There are one-time costs and ongoing expenses associated with purchasing a property. The largest one-time cost is a deposit of 5% of the purchase price which is usually due upon acceptance of an offer. The deposit amount can be applied to your down payment amount.
In addition, it is a good idea to have 1.5-2% of the purchase price set aside to cover closing costs.
One Time Closing Costs may include:
It is paid to the provincial government: 1% on the first $200,000 and 2% on the remainder of the purchase price. On properties over $2 Million, the tax is 3%
First time purchasers may be exempt from the property transfer tax if the purchase price is under the threshold of $475,000 and the property will be their primary residence. Upon closing your lawyer will apply for the exemption.
The current rate is 5%. GST is applicable on new construction and on the resale of properties that have been used commercially.
GST can be deferred on rental property if the buyer becomes a GST registrant and continues to rent the property nightly. A new owner of a rental property can register for GST with the help of their lawyer or accountant. Your rental management company then remits the GST charged on rentals. You will be required to file an annual GST return. Please consult a Canadian accountant for tax advice.
These are monthly or yearly fees and expenses that you may have to consider when purchasing a property.
Each strata lot owner pays a monthly fee to the management company. This covers expenses such as exterior building maintenance, snow and garbage removal, landscaping, common area insurance, management fees, and reserve fund contributions.
A yearly fee collected by Tourism Whistler in order to market and sell Whistler to the world through brand advertising, group sales, promotional campaigns, events and media relations. TW fees are applicable on properties within designated resort lands.
Paid to the Resort Municipality of Whistler and based on the assessed value of your property multiplied by the mill rate which will be determined by the Municipality.
Strata Corporations pay for building and common facility insurance. Individual owners should purchase insurance for improvements, liability and contents.
Rental management companies charge a fee of approximately 35-45% of your suite’s gross revenue. The benefit is that they handle everything from check in & cleaning to submitting taxes on your behalf. It is basically ‘hands off’ for you. You can also handle rentals yourself if you choose.
Buyers will be responsible for the transition of accounts at BC Hydro, Terasen Gas, cable TV, phone and internet. You will then receive monthly bills for the subscribed accounts.