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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.

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.

Get Ready for Summer at Big White

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April 5, 2022 marked the last day of the Winter 2021/2022 season. You know what that means now? It’s time to get ready for summer at Big White!

This years summer season will start on June 30th and run until September 5th, 2022. Last summer it was incredible to see the events and amount of action we had even with restrictions were in place and we are excited this summer to pump it up to the next level because this summer is sure to be jam packed with events for the entire family. It’s very exciting to see the resort thriving and people being able to get outdoors more. Because as you know, it’s better to be outside!

Events

Big White Resort is bringing back many favorites like Craft & Country Music Festival, Freeride Days, Mountain bike boot camps and Spartan Race. You can find all the details about the resort’s summer events here.

The Annual Big White Community Clean Up takes place on June 11th, prior to opening day, to ensure the resort is in tip top shapes after all of the snow has melted. There is also a complimentary BBQ & t shirt for those who participate. Disposable gloves and garbage bags will be provided after registration which takes place at 9am in the Village. For further information click here.

New Developments

There is more than just events happening at the resort. There are multiple new developments underway. This is exciting and promising to see as more and more people are interested in buying a piece of beautiful Big White Ski Resort. Modern mountain living is coming and some pre-sales are already happening!

Monashee Ridge at Big White is mountain living at its best! Ski-in and ski-out, these single family homes boast spectacular views, modern mountain designs and low strata fees. Phase 1 has already sold out, so make sure to get your foot in the door for phase 2…coming soon!

Vita Residences at Black Forest by K West Homes are affordable smart, fully furnished studios starting at $399k. A $60M development, there will be 200 condos located just 50m from the base of the Black Forest chair lift.

Two more developments in Black Forest, Wild Wood and Blackhawk, are scheduled to commence in Fall 2022. Wild Wood will consist of 24 lots (single family or duplexes) with homes starting at $900k and Blackhawk will offer 16 townhomes.

Spyglass at Big White, luxury townhouses in Happy Valley, is currently constructing their final phase of 27 units. These townhouses are scheduled to be move-in ready for the 2022/23 ski season!

Big White Stats

April has continued to be a strong real estate market. The average sale price thus far is $850,613 – with a total of 8 properties being firmed up this month. The average days to sell since the beginning of the year is sitting at just 41 days. The same time frame last year we were seeing an average of 57 days on the market for a Big White property.

Currently there are 54 properties listed in the Big White area. There are affordable options, starting at 184k, all the way up to multi million dollar townhomes and chalets. The close price to list price is remaining high at 99.1% in April.

The summer season is exciting to watch grow because since 2017, the first summer season open, the resort has absolutely flourished with events, developments, businesses, and relationships all over the globe.

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!

Spring Break at Big White Ski Resort

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Spring break is just around the corner and Big White Ski Resort is going to be the place to be! Many events over the past two years were canceled due to the pandemic, but with more Covid restrictions easing, the resort has some incredible events planned for the coming weeks. It’s an exciting time on the mountain because with more events, comes more guests getting to experience the beautiful resort.

What’s Happening

  • After two years of hiatus, the Neil Edgeworth Memorial Banked Slalom is going ahead this year on March 26 and 27th.
  • The 10th annual Big White Firefighter rooftop campout is March 18-20th. The goal this year is to raise $10,000 with 100% going towards the Thrive Foundation, BC Professional Fire Fighters Burn Fund.
  • Calling all healthcare workers(IH staff): FREE lift passes and 50% off ski/board rentals on March 30th!
  • AltiTunes Music Fest featuring the Arkells is a much anticipated event at the resort this year. A great way to reconnect and have fun. 

Real Estate Recap

The more people that arrive and visit the resort and see how amazing it is, more people are interested in purchasing a slice of Big White Ski Resort for themselves. We have seen 56 sales so far in 2022, fairly on par from last year and almost doubling the sales from 2020. With over 35 million dollars worth of property being sold so far, the resort is on track for another high transactional year.

With lower inventory than average, the resort has been expanding their residential areas and many new developments are in the making. Monashee Ridge for example is a new development offering luxury finishes and awesome location that has become an extremely popular choice for buyers.

Not only are there less options on the market, currently only 44 listings, but the listings themselves are being snatched up quicker than normal. 2022 is seeing an average days of market of just 44, a decrease from 2021’s average of 55 days. Less inventory means more competition and the average sale price so far in 2022 ($626,660) shows just how popular the resort is becoming.

Don’t be worried though because there are many opportunities to purchase real estate at Big White Ski Resort for less than that. Currently the most affordable option is a studio unit in the Whitefoot Lodge and it’s listed at $139,000. However, on the flip side, if luxury is your cup of tea, the most expensive listing is $1,999,999 luxury chalet in Feathertop Estates.

With so many eventful happenings at the resort, is it time for you to join the fun? To learn more or to get started on your Big White real estate journey, contact me today!

Big White Ski Resort’s Opening Day

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Big White Ski Resort was just voted best in the province and the second-best in Canada, according to Condé Nast Traveler’s list of the top five ski resorts in Canada, part of the magazine’s 2021 Readers’ Choice Awards. So its no wonder Big White Ski Resort’s opening day is highly anticipated this year. And with November 25th approaching quickly I’m sharing the ‘need to knows’ for the 2021/22 Winter Season.

Big White Ski Resort’s Opening Day

As mentioned, November 25th is opening day for the 2021/22 season. Michael J. Ballingall, senior vice-president of Big White, said “last winter was one of their best ever for season passes”, and this year seems to be proving the same outcome with strong season pass sales already. Early bird season passes are still available until October 17th (you can buy them here) and, because they are the #2 ski resort is Canada, the resort is on everyone’s radar.

Snow has already started to dust the resort and the entire Village is working hard to welcome everyone on opening day.

What’s New

As with every new season, comes new activities, protocols, and options at Big White. Along with more parking locations, outdoor washrooms, and touchless faucets, the resort has gained a Squawk Box. What’s a Squawk Box you ask? It’s the newest, online food delivery service where chicken is the main event!

Following suit with other major Canadian ski resorts,  Michael J. Ballingall recently announced they are implementing mandatory vaccines for all employees of the resort. He said the goal is to get people to come out, work, play and live in the mountains for the lifestyle experience. And if being safe by being double vaccinated is a part of it then we’re happy to do it.

Real Estate Market

With strong indications of a fantastic season at the resort, real estate on the mountain has remained strong and continues to break expectations. Year to date on today October 15th, the resort has seen 198 sales, a 32% increase from the same time period in 2020 which we know was a hot market as well.

However, with an increase of sales, usually comes a decrease of inventory. Comparing this October to October 2020 we have 49% less inventory at the resort. So what does that mean? Sellers are getting top dollar for their properties and buyers are jumping in now before the prices increase even further. Year to date, over 99 million dollars in sales has occurred at Big White Ski Resort, a 30 million dollar leap from year to date 2020.

More and more people are exploring this gem and falling in love with everything it has to offer. Big White Ski Resort is a fantastic family fun place to enjoy and explore the outdoors. Just 45 minutes from Kelowna, this mountain paradise is truly one of a kind. As always I’m happy to answer any questions you have and you can contact me here or pop into my office in the Village under Snowshoe Sam’s!

LIVE WHERE YOU PLAY

Big White Ski Resort Statistics

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Since the pandemic started it seems like real estate in BC has skyrocketed and as you’ll see by the Big White Ski Resort statistics, the mountain is no exception. The pull to be outdoors, in the mountains, enjoying activities and fresh air seems to be on everyone’s list and they are heading to the resort to do so. The incredible asset about property at Big White is that it’s not just a vacation home. Properties at the resort are known to receive high rental revenue, especially during the busy months, making it even more appealing to buyers and investors.

Big White Ski Resort Statistics

  • Big White Ski Resort’s average sale price has reached an increase of 45% over the past 3 years. In 2018 the average sale price was $351,693 and 2021’s year to date average is $510,123.
  • The number of sales happening at the resort has also dramatically increased 95% from the previous year. YTD 2021 number of sales is 167. A huge leap from the same time period in 2020 when the number of sales was 85.
  • With the increased number of sales in mind, the volume of sales has seen major upward movement and we are seeing a YTD sales volume of 85M. When compared to Jan-Aug 2020 it’s a 123% increase.
  • Prices are up, and the average days spent on the market is down considerably. YTD the average days to sell sits at just 60 days. A dramatic 40% decrease from 2020’s average.
  • Also seeing an increase is the close price to list price. YTD 2021 is sitting at 98.5% – up from last year’s 96.8% average.

Increasing prices, lower days to sell, and everyone looking for that perfect mountain property creates this beautiful storm we are in right now. With massive expansions planned in the coming years, investing at Big White has never been more appealing.

For more information or to chat about your options on the mountain, reach out today HERE

Recapping the First Half of 2021

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Recapping the first half of 2021 seems like great a way to look back and see how this year has molded not only us as a community, but the community itself. It has been another eventful year where we have experienced, learned, and gained growth. 2021 has provided insight into what the next few years may bring and many exciting things have happened that lead us to that.

Let’s recap the first half of 2021:

Real Estate

As we know, the Real Estate market in BC blew up the first half of 2021. With homes going well above listing prices, flying off the market on the first day, and the lowest inventory we’ve ever seen, the first six months of this year have been wild. 141 sales were completed at Big White Ski Resort from January to currently. If we compare that to the 66 completed deals within the same time frame in 2020, that is a 113% increase in sales. And not surprisingly, the total volume has taken a huge leap from 31 million dollars worth of sales to a whopping 74 million.

Low inventory was a huge factor in the stresses of buyers looking for a home to purchase. We saw the lowest inventory available ever and that created a frenzy for buyers looking. And with that, came an incredible sellers market. Many sellers took advantage of the rising home prices and quick possessions. The average time a Big White property spent on the market this year is 60 days. A 45% decrease from the same time last year.

Big White Ski Resort

The resort itself saw many changes over the courses of these first 6 months of 2021. many COVID-19 protocols were implemented creating a safe place for locals, tourists and workers alike. There were challenges along the way but I think the team at Big White did a phenomenal job pivoting and adjusting as necessary. The Summer season has just begun and already the Village is seeing lots of tourists ready to relax, enjoy, and explore the wonderful outdoors.

Big White Ski Resort also made a huge announcement in January sharing that the resort has massive expansion plans over the next few decades. With more skiing terrain, a golf course, new housing developments, and more this is very exciting for the economy and resort.

No one knew what 2021 was going to bring and after a stressful and unknown 2020 we have adapted as a whole and are driving the changes into this year. The first half has been more than exciting and the rest of 2021 will be a great time to enjoy the growth the first half has brought us.

Joan Wolf

Cell 778-231-0308 
[email protected]

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