FAQ
Fernie
 How do I get to Fernie and Pinnacle Ridge Resort?
What is so special about Fernie?
Construction
How does Pinnacle Ridge Resort compare to other projects in Canada?
Who is the Developer of Pinnacle Ridge Resort?
What are the qualifications of the Builder of Pinnacle Ridge Resorts?
Quarter Ownership
What are the advantages of quarter ownership?
Do I own the Chalet if I buy in Pinnacle Ridge Resorts?
Are there any restrictions in using my resort property?
Who ensures the management of my resort home?
Can I sell my shares in my Chalet home?
Can I get a mortgage on my quarter share purchase?
Can I rent out my weeks if I cannot use them?
What furniture items/ amenities are included with the resort Chalet?
What are the monthly costs for quarter ownership?
Investment
What should I consider when purchasing a resort home with Pinnacle Ridge?
What is the deposit and payment structure if I buy a resort home at Pinnacle?
Are there any additional taxes when purchasing at Pinnacle Ridge?
How can I arrange for a mortgage on the property?
What, if any, are the additional costs associated with my purchase of a resort home?
What does the monthly management fee cover?
Is there a rental pool or rental program?
Immigration
Do I need a visa to visit Canada?
Is it easy to immigrate to Canada?
Can I purchase land and property in Canada if I live outside of North America?
Fernie
How do I get to Fernie and Pinnacle Ridge Resort?
Fernie is in the Southeast corner of British Columbia. A 60 minute drive from Cranbrook or a 3 hour drive from Calgary airport. Pinnacle Ridge Resort is located next to Highway #3, "the powder highway" situated three minutes from Fernie Alpine Resort ski hill, nestled in the Rocky Mountains, 3 minutes to the historic town of Fernie and adjacent to the Elk River, renowned for its fly-fishing.
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What is so special about Fernie?
Fernie is a pristine treasure nestled in the heart of the spectacular Canadian Rockies. A celebration of the natural magnificence of the region’s mountains, forests, rivers and lakes. Set against the backdrop of the impressive spine of the Lizard Range, and flanked by the rugged peaks of the Three Sisters and Hosmer Mountains, Fernie is a scenic wonder, creating hundreds of thousands of winter and summer adventures each year. The 100 year old mining town of Fernie is charming and a hub of entertainment, shopping and restaurants. Fernie Alpine offers high-speed quad lifts and unmatched fall-line terrain for skiing, boarding, mountain biking and hiking.The new signature golf course and International airport in Cranbrook are making Fernie a strong investment.
Construction
How does Pinnacle Ridge Resort compare to other projects in Canada?
Well designed high quality construction and aesthetic appeal. Please Click "Dare to compare".
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Who is the Developer of Pinnacle Ridge Resort?
Pinnacle Ridge Resort is the dream and creation of John Paone that began in 2000. John, a partner in Alfred Horie Construction, wanted to blend his talent for building and design with his passion for skiing. Like so many skiers and adventurers, once he visited Fernie, he was hooked by the magnificent mountains, all terrain sports, and the friendly people of Fernie. As a carpenter, foreman, site superintendent and developer, he knew he had something to offer this special place by offering quality design and construction. Coming to Fernie during a time of transition and growth, John has become involved in many community committees. He has brought to Fernie the World Cup Freestyle Event, Chairs the community business group for the 2010 Olympics and participates regularly in District and Chamber of Commerce meetings. John, his wife and three teenage children live in Vancouver B.C. but think of Fernie as their second home.
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What are the qualifications of the Builder of Pinnacle Ridge Resorts?
Alfred Horie Construction Co. Ltd. was founded in 1893. The original partnership and its successors have been involved in many noteworthy construction projects throughout B.C. In more recent years the firm has completed contracts for a New City Centre in Kitimat BC, Shopping centres in several BC communities, numerous McDonalds Restaurants, IGA Stores, Universities, Colleges, Schools, Churches, Care Facilities, Industrial Plants and Restoration of Historic buildings. Traditions of this BC Company include family commitment, quality construction, and community involvement. Family commitment means having two generations of Paone family members in leadership, administrative and hands-on construction roles. Quality construction is a cornerstone of all the work that they do. Community involvement includes volunteering for Church Advisory, School, and Construction Association Boards, Canadian Ski & Snowboard Association Board, Canadian Freestyle Ski Association Board and the Vancouver 2010 Olympic bid. This construction company has stood the test of time by remaining strong and reliable for it's customers. This family company continues, to this day, to ensure honest, reliable, professional, quality construction and management services.
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Quarter Ownership
What are the advantages of quarter ownership?
You can be a part of this four-season resort in Fernie, BC, Canada and own a luxurious Chalet at Pinnacle Ridge for quater of the cost. You will have the conveniences and benefits of full ownership to meet your recreational dreams with a minimum of 12 weeks of recreation every year in your own resort home and a solid investment for your future. At the same time, removing many of the worries typically associated with second home ownership – cleaning, maintenance, and upkeep are all part of the shared ownership package.
Do I own the Chalet if I buy in Pinnacle Ridge Resorts?
Yes. You will receive a deeded title to the portion (quarter, half or three-quarter) of the home you purchase which you can sell, mortgage or willed without affecting other owners. The terms and conditions of ownership are described in detail in the Disclosure Statement.
Are there any restrictions in using my resort property?
You have exclusive use of your resort home for the time period for each share you purchase as outlined in the rotation schedule. Each quarter share entitles you to 13 weeks for personal use or rental availability. The calendar rotates one week each year allowing for each quarter-share owner to share in the holiday periods, and each owner receives two weeks back to back in the prime winter (February/March) and summer months (July/August). In addition, weeks can be exchanged with other owners to accommodate your vacation and scheduling needs.
Who ensures the management of my resort home?
A Strata Corporation association will oversee the coordination and management of the building exterior and grounds maintenance, minor replacements and repairs. In addition, quarter ownership law requires the creation of an Owners’ Corporation that also oversees the management of the quarter ownership program and the interiors of the Chalets.
Can I sell my shares in my Chalet home?
Yes. As with traditional real estate, an owner’s interest can be listed on MLS, sold, willed or transferred.
Can I get a mortgage on my quarter share purchase?
Yes. The TD Bank will finance quarter ownership mortgages, please contact us for more details.
Can I rent out my weeks if I cannot use them?
Yes. There are no restrictions on your use of the weeks allocated to you from the schedule. You can give them to family and friends or rented for added income. We are pleased to offer the services of Fernie Central Reservations to assist in your rental needs or you may choose another rental company you find suitable. By using a professional service, all will benefit in that this provides a coordinated marketing effort ensuring qualified customers to rent and oversees the rental process of money collection, keys, security deposits and cleaning.
What furniture items/ amenities are included with the resort Chalet?
All quarter ownership properties come completely furnished along with a hot tub. In addition, a lock-off ski locker and cupboard are provided for each quarter share.
What are the monthly costs for quarter ownership?
A quarter owner is required to pay their owner share of the operating costs which include strata fees, owner corporation fees, property taxes and all highlighted items in the Disclosure Statement – for further details please contact the Sales Office (250) 423-2606.
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Investment
What should I consider when purchasing a resort home with Pinnacle Ridge?
Pinnacle Ridge Resort recommends these economic considerations for purchasing real estate:
· Purchase Price
· Management Fee
· Cost of Capital
· Taxes on Furnishings, fittings and equipment
· Appreciation
· Residual value
· Revenue
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What is the deposit and payment structure if I buy a resort home at Pinnacle?
We require a 10% deposit upon acceptance of the purchase contract. The balance of your funds are due at completion or possession date of your property.
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Are there any additional taxes when purchasing at Pinnacle Ridge Resorts?
Yes. We recommend you consult your tax advisor for more details. Briefly, there is the BC Property Transfer tax that is paid to the government when purchasing or 'transferring' real estate of 1% on the first $200,000 and 2% on the remaining. It is paid by the purchaser and records the ownership of real estate at the Lands and Survey Office. There is a 5% Goods and Services Tax (GST) to be paid by the purchaser on the purchase price. According to government regulations, if an 'investment' property is used by the owner a maximum of 10%, or 36 days of the year (as rule of thumb), the owner is not obliged to pay the GST on the purchase of the property. There is also the Provincial Sales Tax (PST) of 7% due on the furniture amount only.
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How can I arrange for a mortgage on the property?
Pinnacle Ridge Resort personnel have developed a relationship with several financial companies that are able to offer you preferred interest rates at a guaranteed rate when you buy a property in Pinnacle Ridge Resort. Please contact us for more information.
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What, if any, are the additional costs associated with my purchase of a resort home?
In addition to the initial acquisition cost, you have a monthly strata (condo) fee. This monthly strata fee is adjusted annually based on the professional budgeting prepared by the Strata Corporation. You pay your own utilities as applicable.
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What does the Pinnacle Ridge Resort monthly management fee cover?
Coordination and management of maintenance; contracting insurance; arranging for replacements; reserve for replacement funds; repainting; landscaping; snow and garbage removal; coordinating inspections and maintenance. Internet and Cable.
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Is there a rental program available?
Yes, there are a rental companies available for the purpose of rental revenue, however this service is optional and not a requirement. Call for more information.
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Immigration
Do I need a visa to visit Canada?
To travel to Canada you do require a passport but do not require a visa for visits less than three months. As a visitor to Canada, you can stay in the country for up to 6 months per visit. You must leave Canada by that date or, if you plan to remain longer in Canada, at least three weeks before that date, apply to prolong your status. Please check the website from Citizenship and Immigration Canada to answer this question based on your specific situation.
http://www.cic.gc.ca/english/visit/index.html
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Is it easy to immigrate to Canada?
“Basically, you need the skills Canada wants, a family connection or sufficient funds to be accepted as an entrepreneur”.
There are three classes of immigrants: skilled worker, family or business. Also you can apply for a temporary residence status. You start by completing the immigration checklist to earn enough points in 6 areas; education, language ability, work experience, age, arranged employment and adaptability. In order to qualify for immigration to Canada as a skilled worker, you must obtain a minimum of 67 points in the immigration selection system. In the business class, an applicant must obtain a minimum of 35 points. Other ways to immigrate include purchasing a business if you have work expertise in an area and financial means to support the business venture. Also family members living in Canada can sponsor non-residents by application. Student and work visas are other ways to migrate to Canada. The Provincial governments also provide a Nominee program for a limited number of individuals per year. Upon acceptance, immigrants receive a permanent residence visa. To retain status, individuals must physically reside in Canada for two years (730 days) out of every five-year period.
Can I purchase land and property in Canada if I live outside of North America?
Yes. Canada welcomes investment from other countries. If you are interested in purchasing at Pinnacle Ridge we can put you in touch with professionals who can lead you through the investment process.
For complete information contact the federal Department of Citizenship and Immigration Canada (CIC) by visiting
www.canada.org.uk/visa-info/e_index.htm
www.cic.gc.ca
www.canada.org.uk
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