Home Buyers Rescission Period
The HBRP provides buyers an opportunity to rescind their contract to purchase certain residential properties up to three business days after an offer is accepted with a financial penalty. This rescission period applies to residential real property transactions regardless of whether a real estate licensee is involved in the transaction and cannot be waived by the buyer or the seller.
Click on the following link for more details HBRP
There are no restrictions on foreign ownership of real estate in Whistler. Other parts of Canada are currently restricted until Jan 2025, Marshall can help with any questions concerning this.
There are financing and taxation considerations that will determine the ideal form of ownership for an overseas owner that should be reviewed.
Tax rates on Property Transfer Tax
There are three rates to consider when calculating your total property transfer tax amount:
The general property transfer tax rate is:
1% of the fair market value up to and including $200,000
2% of the fair market value greater than $200,000 and up to and including $2,000,000
3% of the fair market value greater than $2,000,000
Marshall is familiar with these issues and can also direct you to an expert to assist you.
Financing for your purchase is available from a variety of sources in Canada. We can direct you to a selection of choices or will introduce you to an expert in arranging financing on your behalf (a mortgage broker). It is likely that you will need to provide a net worth statement and proof of income as part of this process.
Speculation and Vacancy Tax
The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C. For further information and to see if this could apply to you please click on the following link: Speculation and Vacancy Tax