Canadian DVC Owners ... what do I need to know?

[dvc deernut]

we have been members since 98. First time we purchased we didnt have the money so we took out 10 year mortgage but that was 10% back then. We bought 250 more points ont one of the member cruises so we got a free member cruise with balcony as insentive gift. That time which was 4 years ago. We paid cash but we had 3 months to make payment. I watched canadian dollar. I waited until best exchange then paid it off. We have 537 annual points. We pay roughly over 2000 a year dues. Well worth it for what your getting. Takes about 10 years of ownership before you hit the break even point.

 

[JumpinJ]

I can't imagine how many time we've thought and talked about this. I have so badly wanted to do it but we always seem to have other needs with the money.

Question : is RBC the only bank with the US based accounts? Does TD Canada Trust have it? We have a US account and Us Visa with TD but I see now that's not what is needed.

I'm not sure about TD as I also deal with RBC, but just FYI anybody can go into RBC and set up their US bank accounts. Just hit your local RBC branch, it's very easy to do. I've dealt with 4 different banks in the last 4 years and I've finally settled on RBC. I was either 'unhappy' or rather 'blah' about the service I had received at Scotia, TD and BMO and when I switched my car insurance over to RBC I was wowed by their customer service. Now I have absolutely everything switched over and don't regret it at all.

And as for a pp about how to pay when closing comes around. I'm not sure exactly how it is handled through DVC directly, but I am currently buying a resale and although the deposit is paid by credit card, the final funds are sent by wire transfer. It costs $30 at the bank, but is quite easy to arrange.

J

 

[canabrits2]

I am currently buying a resale and although the deposit is paid by credit card, the final funds are sent by wire transfer. It costs $30 at the bank, but is quite easy to arrange.

J

Wire transfer...aha. I knew there was another payment method I couldnt' think of. That would work for resale. Awesome. Thanks.

Thanks also to Tiggerrr for DVC info. I'm not settled on whether it will be DVC proper or resale but both sets of payment info (and remote buying areas) are good.

 

[minnie56]

They are in the midst of changing their branding but for now it is commonly known and branded in the US as RBC Centura Bank.

We love our RBC Centura and they have a new branch in Hunter's Creek, just 5 miles from Disney, past Celebration. The staff there are so friendly.

David

I am at the same branch! Very nice to deal with...

 

[flossin74@sympatico.]

DVC may become a reality for us in the not too distant future (late summer or the fall). We have a cash stay booked at BLT this summer - it will be our first DVC resort stay (as well as our first monorail resort stay), and I'm only too aware that it may be the trip that lures us into buying into DVC. I figure it can't hurt to be prepared beforehand - and it seems like there's lots I should take the time to research.

My question to any and all Canadian DVC owners is what special things need to be taken in to consideration because I would be buying foreign real estate? How would it impact on taxes, etc.? Would you recommend Disney direct or a resale? Why? (If we buy in, it will be outright, with no financing.)

Thanks in advance for any insight ... I'm off to read the Canadian DVC members thread to see what good info may be found there.

DVC has a special offer that if you buy into DVC you can get a free Disney Cruise! Go for it...you will love it. We live in Ontario and go once a year now that we are members.

 

[sean-1966]

I may be in the minority but I'd look seriously at re-sale. The prices are a lot lower. The lowest we paid was $79 a point, from DVC, it looks like you can get points from re-sale for around $65 a point. You can take the extra money you save and do a cash trip if you want to make up for the lack of 2010 points.

 

[JumpinJ]

I may be in the minority but I'd look seriously at re-sale. The prices are a lot lower. The lowest we paid was $79 a point, from DVC, it looks like you can get points from re-sale for around $65 a point. You can take the extra money you save and do a cash trip if you want to make up for the lack of 2010 points.

I completely agree. It takes a little more leg work, but I ended up buying a 50 pt Saratoga resale @ $71 per point for right now (going to add on more points next year). Closing costs were $500 (depending on who you buy from you can get this a bit lower) and if you buy a resale at Saratoga for 150 points or so you are looking around $65-70 per point. So taking into account the closing costs, I'm paying $81 per point with the 2010 points available. This is WAY less than buying directly through DVC. I'm saving about $40 per point. If you look at buying a larger contract this really adds up to quite a savings. Yes I have to wait a few extra weeks to go through ROFR etc. but I'd rather save $2000 (or 2-3x that much for the 100 or 160 points you have to buy minimum with DVC) and wait an extra 6 weeks. I didn't want to buy 160 points right now, but even if I did I wasn't going to be spending money on a cruise anyways. So even though I'd be getting value for the cruise, I'd rather have the money in my pocket. The cruise isn't really 'free'. The cost of it is the $4000-$6000 extra you'll pay extra buying directly through DVC

Everybody's situation is different though. What works for me doesn't necessarily work for you. I didn't care which resort I was at and didn't care about the cruise, so resale made sense for me.

The important thing is buying it SOMEWHERE and becoming a DVC member

J

 

[tiggerrr]

I think the question of DVC direct or resale often boils down to your price sensitivity versus your time patience.

Resale will be cheaper on the initial purchase by a few dollars. For instance, an Animal Kingdom Lodge purchase of 200 points (47 years of usage left) will cost about $17,000 through resale (including closing costs for a non-stripped contract). That same contract will cost about $19,400 direct from Disney based on current incentives.

If you want Bay Lake Towers, the spread between resale and Disney is less. If you want an older resort, you can often get a good deal, but remember those contracts run out in 2042.

The bottom line is that resale can save you 2K-3K on current resorts.

The flip side of the equation is your personal patience. Resale takes a LOT longer. If you buy through Disney on site (which the OP must do as a NS resident), you can do the transaction right there, your points are in the system in a day or two, if not hours. You can begin booking quickly. Your purchase always has the full points for the current year ready for you to use now.

With resale, you are at the mercy of both the Disney ROFR process and the seller. Resale can take 6-8 weeks or even longer. And if your price is too low and Disney exercises its right to buy the contract instead of you, you get to start all over. Plus, waiting for the right contract can take some time. Many of the contracts for sale are "stripped" where the current year's points, and often next year's points, have already been used, which means you have to wait before you can use a contract. These contracts are priced lower, so you save more money on initial purchase (more than my example above which was for a non-stripped contract), but don't get to stay for a year or more.

You have to balance what is most important to you, but it will usually come down to initial cost versus time/frustration/stripped contract.

For these reasons, I am in support of the PP's that suggest your initial buy in be through Disney, and add-on through resale (where your urgency may be less). But, for us, time and the ability to use soon was more important than the 2K-3K extra cost.

Long winded post, I know, but here is one more point. Over the life of the contract, the initial purchase price is significantly smaller than the initial purchase price. Maintenance costs for Animal Kingdom Lodge for the next 47 years for 200 points will be at least $47,000 compared to a $19,400 purchase (calculated in today's dollars).

Which is why many members may be willing to pay $110/point at BLT, because the maintenance costs, if they stay comparable to today will be $189/point total over 50 years (compare to AKV where they would be $235/point spread of the next 47 years). That's a big, long-term savings.

 

[tiggerrr]

I completely agree. It takes a little more leg work, but I ended up buying a 50 pt Saratoga resale @ $71 per point for right now (going to add on more points next year). Closing costs were $500 (depending on who you buy from you can get this a bit lower) and if you buy a resale at Saratoga for 150 points or so you are looking around $65-70 per point. So taking into account the closing costs, I'm paying $81 per point with the 2010 points available. This is WAY less than buying directly through DVC. I'm saving about $40 per point. If you look at buying a larger contract this really adds up to quite a savings. Yes I have to wait a few extra weeks to go through ROFR etc. but I'd rather save $2000 (or 2-3x that much for the 100 or 160 points you have to buy minimum with DVC) and wait an extra 6 weeks. I didn't want to buy 160 points right now, but even if I did I wasn't going to be spending money on a cruise anyways. So even though I'd be getting value for the cruise, I'd rather have the money in my pocket. The cruise isn't really 'free'. The cost of it is the $4000-$6000 extra you'll pay extra buying directly through DVC

Everybody's situation is different though. What works for me doesn't necessarily work for you. I didn't care which resort I was at and didn't care about the cruise, so resale made sense for me.

The important thing is buying it SOMEWHERE and becoming a DVC member

J

I certainly will agree that this one other MAJOR advantage of resale - the ability to buy in to DVC for the first time with a very small amount of points. Disney is going to make you buy 160 points the first time (AKV/SSR can buy in for 100pts), where resale allows you to buy in with whatever is available, such as the 50 point contract you reference. That just isn't possible with Disney and can save you money.

As an FYI, SSR is selling from Disney $102/pt right now. The going rate on The Timeshare Store for 100 point non-stripped contract is about $70-75 (in the range the PP paid) plus closing costs. So the resale-Disney gap is about $25/pt. This is a little more than the gap I referenced in my previous post using AKV. SSR is a little older but still has a 2054 end date, and may represent a real sweet spot of a good resale price and still more years of use than the OKW/BCV/BWV/VWL resorts that end in 2042.

 

[glendalais]

I can't imagine how many time we've thought and talked about this. I have so badly wanted to do it but we always seem to have other needs with the money.

Question : is RBC the only bank with the US based accounts? Does TD Canada Trust have it? We have a US account and Us Visa with TD but I see now that's not what is needed.

While many Canadian Banks and Credit Unions do have US subsidiaries, many don't offer specific US Banking Services for Canadians, such as Harris Bank, owned by BMO, or TD Bank, owned by TD Canada Trust. Of those that do, RBC Bank is the only one I know of that is widely available in Canada.

The other two, Desjardins Bank (operated by the Mouvement Desjardins) and Natbank (operated by the National Bank of Canada) are operated by Canadian parent companies that are mainly centred in Quebec. Which works great if you're from there (or if you're Francophone and/or otherwise need French-language Banking Services), not so much if you're from another province.

RBC Bank is also the only one with branches in Central Florida, Desjardins and Natbank are both based out of Miami.

 

[canabrits2]

SSR is a little older but still has a 2054 end date, and may represent a real sweet spot of a good resale price and still more years of use than the OKW/BCV/BWV/VWL resorts that end in 2042.

Ssshhh! Stop telling people about it! There won't be any resales left when I can finally afford it.

hehehe...just kidding.

 

[TLPL]

While many Canadian Banks and Credit Unions do have US subsidiaries, many don't offer specific US Banking Services for Canadians, such as Harris Bank, owned by BMO, or TD Bank, owned by TD Canada Trust. Of those that do, RBC Bank is the only one I know of that is widely available in Canada.

The other two, Desjardins Bank (operated by the Mouvement Desjardins) and Natbank (operated by the National Bank of Canada) are operated by Canadian parent companies that are mainly centred in Quebec. Which works great if you're from there (or if you're Francophone and/or otherwise need French-language Banking Services), not so much if you're from another province.

RBC Bank is also the only one with branches in Central Florida, Desjardins and Natbank are both based out of Miami.

I am with TD Canada Turst (in Canada)and TD Bank (in US), everytime I need to transfer money between the two I have to call them on the phone and they'll ask me for my info and current account balance and how much to transfer, everytime. Are you saying RBC has beeter service?? Can you transfer fund on your own on line? I really want to know. Thanks!

 

[glendalais]

I am with TD Canada Turst (in Canada)and TD Bank (in US), everytime I need to transfer money between the two I have to call them on the phone and they'll ask me for my info and current account balance and how much to transfer, everytime. Are you saying RBC has beeter service?? Can you transfer fund on your own on line? I really want to know. Thanks!

Yes, with RBC Royal Bank's Access USA Package, you can move money between your RBC Royal Bank account in Canada and your RBC Bank account in the US through their online banking services, as well as view both accounts simulataneously.

You can check out RBC Bank's or RBC Royal Bank's website for more information.

 

[PixieNorth]

Both our first purchase and our add on were put on our credit card and then we just paid it off, the first time on a Line of Credit, the second time was cash we saved in our bank account. Our Line of Credit is with BMO, and they actually have a Mastercard card that is associated with the account that works just like a credit card and charges to the LOC (not sure if your bank might have something like that).

You can deal remotely with a DVC guide only if you live in Ontario or Alberta, where DVC is registered for sales and marketing activity. Residents of all other provinces and territories must conclude the entire deal on site with Disney (CA or FL). If you do it remotely, there may be other options for payment, such as a bank draft, but your guide would know.

We just purchased our resale over the Christmas holiday for $68 pp at OKW, with almost a year's worth banked. Since we're from Saskatchewan it was the only way we could get DVC without driving for half a day or flying into the states. The fact that you can't buy it in any provinces but Alberta or Ontario puts a real damper on buying through Disney. The TimeShare Store was fantastic and make the wait for closing isn't really such a big deal. I'd highly recommend it unless your in a rush or don't mind spending more for the same product.

 

[canabrits2]

We just purchased our resale over the Christmas holiday for $68 pp at OKW, with almost a year's worth banked. Since we're from Saskatchewan it was the only way we could get DVC without driving for half a day or flying into the states. The fact that you can't buy it in any provinces but Alberta or Ontario puts a real damper on buying through Disney. The TimeShare Store was fantastic and make the wait for closing isn't really such a big deal. I'd highly recommend it unless your in a rush or don't mind spending more for the same product.

That is an awesome price for a non-stripped-out resale. Was it 2042 or 2057 OKW? Big congrats on that.

Thanks also for the endorsement of TSS for buyers from other provinces (NS for me!). I'm planning that within 12-16 months I'll be going through them as well (cash sale).

I'm SO jealous of your signature timer right now.

 

[PixieNorth]

We were watching the board for awhile before we found one with decent banked points. It was a 2042 OKW, but that's perfect for us. We expect we'll be able to buy an extension close to expiry, at least we're hoping.

I think that with the dollar so strong, and with many Americans looking to drop their household expenses, there's just no point in waiting, if you can get the money together. We had to dig a little but I think it will be worth it.

Canabrits, I see you have close to a year left. Man, the waiting must be a killer. We decided at Christmas that we were going in August and I've had Disneyfever for the last 2 months.

 

[AndyMcV]

Hi Gang

To add to the OP's question for a Canadian, how much does it cost us to purchase DVC? Say we wanted to have the Beach Club Villas or the Contemporary (BLT). What is the upfront cost and yearly cost??

Thanks
A.

 

[NikP]

Hi Gang

To add to the OP's question for a Canadian, how much does it cost us to purchase DVC? Say we wanted to have the Beach Club Villas or the Contemporary (BLT). What is the upfront cost and yearly cost??

Thanks
A.

See the attached link for more information:

http://www.dvcnews.com/index.php/dvc-program/financial/pricing-a-promotions


BLT around $120 a point, but the more you buy the better price. Eg. 200 points are discounted to $112 per point.

We just bought 200 points at BLT at the beginning of May.

 

[minnie56]

And 200 pts gets what in time? Wondering..

 

[NikP]

And 200 pts gets what in time? Wondering..

Depends on room type and resort. Eg:

BLT Points range depending on the view and time of year as follows:

Studio: 102-241 pt for week
1 bedroom: 194-465 pts for a week
2 bedroom: 273-616 pts for a week

Over Christmas a studio with Magic Kingdom view for 1 wk is 241 pts.
First week in December 1 bedroom standard view is 194 points.

Other Vacation clubs have different ranges of points. Animal Kingdom lodge is very reasonable.

We debated buying at either AKL or BLT. BLT is more money to start because you are paying for the location it is also expires 3 years later in 2060. We also figured that the dues at BLT will stay below AKL because they do not have as much to keep up. (AKL has to pay to look after animals, gardens etc.)

We will most likely stay at Animal Kingdom Lodge in a 2 bedroom when we treat friends and stay at BLT when it is just our family in a 1 bedroom.