Property related taxes and fees
Property Transfer Tax PPT
Property Transfer Tax is charged when there is a change to a property’s land title, usually initiated through the sale of the property. The amount charged is based upon the sales price at a rate of:
- 1% on the first $200,000,
- 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
- 3% on the portion of the fair market value greater than $200,000 and up to and including $3,000,000, and
- 5% on the portion of the fair market value greater than $3,000,000.
The additional 20% Property Transfer Tax charged to foreign nationals or foreign corporations is not applicable to our market and is limited to the Greater Vancouver Regional District area only. The recently approved ‘1% Empty Home Tax’ introduced in Vancouver where properties or residential land that sit empty for six or more full months in a year are penalised with an additional 1% tax on the property’s assessed value is also not applicable in the Whistler market.
These are charged by the Resort Municipality of Whistler on a yearly basis. Payments are made in July for the full calendar year.
Also referred to as Condominium and Townhouse Maintenance Fees. These are paid to the strata corporation on a monthly basis to cover maintenance of complex. A levy may be applied at times by The Strata Corporation to cover special assessments for extraordinary expenses that may not be sufficiently covered by the contingency reserve fund.
Tourism Whistler Fees TW FEES
Tourism Whistler is responsible for the promotion of Whistler as an International destination. Any property located on RESORT lands is required to pay an annual fee based on the number of bed units present in the accommodation – for example a 1 bedroom suite equals two bed units. The amount of the fee is also dependent on the use of the property – residential vs. commercial.
GOODS AND SERVICES TAX
GST (Goods and Services Tax) is a 5% federal tax that is charged to the purchase of new constructions and on the resale of properties used for short-term or nightly rentals where this tax has previously been deferred. In order to defer this payment on rental properties, the new purchaser must intend to rent the property on a short-term or nightly basis for at least 90% of the time, and become a GST registrant.