Whistler has a high ratio of out-of-town and non-resident home owners. As a resort community many people invest in property here for the high rental yields and strong appreciations, or own a recreational property to enjoy the world-class skiing or active summers in the mountains. Currently Whistler is experiencing prime conditions for selling. Prices are at an all time high, inventory is at historic lows and the American dollar is strong. If you are a non-resident looking to sell your Whistler property there are certain things to consider. Find out how to sell your Whistler home from afar, and how we can help you make the transaction as smooth as possible.
Step 1- Before selling
Before selling your home as a non-resident you will need to obtain a Clearance Certificate from the Canada Customs and Revenue Agency (CCRA). This takes about six to eight weeks. You will need to pay any outstanding tax pertaining to the property before a certificate is issued.
Step 2- The listing
Once you decide you’d like to sell your Whistler investment or recreational property, it’s time to draw up the paperwork. Technology now enables all document signing to take place electronically, meaning you can sell your home from anywhere in the world. After a discuss about the market conditions, a look at comparible sales and a clear understanding of your specific real estate goals and objectives, a listing contract will be drafted. At this time a Property Disclosure Statement will need to be completed, this discloses any latent defects that may not be discoverable on inspection. As a non-resident or absentee homeowner you may not be familiar with the current state of your property, it is possible to sign this document without making any disclosures.
Step 3- Marketing your home
Once the listing contract is complete the process of marketing your home begins. This involves obtaining relevant marketing materials such as photos, 3D tours, aerial photography (if applicable), and other print and digital materials. We will also work with current tenants, or around guests to have open homes and a real estate preview tour of your property. Property showings may be a regular occurrence while your home is on the market. We will communicate with tenants and property managers to ensure these are scheduled appropriately.
Step 4- The offer process
It won’t be long until offers begin rolling in. At this stage we will work with you to determine the best course of action (acceptance, counter-offer, decline), depending on the details of the offer and if it is a multiple offer scenario. All communication can be done online and we work with clients to ensure the communication schedule and method suits their preference.
Step 5- After the sale
After the sale we will connect you with a notary or lawyer (or you can choose your own), to facilitate the property transfer. If you have a mortgage on your property you will need to contact your mortgage provider to attend to the mortgage. In the case of breaking a mortgage term there could be penalty fees involved.
Step 6- Moving out
If you are selling an unfurnished property then moving out is easy, however if you are dealing with furniture you will require a mover. Again, we can recommend some of the best movers in the area who can take care of every aspect of the removal including packing, transporting, storing and shipping items to wherever you specify.
Step 7- Capital Gains
When selling an investment property in Canada capital gains tax will be charged on the income of the property in the year it is sold. Currently 50 percent of realized capital gains from a sale of property in Canada are taxable at an individual’s tax rate. We can connect you with a tax professional to provide advice and further information on how capital gains will affect the sale of your property.
For a full guide on selling your Whistler property as a non-resident download our Whistler Real Estate 101- A Non-Resident Guide to Selling Your Whistler Property. We look forward to helping you sell your Whistler property, and make the process from start to finish as smooth as possible.