Joan Wolf, Author at Joan Wolf, Big White REALTOR®

Okanagan and Big White Ski Resort Real Estate Update

February 7, 2023 by Joan Wolf

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

December 14, 2022 by Joan Wolf

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!

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

December 8, 2022December 7, 2022 by Joan Wolf

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])

Monashee 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

December 1, 2022 by Joan Wolf

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 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

November 23, 2022October 13, 2022 by Joan Wolf

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

November 23, 2022August 12, 2022 by Joan Wolf

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

Okanagan Region is growing rapidly

October 27, 2022July 5, 2022 by Joan Wolf

The Thompson-Okanagan region is rapidly growing. Population hit 620,000 residents in 2021 with an average of 10,000 new residents every year. It is the fastest growing population in Canada according to Statistics Canada. The City of Kelowna itself now has over 224,000 residents. Making it double the size of Kamloops, Prince George and Nanaimo. It’s no wonder the real estate development is continuing to accelerate even with this slight downturn in sales.

The City of Kelowna recently voted unanimously to approve a 425 home development in the Tower Ranch neighborhood and a 1000 home development on Lakeshore Road. Those developments in addition to many pre-sales happening throughout the region are a direct correlation to the influx of out of region residents. Okanagan real estate has been stifled with supply in the past months creating a rise in prices. With the new projects arising, we are hoping to see a shift, making housing more affordable within the region.

Even with residential sales slowing recently, the average price is still on the rise. We saw May’s average single family home sale price increase from just under 1 million ($997,441) to $1,139,144 from the same time last year.

It is estimated that investors make up nearly 60-70% of condo buyers in the city. This I believe goes hand in hand with Kelowna’s rental vacancy rate which sat at just 0.6%. The lowest level in Canada in May. With the average price of condos sitting at $518,637 in May, its an affordable and wise investment choice.

The Thompson-Okanagan region, especially Kelowna, is rapidly growing. Now may be the best time to capture that piece of Okanagan paradise. Feel free to reach out and contact me with any questions or to get started finding your perfect home.

Okanagan Summer is HERE!

October 27, 2022June 23, 2022 by Joan Wolf

The day all of us in the Okanagan have been waiting for, Summer is officially HERE! With the prolonged spring weather here in the Okanagan, it’s nice to see the weather changing and bringing that beautiful Okanagan sunshine we all crave. Summer in the Okanagan is when our city thrives. Welcoming back tourists to our amazing town and seeing all of the locals get out and enjoy all of the events happening after a two year hiatus.

Live, Work, Play – Summer in the Okanagan …

The Okanagan is a sought after area to live, work and play. There’s no question why its an attractive city to purchase a home in. And with the real estate market changing, it is becoming a little more attainable than the recent months. We are seeing a shift in prices, including many price reductions on already listed properties. This however, doesn’t mean its a buyers market quite yet because the market is still favoring sellers at the moment.

The Okanagan continues to attract people to own property here. Coming from out of town, and out of province, buyers are dedicated to find their own piece of paradise here in the Okanagan. Whether that’s in Peachland, at Big White Ski Resort, or in Lake Country. That’s the thing about Kelowna and area, there is a neighbourhood for everyone and anyone. No matter your price point or requirements.

Summer is also on everyone’s mind at Big White Ski Resort. With the resort now open for the summer 2021/22 season, many are making their way up the mountain to get outdoors. Enjoy mountain biking, hiking, or check out this year’s Craft & Country Music Fest on July 16th! This year, the resort is packed with events and fun for everyone. Check it all out here.

With the shift in the market, you may be left wondering where that places you and your situation. If you are planning on selling, are you curious what the price drops mean for the value of your home? If you’re buying, are you wondering if now is the time to make an offer on that home you’ve been humming and hawing over? I am always here to answer any questions so reach out via email, phone, or contact me here.

May in the Okanagan

October 27, 2022May 16, 2022 by Joan Wolf

It’s been a fairly cool start to May in the Okanagan but the same cannot be said for the real estate market. Although it has slightly shifted to a more level market, it still remains to be a hot spot for many home buyers. We are finding it’s not just locals who are moving up from condos and buying single family homes. There are many buyers coming from out of province, and even out of country to purchase their own piece of paradise in Kelowna. And who can blame them!? The Okanagan, Kelowna in particular is the most amazing place to live.

There are countless opportunities in the city in careers, adventures, and your real estate portfolio. This summer is shaping up to amplify all three with many events making a come back after a two year hiatus. This brings more revenue to the city and with many tourists visiting the city, real estate will remain strong.

May in the Okanagan- Real Estate Recap

Real estate in April marked a decrease in number of units sold compared to April 2021. But that’s not to say they are low. They are just lower in comparison to the record breaking 2021 we saw. We are still seeing a fairly low inventory, which we know has been driving up the home prices, but it is starting to transition to a more stable environment.

The average days to sell is still on the decrease. Single family homes are sitting on the market just 22 days on average. Condos and townhomes are also seeing big decreases in days to sell. Townhomes dropped 54% compared to last April – with an average of 19 days on market.

Lakeview Heights in West Kelowna and South East Kelowna continue to be sought after neighbourhoods. These are popular with buyers because of the spaciousness of the homes, the peaceful settings, and larger lot sizes. Other neighbourhoods that are also popular are Joe Rich and Lake Country.

From affordable fixer uppers to large commercial lots, there are plenty of sales happening in the Okanagan. Like the 11 million dollar commercial deal on Truswell that I just firmed up, and the many single family homes throughout the region. I may specialize at Big White, but I’ve been bringing my expertise to the Okanagan and expanding!

Summer is just around the corner here in Kelowna. I think I can speak for all of us when I say that Kelowna in the summer is unmatched. Whether you are enjoying it in your backyard pool at your home in Lower Mission, or at a beach just down from your downtown condo, its the reason most of us live here.

If you are looking to purchase a piece of Kelowna to either start, or build your real estate portfolio, I am happy to assist you along the way. Feel free to contact me here or give me a call at 778-231-0308

Gear up for Summer at Big White

November 23, 2022May 13, 2022 by Joan Wolf

Its time to gear up for summer at Big White because the resort is opening on June 30, 2022 for its summer season! If you read my last blog post, you are aware of some pretty incredible events and experiences lined up. Like the Craft & Country Music Festival happening on July 16th. This year marks the resort’s 7th year of hosting this event that features tons of great breweries, cideries, and this year featuring music from The Heels.

There are so many more events to talk about, so lets dive into it!

Events to Gear up for Summer at Big White

The resort is still looking for ambitious volunteers for this years Community Clean Up. This is a great way to get outdoors and make sure the resort is looking impeccable for the summer months! To register or find more information just head to this link.

The Okanagan Graveller, brought to us by the team behind the iconic Okanagan Granfondo in Penticton, is a 2 day, 3 distance weekend that the resort is thrilled to host June 18-19, 2022. The Village is sure to be bustling with excitement in the beer gardens with entertainment and BBQ after the ride.

If you enjoy trail running, then the Big White Peak Challenge is perfect for you. Being held on July 10, 2022, this event is brought to us by Hoodoo Adventure Company. Two distances to choose from, including a 11km trail with 633m elevation gain or a 32km trail with 1940m elevation gain. Both of these trails will leave you in awe after trekking on dirt roads, around lakes, atop ridges, and featuring amazing mountain views.

April Real Estate Stats

April, finishing up the first quarter, was a fairly strong month for real estate at the resort. Keeping up with the previous months thus far 2022. April saw 13 sales, a 40% decrease from April 2021, but saw an average sale price increase of 32% from the previous April. The average days to sell continues to see a decrease from April of 2021 and the homes at the resort are sitting on the market an average of 45 days.

21 new listings hit the market during the month of April, and the close to list price on sold listings was 98%.

As of today, May 9th, there are 47 active listings at Big White Ski Resort. These listings range from a studio units for under 200k all the way up to multi million dollar chalets.

Feel free to reach out and contact me with any question you have about Big White, the summer season, and what’s happening in Real Estate!