Whistler has a special feeling that I cannot quite explain, it’s just an amazing little town tucked away in BC. Buying in Whistler is more of a lifestyle investment than a money maker. If you buy right, it’s a subsidized way of being able to spend time at a place you call your own in an amazing resort destination.
Around Whistler Village and Blackcomb, properties are zoned Phase 1 or Phase 2. Phase 1 essentially means that the owner has unlimited use of the property, but when it’s not in use by the owner, it might have to be rented out as part of a rental pool. Phase 2 means that the owner can only use the property for 4 weeks in the winter and 4 weeks in the summer. The rest of the time it must be part of the nightly rental pool. Phase 2 buildings are mostly the hotels.
If you’re going to need a property manager, then expect to pay 40%…give or take a few points. There are tons of companies to choose from to do your property management. The property management fee covers the advertising, renting, cleaning and reporting on the revenue/expenses of the property in most cases. You, as an owner, will pay cleaning charges when you use the property yourself but otherwise it’s all included.
Currently, rental yields in Whistler are hovering around 1% net, and with so many people not able to cover their taxes, they cannot even make a positive return. Add debt into the financing structure and you are looking at an asset which costs you significant money every month you own it. You are essentially speculating on either a continued decline towards 0% in the yield that other investors are willing to accept, or a dramatic turnaround in occupancy levels and rates to compensate.
