Greetings from Whistler,
Here is some new information we just received from the government, you may be interested in knowing these changes to Property Transfer Tax and the Home Owner’s Grants.
Property Transfer Tax (PTT)
The threshold for First Time Home Buyers’ Program Exemption increased to $500,000. Effective on registrations on or after February 22, 2017, the fair market value threshold for eligible residential properties under the First Time Home Buyers’ Program is increased to $500,000 from $475,000. The partial exemption now applies to homes valued between $500,000 and $525,000.
Home Owner Grant
As announced on January 10, 2017, the threshold for the phase-out of the home owner grant is increased to $1.6 million from $1.2 million for the 2017 tax year.
We are in the height of the tourist season now, the hotels and condos are almost 99% booked on the weekends and about 70% booked during the week. A bit of new snow is expected this weekend and the Annual Peak To Valley Race is also happening if you are looking for some entertainment!
Market wise our report shows 31 sales this past week. Take note that 10 of these sales are for Vacant Land in the Wedgewood development which is 12 minutes North of Whistler and there was a lot sold in Cypress Place. The Wedgewood lots are about an acre plus giving the buyers lots of privacy with larger home builds plus allowed auxiliary buildings. It will be quite exciting to see all the new homes being built within the next year. If you take out the lot sales, there were 20 property sales in Whistler which is still very active. Let us know if you have any questions on buying or selling, we are here to help!
Have a great week!
Lynne and Tracey