Full of opportunity! It just takes the right perspective to see it, and the right guide to seize it. Every market has its story, and Whistler's is no exception. Conditions can shift quickly, shaped by global events, interest rates, and tax reforms, but the true advantage lies in understanding how those forces align with your individual goals. With thoughtful strategy and the right timing, uncertainty becomes opportunity, allowing you to make the most of every moment.
(2) Is there a foreign buyer ban in Whistler and Pemberton?
No - Whistler and Pemberton are exempt from Canada's federal foreign buyer ban. The restriction applies only to residential properties in Census Metropolitan Areas (CMAs) or Census Agglomerations (CAs), and both Whistler and Pemberton fall outside those areas.
(3) Is Whistler subject to British Columbia's Speculation & Vacancy Tax (SVT) or Vancouver's Empty Homes Tax (EHT)?
No. Whistler is exempt from British Columbia's Speculation & Vacancy Tax (SVT) and Vancouver's EHT applies only inside the City of Vancouver. The SVT is a provincial tax that applies only to residential properties within designated regions in B.C. and Whistler and Pemberton are not included in these regions.
(4) Does the federal Underused Housing Tax (UHT) apply to properties in Whistler?
Yes, the UHT is a federal tax that applies mainly to non-resident, non-Canadian owners of residential properties in Whistler and elsewhere in Canada. Introduced in 2022, it is an annual 1% tax on the value of vacant or underused housing. Some Canadian owners (such as those who own through corporations, partnerships, or trusts) may also have filling requirements even if no tax is payable.
Non-resident owners can typically avoid the UHT if their property is used at least 28 days per year. If not, the 1% tax is calculated on the owner's share of the property's assessed value. Because exemptions and filing obligations can vary depending on ownership structure, it's important to confirm the specifics with a qualified tax advisor.
(5) Are there any flipping taxes applicable to properties in Whistler?
Yes, both federal and provincial taxes may apply to properties in Whistler.
Federal Property Flipping Tax: Introduced in 2023, this tax applies to properties sold within 365 days of purchase. The profit from such a sale is considered business income and is fully taxable, with no principal residence exemption available.
British Columbia Home Flipping Tax: Effective January 1, 2025, this provincial tax applies to net taxable income from the sale of a property owned for less than 730 days. The tax rate is 20% on profits from sales within the first 365 days, decreasing over the next 365 days.
Please note that exemptions may apply in certain circumstances, such as health, marriage breakdown, serious illness, or eligible relocation. It's advisable to consult with a tax professional to understand your specific obligations.
(6) What are my closing costs?
For Buyers: When purchasing a property in Whistler, there are several closing costs to anticipate beyond the purchase price. The BC Property Transfer Tax (PTT) is tiered, with 1% on the first $200,000 of the purchase price, 2% up to $2 million, 3% up to $3 million, and an additional 2% on the residential portion above $3 million, making the effective marginal rate 5% for amounts above $3 million. Buyers of new builds or certain nightly-rental properties may also be subject to GST at 5%. Additional expenses typically include legal fees and disbursements, title insurance (if selected or required by the lender), home inspections, appraisals, and prorated adjustments for strata fees, property taxes, and utilities. Because exemptions and amounts can vary, it is important to confirm the specifics with your lawyer or accountant before closing.
For Sellers: Sellers in Whistler should plan for real estate commission, which are typically structured around 3% of the sale price (with the exception of the first $100K which can be 6-7%, as well as legal fees an disbursements for conveyancing and title transfer. Costs may also include mortgage discharge fees and potential prepayment penalties. Non-resident sellers have additional considerations, including the requirement for a CRA clearance certificate and possible withholding obligations, which your lawyer or accountant can guide you through. There are general guidelines only: I do not provide tax or legal advice, and all closing details should be verified with qualified professionals.
(7) What are the zoning and permitted uses for properties in Whistler?
Zoning and permitted uses in Whistler vary depending on the type of property. Standard residential properties are generally limited to long-term occupancy, with nightly rentals prohibited. Phase 1 properties allow unlimited owner use and, where permitted, nightly rentals, provided a valid RMOW business licence is obtained. Phase 2 properties, such as hotel or condo-hotel units, typically have limited owner use - often with seasonal caps of roughly 28 days in winter and 28 days in summer, depending on the covenant - and participation in the rental pool with on-site management is common. Tourist accommodation properties permit visitor lodging under the appropriate zoning and business licence requirements. Employee housing units have ownership and occupancy restrictions favouring resident workers and benefit from reliable, year-round demand. I personally verify zoning, covenants, strata bylaws, and licence requirements for each property before you proceed with an offer, ensuring clarity and compliance.
