Phase 1 Whistler properties and management contracts
If you have been looking into Whistler property you may have heard the term ‘phase 1’ thrown around a bit, and although it’s usage as a definition in everyday conversation holds true for the most part, there are some nuances to it that are not known to the untrained eye!
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.
So which complexes have a management agreement?
Located in the upper village at the base of Blackcomb Mountain mere steps from the new Blackcomb Gondola, the location of Le Chamois is hard to beat. If you want to rent it out however, their bylaws stipulate that you sign on to their management agreement. Some owners risk not signing it!
Located in the village near the Whistler gondola, the Whistler Hilton hotel although a phase 1, only allows rentals through their services and owner usage comes at a cost!
Located in the benchlands, Lost Lake Lodge is a great complex, in a nice location, but if you want to rent it out, it has to be done through the front desk via Whistler Premier.
Located near Whistler golf course and the Westin hotel, the Tantalus, although designated ‘phase 1’ allowing nightly rentals, can only operate nightly rentals using the on site management company. Units can be pulled from the rental pool for purely personal or long term tenant use providing that sufficient units exist in the rental pool, and for a sizeable cost… approximately $1100/mo. When you rent the unit using the on site management, this monthly fee is paid for out of revenues.