SELLING IN WHISTLER

OPINION OF VALUE

Our team will draw upon our extensive real estate knowledge and local Whistler insight to provide a professional Opinion of Value of your property to ensure it is expertly priced and sold within a timely manner.

Comparative Market Analysis: We will take an in-depth analysis of recent comparable sales and competitive active listings to gage an in depth knowledge of market demand specific to the segment in question, along with buyer appetite.

Understand Seller’s Motivation: Understanding the home owner’s goals and objectives for the property sale will also play a major role in any pricing strategy we would recommend.

Property Review: In many segments, a comparative market analysis can only provide a limited insight; understanding the unique aspects of your property is fundamental in pricing. An intimate knowledge of location, build quality, costs and revenue potential (to name only a few factors) ensures your property will be expertly priced for a successful sale.

Market Conditions: Our market is ever evolving on a macro level, and can fluctuate throughout the year due to the seasonality of Whistler; having a local intimate knowledge of these factors is essential in understanding how these factors will impact a successful sale.

THE SELLING PROCESS

1. Signing Listing Paperwork: Once a pricing strategy has been agreed upon, listing paperwork (prepared in a standard format, as per the requirements of the Greater Vancouver Real Estate Board) will be sent for electronic signatures (via Docusign or hard copies if preferred); the sales contract will outline our commitment to you as the seller, as well as sales price, length of contract and commission details.
2. FINTRAC Paperwork: As licensed Realtors, we are legally required to obtain and witness a copy of current government issued identification of clients we represent, along with information relating to employment. FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) is Canada’s financial intelligence unit and is mandated to detect, prevent and deter money laundering. This is a legal requirement for all real estate transactions in Canada.
3. Property Disclosure Statement (PDS): Sellers are asked to complete a Property Disclosure Statement to the best of their knowledge (this is not mandatory, but often a requirement in a buyer’s offer). A PDS is completed by the seller with our assistance and reviews details of the property such as any existing rental agreements, previous work on the property etc.
4. Preparing to List: Preparing your property for sale will include ensuring your property is show and camera ready e.g. presenting the property in a clean and uncluttered manner. Additional information we may require includes obtaining access information and historical rental information.
5. Showing the Property: Through our sales and marketing efforts, we will coordinate showings to your property, and provide timely feedback.
6. The Offer: Influenced by the market conditions and recent sales, there is usually some variance between the asking and offered price, which will be negotiated (along with any subjects to the sale) between the buyer and seller. An offer will most commonly detail terms of the sale such as securing financing, strata and title review, building inspection requirement, payment timelines and subject removal and completition dates (among others).
7. Subject Removal: From acceptance of an offer, buyers and sellers typically has a 2 week period (timelines can vary) to conduct any due diligence outlined within the sales contract; if all subjects are met to a satisfactory level (as outlined in the contract), subject removal is provided by the seller and/or buyer. Once all subjects have been removed, the deal is firm and binding with a deposit being due as per the contract timelines; on occasions, a sales contract may be subject-free, meaning that on acceptance, the deal is firm and binding immediately.
8. The Deposit: Once subject removal has occurred, the buyer will place a deposit on the property (usually 5% of the sale) and will be held in trust by the listing brokerage. Deposit is usually payable within 2 business days of subject removal, but can vary depending on the agreed terms outlines in the sales contract. This deposit will be applied against the purchase price when the sale closes.
9. Closing and Possession Dates: In general, the closing date is the day that the seller will receive the funds and the title will be transferred to the buyer. In BC, the possession date is usually 1 to 3 days after the closing date.

SELLING COSTS

The seller of a property in Whistler is responsible for the following costs:

Lawyer or Notary Fees and Expenses
Includes attending to the execution of documents and discharging of any encumbrances.

Obtaining a Clearance Certificate
If you are not a Canadian seller, you will need a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. The current wait for a Clearance Certificate is 6 to 8 weeks, so it is important to contact your lawyer or accountant as soon as an accepted offer has been received. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold.

Pre-Payment Penalties
In Canada, a mortgage is for a fixed term usually between 6 months and 5 years. There are penalties to selling the property before the term of the mortgage is up and are usually the greater of three months’ interest or the interest rate differential.

Goods and Services Tax (GST)
The GST is a 5% tax that, in the case of a vendor, applies to the commission fee and other services related to the sale.

Adjustments for Ownership
This may include taxes and/or strata fees.

Capital Gains Tax
The rate of the Capital Gain tax is 33.33% of the ‘gain’ on investment properties. To determine the adjusted cost base in calculating capital gain, Revenue Canada allows for the following:

Property Transfer Tax

• Property Transfer Tax
• Legal fees and disbursements associated with the purchase
• Furnishings and renovations included in the selling price
• A portion of the interest on mortgage payments
• GST fees associated with the purchase
• Revenue Canada does not allow any deductions from the selling price in determining the gain. However, by filing a Canadian tax return with Revenue Canada after the sale, some of the tax paid may be recovered.