When purchasing a property, buyers must account for various costs beyond the purchase price. These expenses can vary depending on location, property type, and whether the buyer is a resident or non-resident. Below is a breakdown of the common fees associated with buying a property, particularly in Whistler, Canada.

### Mortgage-Related Expenses

1. Legal Fees for Mortgage Processing – Costs for a lawyer or notary to process mortgage documents.

2. Property Appraisal (if required) – An assessment to determine the fair market value of the property.

3. Land Title Registration Fees – Charges for registering the mortgage with the land title office.

4. Fire Insurance Premium – Insurance coverage required by lenders to protect against potential property damage.

### Legal and Professional Fees

1. Lawyer or Notary Fees – These include:

- Conducting a title search

- Investigating property ownership and any legal encumbrances

- Drafting and reviewing legal documents

- Facilitating land title registration

### Taxes and Government Fees

1. Goods and Services Tax (GST) – A 5% tax applied to newly constructed properties and properties used for short-term rentals.

2. Property Transfer Tax – A provincial tax calculated as follows:

- 1% on the first $200,000

- 2% on amounts above $200,000 up to $2,000,000

- 3% on amounts exceeding $2,000,000

3. Property Tax Adjustment – Covers the prorated property taxes from the date of purchase.

### Additional Costs for Strata Properties

1. Strata Maintenance Fees – Monthly charges for upkeep of common areas in condominiums and strata complexes.

2. Special Assessments – Additional fees levied by the Strata Corporation for major repairs or unforeseen expenses.

### Tourism Whistler Assessment Fees

- Applicable to properties located in designated “Town Centre” areas.

- Fees are determined based on the number of bed units.

- Buyers using the property exclusively for personal use (not rented for more than 14 days per year) may qualify for a reduced rate.

### Insurance Considerations

1. Home Insurance – Required for single-family homes to cover property and liability risks.

2. Strata Insurance – Covers shared property risks, but owners should obtain personal contents and liability insurance.

### Key Considerations for Non-Residents

If you are a non-resident purchasing property in Canada, additional requirements apply:

1. Withholding Tax on Rental Income –

- Non-residents earning rental income must pay a 25% withholding tax to the Canada Revenue Agency (CRA).

- Filing an NR6 form may reduce this obligation if projected rental income is lower than expenses.

2. Execution of Mortgage Documents –

- Mortgage documents must be signed in person before a notary public and couriered back to Canada.

- Fax and email transmissions are not accepted.

3. Methods of Payment –

- Opening a Canadian bank account is recommended for easier transaction processing.

- Payments must be made in Canadian funds via certified cheque, bank draft, or wire transfer.

- Exchange rates fluctuate, so it is advisable to check rates before the transaction’s completion date.

### Importance of Meeting Completion Deadlines

In British Columbia, timely completion of the purchase transaction is crucial. If the funds are not transferred by the agreed completion date, the seller has the right to cancel the contract and retain the buyer’s deposit.

### Final Thoughts

Buying a property involves various costs and considerations, particularly for non-residents. It is essential to plan ahead, understand all associated fees, and work with experienced real estate professionals to ensure a smooth transaction.

#WhistlerRealEstate #BuyInWhistler #WhistlerHomes #KyokoHamazakiRealtor #WhistlerLuxuryHomes #InvestInWhistler #BCRealEstate #WhistlerRealtor

What is GST?
The goods and services tax (GST) is a value-added tax that Canada introduced on January 1, 1991. It adds 5% to most goods and services you buy in Canada, though some items are either exempt or “zero-rated.”

Who Pays the GST?
Generally, GST is included in the price of taxable items and services, meaning the buyer usually pays it. However, sellers are responsible for collecting the GST and remitting it to the government. Certain groups, such as First Nations citizens and some provincial or territorial governments, may not have to pay GST on certain transactions.

GST on New Builds
When you buy a newly built home, condo, or townhouse, GST applies to the entire purchase price—including the land. If you intend to live in the home as your primary residence, you might be eligible for a partial GST rebate, depending on the price. But if you’re buying the property as a rental investment, the full 5% GST is added.

GST on Resale Properties
For most resale properties, a special exemption called “Used Residential Real Estate” applies. This means that if the property has already been used for residential purposes (whether by an owner or a long-term tenant), the seller can claim the exemption. As a result, GST is not added to the sale price. This exemption is common in many real estate transactions, particularly in regions like British Columbia.

GST on Nightly Rental Properties
Properties used for short-term or nightly rentals are considered commercial, so they don’t qualify for the “Used Residential Housing” exemption. Sellers must charge GST on these sales. However, investors can often register for GST and claim a “Capital Acquisition Input Tax Credit” to cover this cost, meaning they don’t have to pay an extra 5% upfront. Although sometimes called “deferring the GST,” this is just a method of offsetting the tax rather than an actual delay in payment.

GST in Real Estate Transactions
GST also applies to many services related to real estate deals. For example, the 5% GST on real estate commissions is typically paid by the seller. Additional services such as inspections and legal fees are also subject to GST.

Final Thoughts
Because GST rules can be complex and vary depending on your situation, it’s wise to consult with a professional tax accountant to ensure you understand your obligations and potential rebates.

#GSTExplained #PropertyPurchase #RealEstateTaxTips #HomeBuyingGuide #SmartInvesting #NewBuildTax
#ResaleHomes #TaxSavings #RealEstateAdvice #WhistlerRealEstate #WhistlerHomes #MountainLiving #LuxuryWhistler #WhistlerLifestyle #BCRealEstate #SkiTownLiving #WhistlerProperties #AlpineLiving #InvestInWhistler

If you’re ready to buy a home, you’ve likely been keeping an eye on mortgage rates. A quick online search for “best mortgage rates in Canada” will pull up a long list of lenders and brokers, but securing the lowest rate isn’t just about what’s advertised—it’s about what you qualify for.

In this guide, we’ll break down everything you need to know about mortgage rates in Canada, from understanding key terms to improving your financial standing to secure the best possible deal.

What is a Mortgage?

A mortgage is a loan that helps you purchase a home. Unless you’re paying in full with cash, you’ll need to put down a percentage of the home’s price as a down payment and borrow the rest from a lender.

Mortgage Terms & Amortization

• Mortgage Term: The length of your contract with the lender, typically ranging from six months to five years or more.

• Amortization Period: The total length of time to fully pay off your mortgage, typically up to 30 years.

What is a Mortgage Rate?

Your mortgage interest rate determines how much you’ll pay in interest over the life of your loan. This rate depends on several factors, including your credit score, loan amount, and down payment.

10 Tips for Securing the Best Mortgage Rate in Canada

1. Research different types of mortgages.

2. Lower your debt-to-income ratio.

3. Improve your credit score.

4. Show a stable employment history.

5. Save for a larger down payment.

6. Have cash reserves available.

7. Keep an eye on interest rate trends.

8. Understand the difference between high- and low-ratio mortgages.

9. Compare multiple lenders.

10. Consider working with a mortgage broker.

Securing the best mortgage rate can save you tens of thousands of dollars over time. By following these tips, you’ll be in the best position to get the lowest possible rate and start your homeownership journey with confidence.

The Bank of Canada just lowered its benchmark interest rate to 3.0%, marking the sixth consecutive cut—but this time by only 25 basis points instead of the previous 50. While this could mean lower borrowing costs for buyers, uncertainty looms with potential U.S. tariffs on Canadian goods.

Will rates continue to drop? How will the market respond? Stay informed and reach out to discuss how this affects your real estate goals!

#KyokoHamazaki #WhistlerRealtor #RealEstateMarket #InterestRates #BankOfCanada #HomeBuying #MortgageRates #WhistlerRealEstate

The real estate market in British Columbia has always been dynamic, but with new changes on the horizon, it’s essential to understand how upcoming regulations may affect home sellers. Starting January 1, 2025, a new tax, the BC Home Flipping Tax, will be implemented for individuals looking to sell properties in the province—especially those who may have only recently purchased their home.

If you're planning on buying, selling, or investing in real estate in BC, it's crucial to be aware of how this tax could impact your financial situation. Here’s a breakdown of what the BC Home Flipping Tax is, who it affects, and what you need to know to navigate this change.

### What is the BC Home Flipping Tax?

The BC Home Flipping Tax is a new tax imposed on profits made from selling a property within two years of purchasing it. This includes homes sold through pre-sale contracts or property assignments. The tax applies to both B.C. residents and non-residents alike, which means anyone selling property within the province could be affected.

While it’s separate from federal property flipping rules and not linked to the federal or B.C. income tax, the BC Home Flipping Tax operates independently. It also doesn't overlap with the Property Transfer Tax, which applies when you buy property. However, it has its own filing requirements.

### Who Does the Tax Affect?

This tax applies to properties with housing units, those zoned for residential use, and even rights to acquire such properties, like a pre-sale contract or assignment. Essentially, if you’re flipping a property or planning to, and you’ve held it for less than two years, you’ll be required to pay this tax on the profit.

Important to note: The tax doesn’t apply to properties in exempt locations or to the leasing/sale of leasehold interests in properties. So if you’re leasing a property or selling a leasehold interest, the tax won’t apply.

### When Do You Need to File a Return?

If the tax applies to your sale, you’ll need to file a BC Home Flipping Tax return within 90 days of completing the transaction. If you qualify for an exemption, you may need to file a return, or in some cases, you won’t have to file anything at all. It's essential to understand your specific situation, as there are a range of exemptions based on how long you've held the property, the purpose of the sale, and other factors.

### What Are the Exemptions?

While the tax may seem harsh, there are some exemptions available. These exemptions are designed for those who meet certain criteria—such as individuals selling their principal residence or specific circumstances around the sale of the property. In some cases, you’ll be exempt without having to file a return, while in others, you will need to file a return first to claim the exemption.

### How to Stay Updated

As the BC Home Flipping Tax takes effect in 2025, it's important to stay informed about how these changes could impact your next sale or investment. This means checking out official resources and seeking professional advice if you’re unsure about how the tax applies to your specific situation.

At Whistler Luxury Homes, we are always committed to providing our clients with the latest information to ensure informed decisions when buying or selling property. For more details on how the BC Home Flipping Tax could affect you, visit our blog for a deeper dive into this new regulation.

### Stay Ahead of the Curve

If you're thinking about buying or selling in Whistler or other parts of British Columbia, now is the time to educate yourself about the BC Home Flipping Tax. With this new tax on the horizon, the more informed you are, the better positioned you’ll be to make smart real estate decisions.

To learn more and get the latest updates on the BC Home Flipping Tax, head over to our blog post for all the details. [Read the full article here!](https://whistlerluxuryhomes.ca)

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Stay connected with us on Instagram for the latest insights, tips, and updates about the Whistler real estate market. And don’t forget to subscribe to our blog for ongoing real estate news in British Columbia.

Whistler property assessments for 2024 have seen a slight decline, according to the latest figures from BC Assessment.

Homeowners across the Sea to Sky corridor are receiving their 2024 assessment notices, which reflect market value as of July 1, 2023. In Whistler, single-detached homes saw a 1% decrease in value, dropping from $2,902,000 in 2022 to $2,842,000 in 2023. Strata properties, including condos and townhomes have had minimal change with assessments falling from $1,358,000 to $1,349,000.

Despite these declines, Whistler remains a hotspot for high-value properties. Several homes appear on BC Assessment's annual list of top-valued residential properties in the Lower Mainland, including a $31,939,000 home Stonebridge that ranks among the top 50.

In neighboring Squamish, property assessments also trended downward. Single-family homes dropped by 1%, from $1,496,000 in 2022 to $1,475,000 in 2023, while condos and townhomes declined by 2%, from $844,000 to $830,000. Conversely, Pemberton saw a slight uptick in assessments, bucking the trend with modest gains.

Stabilized Market Trends

According to BC Assessment Assessor Bryan Murao, "Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value. Most homeowners can expect only modest changes from -5% to +5%."

While residential property values have remained relatively stable, commercial and industrial properties are experiencing higher rates of increase, particularly in areas like the Fraser Valley, where limited industrial land has driven up demand.

Next Steps for Homeowners

Homeowners can find detailed information about their assessments on the BC Assessment website, including FAQs and support for inquiries.

“Those who feel their property assessment does not reflect market value as of July 1, 2023, or see incorrect information, should contact BC Assessment as soon as possible in January,” says Murao. “If concerns remain, owners can file a Notice of Complaint (Appeal) by January 31 for an independent review by a Property Assessment Review Panel.”

If you’re spending the holidays in Whistler this year, prepare to immerse yourself in a winter wonderland like no other! Picture twinkling lights, festive décor, and snow-covered landscapes that turn this alpine village into a true holiday paradise. From exhilarating outdoor adventures to cozy indoor festivities, Whistler offers endless opportunities for family fun and unforgettable memories.

The Whistler Platinum team has curated the ultimate guide to holiday activities, ensuring your visit is packed with excitement, laughter, and magic. Here’s your go-to list of must-try experiences this holiday season:

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### 1. Ice Skating at Olympic Plaza

Glide across the enchanting ice rink at Whistler Olympic Plaza, surrounded by alpine beauty and festive cheer. This family-favorite activity is perfect for all skill levels.

Pro Tip: Visit in the evening to skate under the twinkling lights for an extra magical experience.

- Rates:

- Tots (4 & under): Free

- Children (5–12): $3

- Youth (13–18): $4

- Adults (19+): $5

- Skate Rentals: $6

Note: Weather conditions may affect availability, so call ahead at (604) 935-PLAY.

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### 2. Thrills at the Bubly Tube Park

Zoom down snowy lanes at the Bubly Tube Park, located at the Base 2 Zone on Blackcomb Mountain. This adrenaline-packed activity is a hit with all ages and offers endless laughter and excitement.

Insider Tip: Arrive early to avoid long lines and maximize your tubing fun!

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### 3. Fire & Ice Show

Be dazzled by Whistler’s legendary Fire & Ice Show, where skiers and snowboarders perform jaw-dropping tricks through rings of fire. This free event ends with a spectacular fireworks display, making it a can’t-miss highlight of your holiday.

- Special New Year’s Edition: Ring in 2025 at the Fire & Ice Show, complete with extra surprises and celebrations!

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### 4. Wintersphere Whistler (Dec. 23 – Jan. 6)

Step into a winter wonderland at Wintersphere Whistler in the Whistler Conference Centre. Enjoy free family-friendly activities, including:

- Visits from Santa

- Bouncy castles and crafts

- Live entertainment

- A cozy holiday café

Perfect for escaping the cold while keeping the festive spirit alive!

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### 5. Snowmobiling

Hop on a snowmobile and zoom through Whistler’s pristine backcountry.

Details:

- Dog sledding tours last ~3 hours, starting at $579.

- Snowmobiling tours are available for various skill levels, with guided packages starting at $199.

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### 6. Whistler Sliding Centre: Luge & Skeleton

For thrill-seekers, the Whistler Sliding Centre offers the ultimate Olympic experience! Slide at speeds of up to 70 km/h on the luge or skeleton track under professional guidance.

- Prices:

- From $55 for Canadian youth (ages 14–25)

- From $249 for adults (ages 26+)

All proceeds support athlete development programs.

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### 7. ZipTrek Winter Tours – Fly Like an Eagle!

Soar above snow-covered forests on Canada’s longest and highest ziplines with ZipTrek Tours. This exhilarating adventure offers breathtaking views of Whistler and Blackcomb Mountains.

- Prices: Starting at $149 for adults and $119 for kids (ages 6–12).

- Discounts: Book two tours in one transaction for a 15% discount!

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### 8. Peak 2 Peak Gondola Adventure

Ride the world-famous Peak 2 Peak Gondola for unparalleled views of Whistler’s winter landscapes. This iconic experience is perfect for the whole family and offers unbeatable photo opportunities.

- Tickets: Adults from $99; kids from $50.

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### 9. Winter Fun at Whistler Olympic Park, Callaghan Valley

Discover an array of activities at this snowy playground:

- Snowshoeing and cross-country skiing

- Dog-friendly trails

- Tobogganing and biathlon

End your day with: Hot chocolate by the fire or a soak in your vacation rental’s private hot tub.

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### 10. Holiday Carol Services

Get into the festive spirit with traditional carol services around the village. Whether you’re listening to live choral performances or joining in the singing, it’s a heartwarming way to celebrate the season.

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Bonus Ideas:

- Snowshoe Stargazing: Experience the magic of Whistler’s night sky on guided stargazing tours.

- Festive Food Tours: Savor holiday-inspired dishes on culinary tours of Whistler’s top restaurants.

- DIY S’mores: Cozy up by outdoor fire pits in Whistler Village with marshmallows and chocolate in hand. 

Cute Hot chocolate bear for kiddies from @camplifecoffee for an extra treat: 

Ready to Create Magical Memories?

Whistler is waiting to enchant you this holiday season! Whether you’re skating under the stars, racing down snowy slopes, or sipping cocoa by a roaring fire, every moment is sure to be unforgettable.

#WhistlerRealtor #thingstodowhistler #whistlerwithkids #nonskiingactivities #WhistlerRealEstate #WhistlerLuxuryHomes #WhistlerLife #WhistlerHomesForSale #WhistlerLiving
#WhistlerInvestmentProperties #SkiInSkiOutWhistler #WhistlerPropertyExpert #WhistlerDreamHome

📉 Interest Rate Update for Homebuyers & Investors 🏡

The Bank of Canada has just lowered its key interest rate by 0.50% to 3.25%, marking the second consecutive rate cut. This decision comes as a response to slower-than-expected GDP growth and rising unemployment. Since June, the central bank has reduced rates five times, helping to bring inflation back to the 2% target.

While inflation is now under control, Governor Tiff Macklem has hinted that future rate cuts may slow as the focus shifts to maintaining price stability. This is great news for anyone looking to buy, sell, or invest in Whistler!

Interested in how this affects your real estate goals? Let’s chat! 📲

#WhistlerRealEstate #InterestRateCut #BankOfCanada #Homebuying #InvestInWhistler #EconomicNews #InflationControl #CanadianEconomy #MortgageRates #WhistlerLife #RealEstateInvesting

While Phase 1 and Phase 2 properties come with general guidelines, there are always nuances and exceptions. That’s why partnering with a local real estate expert like #RealtorKyokoHamazaki is crucial to help you navigate the unique Whistler market.

### Whistler Phase 1 Properties

A Phase 1 property offers maximum flexibility for owners. You have the freedom to occupy the property year-round, whether for full-time living or occasional use. Additionally, you can rent the property out long-term or on a nightly basis, such as through platforms like Airbnb. Phase 1 properties are typically townhouses and some condos in popular areas like Whistler Village and the Benchlands. Keep in mind that the covenants may require the property to be available for rental when not owner-occupied, and the Strata may mandate using a specific rental management company.

Phase 1 Property Quick Facts:

- Unlimited owner use—live in the property full-time

- Rent it out monthly or nightly (e.g., Airbnb)

- Flexible rental opportunities

### Whistler Phase 2 Properties

Phase 2 properties come with more restrictions on personal use. Owners can only occupy the property for up to 28 days in both the summer and winter seasons. Any additional personal use beyond this must be booked in advance, and the property is required to be placed in the integrated rental pool for the rest of the time, managed by a designated rental company. Phase 2 properties are often part of hotel complexes, such as The Four Seasons, The Westin, and Pan Pacific Whistler.

These properties are considered commercial ventures, subject to commercial tax rates. Additionally, there may be variations in rental revenue based on whether the revenue is pooled for the entire property or kept separate for individual units, affecting the overall investment return.

Phase 2 Property Quick Facts:

- More restrictive than Phase 1

- Limited personal use (28 days in summer, 28 days in winter)

- Property must be available for commercial rental when not in use by the owner

Navigating the Whistler real estate market can be complex, especially when it comes to investment properties. A local knowledgeable realtor is sure to understand all of the newest information that can help you find the right property to match your needs and goals. Whether you’re looking for flexibility or seeking a more structured rental opportunity, we’ll guide you every step of the way. #kyoko_whistlerrealtor #InvestmentProperty #Phase1Phase2 #WhistlerInvestment 

Event Overview

- What: International adaptive sporting competition for wounded, injured, and sick service members and veterans.

- When: February 8–16, 2025.

- Where: Hosted in Vancouver and Whistler on the territories of the Four Host First Nations.

- Who: Up to 550 competitors from 25 nations, competing in 11 sports (6 of them winter sports introduced for the first time).

Mission

1. Deliver a world-class Games.

2. Support competitors and families in their recovery journey.

3. Advance reconciliation, inclusion, and environmental, social, and governance (ESG) goals.

Values

- Unconquered, Fun, Inspiration, Lifting Others, Excellence, Transformation.

Sports

- Winter: Alpine Skiing, Snowboarding, Biathlon, Cross-Country Skiing, Skeleton, and Wheelchair Curling.

- Others: Indoor Rowing, Sitting Volleyball, Swimming, Wheelchair Basketball, Wheelchair Rugby.

Venues

- Vancouver: BC Place, Rogers Arena, Vancouver Convention Centre, Hillcrest Centre, UBC Aquatics Centre.

- Whistler: Whistler Blackcomb, Whistler Olympic Park, Whistler Sliding Centre.

Funding and Partnerships

- Supported by the Government of Canada, BC Province, corporate sponsors like ATCO and Boeing, and others.

- Budget aims for balance and financial legacy.

Broadcast

- Bell Media will provide national live coverage of the opening and closing ceremonies on TSN and CTV.

Volunteers and Family

- Over 1,600 volunteers during the Games.

- Competitors can bring two family members or friends, emphasizing the shared recovery journey.

Sustainability and Legacy Goals

1. Introduce hybrid adaptive sports formats.

2. Provide year-round adaptive sports opportunities.

3. Focus on mental health support for families and friends.

This event marks a milestone for inclusion and innovation in adaptive sports while showcasing the beauty and spirit of Vancouver and Whistler.

The Underused Housing Tax (UHT) has sparked significant concerns among non-resident property owners in Whistler, Pemberton, and Squamish. Here's what you need to know:

• Who is impacted?

  • Non-residents are automatically classified as "affected owners," requiring them to file a return and pay 1% of the property’s assessed value unless an exemption applies.

  • Failing to file? Expect penalties of $5,000 or more.

• Unique Challenges in Whistler:

  • Overly punitive for resort communities dependent on tourism.

  • Exemption for only 28 days of personal use, compared to 6 months in other locations.

  • Confusion has led to increased sales by non-residents and challenges for tax service providers.

• Exemptions Available:

  • New Owners: If you acquired the property during the year and had not owned it in the prior nine years.

  • Death of an Owner: Legal representatives are exempt for the year of passing and the subsequent year.

• Occupancy Exemptions:
  To meet the qualifying occupancy test, the property must have tenants, be rented, or meet other criteria.

• Potential Changes:
  Tourism Whistler is lobbying to expand exemptions for properties zoned for tourism.

• Wondering if UHT affects you?
  Let’s connect to clarify your situation and explore the best strategy to protect your Whistler investment. If needed, I can refer you to a qualified accountant or tax professional to ensure you receive expert advice.

#UHT #UnderusedHousingTax #WhistlerRealtor #kyoko_whistlerrealtor #InvestInWhistler #WhistlerLuxuryLiving #TourismWhistler #CanadaTaxPolicy #NonResidentInvestors #ResortCommunityLiving #LuxuryHomes #RealEstateTaxTips #kyokohamazaki

*Disclosure: This content is for informational purposes only and should not be considered legal or tax advice. For specific guidance on UHT compliance, exemptions, or filing requirements, consult a qualified tax professional or legal advisor.