What is a phase 1 covenant and what is a phase 2 covenant?
Many condominiums in Whistler (particularly those that offer rental management) have a covenant (restriction) on title which outlines the permitted amount of personal use available with ownership. A Phase 1 property allows the owner unlimited use of the property, however, when not being used personally, the condominium must or can be made available for rental through a recognized rental management company(the requirement to rent varies from property to property, check with your realtor for the exact situation). A Phase 2 property limits the amount of personal usage to 56 days a year (28 days winter and 28 days summer). The balance of the time the property must be rented through the building’s rental manager. Booking procedures are standardized through a sophisticated management agreement. Although this may seem restrictive, typically personal usage of a condominium in Whistler is less than 21 days a year.
