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

Gear up for Summer at Big White

Its time to gear up for summer at Big White because the resort is opening on June 30, 2022 for its summer season! If you read my last blog post, you are aware of some pretty incredible events and experiences lined up. Like the Craft & Country Music Festival happening on July 16th. This year marks the resort’s 7th year of hosting this event that features tons of great breweries, cideries, and this year featuring music from The Heels.

There are so many more events to talk about, so lets dive into it!

Events to Gear up for Summer at Big White

The resort is still looking for ambitious volunteers for this years Community Clean Up. This is a great way to get outdoors and make sure the resort is looking impeccable for the summer months! To register or find more information just head to this link.

The Okanagan Graveller, brought to us by the team behind the iconic Okanagan Granfondo in Penticton, is a 2 day, 3 distance weekend that the resort is thrilled to host June 18-19, 2022. The Village is sure to be bustling with excitement in the beer gardens with entertainment and BBQ after the ride.

If you enjoy trail running, then the Big White Peak Challenge is perfect for you. Being held on July 10, 2022, this event is brought to us by Hoodoo Adventure Company. Two distances to choose from, including a 11km trail with 633m elevation gain or a 32km trail with 1940m elevation gain. Both of these trails will leave you in awe after trekking on dirt roads, around lakes, atop ridges, and featuring amazing mountain views.

April Real Estate Stats

April, finishing up the first quarter, was a fairly strong month for real estate at the resort. Keeping up with the previous months thus far 2022. April saw 13 sales, a 40% decrease from April 2021, but saw an average sale price increase of 32% from the previous April. The average days to sell continues to see a decrease from April of 2021 and the homes at the resort are sitting on the market an average of 45 days.

21 new listings hit the market during the month of April, and the close to list price on sold listings was 98%.

As of today, May 9th, there are 47 active listings at Big White Ski Resort. These listings range from a studio units for under 200k all the way up to multi million dollar chalets.

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!

Get Ready for Summer at Big White

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!

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.

Recapping the First Half of 2021

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.

February Real Estate Stats and Spring Break

As we enter in March there is a lot of action at the resort. Locals in the Village, a bustling real estate market, and spring break approaching Big White Ski Resort is a great place to enjoy the outdoors. As you may know, the end of last year’s real estate market was heating up and that momentum has continued well into the first quarter of the year. Let’s take a look at the February Real Estates and what Spring Break looks like this year.

February Real Estate Stats

January and February were great months at the resort for the Real Estate market. Year to date, we have seen 57 closed deals, totaling 29 million in volume. The average days to sell in February is down drastically, 43% from last February, at just 51 days. The close price to list price ratio is at 99.3% and last year’s average was 96.8%. Currently there are 85 active listings. There is the most affordable option, a studio apartment for just over $100,000. All the way to luxury chalets listed for 1+ million.

Monashee RidgeNew builds are exciting at Big White and Monashee Ridge offers an incredible option for those wanting a luxury chalet. With ski-in/ski-out access, opulent features and finishings, and a completion date set for 2022, these incredible homes are very impressive. For further information about this development, click here.

It’s not just residential properties that is booming at the resort. Commercial listings are a hot commodity and create a once-in-a-lifetime opportunity for investors. Commercial listings don’t come up often and when they do, everyone wants a piece. View all my current commercial listings HERE

If blue skies and champagne powder is calling your name, don’t miss this opportunity to own your own paradise at Big White Ski Resort.

Spring Break 2021

Spring break definitely looks different then prior years, however; there is still plenty of activities to indulge in with the family. Of course you can hit the slopes on your skis or snowboard or maybe a snowshoe adventure is calling you. Whatever the outdoor activity is, it’s better to be outside. Check out Big White Ski Resort’s website for more information about available activities and COVID protocols.

Be sure to pop by my office (in the village under Snowshoe Sams) to check out all my latest listings, residential and commercial. Alternately, contact me and I’ll get you started on your search and answer any questions you have.

LIVE WHERE YOU PLAY!

Big White Ski Resort is the Place to be!

Big White Ski Resort is the place to be this winter season for anyone looking to get outdoors, breathe in some fresh air, and enjoy that beautiful champagne powder. The resort opened ahead of schedule this year and has had a seamless transition while incorporating all of the governments new protocols and restrictions. The resort has put many new policies to ensure visitors and staff alike are safe and following protocols.

Most are flocking to the mountain during the weekends, but if you get the chance to be there mid-week not only will you receive a discount on passes, but also get the perks of waiting less, skiing more, and fresh tracks!

Real Estate Market

If you are thinking now is the time, for either buying or selling on the mountain, you are absolutely correct. November 2020 saw a 160% increase in the number of sales, and the number of days to sell is also down compared to the same time last year. Over 17 million dollars of real estate was exchanged last month at Big White Ski Resort. As of today there are 69 available listings on the mountain. You can purchase a studio apartment for under $100,000 or a luxurious chalet in Feathertop Estates for $1,675,000.

New at Big White

Recycling! Residents and visitors the resort can now drop off their refundable beverage containers at the region’s first Return-It Express & GO recycling station. This new service was a direct response to the needs of residents and visitors on the mountain. Located at 4500 Big White Rd., the new facility makes recycling easier by allowing drop off pre-bagged beverage containers without sorting them. Another cool feature of this amenity is the fact it is solar powered and housed in a repurposed shipping container. For further information check out this article.

With new snow dropping daily, it’s definitely better to be outside! See you on the mountain, email me, or drop by my office in the heart of the Village! (Right under Snowshoe Sam’s)

LIVE WHERE YOU PLAY

Big White Real Estate – Stats, Market Update & Opening Day

The 2020/21 winter ski season is a few weeks away and in real estate world that means crunch time to find the perfect Big White property before opening weekend. November 26th marks opening day at Big White Ski Resort this year and everyone is excited for that incredible champagne powder. Many people are not travelling out of country this year and are looking to Big White for their winter vacations, thus creating a flurry of deals on the mountain.  

September Stats

September was a huge month for real estate in the Okanagan and Big White is no exception. With an 80% increase in sales from September last year we saw 36 deals this September with an average sale price of $436,271. Prices as low as $86,500 and as high as $3,200,000 mean there is something for everyone and every price point. Check out some listings here. If you are interested in receiving a complimentary market analysis on your Big White property, contact me. I would be happy to discuss about marketing your property worldwide with virtual tours, google ads, and specific targeting. 

Upcoming 2020/21 Season Changes

With opening weekend just a few weeks away, Big White Ski Resort has been diligently working to ensure all safety guidelines and procedures are up to government standards. A few changes have been announced such as no more singles line for the lifts. Check out a few more of the changes for this upcoming winter 2020/21 season here.  

These changes are put in place so everyone can enjoy everything Big White has to offer. From skiing, ice skating, snowshoeing, and more, there is an outdoor activity for all. To stay in the know, visit Big White’s Website for their lift status and hours.  A fun new favorite at the resort is adaptive biking. With the wide trails and great variety of terrain, Big White is one of the best BC bike parks. Learn all about Adaptative Biking at Big White Ski Resort here. 

Big White Real Estate Market Update & More!

Let’s dive into Big White Real Estate Market Update & More! Although snow has postponed the Summer opening day at Big White Ski Resort this year the Real Estate market remains strong coming into the summer months. With the resort now opening on July 10th, many are eager to get outside and explore the mountain.

Many are investing in the local real estate market for vacation and investment properties. Big White Ski Resort has been a popular choice among those looking to purchase because of its incredible investment opportunities. Big White Ski Resort offers a variety of rental and vacation options whether you want a turn-key condo in the rental pool, or a larger single family home for those family getaways.

Real Estate Snapshot

We’ve seen thirty new listings hit the market since the beginning of May and nine properties have changed ownership including one for $950k.

With the help of virtual tours and other online marketing tools, out of country buyers are still able to complete transaction without stepping foot in the property. Real Estate agents have been working hard to ensure buyers and sellers are still able to carry out their Big White Ski Resort property dreams. Whether your budget is 100k or 1M, there is a Big White property that will suit your needs!

Big White Ski Resort Updates

Near the end of May, the resort announced a 20% rebate on the 2020/2021 season pass for people renewing their 2019/2020 pass because of the early closure. Early big passes are available now, click here.

At Big White, we believe it is better to be outside. With that in mind, the resort has implemented new protocols and procedures to ensure we are safe all while still being able to enjoy the outdoors. New touchless systems are now in place, additional outdoor washrooms are just a few of changes at the resort. Check out all their new procedures here!

School is now out and families are looking for local activities and Big White Ski Resort offers something for everyone. Come visit me at my office in the Village, right under Snowshoe Sams. I’d be happy to chat real estate and all things Big White Ski Resort!

To get in touch with me today, click here to contact me!

Renting Out Your Big White Ski Resort Property

Some people rent out their Big White Ski Resort property is a way to earn extra income when the property is not being used for their own personal use. Others buy at Big White strictly to use the property as a rental as rentals on the mountain are always in high demand, especially over the Christmas holidays and Spring Break. In addition to the holiday rushes, there are also seasonal workers and visitors alike that rent over the course of the season, year after year. This article will offer insight on renting out your Big White Ski Resort property.

Renting Out Your Big White Ski Resort Property

From self managing to outsourcing to a full service rental company, you have options depending on how involved you’d like to be. Some restrictions apply to each service you choose but luckily there are a few to chose from.

However, each building and complex have their own rental restrictions in place and rules that must be followed. So before making your rental plan. I reccommend speaking to a professional (I would be happy to answer any questions) about the possible rental restrictions for your property.

Let’s have a look at some of the options…

Self Managed

Airbnb

This is a great option for those who want to self manage. Be prepared to run the rental from top to bottom. You’d be in charge of listing the rental, upkeep, managing booking, cleaning and more. Do your research to see if Airbnb is right for you.

Full Service

Central Reservations

The one-stop shop for everything on the mountain. Handling rentals, and just about everything else, Central Reservations is a trusted, knowledgable team.

Luxury Mountain Vacation Rentals

With over 10 years of operation at Big White, this company has a long history of exceeding guest expectations. The team is comprised of other local small business such as: Pure White Cleaners, Snowy Nights Hot Tubs, Billy’s Waterworks, and many others.

If you decide to self-manage, I highly recommend the following local services to assist with the rental process:

Renting out your Big White Ski Resort property allows you to have that home away from home that generates income while not in use by you and your family. Contact me for all your Big White Real Estate needs! I would be happy to answer any questions or get started searching for your perfect investment property!

LIVE WHERE YOU PLAY