REAL ESTATE IN WHISTLER
There are a number of reasons why Whistler is a special place for both residents and visitors—the spectacular scenery, fabulous range of recreational activities and amenities, and a quality of life that is the envy of other communities.
There are also a number of special or unusual aspects about real estate in Whistler that come into play when purchasing a home or vacation property, and in some cases this can impact pricing.
Here is a brief overview and some of the commonly used terms:
BED UNIT CAP
At some point during Whistler's development it was decided that for infrastructure purposes, there had to be a limit on the number of people the Resort could comfortably handle. Referred to as the bed unit cap or "the number of pillows", currently this cap also serves to protect the Resort's environmental sustainability.
Once the maximum count of 52,500 bed units is reached there can be no new market housing created nor will any rezoning be implemented. The bed unit count is presently at 46,000 with the main village of Whistler almost built out. There are still some small developments in the Resort planned, but overall Whistler's size will not change.
This will ultimately continue to create upward pressure on pricing in the long term.
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ZONING
There are over twenty-five different types of residential zones in the Whistler area. Some of these zones allow the use of the property for the purposes of short-term rental and some prohibit it.
Individual properties that permit usage as tourist accommodation may also have covenants that determine the amount and type of personal and public usage of the property. These are generally referred to as Phase One and Phase Two properties and are mostly found in Whistler Village and Upper Village/ Blackcomb Benchlands, as well as in Whistler Creekside.
PHASE ONE
Phase One properties allow the owner the greatest flexibility and control with unrestricted and unlimited personal use of their property. Such properties may be made available for nightly, short-term or long-term rental. Most Phase One properties are condominiums and townhomes, found in the main village areas, however there are also Chalets (Single Family Homes) in tourist-specific areas which are zoned for nightly rentals i.e.) Nicklaus North, Horstman Estates. Another important distinction is that the décor in each unit may be modified by the individual owner to suit their personal taste, whereas with Phase Two—hotel properties (see below), the décor is standardized to the hotel operation and may not be altered.
Phase One properties are appealing to owners wanting to choose their own rental management company or manage the rental of their property themselves. Given their proximity to the Whistler/Blackcomb base areas, such properties in particular can provide further return on investment through rental revenue generation, in addition to capital appreciation.
PHASE TWO
Phase Two properties are commonly found in the larger brand name hotel condominium properties such as The Westin, Four Seasons and Pan Pacific. The covenant restricts the owner's use of their suite to 56 days per year divided equally between winter and summer with the remaining days available for rental through the hotel's management company. Owner reservations are pre-booked on a 6 to 12 month calendar with some flexibility for short notice bookings in off seasons. The gross rental revenue for all the suites in the property is pooled together and divided out to each owner as a percentage based on the suite's configuration, features and size. The rental manager in these properties has the exclusive contract to handle the entire property.
The benefit to this style of property is that it is completely hands-off with all furnishing, decor upgrades/maintenance and rental handled by the hotel manager. Other benefits include full-service concierge, in-house restaurants and hotel amenities (spa, pool, fitness facilities). These investments are best suited for the occasional visitor to Whistler or for the investor interested in revenue.
RESIDENTIAL
Predominantly found in residential neighbourhoods, these properties are zoned for full-time use as a primary residence or for occasional/weekend use as a recreational property. Residential properties may also be rented for periods longer than 28 days at a time; i.e.) month to month or yearly/seasonal rental. They may not be used for short term nightly or weekly tourist rental accommodation.
FRACTIONAL OWNERSHIP
This type of ownership makes purchasing a property more affordable. Under this form of strata title ownership the owner has registered title to a fraction of the interest in the property and shared use of unit with the property's other owners. If an owner chooses not to use their allotted week they can rent their suite through the management company and earn income on the rental.
EMPLOYEE RESTRICTED
While anyone may purchase an employee restricted property, a full-time Whistler resident, employed or retired, must occupy these properties. For example, an owner from outside of Whistler may rent the property to a local resident but not use the property as their weekend home. Aside from who occupies the property there are no other defining restrictions and no re-sale restrictions.
Employee restricted properties are not to be confused with subsidized housing administered by The Whistler Housing Authority (WHA) and only available for purchase by full-time residents. WHA properties have price cap restrictions and are not sold on the open market.
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TOURISM WHISTLER FEES
Tourism Whistler is the association responsible for promoting the Resort as an international destination and oversees the central reservation office for accommodation booking.
All properties zoned for nightly rentals are required to pay annual Tourism Whistler Assessment Fees, due on a quarterly basis. This fee is calculated based on the capacity of the accommodation to sleep guests, measured in bed units—for example, one bedroom equals two bed units.
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