets of the Strata Corporation. It is also the basis for calculating the owner's contribution to the common expenses or maintenance fees of the Strata Corporation. By this means, each strata lot can be charged a share of the maintenance and repair of the property. The unit entitlement can be calculated by dividing the number of square feet in an owner's strata lot by the number of square feet in all strata lots.
What is Interest Upon Destruction?
This is not the same thing as Unit Entitlement. Instead, it is based on the value each strata lot bears to the total value of all the lots, instead of a square foot ratio. Where revenues are "POOLED", the income distribution is determined by the unit's Interest Upon Destruction. This is a key point when purchasing investment condominiums.
What is a Strata Council?
The Strata Council usually consists of 3 to 7 members who are individual owners of units within the Strata Complex. All owners at the Annual General Meeting elect them. The Council meets from time to time to discuss and resolve issues pertaining to the Strata Complex.
What is an Annual General Meeting?
The AGM is held by law, once every year. It's purpose is for the owners to review the happenings of the past year, to approve a budget for the coming year, to vote on any Special Resolutions and to elect a new Strata Council to run the affairs of the Strata for the coming year. In your Offer to Purchase, we will ask for a copy of the minutes of the last AGM to learn about the ongoing business of the Strata.
What about Insurance?
The Strata Corporation maintains insurance on the common area of the buildings for fire, flood and miscellaneous damage, as well as "third party liability". You must arrange your own coverage for your contents. These policies are often referred to as "Condo Contents Packages".
What types of Rental Systems are there?
Individual Rental- is arranged for your unit only. That means that you receive the revenues, less management fees, only for the time that your specific unit is rented.
Pooled Rental Plans- pool the total revenues received and divide the revenues after management fees, to all owners. In this instance, you will receive revenue even if your unit was not rented. Your share is determined by the Interest upon Destruction amount that is assigned to your strata lot.
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- What is the RE/MAX Agent's Relationship?
Buying or selling a property is probably the most important and potentially rewarding financial transaction you'll make in your life. All realtors in B.C. work within a legal relationship called AGENCY. The agency relationship exists between you, the PRINCIPAL, and your AGENT, RE/MAX of Whistler, the company under which I am licensed. The essence of the agency relationship is that the agent has the authority to represent the principal in dealings with others.
Agents and their salespeople are legally obligated to protect and promote the interests of their principals as they would their own. Specifically, the agent has the following duties:
- Undivided Loyalty. The agent must protect the principals' negotiating position at all times, and disclose all
known facts which may affect or influence the principals' decision.
- To Obey All Lawful Instructions of the principal.
- An obligation to Keep The Confidences of the principal.
- The Exercise Of Reasonable Care And Skill in performing all assigned duties.
- The duty to Account For All Money And Property placed in an agents' hands while acting for the principal.
You can expect competent service, knowing that our company is bound by ethics and the law to be honest and thorough in representing a property listed for sale. Both buyer and seller can be represented by their own agents in a single transaction.
DUAL AGENCY
Dual Agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty to both parties, it's necessary to limit these duties in this situation. If you find yourself in a Dual Agency relationship, before making or receiving an offer, both you and the other party will be asked to consent in writing to this new limited agency relationship. What this means is:
- The Agent will deal with the Buyer and the Seller impartially.
- The agent will have a duty of disclosure to both buyer and seller except that;
- a) the agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the offer, or that the Seller is willing to accept a price or terms other than those contained in the listing
- b) The agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized to do so
- c) The Agent will not disclose personal information about either the Buyer or the Seller unless authorized to do so
- The Agent will disclose to the Buyer defects about the physical condition of the property known to the Agent.
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- Why You Should Choose Me As Your Real Estate Agent?
There is nothing about my agency relationship with you that I take lightly. Our business relationship will surely develop into a personal friendship and both my business and personal reputation depends on your satisfaction. You can rest assured that I will provide you with accurate, honest answers to all of your questions and will explain all of our real estate terms and practices so that you feel comfortable and confident every step of the way.
I'll assist you in screening and viewing properties until we find the right one for you and will inform you of lenders and their policies. We'll identify and estimate costs involved in a transaction and assist you in establishing your range of affordability. I will provide you with every service necessary to make your transaction a pleasant and worry free experience.
Feel free to give me a call - no obligation!
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