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

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.

Okanagan’s Real Estate Market is Getting Real

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

Real Estate Year in Review: 2021

What a year 2021 was for Real Estate at Big White Ski Resort! The resort faced many challenges from new covid protocols, major highway closures, and fires threatening the area but has persevered and continues to remain strong.

2021 Year in Review

251 deals were completed during 2021, a jump from the 213 in 2020 but fairly on par. This final number includes lots, single family homes and condos.

Another noticeable jump we saw was the average sale price. In 2020 it was $469,721 and last year, 2021 the average sale price was $516,184. An increase that many owners are happy to see – whether its their investment property or family vacation home.

Even with the average sale price hovered around half a million, we did see studio units go for under 100k! On the flipside we also saw luxury chalets go for over 1.5 million. The gap between highest and lowest sale price is good to see because it means that whatever your budget is, Big White Ski Resort can offer you what you are looking for.

A shocking but welcoming decrease was the average days to sell. Falling down from 101 days in 2020 to just 55 days during 2021. Some homes also sold after 1 day on the market.

Another interesting statistic is the list to close price ratio. While in 2020 it sat at 96.8%, 2021 jumped to 99.1%.

For December 2021 market stats click here

2022 Forecast

2022 is shaping up to be on par with 2021. With many people traveling in from other countries again as well as many locals now purchasing at the resort, real estate is not expected to slow down.

Looking to invest or have questions about your Big White property? Feel free to reach out on my cell 778-231-0308 or contact me here.

Building at Big White Ski Resort

Finding the perfect chalet in this market can be challenging, especially when it comes to luxury chalets. With only a few available for sale throughout the year, it can be hard to capture your dream property. However, with the mountain expanding all the time, there are amazing new developments with many lots available so you can build your own luxury dream chalet.

Building at Big White Ski Resort is much different than an in town build. The timeline, construction process and costs are all affected. There are pros and cons to building at the resort and this article will bring insight to all aspects.

New Developments

First lets chat about the new developments at the resort. With the resort having major plans to expand, with the master plan underway for exciting new features and development of the ski resort as a whole, many new areas are popping up with developable land to start your build. In addition to these developments below, next year there will be lots available in the beautiful Black Forest area.

Feathertop Estates

The extremely sought after Feathertop Estates is where the luxury chalets showcase phenomenal views and top of the line design quality.

Snowpines

A quiet area where the views are gorgeous and the location is set back from the busyness of the Village.

Moonshine

A fabulous location close to the Villages with incredible views, ski access and low strata fees.

Process of building at Big White Ski Resort

As mentioned earlier, the process of a build at Big White is different than a typical in town build. For starters, there are the possible setbacks as with any build. From unpredictable weather conditions like significant snowfalls and freezing ground, to delivery challenges and selective materials can push the completion timeline.

The zoning bylaws and building code stipulations are something that are much different than in town because the mountain receives 12′ of snow load. (Click here for copies of the OCP and Zoning Bylaws)

As for the cost of your build. The average cost is approximately $400 per square foot plus the price of the lot. Lots range from $150k to $650k depending on size, view, ski access, and village proximity.

Because building at the resort comes with its challenges, its important to choose a builder with years of expertise and knowledge when it comes to building on the mountain. Builders like Weninger Construction, have mastered the building process and have designed and built some of the resorts most stunning chalets.

Completing a build at Big White Ski Resort is a long process compared to say building in Kelowna. The average timeline is usually about 18-24 months.

If you are interested further in the process and what goes into a build at Big White, please contact me as I would be happy to answer any questions and help you get started on owning your dream chalet at Big White Ski Resort.

Big White’s 2020/21 Season – What to Expect

Big White Ski Resort is ready for the 2020/21 Winter Season!  This year many new and exciting things are happening and with that new protocols and procedures to make skiing safe and available all season long. We are seeing a great number of Real Estate transactions happening – if we compare the numbers to last year there is an increase of 111% in the number of sales.

Virtual tours and online communications make completing a deal easy for those out of town. Our board has also set new procedures to ensure all showings are done in a safe manner.

Things will look a bit different at the resort the year. Here’s what to expect from Big White’s 2020/21 season:

Safety is the number one priority for staff at Big White Ski Resort, and because of certain challenges the tube park, ice rink and night skiing are suspended for the 2020/21 season.

Rentals at the resort also will be operating a bit differently this year. Provincial health officer Dr. Bonnie Henry said the limits will be based on the size of the rental, but did not provide specific numbers or say when the order will go into effect. She said health authorities are working with the industry to determine those details. (source: cbc.ca)

There are a few things to keep in mind while visiting Big White Ski Resort this Winter:
  1. Masks are mandatory in lift lines and loading/unloading on the gondola.
  2. Ticket sales are online only

What we really should expect from Big White’s 2020/21 Winter season is a GREAT time and champagne powder. It’s better to be outside so come visit me at my office right under Snowshoe Sam’s in the Village or contact me to chat about Big White Real Estate.

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.

First Ever Big White Realtor Tour

Last week over 30 Realtors journeyed to Big White Ski Resort for the first ever Realtor Tour. Ten luxury properties were showcased during the tour, with a parade of vehicles convoying to each one and ending with a special luncheon at The Crescendo, where the best of Big White was featured.

The afternoon started by meeting at noon sharp outside of my Big White real estate office in the Village just under Snowshoe Sam’s. Over the course of two hours, we showcased and visited 10 high end properties, from top quality penthouses, income producing duplexes, and high end chalets. The tour included a vast array of available options on the market today.

The final part of the tour took place at the world renowned Crescendo, which was just voted Worlds Best Ski Chalet 2019. A spectacular set of guest speakers including Graham Sullivan with Owner Relations, Marlin Weninger, the leading expert on construction at Big White, Harry Pettit with Royal LePage and Jim Loyd, Director of Sales, took the time to educate the attending Realtors on a few things that makes Big White Ski Resort special within the Real Estate industry worldwide.

Local beer and wine, an in depth tour of the Crescendo provided by House Manager Sheila, and delicious tapas provided by The Bullwheel created a lively, ground breaking event at Big White.

A very big thank you to all of the presenters, behind the sceners, and the Realtors that attended!! With of all of your support this inaugural event at Big White Ski Resort was a success!