Leasehold Properties in Whistler
What is a leasehold property?
A leasehold property is a property that has a landlord and a tenant, whereby the tenant occupies the land/property for the duration of an agreed upon term. Sometimes these leases are prepaid, or have ongoing lease payments. At the end of the term, the lease is either renewed based upon an initial lease agreement stipulating a ‘right of renewal’ for an agreed upon term(s), or the lease expires without a renewal option in which case 1 of 2 things can happen in the case of a stratified property:
1- the landlord and tenant agree to a new lease agreement under the same terms and conditions as before, however the rent (for the lease) can be charged at current market rates and the term length can also be changed.
2- the landlord must buy out the tenants if no new lease can be agreed upon, again at current market rates; if the basis for calculating the purchase price was not set out in the original strata lot lease.
Example
In the Suncrest development in Whistler which consists of 2 and 3 bedroom townhomes, many buyers and sellers and even agents, are unaware that the lease for this development has no automatic right of renewal after is 99 year lease (commencing 1992). So by 2091, the landlord and tenants must either agree on a new lease , or the owners get bought out. No one can know which route will occur that far ahead but it is something prospective buyers and sellers should be aware of.
The complex was developed with lands leased by the Resort Municipality Of Whistler (RMOW); the landlord, however the buildings themselves are owned by the owners. Essentially, the leasehold strata plan allows the owner to occupy the strata lot for the duration of the agreed upon term as set out in the ‘Head Lease’.
Note: because of this, you can often find that prices are much lower than a similar ‘freehold’ property. If you don’t plan on living there forever it can be a cost effective method of owning in Whistler in comparison to freehold purchases of a similar size and style.
So what properties in Whistler are Leasehold?
Eva Lake Village
1,2,3 bedroom condos/townhomes located in the Nordic Whistler subdivision. This complex also has an employee restricted covenant on the title to the properties, meaning anyone can own them but an employee or retiree of a Whistler based business must occupy it. There is also 1 building in the complex that is freehold, not leasehold; confusing right?! The leasehold buildings have a 99 year lease with a plan for the municipality to purchase the units at fair market value, or as decided by arbitration. However when the time comes I am sure the municipality will try and renegotiate a lease.
Highpointe
2 studio units in the Highpointe complex in Nordic Whistler, which is otherwise a freehold complex. These 2 studios are also employee restricted, and have a lease up until 2188 (a 200 year lease from its start in 1988). This complex is a short walk to Creekside, with shops and the ski hill nearby, and offers a potentially good entry level price point into the Whistler real estate market for a single or couple looking to move away from renting.
Suncrest
2 and 3 bedroom townhomes located in the Brio Whistler subdivision which is within walking distance to Whistler village. Again, this complex also has an employee restricted covenant. It too too has a 99 year lease with no right of renewal.
Vale Inn
Studios, 1 bedroom and 2 bedroom units. Built in the 1970’s this complex is located in the southern end of the Nordic Whistler subdivision, close to the creekside gondola. This complex is a little different from the first 2 in that banks do not lend on it (meaning no conventional mortgages), but also that anyone can own or occupy it (no employee restrictions) and it can also be rented out on a short-term (nightly) basis which is great for revenue production. All your expenses (maintenance fees, taxes etc) are covered in your monthly strata fee, and it has a 200 year lease but all owners make up the value inn association and therefore have a voice in decision making about the leases when they expire.
Leasehold properties in Whistler don’t have to be daunting, you just need to understand them!
614 2202 Gondola Way 614, Whistler
23 2324 Taluswood Place 23, Whistler
4603 Montebello Place, Whistler
409 4910 Spearhead Place 409, Whistler
401 2202 Gondola Way 401, Whistler
221 2202 Gondola Way 221, Whistler
25 4637 Blackcomb Way 25, Whistler
23 4644 Blackcomb Way 23, Whistler
18 4637 Blackcomb Way 18, Whistler
208 2202 Gondola Way 208, Whistler
3 4725 Spearhead Drive 3, Whistler
126 4800 Spearhead Drive 126, Whistler
117 4355 Northlands Boulevard 117, Whistler
320 2021 Karen Crescent 320, Whistler
8 4891 Painted Cliff Road 8, Whistler
116 4800 Spearhead Drive 116, Whistler
24 4661 Blackcomb Way 24, Whistler
4 3102 Panorama Ridge 4, Whistler
30 2110 Whistler Road 30, Whistler
112 4388 Northlands Boulevard 112, Whistler
347 4340 Lorimer Road 347, Whistler
433 4314 Main Street 433, Whistler
20c 3102 Panorama Ridge 20c, Whistler
220 4809 Spearhead Drive 220, Whistler
326 4360 Lorimer Road 326, Whistler
222 4200 Whistler Way 222, Whistler
212 4660 Blackcomb Way 212, Whistler
207 2050 Lake Placid Road 207, Whistler
12 2213 Marmot Place 12, Whistler
348 4314 Main Street 348, Whistler
113 3070 Hillcrest Drive 113, Whistler
308 4360 Lorimer Road 308, Whistler
518 4591 Blackcomb Way 518, Whistler
315 4320 Sundial Crescent 315, Whistler
1 2166 Sarajevo Drive 1, Whistler
265 4314 Main Street 265, Whistler
679 4090 Whistler Way 679, Whistler
482 4090 Whistler Way 482, Whistler
413 4899 Painted Cliff Road 413, Whistler
874 4090 Whistler Way 874, Whistler
577 4090 Whistler Way 577, Whistler
516 4090 Whistler Way 516, Whistler
310 4420 Sundial Lane 310, Whistler
1611 4308 Main Street 1611, Whistler
