Property Ownership Options in Whistler: From Residential Homes to Hotel Investments
There are various ways to own property in Whistler. From personal residences to lucrative rental investments. Whether you’re looking for a permanent home, a vacation rental, or an investment property, understanding all ownership options is essential.
Here’s an overview of the different ways you can own in Whistler, including residential properties, Phase 1 nightly rental properties, Phase 2 hotel investments, and shared ownership options.
It’s important to note, that there are exceptions to each of these option.
Residential Properties
Residential properties in Whistler include single-family homes, townhomes, and condos primarily intended for personal use. Located in most neighbourhoods outside the village, you are not allowed to rent these properties on a short-term basis. Short term is defined as 28 days or less.
It is permitted to rent on a long-term basis. If you are looking to rent out your residential property this way, make sure you are very familiar with the residential tenancy regulation in BC. Being a landlord brings on a lot of responsibilities and it’s crucial to know which terms to consider, and how to end a tenancy, amongst other details.
Phase 1 Nightly Rental Properties
Properties with the rental covenant “Phase 1” in Whistler allow for the most flexibility in owner use. You can occupy the property permanently, or you can rent it out nightly, seasonally or long-term. If you want to generate rental income through platforms like Airbnb, this is the way to go.
Because Whistler, as a resort municipality, has these rental covenants in place, it’s exempt from the BC short term rental legislation that came into effect May 1, 2024. It’s important to know, that you do need a business license to operate through Airbnb etc. Further to that, the municipality, who issues these licenses can check the property for any renovations that might have been done without proper permits. Make sure you talk to your Realtor about this if you are considering short term rentals.
Because of the opportunity to generate significant income, a Phase 1 property is more expensive compared to a residential property of the same size or features. Available properties range from studio apartments to luxury chalets.
Phase 2 Hotel Investments
This is a great way of owning your piece of Whistler real estate, in a very hands-off way. Phase 2 suites are typically part of an existing hotel operation. As an owner, you are allowed to use the suite 28 days in the summer and 28 days in the winter season. The remainder of the time, your unit will be managed by the hotel and you will earn a share of the revenue.
We often consider Phase 2 purchases as lifestyle investments, rather than a pure financial investment. While some of these properties can yield a good return, at others you might be looking at an income in the range that it would only cover the costs of owning the unit.
There are many nuances to Phase 2 properties and basically every hotel in Whistler operates in a different way when it comes to owner costs, revenues and benefits. Make sure you are well informed if you are looking to buy a hotel investment suite.
Shared Ownership Options
Shared ownership, or fractional ownership, involves purchasing a share of a property, granting you access for a portion of the year.
A common form of shared ownership in Whistler is Quarter ownership. As the name suggests, you share the property with three other parties – four in total. The four main quarter share properties in Whistler are Legends and Evolution in Creekside, Horstman House in the Benchlands and Montebello in the Village.
While the first three are part of an existing lodging operation, in Montebello you have the option to manage your own rentals.
Usage is based on a rotational calendar, that ensures each owner may occupy the unit over Christmas and New Year’s on a regular basis.
Other fractional ownership options range from weekly timeshares to half interests and everything in-between.
Conclusion
Whistler offers a variety of property ownership options to suit different needs and investment goals. Whether you’re looking for a permanent residence, a rental property, a hotel investment, or a shared ownership opportunity, there’s something for everyone in this beautiful mountain paradise. As a local real estate expert, I’m here to help you navigate these options and find the perfect property for your needs. Reach out today to start your journey to owning in Whistler!
Not sure what’s right for you? Text or call me on +16049070244 and figure it out!