Keep in mind that the minimum down payment is subject to the lender’s approval, and that they may request more if you have a poor credit history or are self-employed. As a general rule, you should make your cash down-payment as large as possible.
Anything below 20% is a high-ratio mortgage and requires mortgage default insurance. This protects the lender in case the borrower defaults on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
Your deposit for the real estate transaction may form part of your down-payment.
This is the financing for the balance of the purchase price. Various banks charge different rates of interest, so we recommend that you consult a mortgage broker to get the best financing option for you. Additional costs related to arranging the mortgage may be an appraisal fee, which typically ranges from $300 – $500.
This is a Provincial Government Tax that applies to all transfers of real estate and is payable on the completion date. The rate of tax is calculated on the purchased price at the following rates:
1% on the first $200,000
2% between $200,000 up to $2Million
3% on the balance above $2Million
If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).
This is a 5% tax that applies to the purchase of new construction and on the resale of accommodations that have been rented out on a nightly / weekly basis. This tax can be deferred if the new purchaser intends to use the accommodation for short term or nightly rentals at least 90% of the time and she/he becomes a GST registrant. It is recommended to speak with a lawyer or accountant for further advice on GST deferral.
For any property purchases in British Columbia, a purchaser is required to retain the services of a Canadian lawyer or notary to draw up the land title transfer documents, mortgage documents and handle the transfer of funds. We recommend that purchasers use a lawyer that is familiar with Whistler property to handle their transaction. We can assist with recommendations for reputable lawyers.
Each transaction is very different but you should expect to pay approximately $700 to $1,800.
This annual tax is collected by the municipal government (Resort Municipality of Whistler aka RMOW) to pay for municipal expenses such as public road maintenance, water and sewer infrastructure, etc. Property taxes are paid annually on July 1st which encompasses the preceding and the upcoming six months. When you purchase a property you will be required to pay the portion of the annual tax amount based on the number of days you own the property in the year of acquisition. The lawyers will calculate the proportionate adjustment at the time of completion. Thereafter, you must pay your taxes by July 1st on an annual basis.
Typical monthly costs incurred with ownership are mortgage payments, maintenance costs, home insurance, strata fees and utilities.
This fee is payable to Tourism Whistler, the marketing arm of our resort. It applies to properties within a designated area called 'Resort Lands' primarily in the Whistler Village area and is calculated based on the number of bed units within and the use of the property. For more information regarding these fees and how they are calculated please contact Tourism Whistler at 604-932-3928.
You shouldn’t forget to set some money aside for:
- home inspection fees
- moving expenses
- deposits required by utility companies
- household goods, like appliances and other equipment
- redecorating or renovations
There is no foreign buyer tax in Whistler.
In British Columbia, only the Greater Vancouver area has a 20% tax on purchases made by non-residents.