Buying in Whistler right now is a pretty attractive investment! Especially for US residents, where they are automatically getting a 20+% discount, thanks to the weak Canadian Dollar.
If you are an American considering purchasing a property in Whistler, here are some important notes on the financing and the steps required to make the process as smooth as possible:
– Anyone who files taxes in the US is considered a US resident for mortgage financing purposes.
– US residents can get up to 80% financing for properties just under $1,000,000. For properties over $1,000,000 the percentage financing available will decrease as is common with most higher priced purchases.
– Financing for Phase 2 properties (click here to review Whistler rental zoning designations) is also available for US residents for a few specific hotel properties in Whistler. This is usually limited to 65% financing but for very strong clients, 80% financing may be possible. Rates for this type of financing are still very good with 5 year fixed terms being available below 3%.
– Before you leave Whistler, it is advisable to open a Canadian bank account and meet a lawyer to confirm your identity. This can prevent having to come back to Canada to sign documents at closing.
– Also, while you are in town, it is always best to ask a local mortgage broker about the specifics of financing to ensure the proper steps are taken to minimize any hurdles in the financing process.
If you are in town from another country and are curious about the process of purchasing in a foreign country, please feel free to give me a call at 604-935-7913. I am happy to be your local real estate resource.