There is a LOT to know and understand about the different zoning for Whistler property. The BEST thing to do is call or email me and ask me directly. You’ll have questions while I’m explaining, I can best address your questions in a phone call.
There are 3 main types of zoning in Whistler.
- Phase 1
- The most flexible type of ownership in Whistler property. In most cases this is the type of zoning that buyers are looking for.
- It is designed for nightly rentals. The best part of this type of zoning is that you can rent out your Whistler townhome or condo, and use it whenever you want throughout the year. It will offset your costs, and it most cases you can make a tidy return if done properly.
- There are no shortage of rental managers in Whistler, talk to me about the pros and cons of using different companies and types of rental managers.
- GST is a long topic that could be talked about. Phase 1 properties that are currently being rented out on a nightly basis are GST applicable. 99% of the time, the buyer of a property will register for a GST # and continue to rent the property on a nightly basis. Essentially they are deferring the GST. Once you change the usage of that property from nightly rentals to long-term usage, GST is due. It’s best to talk to a local accountant about GST and the implications of GST.
- CLICK HERE FOR CONTACT DETAILS OF A LOCAL ACCOUNTANT
- Phase 2
- A hotel type of property, ie. Four Seasons, Westin, Pan Pacific, etc.
- These properties have owner usage limitations. Owners are permitted to use their properties for 28 days in the summer, and 28 days in the winter.
- The rest of the time they go into a pooled revenue system. You receive income from that pooled revenue based on your unit’s entitlement.
- An average phase 2 property can earn about 2% ROI (not including financing). Some earn more, some less.
- Financing is harder to get for phase 2 properties. Minimum 35% down is required, but in some cases you can’t finance phase 2 properties at all, in other situations you may be required to pay higher than “best rates”.
- Best to use a local lender or mortgage broker to walk you through the options.
- CLICK HERE FOR LOCAL LENDER / MORTGAGE BROKER CONTACT DETAILS
- Buying a residentially zoned property is just like buying a residentially zoned property anywhere.
- You own it, you can use it as much as you want, and you can rent it out (only on a long-term basis, 60days+).
Contact me for more information, I’m a wealth of information…..utilize me!