There are ongoing costs to owning a Whistler property, which you should be aware of before you buy. Below are some of the main ongoing expenses you can expect as a homeowner.
If your property belongs to a strata (and if it is a condo or town home, it probably does), you will be required to pay the strata fees associated with the property. These fees are usually a monthly expense and can be determined ahead of time. Fees will include different items-- some could include utilities, while others might not-- so be sure to seek clarity on what, exactly, strata fees include.
All properties in Whistler are subject to an annual property tax, payable to the Resort Municipality of Whistler. The exact amount can change every year, but you can obtain previous years' amounts to give you an idea of what to expect for this cost.
Tourism Whistler fees, paid annually, are based on the combined common (paid by all members) and commercial unit (paid by members whose properties are rented nightly/short term or are used for commercial purposes) values of the property. Click here for details.
If you intend on renting your property nightly, read on:
Gross rental revenue is subject to a withholding tax of 25%, which is to be withheld by the property manager and remitted to the Canada Revenue Agency. Income tax is calculated differently for residents and non-residents, with both parties having several options depending on their circumstances. For further information, please contact us, and we can set up a meeting with a tax professional.