Are you an American considering buying property in Whistler, BC? The process can feel overwhelming, with plenty of nuances and details to navigate.
Not into reading? No worries! Check out the full scoop in this YouTube video
As a seasoned Whistler real estate agent with over 25 years of experience, I've guided hundreds of American buyers through this market. To help you get started, here are the five main points you need to know when buying property in Whistler.
1. Can Americans Buy Property in Canada?
Yes, Americans can absolutely buy property in Canada, including Whistler. There are no restrictions that prevent you from purchasing, but it’s essential to be aware of certain nuances related to taxes, zoning, and financing that might differ from what you’re used to in the U.S.
2. Phase 1 and Phase 2 Property Zoning
When browsing Whistler real estate, you'll encounter three main property types:
Phase 1 Properties: These allow unlimited owner use and the option for nightly rentals. Popular Phase 1 zones include Whistler Village, Blackcomb Benchlands, Creekside, and select areas like Nicklaus North and Kadenwood.
Phase 2 Hotel Condos: These are condo units in hotels like The Four Seasons or The Westin. Owner use is limited to 28 days in winter and 28 days in summer, with the remainder of the time managed as part of the hotel rental program.
Understanding the differences between these zoning types will help you decide which property best suits your lifestyle and goals.
3. Financing Your Whistler Property
If you need a mortgage, it must come from a Canadian lender. U.S. or other foreign banks cannot issue mortgages for Canadian properties.
Here are the general requirements:
Residential or Phase 1 Properties: Minimum 25% down payment.
Phase 2 Hotel Condos: Minimum 40% down payment.
Your financial situation will ultimately determine these numbers, so working with a trusted local mortgage broker is key. Reach out, and I’d be happy to connect you with one.
4. The Underused Housing Tax (UHT
As a foreign owner, you or your spouse must use your Whistler property at least 28 days per year to avoid the 1% Underused Housing Tax. The tax is calculated based on the assessed value or most recent sale price of the property.
The Canada Revenue Agency (CRA) is thorough in its audits—verifying receipts for gas, restaurants, and other local purchases to confirm personal use. This tax is currently under review, and ongoing lobbying efforts may lead to changes, but for now, it’s an important factor to consider.
5. No Foreign Buyer Tax in Whistler
Canada has a 20% Foreign Buyer Tax in certain urban areas, but the good news is that this tax does not apply in Whistler. You can breathe easy knowing this expense won’t impact your Whistler property purchase.
These five points are a great starting place, but there’s more to consider when purchasing a property in Whistler. If you’re ready to explore your options or have specific questions, I’m here to help. Let’s connect and discuss your goals—I’d be happy to guide you every step of the way.
