So what does the term Phase 1 actually mean?
Phase 1 is a type of restrictive covenant that is placed on title to the property that runs with the property, and allows the owner to engage in short term (nightly) rentals, long term rentals or full time owner usage. There are about 5 types of ‘phase 1’ covenants in Whistler.
Sounds like the best ownership option then right?!
So in theory you can buy a property with a phase 1 covenant in Whistler and rent it out to tourists via AirBnB or some other medium, and make some money! Score!
But hold on just a second…
Not all properties that have one of the 5 variants of this covenant allow complete flexibility for owners in terms of how they rent it out.
This is due to some properties having a governing rental management agreement.
Although an owner can still technically rent their property out on a short term basis, these management agreements dictate the mechanism in which that can occur.