Perhaps you're looking into properties in Whistler and stumble upon a studio or 1 bedroom condo that's around $100 - $150k and wonder "What the heck are those? Prices are great in Whistler!" Well, you're probably looking at quartershares or hotel condos. So what exactly is a Phase II condo and how does it work?
A hotel condo is a Phase 2 restricted covenant property which means you can use it 28 days in the Winter and 28 days in the Summer for a total of 56 days. The rest of the time, the hotel manages it for you and you also get a share of the rental income. Typically, your share of the rental income could cover your property taxes and strata fees and you may have a little left over but if it's a poor year, or you're in a building that doesn't perform quite as well as the others, the amount you receive may not even cover your strata fees. It's something to remember if you're considering phase II properties, though the trade off is it's usually in a great location for a low price. Watch the video portion of this blog!
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