Joan Wolf

Big White’s Summer season is here

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The big day is here, Big White’s Summer season starts tomorrow, June 29th. After a short shoulder season, the resort has cleaned up, geared up, and is set up for the upcoming summer season. With huge events scheduled, more biking opportunities than ever, and an entire mountain to explore while hiking it’s no wonder the summers at Big White have become a very popular summer vacation destination.

There is more than biking and hiking at the resort too. You can play a round of 9 holes at the disc golf course (which is free!), attend the Craft & Country Beer & Music Mountain Festival, or enjoy the Summer Music Series Saturdays in the Village. And that is just the beginning, you can check out all of the events here.

Along with the shoulder season usually comes a slower real estate market and this year was no exception. Although we did see multiple sales there was a noticeable drop in showings and offers. That is no surprise with the resort being closed and traffic to the much less than the busy winter season. Another reason for some the slower market is that there is always a portion of sellers who remove their listing from the MLS in order to do some updates, etc during the off season and then get ready to Re-list once the resort re-opens.

Even this past week, leading up to opening day, you can see that the market is already rising with more showings, new listings, and accepted offers.

221-5340 Big White Road | $225,000CAD
406-5030 Snowbird Way | $1,050,000

Owning a property at Big White resort is attainable for many as the price range is vast. You can get a fully renovated studio unit with income generating potential for $225,000CAD. Or if you budget allows it, a penthouse suite with two primary suites in Happy Valley for $1,050,000CAD.

Whether your real estate portfolio goal is to purchase a piece of Big White’s magic for your family to enjoy, or to firm up a deal in order to generate income and potentially grow your portfolio in the future with more investment properties – Big White Resort can accommodate your needs.

Okanagan and Big White’s Summer Real Estate Forecast

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Lately the Okanagan and Big White’s forecast has been above average temperatures and somewhat smoky skies but what does their summer real estate market forecast look like? It’s hard to use the past 3 years of statistics to help forecast this summer as they were highly unprecedented, but we do remain seeing certain trends continue. It’s no secret this is a highly desired place to live and play and the number of buyers coming from out of town and purchasing still remains relatively high. That goes for the Okanagan area as well as Big White Ski Resort.

Big White’s Summer Real Estate Forecast

At the resort we’ve seen 15 firm deals since April 1st, keeping up fairly well to the record breaking last year when the same time period had 23 deals. Since the beginning of May, 6 new properties hit the market. It is a good time to list as the mountain is preparing for its upcoming summer season and most units are vacant and easy to view for potential buyers and their agents. Seeing strong activity through the shoulder season is promising and helps us foresee into a productive and busy summer season in Big White real estate.

Big White’s opening day is scheduled for June 29th, 2023 – events are starting to pop up including Fiv’r Fridays and Bike Big White BC Cup. On June 10th we will once again put on the gloves, grab the garbage bags and volunteer our time at the Big White Community Clean-up. And, after all the hard work, there is a complimentary lunch at noon!

Okanagan’s Summer Real Estate Forecast

Homes in Kelowna are spending more time on the market than last year but still averaging just 53 days. I believe this will not waver too much and will remain under the 60 day mark for the summer. A few months ago the average home price dipped under one million, but the past few months we have seen it climbing again. April hit $1,083,027, a number I believe will keep climbing but not at an alarming rate as we saw last year.

It’s hard to choose what to do in Kelowna in the summer as there seems to be endless activities and events to take in. It’s no wonder people are drawn to this spectacular city! From Rock the Lake, to Fat Cat’s Children Festival, to Diner En Blanc Okanagan, to Apple Trilithon, there is always something to enjoy and definitely something that is sure to be a good time! Check out all of the incredible events and more here.

Exciting Times in Spring 2023

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Spring 2023 is off to an exciting start in Real Estate! Interest rates were held again and the market is strong with Kelowna beating out Victoria to be the 3rd highest rental rate in the country. Big White Ski Resort is also experiencing one of the best rental seasons to date.

With lots of exciting music events happening like the Alti-tunes Fest at Big White this past weekend and the upcoming Rock the Lake in Kelowna and the many more events that are scheduled this coming spring and summer it is sure to bring in many tourists and people looking to possibly invest in the Okanagan and area. It’s very exciting that this area is where people dream of moving to – we are so lucky to live here.

Kelowna Real Estate Recap

Kelowna’s sale numbers increased last month when comparing to the previous months. “The upwards movement in sales activity compared to the previous month is showing signs that market activity is on its way to recovering from the previous month’s slump, while still maintaining healthy market activity,” said Association of Interior Realtors past-president Lyndi Cruickshank.

This is good news for Kelowna and Big White as a healthy and balance market is beneficial for both buyers and sellers.

The benchmark price rose above 1 million in March with the average being $1,001,500 – an increase from February but a 14% decrease from March 2022. Days to sell has also risen to 55 days on average – nearly double from March 2022 which, as we know, was an unprecedented time.

Big White Ski Resort Recap

As previously mentioned, the resort is experiencing one of the best rental seasons to date. With that in mind, many potential buyers are looking to invest at Big White as the benefits can be tremendous.

March saw a total of 14 sales at the resort, a decrease from 2022’s 25 sales. Even with the lower sales count, if the property is priced right and sought after there will be a buyer looking to commit.

To end of this real estate recap on a fun note, I’ve included some some fun facts from the season at Big White Ski Resort from Michael J Ballingall:

  • Events team served up nearly 5,000 cones of cotton candy to over 7,000 eager kids on Saturday at our weekly Carnival night. Over 7,000 new heads donned the famous Big White pom-pom toque, with over 100,000 now sold around the world.
    Big White’s food and beverage team served up 35,808 pounds of french fries, 49,971 shots of espresso (2,122 pounds of beans) and 17,263 liters of hot chocolate. Snowshoe Sam’s cooked over 7,500 Smash Burgers!
  • Visitors enjoyed over 125,000 tube rides, nearly 7,500 people went for a rip at night, and our brand new POWder Card made it into the hands of over 3,000 people.
  • Our outdoor operations team parked just under 130,000 cars, and our airport shuttle transported nearly 21,000 people to and from the resort, with the largest day being Saturday, February 25 with 404 people.
  • The Kids’ Centre, back for the first season since 2020, served up over 6,000 juice boxes and 1,300 litres of hot chocolate. Nearly 400 kids were dropped off at the Tot Town Daycare, and our Ski & Board School gave out around 2,500 private lessons and over 25,000 group lessons. Our Snow Hosts conducted over 500 free on-mountain tours with over 1,200 guests.
  • This season, we saw the return of our weekly events schedule, including Carnival Night, Bingo Night and Trivia Night. We also saw the return of Big Reds – with both nights selling out – and night skiing.
  • All 873 Big White team members want to send out a huge thank you to everyone, especially our loyal season passholders and locals, who came to enjoy our Okanagan Champagne Powder! We’ll see you in a few short months for summer – opening June 29 if weather permits

If you have any questions please feel free to reach out to me here.

March Fun at Big White Ski Resort

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March is time for fun at Big White Ski Resort. With many heading to the mountain for Spring Break – the resort is bustling and full of life! Property owners and renters alike are enjoying time at the hill – and with these events its hard not to.

As for Real Estate, there are plenty of showings happening around the resort as well with more and more people interested in investing at Big White Ski Resort.

March Fun at Big White Ski Resort – events

Of course, every Saturday night, the greatest firework show in town explodes down in Happy Valley. Its the perfect chance for the family to enjoy some great fireworks, take a skate around the skating rink, slide your way down tube town, or just enjoy from a window overlooking Happy Valley. This event starts at 9pm every Saturday.

Another big hit in March is the Moose Cruz! Starting March 22-23, this scavenger hunt is like no other. Discover and engage with the mountain, solving clues, exploring terrain and of course the most important, having fun!! Find all the information you need here.

And, the highly popular AltiTunes Music Festival takes place March 31, April 1 at the resort. This highly anticipated event will rock the resort with bands like Moontricks, DJ Invizible, Meems, Shred Kelly and many more! This is a celebration with live music, outdoor activities, and of course skiing! This event is a 19+ event and tickets are selling FAST. Learn more about this event here.

Brief Real Estate Update

Along with all of the fun events happening at the resort, real estate is also busy and seems to have picked up with Spring break happening. Many buyers are looking to find a vacation home to retreat to on the weekends or during school breaks. Units have been renting quite well so far this year with many fully booked for the remainder of the season. Investing on the hill at this time is a great opportunity!

Whether you are searching for an affordable studio unit that you can lock and leave or a luxury chalet with beautiful views, the market is seeing it all. Many people are loving the buildings with amenities such as a pool, fitness room etc.. as it does set it apart from the others than do not have amenities and most do not have rental restrictions.

So far March has seen 6 firm deals, a drop compared to March last year which firm deals equaled 25. The average sale price in March 2022 was $690,128 while thus far March is sitting at an average of $509,417.

I will be on the hill all of Spring break – so give me a call or stop by my office in the Village under Snowshoe Sams. I have plenty of brochures for current listings and can answer any questions you may have about rental revenue, investing, and more! You can also start by contacting me here!

March Fun at Big White Ski Resort

Okanagan and Big White Ski Resort Real Estate Update

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January was a great start to the new year with the Okanagan and Big White Ski Resort real estate market leveling out yet still producing high levels of deals. Even with mortgage rates rising, and an already difficult market to jump into, it seems to have remained steady through January and is picking up momentum as we go through February. A slight decrease in listing and sales price has made the market a bit more achievable and many people who were waiting to see this decrease are now jumping in on the action.

It is still a quite even market with it not favoring neither the seller nor the buyer at the moment. Sellers are acknowledging the prices have taken a slight downturn, but are still, of course, wanting top dollar for their property. Buyers seems to notice the small decrease in price and have been committing to purchase.

Okanagan Real Estate Update

Sales have seen a decrease in the Okanagan area with just 63 single family residence sales in the month of January, a 59% drop compared to January 2022. However the inventory has increased dramatically with 161% more properties available for sale. Currently sitting at 699 single family homes on the market. The average days to sell has increased to 81 – a large leap if compared to the same time last year when it was just 36 days. Which we know was unfamiliar and unprecedented.

The price ratio for January sat at 95.51% – on par for the market we were used to seeing prior to the pandemic. Comparing to last year is almost irrelevant because as we know most homes were selling for full list price and some way above list price.

So far this year the market seems steady throughout the Okanagan and is giving a chance to buyers to be able to purchase their first property or even their first investment property.

A great development that would work as a primary residence or investment property are the new townhomes at West 61 at Shannon Lake in West Kelowna. These 2/3 bedroom units offer views of Shannon Lake, top notch amenities, and modern luxury elements. Starting at $799k, these properties are a must see and are scheduled for completion August 2023.

Big White Ski Resort Real Estate Update

Big White Ski Resort had a slower January, with only 3 sales at the resort. However, the activity has increased quite a bit over the past two weeks and inventory has been selling at a faster pace that the beginning of this year. The average sale price at the resort in January was $650,667 – an increase of 13% when compared to January 2022.

All of the events happening at the resort are a factor in the real estate market. More and more locals and travelers alike are spending much more time at the resort. It’s also a factor with overseas buyers that the resort is exempt from the Foreign Buyer Ban really making Big White the ideal place to invest. The average days a property is spending on the market at the resort is just 53 days. Fairly on par if you compare to the same time last year where the average was 50 days.

If you are looking to build at Big White Ski Resort, Monashee Way is offering lots starting at $375k – these properties are ski-in/ski-out, with no rental restrictions. Build your dream chalet with the builder of your choice.

If you, or someone you know is looking to either get into the real estate market or perhaps free up some of your property assets, feel free to reach out – I would be happy to answer any questions and assist throughout the process.

CLICK HERE TO VIEW ALL OF MY CURRENT LISTINGS

Okanagan and Big White Ski Resort Real Estate Update

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As we near the end of 2022, I am excited to share November’s Real Estate statistics and news for the Okanagan and Big White Ski Resort. As previously reported, Big White Ski Resort has avoided the correction that much of British Columbia, including the Okanagan has experienced. The Okanagan is overall remaining steady however did see a slight dip in sales. As we head into this holiday season, we expect to start seeing sales comparable to pre-pandemic for the Okanagan, vs what we have seen these past few years. Big White Ski Resort however, is likely to stay strong and continue its steady sales with recreational properties most likely exempt from the foreign buyer ban.

Okanagan Real Estate Update

The benchmark priced surpassed 1million again and for November was recorded at $1,013,800. Only a 0.5% increase from November 2021. Sales overall however are down 52% and current inventory is 862. 500 new listings came to market in November 2022, which was 10% less than November last year.

The statistics show home prices have seen a small decrease with an upswing of inventory being available. Home sales overall are steady, especially with the higher mortgage rates and other factors. Homes are however staying on the market 60% longer with the average days to sell recorded at 57 days.

Big White Ski Resort Real Estate Update

Big White Ski Resort saw 11 sales in November with an average sale price of $917,718 and the total volume totaling over $10million. When you compare that to last November’s average sale price of $551,659, its quite an increase. We did see 6 more sales November 2021 with a total of 17 sales happening in that month and the total volume recorded at $9million.

36 new listings hit the market, an 38% increase from the same time last year. More inventory is great because it gives buyers ample choices within their budget. There are currently 74 active listings at Big White Ski Resort with properties for as little as $155,000!

real estate
3 bedroom penthouse at Stonebridge Resort

Properties are not sitting long either. The average days to sell is just over 1 month at 34 days. That means properties are being priced correctly and buyers are investing in the potential at the resort.

The decision whether to buy or sell in todays market is ultimately dependent on your situation and real estate portfolio. There is great potential right now to grab properties to build your portfolio as an investment. There is also great potential to list your property right now because we are still not back at regular inventory levels and home prices are still very strong with the right marketing and exposure.

If you are looking to buy or sell, or, are just curious about the market, you can contact me here!

 

Historic and Exciting News for Big White Ski Resort

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In the last 54 years, we went from no accommodations, the first one was constructed in 1968, to what you see at Big White Ski Resort today which is just over 3,000 units.

There has been quintessential development and steady growth at the resort and it’s exciting to hear and now share the historic and exciting news for Big White Ski Resort that is currently in the works and the future plans. In addition to accommodation developments, Big White has grown to be the second largest lift system in Canada.

Historic and Exciting News for Big White Ski Resort

Black Forest Residences is marketed and sold by EPIC Real Estate Solutions Inc. I provide buyer representation to those interested.

As the 1999 master plan completes, the resort focuses on the Black Forest area. This included a $6m utility investment, $1m skier overpass, and 8 development sites this past summer. The developmental sites include:

  • Staff accommodations for up to 400 more staff;
  • an 11 acre site for 44 single and duplex buildings called The Glades with Acorn Communities;
  • a 7.5 acre, 35 homes and 15 townhomes development by Iron Horse Developments; and a
  • 172 unit development offering micro suites. Which is currently preselling with K-West.

For information on these developments, as well as future plans, please visit Big White Ski Resort’s website, or contact Jordan Hettinga ([email protected]) or Paul Plocktis ([email protected])

M​onashee Ridge is another development that has been a desirable place for buyers. These chalet’s are ski-in/ski-out with low strata fees, snowmobile accessible, and feature stunning mountain views. These 3-4 bedroom properties offers vaulted ceilings, open concept floorplan and room for everything.

As in the previously published blog, in the resort’s new 50 year master plan, there will be a tremendous increase in further accommodations and terrain.

When this historic and exciting news for Big White Ski Resort is approved, the plan would increase skiable terrain to over 1000 hectares and the number of lifts would total 35. To handle all of this, the resort would double in size and number of developments.

Big White Ski Resort has a bright future and one of the contributing factors is that Big White doesn’t have any land in ALR, so you can still purchase a property walking or sliding distance to the Village, and 100% of the overnight accommodations are ski-in/ski out. This is significant in differentiating Big White from other Canadian resorts such as Whistler which over offers approximately 20% of their bed base deemed ski-in/ski out.

(information source: Jordan Hettinga)

Big White Homes Are Avoiding Correction

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There is no doubt that we have been seeing a slight down turn in the median home prices since Spring of this year. This is partly due to more inventory being available and the rising mortgage rates. Big White Ski Resort, among other ski resorts in Canada, have avoided the correction and are predicted to only see a 3% decrease in median price on high-end homes.

Big White Ski Resort and other ski resorts have remained strong within this market due to foreign buyers motivated to purchase before the ban takes place, which is on January 1 2023. However, Big White Ski Resort is exempt from the ban, making it a great area to purchase as a foreign buyer.

Another reason is that even though the mortgage rates are higher than normal, when people purchase at a ski resort it is more than likely a second home. With that in play, many people take out equity in their primary home in order to purchase their secondary vacation home. So there is no need for a mortgage and the rising rates won’t deter them from a purchase.

big white homesBig White Homes

The average sale price for Big White homes in 2021  was $490,000. When you compare that to this year’s (to-date) average sale price at $606,000, it is quite an increase and confirms that the resort has not seen the dip that was expected.

That being said, prices have slightly shifted but sellers who bought within the height are still gaining profit in their sale, just with a slight price decrease if you compare it to earlier this year.

There are currently 76 Big White Homes  listed at Big White Ski Resort and with an array of options available, there can be a property found whatever your budget may be. If you or someone you know is looking to buy or sell at Big White Ski Resort, you can reach out to me here.

Seeing a Shift in The Okanagan’s Real Estate Market

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We are fairly used to seeing a shift in Okanagan’s Real Estate market in the Fall. However, this is not the typical shift we are used to seeing. There are many properties being listed but we have seen a decrease in closed deals, about 35% less than last September. Many factors contribute to this shift. Including the increase of mortgage rates and rules, more inventory being available, and of course the listing price spike that has not come down as much as many potential home buyers would like to see.

Seeing a Shift in The Okanagan’s Real Estate Market

Properties are staying on the market a bit longer than last September with an increase of about 65%. The inventory level has increased a substantial amount (112%) compared to September of 2021, leaving potential home buyers more options. This is good to see as it creates a more balance buyer/seller market and not necessarily favoring one side or the other. The price ratio has also dropped,. Meaning properties are not all going for full list price and/or over list price, which again is nice to see for potential home buyers looking to get into the market for the first time.

Inventory at Big White Ski Resort has also increased when compared to last year, an increase of about 48%, but with less sales overall in September 2022 vs. September 2021. The market at the resort has remained strong throughout the off season and is already picking up as we get closer to the opening of the Winter 2022/23 season. The average sale price in September 2022 was just over $500,000 ($516,750) while September 2021 saw an average sale price of $479,450.

The prices at the resort are competitive, strong, and overall a great starting point when looking to invest in a ski property. Currently there are 68 active listings at Big White, some starting below $175,000 and some all the way up to luxury prices around 1.5 to 2 million dollars.

If you are interested in further discussing the real estate market, or how your property can fit in todays market, I would be happy to chat further – contact me here or give me a call at 778-231-0308.

Okanagan’s Real Estate Market is Getting Real

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As we head closer to fall weather, the Okanagan’s real estate market is getting real and finally cooling off. After 18+ months of a frenzy, we are now seeing a more balanced market. The market is favoring neither the buyer or seller at the moment but is teetering in between a buyer and seller market. This can make it more difficult in some cases as both the buyers and sellers may plan to wait it out to see how the power shifts. This creates lower number of sales, a drop in average sale price, and more days being spent on the market.

However, with all of that being said, we are never sure of the turn real estate will take and if, in your life, now is the time to either sell or buy, you will get a satisfactory outcome. There are always buyers looking, and always sellers selling, but the two need to match up in order to create a transaction.

So let’s look at the recent stats

The average sale price for a single family home in the Okanagan has not dropped under 1million yet. It has however dropped a touch since last month and now sits at $1,077,431. The price ratio has dropped to 96.90% compared to the 100.68% it sat at in July of 2021.

As expected in the summer months, sales at Big White Ski Resort have taken a slight dip. Although the mountain is open in the summer months, the volume of visitors is not nearly what the winter months bring in. Thus creates less of a frenzy when looking to purchase a property at the resort. The resort has seen over 100 residential transactions thus far in 2022. The average sale price is sitting at an affordable $616,904.

Big White’s inventory is on par, with 59 active residential listings and 4 commercial listings. As always there are affordable, studio units, or more luxurious million dollar properties. (Check out all current listings here) Both are great for producing revenue while renting out or to enjoy yourself during a weekend family getaway.

For more real estate information, to start on your real estate journey, or to build your current portfolio, reach out today.

LIVE WHERE YOU PLAY

Joan Wolf

Cell 778-231-0308 
[email protected]

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