Buyer’s Guide
Buying property in Whistler
For most buyers, the journey begins long before an offer is submitted to purchase a property. And with many different thoughts, motifs and goals playing their part – this process will be different for everyone. Engaging a real estate professional right from the start can not only safe you time, but also your sanity! There are many intricacies to the Whistler real estate market, you don’t have to navigate this by yourself, let’s chat and I will guide you through it.
Whether you are a first-time home buyer, upsizing, or adding to your property portfolio, preparation and being well informed are key to eventually making the best decision for yourself. Even if you are not planning on buying in the near future, maybe not even for a few years – now is great time to get organised.
First time homebuyers – can benefit from long term programs, like the Tax-Free First Home Savings Account (FHSA).
If you are moving within Whistler, you can explore different neighbourhoods, complexes that might interest you etc, while you are waiting for the right property to come onto the market. We will also need to discuss how to make the process of buying and selling as seamless as possible.
For individuals looking for investment property, there is a lot of information available for each building, including revenue examples, building specific information like floor plans, strata information etc. that should be reviewed to find the best options for you.
Buying process
1
Preparation and pre-approval
After we have our initial chat and I am familiar with your needs, I will set you up with automatic email notifications from our listing system, so you can keep an eye on new listings as soon as they come onto the market. I will also gather any relevant historic information that is already available for you.
Getting your finances in order is a very important piece of the puzzle. Consult with a mortgage broker or lender to get pre-approved for a mortgage. This will give you a clear understanding of your purchasing power and help streamline the buying process.
Properties in Whistler often move quickly, so being prepared and having knowledge of the current market conditions is very important.
2
Touring properties
This can look differently depending on your individual journey. There might be a number of properties you would like to see on the market already, in this case we will set a date for a property tour and see as many of the available properties as you like. Or maybe you are waiting for new listings come on and we will see them as they come available. A property tour does not have to be in person, video calls also work great to get a first impression.
I will also preview new properties for you as soon as they come on the market – or even before then!
3
Review information
Once you are ready and you found a property that you are interested in, we will review all available information together. We will discuss key elements such as price, deposit amount, dates and subject clauses.
4
Submit an offer
After reviewing all related information and answering any questions, I will prepare your offer. This is a standard contract, but includes customize clauses and subjects to meet your needs. It is also not uncommon to add a letter to the seller to introduce yourself and make the offer more personal. It is likely that there will be one or more counter offers before the final acceptance.
Depending on the market conditions, a property might receive multiple offers. It is good to be aware of this scenario and have a strategy in place should it occur.
In early 2023 the B.C. government implemented the Home Buyer Rescission Period (“HBRP”) for residential real estate transactions. Also known as the “cooling-off period,” this measure will give homebuyers up to three business days to rescind an offer on a home after the offer has been accepted. Read more about it here or contact me to talk about it.
5
Conduct due diligence
Once the we have an accepted offer (unless the offer is subject free), now is the time to conduct your due diligence to satisfy the subjects outlined in the offer. This may include a home inspection, reviewing strata or revenue documents and secure your final insurance and financing.
6
Subject removal
Once you are satisfied with everything, subjects can be removed by signing a document and we have a firm deal! The agreed upon deposit has to be paid. From here, your lawyer will be taking care of the closing documents and everything that is required before completion and possession day.
It is also important to know that if you are not satisfied, for example you were made aware of a major issue from the home inspection or strata documents, you have the option of not removing the subjects and there is no further obligation from your end, there won’t be a deal.
7
Completion and Possession Day
The completion date is the date which the property is legally transferred to the buyer. The possession date is the date which the buyer can move in and take possession of the property.