Many tourists come to Whistler for a vacation and end up staying for a lifetime… or at least spending a good portion of their holidays at their second home or Whistler luxury real estate. Whistler is a great place because it is so easily accessible. With the Vancouver International Airport only 3 hours away, the drive to Whistler is just enough time to take in the spectacular scenery along the Sea to Sky Highway.
It is relatively simple and straightforward for a non-resident to purchase in Canada, as there are no restrictions or extra fees.
If you require a mortgage you will need a down payment of around 35% of the purchase price. Required as well is a Canadian bank account for the transfer of funds and mortgage payments.
If you purchase a Whistler luxury real estate rental property (or non luxury property) you will need to file a yearly Canadian tax returns. Your local accountant or property manager may assist you with this process.
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. Please consult you accountant for further details and actual filling information on rental properties and other Whistler luxury real estate concerns.
Our buyers come from all over the world including Southeast Asia, the US and the UK. Many weekenders are from the lower mainland or elsewhere in British Columbia. Here is a graph of our buyers origin.
For rental properties in Whistler the first thing you need to know about is that you will likely make enough to cover your expenses (property taxes, strata fees and Tourism Whistler fees) but not enough for debt servicing (mortgage). An average return on investment is 1-2% after you pay your expenses and rental management fees. So that means that if you purchase a place for $500,000 that you’ll likely earn between $5,000-$10,000 per year return on your investment. This, of course, varies according to when/how much you use the property, how much snow Whistler Blackcomb gets during the peak winter season and if you do rentals yourself or use a management company.
Investing in Whistler luxury real estate has to be a lifestyle choice; you have to want to use the property yourself for it to be worthwhile. The postive attributes to owning in Whistler are personal usage, revenues and capital appreciation.