Seeing a Shift in The Okanagan’s Real Estate Market

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.

Big White Ski Resort is open!!

BIG WHITE SKI RESORT IS OPEN!!! – The resort opened November 19th and many are already out enjoying the beautiful champagne power. People have been eager to enjoy Big White and it’s great to see people walking in the Village and lots of excitement all over the mountain.  

When heading up to the mountain this year here are a things things you need to know:

1. Masks/face coverings are mandatory.
2. Only one parking lot open (Happy Valley).
3. Lines will look longer but only due to physical distancing.
4. No cash. Big White Ski Resort is completely cashless. (get more info here!)

After you hit the slopes and that amazing white stuff, check out The Woods restaurant. It just received 2020 Travelers’ Choice Award from Tripadvisor. There will be limited capacity (50%) at the restaurants so come prepared with snacks and drinks. The resort also received the 2020 Travelers’ Choice Award winner for Ski and Snowboard Area by Tripadvisor.  

November is already seeing a large number of sales at the resort. Studio apartments, duplexes, luxury chalets and lots – halfway into the month and already 20+ deals closed. If you are wondering if now is the right time for you to buy or sell at the resort I would be happy to chat about opportunities.  Contact me today!