Whistler Property Types
Buying a Condo/Hotel
A concept developed in Whistler, purchasers have the opportunity to buy a condominium which is managed by hotel operators such as the Four Seasons. These properties will generally have a Phase II Covenant and operate on the system of a Rental Pool. This is an excellent style of investment If you are only coming to whistler a couple of weeks a year or a looking for an investment property with rental revenue.
These properties are generally at the base of Whistler Blackcomb, close to skiing, shops and restaurants
Hotel handles rental management and disbursement of monies
Hotel remits GST to revenue Canada on your behalf
Hotel manages all maintenance on the property
Use of hotel facilities such as pools, heath spas, concierge, ski storage, business centres
Save on accommodation expenses
Phase II covenant limits usage
Property Taxes, Strata Fees and Tourism Whistler Fees are the responsibility of the owner.
All owners must register a GST number prior to closing on the unit so that they can defer the GST on the purchase.
Owners will be charged a cleaning fee upon departure, fee depends on size of suite.
Zoning and Covenants Explained
The following is designed to be a guide to some of the more commonly used terms when looking at Whistler Real Estate. Buyers are advised to confirm the zoning and permitted use of the Real Estate they are looking to buy.
Phase II Covenant
Properties with a Phase II covenant are generally found in the larger Condo/Hotels properties such as the Four Seasons and Pan Pacific Hotels. The covenant restricts the level of Owner Use to 56 days per year - 28 days in the winter and 28 days in the summer. The remaining days the property is available for rental through the in-house rental agency (e.g. Four Seasons). All owners are in a Rental Pool where they are receiving a percentage of the Gross Rental Revenue for all the suites in the hotel for each night of occupancy. These styles of properties are best suited to those coming to Whistler a couple of weeks a year or investors interested in revenue producing properties with an in-house management company.
Rental Pool Management Agreement: each Residential Lot owner is entitled to payment each month of a proportionate share of the net revenues earned from the Rental Pool operation in respect of those days during the month the Residential Lot was available for rental to the public, after deduction of certain expenses, including the Manager's remuneration and a reserve fund contribution, a franchise fee and corporate charges of the Manager or its affiliates.
Owner's Use: If any Unit Owner wishes to use the Strata Lot in any Season, the Registered Owner must first reserve the use of the Strata Lot by completing and returning the Owner use calendar provided by the Manager at least 90 days prior to the commencement of such Season. In addition the Registered Owner may, at any time upon seven days prior written notice to the Manager, request the use of the Strata Lot of any Day or Days.
Phase I Covenant
This is generally considered unrestricted allowing the owner the most flexibility and control over their property. With a Phase I covenant, the owner has unlimited personal use of their property. In addition, the property may be made available for nightly, short term or long term rental. This type of property is typically found in condominiums and townhomes in Whistler Village, Whistler Village North and the Benchlands and works best for owners wanting to choose their own rental management company and/or use the property personally. For investors these properties are mostly found within walking distance or short bus ride to the Whistler and Blackcomb Gondolas and as such tend to provide a good return on investment through rental revenue.
This zoning is predominantly found in the residential neighbourhoods surrounding Whistler's centre such as Alpine Meadows, Whistler Cay Estates, Bayshores etc. Properties zoned Residential maybe be used as your Primary residence, long-term/seasonal rentals or for personal and recreational use. They may not be used for commercial activities such as nightly or short-term rental is not permitted.