Canada’s Foreign Home Buyers Ban extended until 2027

The Foreign Home Buyers Ban, initially announced in 2022 and enacted since January 2023, prohibits non-Canadians and corporations controlled by non-Canadians from acquiring residential property in Canada, with specified exceptions. Originally scheduled to conclude on January 1, 2025, the ban has now been extended to January 1, 2027.

Whistler and Pemberton remain excluded from the Foreign Home Buyers Ban. Both Whistler and Pemberton fall outside the Prohibition on the Purchase of Residential Property by Non-Canadians Act definition of “Residential Property” – which states that the prohibition applies to ‘residential property located in a census metropolitan area or a census agglomeration’.

New BC Government Housing Measures

The BC Government announced new housing measures in the 2024 Budget. On February 22 2024, Finance Minister Katrine Conroy introduced the provincial governments Budget of 2024. The budget introduced several new housing related measures, including the BC Home Flipping Tax and various property transfer tax exemptions.

BC Home Flipping Tax

The proposed British Columbia home flipping tax would be applicable to the income generated from the sale of properties in the province if the ownership duration is less than 2 years.

The tax, which is subject to legislative approval, is separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax.

According to the official government website of BC, the tax rate will be highest for those who owned properties for the shortest period and will decline the longer the property is owned. The tax rate will be 20 percent for income earned from properties sold within 365 days of purchase and will decline to zero between 366 and 730 days. You may be exempt from paying tax on income earned from the sale of your property if you are eligible for an exemption.   

Your income of the sale of your property will be subject to this tax if you sell your property on or after January 1 2025, and if the property was purchased  less than 2 years prior to the sale. Please visit the official government website of BC for more information and get advice from a professional tax advisor.

New First Time Home Buyers Property Transfer Tax exemption

The BC First Time Home Buyers program reduces or eliminates the amount of property transfer tax that is payable when purchasing  the first home. If a new home buyer qualifies for the program, they may be eligible for either a full or partial exemption from the property transfer tax. As of April 1 2024, homes with a fair market value of $835,000 or less may qualify for a full exemption. Meaning if all requirements are met, the purchaser may be exempt rom the property transfer tax on the first $500,000 of the purchase price. Before April 1 2024, the threshold is $500,000 or less.

To qualify for a partial property tax exemption, the property has a fair market value more than $835,000 but less than $860,000 as of April 1st.  If the home id purchased before April 1, 2024, to receive a partial exemption, the fair market value must be more than $500,000 and less than $525,000. 

Please click here to see all the requirements that must be met, to learn more about the first time home buyers program and to find out if you may be eligible.

Whistler Blackcomb has opened for Skiing and Snowboarding on November 23^rd and finally had its first big weekend of snow. The Twinkly Lights are up and Whistler looks like a dreamy winter wonderland. If you are planning a trip to Whistler early this Winter, it will be worth checking out a few of the alternative events below this time!

Miracle in Whistler Village – The Raven Room - November 24 – December 31 2023

Strange Daze Vintage & Craft Holiday Pop Up Market – ALIGN Whistler - December 8 2023, 12-6pm

The Story of the Nutcracker – Maury Young Arts Centre - December 9 & December 10 2023

Whistler Bespoke Market – Audain Art Museum - December 9 2023, 12-7pm & December 10 2023, 10am-5pm

Whistler Children’s Chorus Winter Holiday Concert - Whistler Public Library - December 10 2023, 5.30-6.30pm

Wild Spirit Snowshoe & Mindfulness Retreat – Alexander Falls Touring Centre The Journeyman Lodge - December 13 – December 15 2023

Dress up like Santa Day on the Slopes – Whistler Blackcomb - December 15 2023 from 8am

Eberspächer Luge World Cup – Whistler Sliding Centre - December 15 & December 16 2023              https://www.whistler.com/events/luge-world-cup/

A Winter’s Song Solstice Concert – Squamish Lil'wat Cultural Centre - December 21 2023, 7-8.30pm

Photos with Santa – Blackcomb Springs Suites - December 22 – December 24 2023

Happy Early Season!

Autumn is a wonderful time in Whistler and its surrounding area. Fall colours, snow dusted peaks and the crisp air mixed with warm sunshine make it a fun and cozy experience. It’s the time when things quiet down and the arts and culture scene comes alive. There is a bit of everything, action and adventure with a relaxed vibe, amazing deals on dining in Whistler’s Restaurants, and inspiring events of all kinds. Lets get you connected with our nature and culture in the Village!

Whistler Fall Events -

The Whistler Wine Walk – Every Friday in October 2023

Enjoy a glass of wine and canapes while exploring four public and private art galleries on this guided tour every Friday in October. Each week will have a different featured winery. You can buy tickets from $20 on Whistler.com.

Whistler Writers Festival – October 12 to 16 2023

The Whistler Writers Festival is an annual event that hosts its 22^nd anniversary this year. This year’s theme is ‘connecting through story’. This festival includes reading events, poetry, a comedy show and workshops amongst other events. Most are held at The Fairmont Chateau Whistler in the upper village.

Whistler Cornucopia – November 9 to 19 2023

Cornucopia is a popular annual fall festival that is all about food and drinks. It features 11 days full of events under these four categories: Signature Events, Drink Seminars, Culinary Stage Series and Bar & Restaurant events. Its all about wine and food tastings, parties, and culinary demonstrations. If you like to join an event, make sure to book your ticket as soon as possible as the event sell out quickly. Your taste buds will love it! Learn more at: https://www.whistler.com/events/cornucopia/

Whistler Film Festival – November 29 to December 3 2023

This great Film Festival is later in the fall with live and virtual events to connect the audience with filmmakers and the industry. These events are filled with film premieres, talent programs, industry summits and celebrations.

Dining Deals are back -

Fall is not only a great time for popular events but also a great time to enjoy the local food scene. Most of Whistler’s Restaurants have their ‘dead season deals’ on. Offered Sunday through Thursday at most places, it is usually a three or four course fixed price menu featuring popular dishes at an affordable price. Some offer wine pairings too. To find out if your favorite Restaurant is offering a fall menu deal, please have a look at their website.

Whistler Blackcomb Mountain Update -

As we are transitioning into Winter slowly, access to Whistler Blackcomb Sightseeing is now closed and The Whistler Mountain Bike Park will remain open until October 9 2023. Please note, the new Whistler Creekside Gondola is the only option to upload for the remainder of the season. The Mountain is scheduled to open November 23^rd for the 2023/2024 Winter Skiing season.

Outdoor Activities -

While Summer activities such as Golfing and the Bike Park slowly wrap up, October is still a great time to enjoy Whistler’s great outdoors. Ziplining, Cross Country Biking, Hiking and Kayaking on one of Whistler’s beautiful lakes are great ways to enjoy the beautiful fall colours and the last warming rays of sunshine. If you don’t mind colder air and the occasional rain, it is an amazing time to explore. For more inspiration, please visit: https://www.whistler.com/activities/fall/

Below is information for First Time Home Buyers. This is only intended to give you an overview, it is advised to talk to a qualified mortgage broker/Bank and Accountant for detailed information and on what options are available.

British Columbia First Time Home Buyers Program –

This program can eliminate or reduce the amount of property transfer tax that is due when purchasing a home, depending on eligibility and the fair market value of the property.

Please find more information on the B.C. government page (link below). It will outline the requirements and who is eligible:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

Home Buyer’s Plan (HBP) –

This is a plan that allows you to withdraw from your registered retirement savings plans (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability.

The Current withdrawal limit is $35,000. Please see the link below:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

First Time Home Buyers Tax Credit –

Currently, First Time Home Buyers who obtain a qualifying home, can claim a non-refundable tax credit  of up to $750. The Value of the Home Buyers Tax Credit is calculated by multiplying $5,000 by the lowest personal income tax rate. It is now proposed to increase the amount to calculate the HBTC to $10,000. This change would provide a tax credit of up to $1,500 for eligible home owners. For more information please visit:

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/first-time-home-buyers-tax-credit.html

First Time Home Buyer Incentive –

First Time Home Buyers may be eligible for a shared mortgage with the Government of Canada, meaning the Government may offer you financing without interest. Through this incentive, the Government offers to a first time home buyer 5% of the purchase price of an existing home and 5% or 10% of the purchase price of a newly constructed home to put towards the down payment. For more information and repayment rules please visit:

https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive