Joan Wolf, Author at Joan Wolf, Big White REALTOR®

Spring Break 2024 at Big White Ski Resort

April 1, 2024 by Joan Wolf

How was your Spring Break? Mine? Well, it was incredible! We were able to get over 5 million in accepted offers and sales. The market like the ski hill had a very late start but it is awesome to see the action and continuing interest.

With the exemption from the short term rental ban and foreign buyer ban we fully expect that the interest from investors and relocating families will continue to grow exponentially.

I am so grateful and humbled that I get the opportunity to work with, collaborate with, learn from and do deals with Realtors who are consummate professionals and elevate our profession in every way.

Thank you to Jared Franczak Jesse East Mark Hetherington Brendan Stoneman Luke Cook I appreciate your hard work with me while navigating these new market conditions.

If you are ready to start your Big White property search – don’t hesitate to reach out 778-231-0308 or [email protected]

Top 5 Most Wanted Features in a Big White Ski Resort Property

February 7, 2024 by Joan Wolf

While every buyer is searching for something with their certain needs and wants, I am here to share the 5 most wanted features in a Big White Ski Resort property that are most common for buyers looking at purchasing property at the resort. Maybe a buyer is looking to check off all five of these boxes, or maybe just one, but these are the features that I have found to be the most wanted when working with both buyers and sellers at the resort.

TOP 5 MOST WANTED FEATURES IN A BIG WHITE SKI RESORT PROPERTY

Ski-in/Ski Out Access

Ski-in/ski-out access is a highly sought after feature. Luckily, unlike other ski resorts like Whistler, Big White offers arguably the best ski-in/ski-out accessibility from nearly every property at the resort. Whether its right outside the door or a short walk to the closest run, ski-in/ski-out access is an attainable feature no matter where on the mountain you are.

Well Run Strata

Having a predictable and proactive strata is another very important and wanted feature for those buyers looking to purchase a condo. As the majority of buyers are not living on the hill, having a well-run strata can ease the minds of buyers that are not always in the unit. With a well-run strata you can trust, a buyer can feel comfortable, and dependent that not only their unit will be looked after but the building itself maintained and functioning at the level they desire. Each building is different in how their strata runs so it is very important to work with a knowledgeable agent and of course review all strata documents.

Rental Income Potential

As previously stated, many buyers are not living on the hill and often look for rental income potential to offset costs when they are not using the property for personal use. Some units provide a steady stream of revenue and others can be limited due to many factors. Revenue potential varies depending on the type of unit, location, and amenities it offers. Many agents will provide past revenue numbers and a revenue forecast if available and applicable.

Location

This feature is completely dependant on each specific buyer but location is very important. Some buyers want to be right in the Village with amenities and activities just a few steps away, while others are looking for a more tranquil area. Happy Valley is a great location and highly sought after as it offers a close proximity to adventures such as ice skating, tubing, and more with also providing direct access to the Village from Lara’s Gondola.

View

Admittedly, this feature is not as important to some as say, ski-in/ski-out access, however many buyers are looking for a property that showcases the stunning Monashee Mountains. Whether it’s from a gorgeous chalet in Feathertop Estates or a condo in the Village centre, views can be a massive selling feature. With the gorgeous sunrises and sunsets that the resort is blessed with, its no wonder views make the top 5 most wanted features in a Big White Ski Resort property.

With the news of the foreign buyer ban being extended, and the resort being exempt from the short term rental ban, Big White Ski Resort is a superb investment for global and local clientele.

Overnight Index Swaps

January 12, 2024 by Joan Wolf

There are no shortage of predictions as to how when rate cuts start and how deep they go but the most objective predictor is typically “The Market”. Overnight Index Swaps (OIS) essentially trade debts and equity at an agreed upon rate of interest. But in doing so, they’re predicting or anticipating the next moves of the Bank of Canada (BoC) to set those rates. And the path the OIS market is predicting for the BoC right now is 0.25% rate cuts in:

April
June
September
October
December

That’s a total of 1.25% off the BoC overnight rate by the end of 2024. Which is excellent news for the housing market. And though we never want to get too far ahead of ourselves, some outfits like Capital Economics are calling for as much as a 2% cut by the BoC.

We talk a lot about pent up demand for housing and how it’s expected to come off the sidelines as we gain confidence in/start to see interest rate cuts. Ipsos conducted a poll in December that shows just how much prospective home buyers and sellers decisions are impacted by higher interest rates. 73% of those surveyed said “higher interest rates have me on the sidelines for now and I won’t buy or sell as a result.” Everyone in Real Estate and Mortgages have talked about pent-up demand over the last 18 months. This survey puts an actual number that shows the significance of just how much of an impact these higher rates have had. But what happens as we start to see rate cuts in the coming months? Certainly a share of that 73% will find more confidence to enter the market. The window to buy without significant competition may be closing and closing quickly.

Which leads us into spring and the market we might expect. 2023 saw a spring market that was stronger than the 10 year average. And that was with fixed interest rates that were still approaching 5%. Most borrowers opted for shorter term fixed rates in the ~4.85% range in the spring of 2023. And where do we sit today? On average, fixed rates of all terms are about 0.5% higher today than the same time last year. But as we get closer to the inevitable first cuts, it’s likely that fixed interest rates will see some more downward pressure. And it is quite possible that we will see the same levels we saw one year ago.

So where does all this leave us? “The Market” (OIS) is almost never wrong about the direction of rates. And while they’re not as good with timing or magnitude of moves, it’s becoming increasingly clear that the next move(s) are going to be downward. And as confidence grows into certainty, it’s fair to expect a good sized portion of that 73% to wade into the market and test the waters. The prescription here is to get prepared. Though there is much less urgency with rate holds in a declining rate market, there’s much higher urgency in having a quality pre-approval and knowing numbers and limits. Because when things turn, they turn quickly.

And hey – if you want to grab a coffee and talk Reach out and let’s connect!

All the best in 2024!

What’s Happening at Big White Ski Resort

October 25, 2023 by Joan Wolf

As we near the opening day, which is scheduled for November 23, 2023, there is lots happening at Big White Ski Resort. Each season the resort grows, replaces, and revamps many areas to improve hospitality, housing, and operations. According to the Regional District, over $100 million dollars in construction and maintenance is projected for the resort.

What’s Happening at Big White Ski Resort

Developments – The luxurious Feathertop Estates development is booming. There is a ton of construction happening in the area with new builds popping up all over the development. Foundations have been poured and constructed over the summer months, framing is taking place, and many chalets are in the lockup stage. This is exciting as we are starting to see them come together and ready for the finishing touches.

More new developments are also taking place in Black Forest, Porcupine, Sundance, and Monashee Ridge. They are coming along nicely and will be a great addition to the resort once complete.

Some of the complex buildings are also getting facelifts including Snow Ghost Inn. This is great to see updates happening around the resort and not just new construction.

You may notice a large pile of sand at the bottom of Big White Road that will be used for the roads. Speaking of transportation, some more exciting developmental news is that the resort has commenced building the first phase of the $600,000 upper parking lot at Black Forest. This parking lot will hold an additional 250 vehicles!

Tourism/Operations – Snow cats are a huge part of the resorts success and the resort has brought in some new ones and have been working to maintain the current ones so everything is ready to go once the snow starts to fly. There is a new restaurant in the works that will be ready for opening day. A welcomed addition to the Village, along with new electronic signs throughout the resort. Boxes and boxes currently fill the Village Centre as a new central reservations team prepares for the season.

It’s very exciting to see all of these preparations come together as we are expected to have an awesome Winter 2023/24 season.

What That Means for Real Estate

Both showings and deals have picked up immensely over the past few weeks. As normal, the off season slows down but now we are seeing a steady increase. Buyers, nationally and internationally are starting to get serious about putting in offers and many are arriving at the resort prior to opening day to secure their perfect ski home in time for the Winter season.

An abundance of showings over the past weekend has brought in multiple offers on a variety of styles of homes from 1 bedroom units at The Inn at Big White to multi-million dollar chalets with unbelievable views.

If you have any questions or would like to see where your property would be in today’s market at the resort, feel free to reach out anytime! Always reachable by phone 1-778-231-0308 or email [email protected]

Property at Big White Ski Resort

October 5, 2023 by Joan Wolf

Property at Big White Ski Resort is more than just owning a vacation home. The potential revenue that comes along with your investment plays a major role in your purchasing power. Finding properties that double as a vacation home and a rental property with great earning potential are a rare find. Especially when other resorts such as Whistler have speculation tax. Big White Ski Resort is exempt from that tax making it an even more desirable place to invest.

Owner/Rental Use

Depending on how much you use your property for personal use, the revenue potential can be vast. Renting out your property during the high times such as Christmas and New Years break and Spring break, can yield some great revenue and also provides an opportunity to still use the property personal use during other times of the year. High end luxury chalets have potential to reach six figure rental revenue.

Location Location Location

Choosing an area of the resort is also imperative for both personal pleasure and when renting. Being in or close to the Village is a valuable asset for any property. Many people visiting the resort like to have immediate access to all amenities whether that is in Happy Valley or the Village centre. Speaking of amenities, if a condo is what you are after, comparing each complex’s amenities is important and will affect rental potential. You could go all out and enjoy Stonegate’s amenities which include indoor/outdoor pool, movie theatre, game room and much more. Or if you are looking for a more cost effective strata, a complex such as the Whitefoot lodge may be more ideal.

Owning property at Big White Ski Resort offers the chance to enjoy and revel in the best of both worlds. Using the property for personal use, hitting the slopes and enjoying family vacations along with a fantastic earning potential gives Big White a leg up on other Canadian ski resorts.

Are you ready to start the search for your perfect Big White Ski Resort property? Reach out today and let’s get looking!

Increased Activity at Big White and in the Okanagan

August 16, 2023 by Joan Wolf

We are seeing an increased amount of activity at Big White Ski Resort and within the Okanagan region within that last few weeks. The trend of the slower summer season was present, however, with summer coming to an end in the next few weeks, many buyers are keen to find a home.

Big White Ski Resort

Over 11 million dollars in sales have happened at Big White since July, a nice increase from the same time period last year where sales topped at 7 million. The average days to sell has however increased from 54 to 65 days because we are still seeing slower sales than average.

Closing day for the Summer season is September 4th. Meaning if you are wanting to get a few more mountain bike rides in, or finally get to the hike you only have a few weeks left. Winter ski season will be here before we know it and if this season is anything like last year we should except to see a large number of visitors, sales, and fun! Get to know everything Big White Summer here!

Some more exciting news is that Big White just introduced a state of the art car charging stations in Happy Valley! This is great to see for the growth of the resort. Read more about it here.

Okanagan

Since the beginning of August, 200 sales have happened within the Central Okanagan region including single family homes, condos, and townhomes. The average sale price within the same time period is 826,475. The average sale price for the month of August in 2022 was $854,854 so we seem to be fairly consistent with last year.

Although the smoke seems to have settled in hopefully it clears, maybe see a little rain, and we can soak in the remainder of August sun. The Okanagan has been blessed with a great tourist season thus far and many visitors are becoming more keen on purchasing real estate here in the Okanagan.

To be in the know, and receive up to date listings and information about the market, contact me here to get set-up!

Big White’s Summer season is here

June 28, 2023 by Joan Wolf

The big day is here, Big White’s Summer season starts tomorrow, June 29th. After a short shoulder season, the resort has cleaned up, geared up, and is set up for the upcoming summer season. With huge events scheduled, more biking opportunities than ever, and an entire mountain to explore while hiking it’s no wonder the summers at Big White have become a very popular summer vacation destination.

There is more than biking and hiking at the resort too. You can play a round of 9 holes at the disc golf course (which is free!), attend the Craft & Country Beer & Music Mountain Festival, or enjoy the Summer Music Series Saturdays in the Village. And that is just the beginning, you can check out all of the events here.

Along with the shoulder season usually comes a slower real estate market and this year was no exception. Although we did see multiple sales there was a noticeable drop in showings and offers. That is no surprise with the resort being closed and traffic to the much less than the busy winter season. Another reason for some the slower market is that there is always a portion of sellers who remove their listing from the MLS in order to do some updates, etc during the off season and then get ready to Re-list once the resort re-opens.

Even this past week, leading up to opening day, you can see that the market is already rising with more showings, new listings, and accepted offers.

Owning a property at Big White resort is attainable for many as the price range is vast. You can get a fully renovated studio unit with income generating potential for $225,000CAD. Or if you budget allows it, a penthouse suite with two primary suites in Happy Valley for $1,050,000CAD.

Whether your real estate portfolio goal is to purchase a piece of Big White’s magic for your family to enjoy, or to firm up a deal in order to generate income and potentially grow your portfolio in the future with more investment properties – Big White Resort can accommodate your needs.

Okanagan and Big White’s Summer Real Estate Forecast

May 17, 2023 by Joan Wolf

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

April 12, 2023 by Joan Wolf

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.

March Fun at Big White Ski Resort

March 22, 2023March 21, 2023 by Joan Wolf

March is time for fun at Big White Ski Resort. With many heading to the mountain for Spring Break – the resort is bustling and full of life! Property owners and renters alike are enjoying time at the hill – and with these events its hard not to.

As for Real Estate, there are plenty of showings happening around the resort as well with more and more people interested in investing at Big White Ski Resort.

March Fun at Big White Ski Resort – events

Of course, every Saturday night, the greatest firework show in town explodes down in Happy Valley. Its the perfect chance for the family to enjoy some great fireworks, take a skate around the skating rink, slide your way down tube town, or just enjoy from a window overlooking Happy Valley. This event starts at 9pm every Saturday.

Another big hit in March is the Moose Cruz! Starting March 22-23, this scavenger hunt is like no other. Discover and engage with the mountain, solving clues, exploring terrain and of course the most important, having fun!! Find all the information you need here.

And, the highly popular AltiTunes Music Festival takes place March 31, April 1 at the resort. This highly anticipated event will rock the resort with bands like Moontricks, DJ Invizible, Meems, Shred Kelly and many more! This is a celebration with live music, outdoor activities, and of course skiing! This event is a 19+ event and tickets are selling FAST. Learn more about this event here.

Brief Real Estate Update

Along with all of the fun events happening at the resort, real estate is also busy and seems to have picked up with Spring break happening. Many buyers are looking to find a vacation home to retreat to on the weekends or during school breaks. Units have been renting quite well so far this year with many fully booked for the remainder of the season. Investing on the hill at this time is a great opportunity!

Whether you are searching for an affordable studio unit that you can lock and leave or a luxury chalet with beautiful views, the market is seeing it all. Many people are loving the buildings with amenities such as a pool, fitness room etc.. as it does set it apart from the others than do not have amenities and most do not have rental restrictions.

So far March has seen 6 firm deals, a drop compared to March last year which firm deals equaled 25. The average sale price in March 2022 was $690,128 while thus far March is sitting at an average of $509,417.

I will be on the hill all of Spring break – so give me a call or stop by my office in the Village under Snowshoe Sams. I have plenty of brochures for current listings and can answer any questions you may have about rental revenue, investing, and more! You can also start by contacting me here!