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!
23 4700 Glacier Drive 23, Whistler
406 3317 Ptarmigan Place 406, Whistler
11 4661 Blackcomb Way 11, Whistler
2 2104 Nordic Drive 2, Whistler
27 4510 Blackcomb Way 27, Whistler
19 2200 Taylor Way 19, Whistler
6 2221 Gondola Way 6, Whistler
28 4891 Painted Cliff Road 28, Whistler
31 4636 Blackcomb Way 31, Whistler
18 4637 Blackcomb Way 18, Whistler
201 4821 Spearhead Drive 201, Whistler
13 2221 Gondola Way 13, Whistler
11 2556 Snowridge Crescent 11, Whistler
61 6127 Eagleridge Crescent 61, Whistler
14 4385 Northlands Boulevard 14, Whistler
4 4510 Blackcomb Way 4, Whistler
8 4510 Blackcomb Way 8, Whistler
203 3300 Ptarmigan Place 203, Whistler
18 6125 Eagle Drive 18, Whistler
101 3050 Hillcrest Drive 101, Whistler
4 3102 Panorama Ridge 4, Whistler
347 4340 Lorimer Road 347, Whistler
112 4388 Northlands Boulevard 112, Whistler
44 4388 Northlands Boulevard 44, Whistler
102 4388 Northlands Boulevard 102, Whistler
212 2050 Lake Placid Road 212, Whistler
422 4660 Blackcomb Way 422, Whistler
326 4360 Lorimer Road 326, Whistler
236 4350 Lorimer Road 236, Whistler
423 4809 Spearhead Drive 423, Whistler
207 2050 Lake Placid Road 207, Whistler
4 2101 Whistler Road 4, Whistler
210 8080 Nicklaus North Boulevard 210, Whistler
220 4809 Spearhead Drive 220, Whistler
305 4368 Main Street 305, Whistler
124 3070 Hillcrest Drive 124, Whistler
3 2101 Whistler Road 3, Whistler
315 4320 Sundial Crescent 315, Whistler
34 2217 Marmot Place 34, Whistler
958 4090 Whistler Way 958, Whistler
978 4090 Whistler Way 978, Whistler
769 4090 Whistler Way 769, Whistler
265 4314 Main Street 265, Whistler
577 4090 Whistler Way 577, Whistler
308 4090 Whistler Way 308, Whistler
416 4090 Whistler Way 416, Whistler
483 4090 Whistler Way 483, Whistler
408 4090 Whistler Way 408, Whistler
205 4319 Main Street 205, Whistler
66 4355 Northlands Boulevard 66, Whistler
