Buying Costs
There are costs associated with buying any home, and buying a home in Whistler is no exception. Here is a brief summary of the costs associated with buying a home both for residents and non-residents.

Mortgage
These may include the mortgage companies lawyer or notary fees, appraisal fee (if applicable) and land title registration fees.

Property Transfer Tax
This is a Provincial Government Tax that applies to all transfers of real estate and is payable on the completion date. The rate of the tax is 1% on the first $200,000 of the purchase price and 2% on the balance.

Goods and Services Tax (GST)
This is a 6% tax that applies to the purchase of new construction and on the resale of accommodations that have been rented out for short term or nightly rental. The payment of the GST can be deferred if the new purchaser intends to use the accommodation for short term or nightly rental at least 90% of the time and she/he becomes a GST registrant.

Tourism Whistler Assessment Fees
These are quarterly fees payable to Tourism Whistler and are calculated based on the number of bed units (one bedroom equals two bed units) in the accommodation. If you are using the accommodation for personal use only and it is not available for rental more than 14 days a year, you may apply to pay a lower rate of this fee.

Insurance
Buyers are required to arrange insurance on single family residential accommodations, and liability and contents insurance on strata-titled properties.

Strata Fees
Of special concern to condominium and townhouse purchasers, there will be monthly maintenance charges, and the Strata Corporation is also entitled to levy special assessments for extraordinary expenses if necessary.

Additional information for Non-Residents
Withholding Tax on Rental Income
You may obtain an exemption from the 25% non-residents are required to pay to Revenue Canada by filling out a simple form called an NR6, explaining that the projected rental income is less than the anticipated expenses associated with the property. After filling out this form, you must also file a tax return with Revenue Canada.

Execution of Mortgage Documents
Once the borrower has signed a commitment letter with the lender, the lender will instruct a lawyer or notary to draw the mortgage security. These documents must be couriered to the borrower for their execution in the presence of a notary public. What this means to the buyer is simply that sufficient time be allowed to courier the documents as faxes or other methods of transmission are not possible in this case.

Methods of Payment:
It is recommended that the purchaser open a bank account in Whistler for the transfer of funds. The balance of the purchase price must be paid by certified cheque or bank draft in Canadian funds. Since exchange rates fluctuate from institution to institution, from day to day, and depending on the amount to be exchanged, it is important to research this before the completion date.

Completing the Transaction:
It is critical to complete transactions on the designated completion date in British Columbia. The vendor has the option of canceling the contract of Purchase and Sale should the funds not be paid on the stipulated completion date, and is entitled to retain the deposit. It is not uncommon for vendors who wish to continue with the transaction to demand interest or additional charges for extensions for late completion.

It is important to note that some rules are different in Canada and you should be aware of them. We frequently deal with foreign ownership and have prepared a non-resident's buyer information sheet which I will be happy to discuss with you.

If you would like further information on purchasing in Whistler, please feel free to fill out the following form or contact me directly.