I'M TIRED OF RENTING; I WANT TO BUY. WHAT ARE THE QUALIFICATIONS TO PURCHASE A WHISTLER HOUSING AUTHORITY UNIT?
All applicants must be of legal age, Canadian citizens or landed immigrants, must be qualified employees or retirees, and must be pre-approved for a mortgage. Employees must work a minimum average of 20 hours per week within Whistler. A retiree is someone who was employed in Whistler for five of the six years prior to ceasing employment. Applicants or their spouse must not own, either personally, jointly or indirectly through a trust or business assets, any non-restricted real estate in Whistler at the time of the application. For additional qualifications, please download a copy of the Waitlist Guidelines and Purchase Application, available under the Purchase section on this website.
WHAT DO I NEED TO DO TO GET ON THE PURCHASE WAITLIST
If you qualify under the waitlist guidelines and you have been pre-approved for a mortgage, you can fill out an Application to Purchase. This Application is a legal statutory declaration and therefore you need to have it notarized (can be done free of charge at Municipal Hall). As well, we need proof of citizenship or landed immigrant status and proof of employment in Whistler. You are also required to be pre-qualified for a mortgage that reflects the price range of the type of unit for which you are choosing to be waitlisted. You may specify more than one type of unit, but your mortgage prequalification should be for the most expensive unit. The Purchase Application can be downloaded from our website under Purchase, or you can pick one up at WHA's office. There is no cost to enroll and the onus is on the applicant to inform the WHA of any changes to the applicant's contact information.
HOW DO I FIND OUT WHICH WHA UNITS ARE FOR SALE?
Once you are on our Purchase Waitlist, we will contact you when a unit comes available for purchase. Applicants are prioritized on a first-come-first-serve basis. Visit the Properties Listings section of the Purchase webpage to view restricted units that are available to purchase.
HOW DO I FIND OUT WHAT PRICE TO OFFER?
The WHA calculates the maximum resale price using the covenant formula, and advises vendors and the purchaser of this price.
WHAT IF A UNIT COMES AVAILABLE FOR PURCHASE AT A TIME WHEN I CANNOT PLACE AN OFFER, OR RATHER I DO NOT LIKE THE PARTICULAR UNIT?
Applicants have an opportunity to decline three different units before their name will be moved to the bottom of the waitlist.
No strike will be given if:
1. The unit maximum resale price exceeds the applicants’ mortgage pre-approval amount
2. No one on the waitlist purchases the unit at the maximum resale price
3. If the unit is for sale in substandard condition
HOW ARE APPLICANT'S OFFERS ON AVAILABLE UNITS PRIORITIZED?
The offer that comes from the highest applicant on the waitlist will be the offer that is considered first. If that offer falls through, then the offer from the next highest applicant will be considered, and so on. There are no other priorities attached to the applicants (ie. length of employment, number of dependents).
WHAT TYPE OF RESTRICTIONS MAY APPLY TO THE WHA UNITS AVAILABLE FOR PURCHASE?
There are some units that are only occupancy restricted, which are required to be occupied by either a Whistler employee or retiree. There are also units that are both resale and occupancy restricted, which must be occupied by a Whistler employee or retiree and the resale price of the unit is controlled by the Whistler Housing Authority.
ONCE I BUY A RESIDENT RESTRICTED UNIT CAN I STAY ON THE WAITLIST?
Yes, but your name will be moved to the bottom of the waitlist when you purchase a unit.
WHY IS THERE A RESALE PRICE CAP ON THE RESIDENT HOUSING UNITS?
In order to maintain a stock of more affordable housing for Whistler resident employees and retirees. The object is to start it lower and keep it low. The WHA calculates a maximum resale value for every resale restricted unit. Depending on the unit, the price is either based upon the Royal Bank of Canada prime lending rate, the Greater Vancouver Housing Price Index or the Canadian Core Consumer Price Index. All resales and future developments maximum resale value will be tied to Core Consumer Price Index. If the units did not have resale restrictions, they would eventually become the same price as housing in the private market due to demand.
HOW MANY RESIDENT RESTRICTED HOUSING UNITS ARE AVAILABLE IN WHISTLER?
As of 2007, there are 448 price restricted ownership units and 179 WHA managed rental units. In total there are over 1,400 units (4200 beds) including owned and rented units, that form Resident Restricted Inventory in Whistler.