Okanagan and Big White Ski Resort Real Estate Update

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

Spend Summer at Big White!

Spend your Summer at Big White – the resort is open! This summers opening weekend was the most successful opening summer weekend in history. The real estate market is red hot and investors are coming from all over the country to buy a perfect mountain getaway for their families. We believe it is better to be outside, and with Big White Ski Resort offering incredible outdoor experiences, now is the time to explore all Big White has to offer.

Here are a few of the adventures and activities that you can find at Big White this summer.

The Toonie Experience – A Race Series

Friday nights are for downhill racing! With the course changing every week, this series is a fun way to hit the dirt and compete with friends. Either participate or just come to cheer the racers on! Click here for more information.

Geo Hiking Adventure

A free scavenger hunt taking place August 1 and 2, that will challenge your navigation skills and Big White knowledge. Compete as a team or by yourself and have fun! Find out more details here!

Horseback Riding

Saddle up and enjoy a relaxing adventure riding horseback along the trails with experienced guides. You’ve never seen Big White like this so take in the gorgeous views and fresh mountain air. Multiple options available from an hour ride to a half day adventure with lunch at Globe Cafe or Blarney Stone! Big White Horseback Adventures is ready to ride!

Hiking

An obvious favourite, hiking Big White is phenomenal. Grab a trail map and walk through the trails to enjoy the greenery and gorgeous vistas. Here are the Top FIVE hiking trails:

  1. Rhonda Lake Trail
  2. Peak Trail
  3. Falcon Ridge
  4. Alpine Meadows
  5. Jaimeson Loop

The sun is shining and the mountain is waiting for you to get outside and enjoy beautiful British Columbia and Big White Ski Resort. Come visit me at my office, right under Snowshoe Sams, or contact me today!

LIVE WHERE YOU PLAY!

Big White Resort Opening For The Summer

Mark your calendars – Big White Ski Resort has set an opening date for their Summer season!  June 26, 2020 (tentatively) is the much anticipated day that Big White will reopen. Hiking and state of the art biking trails have become huge attractions for the resort and this reopening day is much anticiapted by both tourists and locals.

Since March 16, 2020 COVID-19 has closed the resort down and despite the mountain being closed, the Real Estate market has remained strong and transactions are still happening. There are very serious buyers out there looking to purchase their dream Big White Ski Resort property.

Big White Ski Resort Summer Opening – What To Expect

You will see some changes at the resort with new guidelines set by health experts. The Village Centre Mall will remain closed to ensure the safety of their guests and residents. For more information on changes and FAQ click here. Accordingly, the Real Estate industry is also evolving as necessary to adhere to government protocols.

Now more than ever, buyers and sellers alike are committed to the process and serious about their transaction. Interested parties from all over the world are relying heavily on technology and online tools. Virtual tours and social media are being used to make decisions about their Big White property.

With the snow melting, slowly (and fingers crossed in time for opening day) many are anxiously awaiting to enjoy the many beautiful areas Big White Ski Resort offers during their Summer season.

Keep up to date on all Big White Ski Resort announcements here. Or feel free to reach out and contact me with any questions about the upcoming season and how Real Estate is being affected. My office is right in the village and I would love to see you; stop by for a coffee and we will make your Big White real estate goals a reality!

COVID-19 and the Big White Real Estate Market

COVID-19 abruptly ended the 2019/2020 season at Big White Ski Resort. With the resort closed until further notice, we are all staying at home, homeschooling the kids, working from our new makeshift home office and finding new routines. It’s definitely a drastic change from gearing up, hitting the slopes and adventuring around the resort.

Big White Ski Resort remains closed for the time being, but because real estate is deemed an essential service there are still 124 active listings on the mountain and new properties still coming to market. With such amazing online marketing tools, an interested Buyer can easily view a property by way of a virtual tour, video, and photos. And, just as importantly, a Seller can feel confident that their property is still being marketed to its fullest during these times.

My outlook for the resorts future is positive, I believe that the mountain’s economy will remain strong. With our response to COVID-19 and the US dollar being at almost 1.50 I am cautiously optimistic that Canada, BC, and especially Big White, will be sought after real estate in the following months.

Still want to explore the mountain?

There are some approved off-season trail access that you may use. *PLEASE NOTE*  The mountain is closed and no access of any kind is permitted to the trails and/or areas within the controlled recreational boundary on Big White Mountain. With the exception of low impact activities such as dog walking and snowshoeing in the highlighted area on the map. Check out there MAP here.