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thinking about a purchase?

As you ski past the many different Big White ski properties you might have started thinking about purchasing one of your own. Or maybe you’ve only just heard about this small-town, family oriented resort with easy access from all around the world. There are many reasons to consider a purchase at Big White.

 
 
 

Invest in Your Lifestyle

You want your family to live a healthy, active life. Skiing or snowboarding is this great way to get outside for fresh air and exercise; something that can be a challenge during the cold winter months. The thing is, hitting the slopes is such an amazing activity that for many of us count down to the next snow season all summer long. Owning Big White real estate allows you to live on the mountain year long, for the ski-season, or to just spend a little more time getting that heart rate going. You’ll also be more likely to explore some of the other active things to do like nordic skiing, snowshoeing, or climbing the ice tower.

Investing in experiences like this for your family is so much more fulfilling than spending on material possessions, don’t you think? But the Big White lifestyle is not just about being healthy and active. It’s about how much you value the freedom to explore, try new things, and spend quality time with family and friends.

 

Invest in Your Family

Your family is your absolute top priority. That’s one of the reasons you go skiing or snowboarding. What’s even better than spending hour after hour on the slopes having fun and chatting on the chair lift back to the top? Sitting around the fire place playing games, drinking wine and eating good food, or lounging in the hot tub recounting stories - new and old - after those long, leg-burning days in the champagne powder. Having a place at Big White for your family to call home (or home-away-from-home) allows you to get the ultimate ski experience season after season. When you own a ski property here you’re not just buying Big White real estate, you’re making an investment in quality time with your family.

To top it all, Big White Ski Resort is not only known for being Canada’s #1 Family Resort*, but continuously strives to maintain and enhance the family atmosphere and experience. This resort is truly all about bringing families together. *2016  #1 Ski Resort in Canada for 'Best Family Resort', 'Best Grooming' and 'Best Snow', Best of Skiing in Canada Awards, Ski Canada Magazine

 
 
 

Invest in Real Estate at Big White

Investing in real estate at Big White could mean a lot of different things for you and your family depending on the type of property that you purchase, the amount of time you want to spend living in the home, and what you do with it when you’re not using it. For many owners, their Big White home is where they live only for the duration of the ski-season or for a few weeks or weekends throughout of the ski season; either leaving the home vacant or renting (most likely) it out and generating income while they are not using it themselves. Alternatively, some owners live at Big White year-round and with resort’s new summer activities there is more reason than ever to consider this.

The potential for rental income can significantly offset or even cover the carrying cost of your Big White purchase meaning you’re not only investing in your lifestyle, and your family, but also in your financial future. Imagine if you were to a purchase ski property now and use it a few weekends every year with your family, meanwhile covering the interest and principal payments on your mortgage with the rental income, and then own this amazing vacation property outright, having fully paid off the mortgage with rental income, by the time you retire!

 
 

Purchasing at Big White F.A.Q.

 

General Questions

Q: When is the best time to purchase real estate at Big White?

The best answer is that the best time to purchase a ski property at Big White is when it makes sense for you and your family. Sure, it is wise to watch the market and attempt to purchase in a “buyer’s market” when values are lower, but that could mean waiting years for the right time (and it might not even be the right time) all while you miss out on time enjoying your ski seasons living in a Big White home or condo. One major consideration will be how you intend on using your Big White condo. If you are looking for a place that you will use for all or most of the year, or during peak rental periods like Christmas, New Year’s, and March Break, you’ll want to plan ahead as many properties will have rental commitments (that a purchaser would be required to honour) for those dates months in advance.

Q: What is the best type of property to purchase at Big White?

There is truly not a general answer for this question. The mountain has private homes including both detached and duplexes, townhouses, and condominiums. There are different forms of ownership and other legal benefits and restrictions that vary. The type of property that best suits you and your family will depend on various factors from these aforementioned ones to having the right amount of space, to your budget, and more. Talk to a Big White real estate professional about the variety of property types so can better understand your options and identify what’s the right fit for you.

Q: What are the best buildings to purchase in at Big White?

There are many different buildings at Big White offering different levels of amenities, with different forms of ownership, and with different rules and regulations. Take a look at the Featured Condominiums section of this site to learn about some of the most sought after Big White condos. Also, talk to a real estate professional about what your wants and needs so they can help you find the right building for you.

Q: What forms of ownership are there?

Big White ski property do not all have the same form of ownership. The majority of properties are freehold ownership (the closest to absolute ownership available in Canada); however, there are also leasehold, and cooperative ownership. It is important to know what type of property you are looking at and the legal and financial implications.

Many of the ski properties at Big White are also strata properties which means that you own either a portion of a property as well as an interest in shared common property. An example of this is condominium where you own your residence but have a shared ownership in the land the building is situated on, the fitness centre, and the parking garage.

Q: How does it work to rent my Big White ski property?

There are few different ways to go about renting your Big White condo or home and how you rent it may depend on what property you purchase (you may be required to rent only with a designated property manager). The first decision to make is whether you want to rent out your property short term as a Big White vacation rental (14 days or less) or longer-term such as for the entire season. While it is possible for many owners to rent their property directly to a vacationer or longer-term tenant, or to use a service such as Air BnB; most owners who will rent out their property for the majority of the time will want to retain the services of a property manager who will take care of the various elements of operating a rental including: bookings, cleaning, arranging maintenance, withholding taxes (non-resident owners), etc. There are several property management companies that operate at Big White. See them in the Owner Resources section of this site.

Q: How can I learn more about the Big White real estate market?

If you’re thinking about making a purchase in the future you probably want to spend some time staying up to date on the Big White real estate market. Sign-up to receive a complimentary quarterly Big White real estate report directly to your inbox. In addition, talk to the real estate professional of your choice for more information or to ask any questions you might have about trends and news related to real estate at Big White.

Q: Who can help me with purchasing a Big White home or condo?

Big White Living is sponsored by RE/MAX Realtor® and avid skier, Joshua Elliott. Joshua works primarly with families and investors. He has developed and refined a process to ensure you get unrivalled representation and the right level of service every step of the way. Start by schedueling a quick phone call to see if there is a fit in working together. He can be reached by calling +1-250-212-2732 or by writing to joshua@joshuaelliott.ca.

for International BUYERS

Q: Can I own property at Big White?

Yes! International buyers can own any residential or investment property at Big White.

Q: Can I obtain financing for a purchase at Big White?

Yes. Only Canadian lenders can register mortgage loans on title; therefore, you will have to obtain mortgage loan financing through a Canadian lender. You’ll need to apply and get approved for a mortgage loan the same way a Canadian citizens do.

Q: What amount of money is required for the down payment?

The necessary down payment will depend on your financial situation and the exact property you want to purchase. Expect to require a down payment of at least 35% of the purchase price.

Q: Are there extra taxes for international buyers upon purchasing?

Not at Big White. While many parts of British Columbia, including much of the neighbouring Central Okanagan region, are subject to additional property transfer tax for non-resident purchasers, real estate at Big White is not. You pay the same property transfer tax that Canadian citizens do.

Q: What other implications are there for international buyers at Big White?

Yes. Should you wish to generate rental income with your Big White property you’ll be required to appoint a withholding agent and pay income tax on your rental income. Generally an international owner would hire a licensed property manager who would also act as this withholding agent, remitting the appropriate taxes on your behalf before paying out your income. For more information on how much tax is collected and options you have surrounding this, read this page from Intuit Canada: (https://turbotax.intuit.ca/tips/what-are-the-tax-requirements-for-non-residents-who-earn-rental-income-506). International owners should always obtain specific advice from a professional accountant.

Another tax that international buyers should be aware of is the tax on capital gains. This tax is levied on the increase in value realized over time. International owners pay the same tax as Canadian citizens. Upon the sale of a property by a non-resident your lawyer will be required to withhold 25% of the sale price until you’ve paid your capital gains tax and received a clearance letter from Canada Revenue Agency (CRA).

Financing and Taxes Questions

Q: Can I obtain mortgage financing for a purchase at Big White?

Yes. There are many lenders that will provide mortgage financing on a purchase of Big White real estate. Typically you will be required to have a minimum down payment of 20% of the purchase price (35% for international buyers) as lenders classify Big White real estate as recreational property (as opposed to normal residential property). Depending on the property, your income and financial position, and the property’s potential for generating rental income, you may be required to have a greater down payment or a shorter amortization period. It is important that when talking to your bank or mortgage advisor that you are clear about your intention to purchase at Big White so they can advise you accordingly.

Q: Is GST applicable on my purchase at Big White?

No. Yes. Well, which one is it? The law and subsequent rules surrounding the requirements to pay GST on the purchase/sale of real estate can be confusing. Generally speaking there are two scenarios in which GST must be paid on a real estate transaction in Canada:

  1. As residential or owner-occupied recreational real estate - upon the first sale of a new home or condo from the builder or developer to the first owner, upon any capital gains realized by the resale of a new home or condo to a 2nd owner before its completion or soon after completion whether occupied or not, and upon any capital gains realized through the substantial renovation of a resale property;
  2. As short-term rental real estate - once real estate begins to be used as a short-term rental it’s tax status changes. It essential begins being treated as a business asset. In this situation, a purchaser would pay GST on a resale property. If the property you purchase has been or will be used for short-term rentals, it is incredibly important that you obtain specific advice from a professional accountant and/or tax lawyer.