Are you thinking about buying a Whistler property for part-time use?
Below is a quick guide to 'Phase I' & 'Phase II' properties.
Like many municipalities around the province, most of the properties in Whistler are designated for residential use. However, unlike other cities and towns in BC, Whistler’s Resort Municipality has special rental pool covenants attached to certain areas of land in Whistler. These covenants dictate how you are able to use the property. A covenant, which is recorded on your property Title, is an obligation restricting what an owner can or cannot do on the lands.
As Whistler is a resort town whose main business is Tourism, these covenants were established to allow for legal nightly rentals. In this age of increasingly strict regulations on Airbnb rentals, these Whistler properties are becoming increasing popular.
There are two types of rental pool covenants on property titles in Whistler: Phase I covenants and Phase II covenants.
Phase I covenants allow owners to self-manage nightly rentals on Airbnb (or any other web platform). The amount of owner use is also not restricted, making Phase I properties the most popular choice. Phase I properties are mostly self-contained townhouses and condos. Phase I properties generally fetch the highest price tag per square foot.
Phase II covenants require that the property must be available for nightly rentals to the public at all times except for limited owner use. Owners’ personal use of their unit is limited to 28 days in Summer and 28 days in Winter. All Phase 2 properties have a designated property manager with set fees, who manages all the units in the building. Phase 2 properties are mostly hotel style suites.
Properties with Residential zoning and no rental pool covenants can only be legally rented on a long-term basis – meaning a minimum of 28-days at a time.
Contact Ron & Rachel today to find out more about your Whistler real estate options.
Information source: whistler.ca