Laws and costs to consider when buying Whistler real estate
Whistler real estate is formidably expensive, so when you’re set to purchase a piece of land, you must take your time and get to know the laws and regulations surrounding it.
These are some of the costs and laws you’ll have to consider as a buyer and why they’re so important to remember.
Zoning and Covenant By-Laws
If you want to buy a plot of land: it’s vital that you get to know the zoning and by-laws of real estate for sale in Whistler. Since this is a resort community, Whistler has a large range of zoning and covenant by-laws depending on the property’s type and location. This can seem complex, but it really breaks down into two main categories: tourist accommodation zoning and residential zoning.
Tourist accommodation zoning homes can be rented out for short-term or long-term periods. Residential zoning is primarily in neighbourhoods, allowing you to live in it: or rent it out in long-term periods. This means residential homes can only be rented out for a month or longer, not short-term.
Property Transfer Tax
The property transfer tax is a provincial tax on the transfer of any real estate in British Columbia. This is generally a small tax, but it can quickly skyrocket because of the cost of properties in Whistler.
For the first $200,000 of the house, it’s a 1% tax, 2% up to $1,800,000, and 3% for anything higher than that. If you’re a first-time homebuyer, you may be able to claim exemption from this tax. Other taxes and fees, ranging from property tax to Whistler tourism fees, are also bound to surprise many new buyers.
Mortgage costs
The mortgage is the real kicker. A plot of land in Whistler that wasn’t developed yet sold for over $9 million in 2021. The most expensive property ever sold in Whistler was $22 million in 2015.
This is incredibly expensive, and if you’re not used to seeing homes at these prices, it can be a large shock. The zoning will, of course, affect the cost of the property. Homes in Whistler tourist accommodation zoning sell for far more because there’s a larger potential income that can be gained for them.
Important facts for international buyers
Buying a Canadian property while living in another country is completely legal, but it’s important to remember that there are a few differences between buying in Canada and buying elsewhere.
Therefore, the average international buyer would benefit from hiring both a real estate agent, as well as a lawyer familiar with Canadian property needs before hitting the housing market in Whistler.
Whistler Real Estate has to be thought through
Although all real estate needs to be given careful thought because of the investment: the cost and needs of Whistler real estate mean that it can’t be taken lightly. Therefore, carefully consider each of the items in this list, and think about how they will affect your ability to afford this property in the long term.
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