In addition to the purchase price, you need to factor in the following additional costs:
Property Transfer Tax
A Provincial Government tax which applies on all transfers of real estate and is payable on completion date. The transfer tax is 1% on the first $200,000 and 2% on the balance of the purchase price up to $2 million, then 3% on the amount exceeding $2 million).
Legal Fees And Disbursements
These are the closing costs paid to a lawyer or notary to complete the transaction on your behalf. The exact amount of these charges will vary depending on the transaction but they generally range from approximately $600.00 to $1,000.00. Most lawyers and notaries will provide quotes as to charges. It is important to ask whether the quote includes all expenses to complete the transaction. Whistler transactions are somewhat unique, and we are therefore happy to recommend a lawyer for you.
Goods And Services Tax (Gst)
GST is a 5% tax which applies on the purchase of new construction and on the resale of accommodations which have been rented for short-term / nightly rentals. The payment of GST can be deferred if the buyer intends to rent the property and becomes a GST registrant. This matter is handled entirely by your lawyer or accountant.
Tourism Whistler Fees
These are quarterly fees payable to the Whistler Resort Association and are calculated based on the number of bed units present and the use of the property. Should you use the property for personal use and don’t rent it for more that 14 days per year, you may file a declaration to pay a lower fee. For more information about bed units contact the Whistler Resort Association at 604-932-3928 or click here.
Purchasers will be required to arrange insurance on single family residential accommodations. Strata properties already have the insurance in place, however, purchasers should always maintain liability and contents insurance.