If you’re a non-resident interested in investing in real estate in Whistler, there are some specific considerations and opportunities that you should be aware of.
Canada Foreign Buyer Ban Exemption
The first thing to be clear about is that the Canada Foreign Buyer Ban, which was introduced on January 1, 2023, to limit foreign investment in Canadian real estate, does not apply in Whistler or Pemberton. This means that non-residents are not subject to the same restrictions as they are in other parts of Canada, making Whistler an attractive location for real estate investment.
The Whistler and Pemberton real estate markets remain open to foreign investors.
Financing Whistler Real Estate as a Non-Resident
Financing options for non-residents in Whistler can be more flexible than in other parts of Canada, thanks to specialized lenders who understand the unique characteristics of the Sea to Sky market.
It’s important to open a Canadian bank account while you’re in the country. And if you’re getting a mortgage you’ll need the right documentation – proof of income and assets, a credit report, etc. that proves your ability to repay the mortgage.
In Canada, non-resident real estate financing is available from a number of lenders. However, the specific requirements and terms can vary. Some may require a larger down payment or charge higher interest rates for non-resident mortgages.
Tax Implications of buying Whistler Real Estate as a Non-Resident
Before you purchase a property, you need to understand the tax implications of owning and eventually selling real estate in Canada as a non-resident.
Non-residents will be subject to capital gains tax and non-resident withholding tax when they sell the property. It’s important to consult with a lawyer and accountant who have knowledge of the legal and tax implications.
In Summary: What you need to know
Investing in Whistler real estate as a non-resident can be an attractive opportunity, thanks to the area’s exemption from the Canada Foreign Buyer Ban. However, it’s important to choose the right property for your investment goals and to understand the legal and tax implications of owning real estate in Canada as a non-resident.
Working with a local real estate agent and consulting with legal and tax professionals will help ensure that your investment in Whistler real estate is a success
If you are a non-resident thinking of investing in Whistler real estate, or if you have any questions, I am here to chat so get in touch and I’d be happy to walk you through the changes.