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.