Buying a Vacation Home in B.C.

If you’re looking to buy a vacation home to spend more time in beautiful B.C., here are three things to consider.

By Brett Surbey | 3 minute read

British Columbia’s clear lakes, gorgeous mountaintops and ski hills make it an all-year-round destination province for vacationers.

From the ski hills of Whistler to the beautiful lakes surrounding Kelowna, B.C. is a province with all-year-round attraction, making it an ideal place for a vacation home. But before you jump into the vacation home market, here are a few tips.

1. Decide on what you really want 

“Don’t buy [a vacation home] over the phone,” says Lisa Hilton, a REALTOR® with Whistler Real Estate Company. In her experience, the best purchases are made when the home is seen in-person. “You need to go there and [get a ] feel [for] the neighbourhood,” she says.

Buying a home is a process that involves introspection and discussing your expectations with an agent. Filling out a buyer’s questionnaire when beginning a property search is a good place to start. 

Hilton recommends taking your time to understand what you want and don’t want in a vacation property, as it can be complicated. “Let’s say [you don’t want a property] that’s on a cliff that has no yard because you have three young children, even though you also want a property with a view. Some people don’t know what they don’t know until they ask all those questions,” she explains.

2. Be ready before you start looking 

“Make sure you have your ducks lined up first, financially — be ready to go,” says Hilton. Markets can move fast, especially when a home is in good condition. A home that checks off all the boxes could get multiple offers, even in this market, she adds. 

Part of this process involves having your finances lined up. That means making sure you have your financing, if necessary, and paying attention to the details, like your credit rating.  While your rating may not have much of an impact, Hilton says, it can help you get a better rate overall. And, in this economy, every little bit helps. 

Part of being prepared is also understanding the type of investment a vacation home is. “You’re not going to make money off that investment. If [the property] can support itself all year, that’s a great investment because you’ll make it back in the longer term resale of it,” Hilton mentions.

She also recommends researching rental zoning restrictions to see if renting out the property to help cover bills is an option. This can help offset the cost that comes with a lifestyle purchase like a vacation property.

3. Use a local expert 

B.C. is home to thousands of Realtors, some with expertise and some with basic competency. “It’s important to go with a solid local agent,” she explains.

Agents from different areas don’t have a grasp of the nuances of an area the same way locals do. Market know-how is something learned and experienced. Hilton gives the example of  Whistler’s housing market, which is a different market from from other locales because of its ski appeal in the winter. 

“Whistler is a totally different market. Fall is when they see their highest sales,” Hilton explains. “November, December and January are the busiest months with the highest [home] prices. [Home prices] usually come down in the spring.”