Investment Properties

Okanagan’s Real Estate Market is Getting Real

by

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

Okanagan Region is growing rapidly

by

The Thompson-Okanagan region is rapidly growing. Population hit 620,000 residents in 2021 with an average of 10,000 new residents every year. It is the fastest growing population in Canada according to Statistics Canada. The City of Kelowna itself now has over 224,000 residents. Making it double the size of Kamloops, Prince George and Nanaimo. It’s no wonder the real estate development is continuing to accelerate even with this slight downturn in sales.

The City of Kelowna recently voted unanimously to approve a 425 home development in the Tower Ranch neighborhood and a 1000 home development on Lakeshore Road. Those developments in addition to many pre-sales happening throughout the region are a direct correlation to the influx of out of region residents. Okanagan real estate has been stifled with supply in the past months creating a rise in prices. With the new projects arising, we are hoping to see a shift, making housing more affordable within the region.

Even with residential sales slowing recently, the average price is still on the rise. We saw May’s average single family home sale price increase from just under 1 million ($997,441) to $1,139,144 from the same time last year.

It is estimated that investors make up nearly 60-70% of condo buyers in the city. This I believe goes hand in hand with Kelowna’s rental vacancy rate which sat at just 0.6%. The lowest level in Canada in May. With the average price of condos sitting at $518,637 in May, its an affordable and wise investment choice.

The Thompson-Okanagan region, especially Kelowna, is rapidly growing. Now may be the best time to capture that piece of Okanagan paradise. Feel free to reach out and contact me with any questions or to get started finding your perfect home.

May in the Okanagan

by

It’s been a fairly cool start to May in the Okanagan but the same cannot be said for the real estate market. Although it has slightly shifted to a more level market, it still remains to be a hot spot for many home buyers. We are finding it’s not just locals who are moving up from condos and buying single family homes. There are many buyers coming from out of province, and even out of country to purchase their own piece of paradise in Kelowna. And who can blame them!? The Okanagan, Kelowna in particular is the most amazing place to live.

There are countless opportunities in the city in careers, adventures, and your real estate portfolio. This summer is shaping up to amplify all three with many events making a come back after a two year hiatus. This brings more revenue to the city and with many tourists visiting the city, real estate will remain strong.

May in the Okanagan- Real Estate Recap

Real estate in April marked a decrease in number of units sold compared to April 2021. But that’s not to say they are low. They are just lower in comparison to the record breaking 2021 we saw. We are still seeing a fairly low inventory, which we know has been driving up the home prices, but it is starting to transition to a more stable environment.

The average days to sell is still on the decrease. Single family homes are sitting on the market just 22 days on average. Condos and townhomes are also seeing big decreases in days to sell. Townhomes dropped 54% compared to last April – with an average of 19 days on market.

Lakeview Heights in West Kelowna and South East Kelowna continue to be sought after neighbourhoods. These are popular with buyers because of the spaciousness of the homes, the peaceful settings, and larger lot sizes. Other neighbourhoods that are also popular are Joe Rich and Lake Country.

From affordable fixer uppers to large commercial lots, there are plenty of sales happening in the Okanagan. Like the 11 million dollar commercial deal on Truswell that I just firmed up, and the many single family homes throughout the region. I may specialize at Big White, but I’ve been bringing my expertise to the Okanagan and expanding!

SOLD! Lake Country
SOLD! Lakeview Heights
SOLD! Joe Rich
SOLD! Lower Mission

 

 

 

 

SOLD! $11 million commercial

Summer is just around the corner here in Kelowna. I think I can speak for all of us when I say that Kelowna in the summer is unmatched. Whether you are enjoying it in your backyard pool at your home in Lower Mission, or at a beach just down from your downtown condo, its the reason most of us live here.

If you are looking to purchase a piece of Kelowna to either start, or build your real estate portfolio, I am happy to assist you along the way. Feel free to contact me here or give me a call at 778-231-0308

Real Estate Year in Review: 2021

by

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.

Big White Ski Resort Property Management

by

What have the last two years of rental bookings looked like at Big White ski resort?

Due to the COVID-19 pandemic and the resulting restrictions on the hospitality industry, rental
bookings at Big White have been down the last couple of years. However, construction on the
mountain has continued unabated, with demand for accommodation in the Okanagan, and at Big
White, higher than ever. Come rain, snow, or COVID, people are continuing to visit from all
over the world to enjoy the world-class amenities and champagne powder snow that only Big
White has to offer.

Locations Mountain Management Services has continued to serve more and more owners
looking to rent out their properties in the off-season as well as the ski season. We get inquiries
every day from owners about property management, rentals, and cleaning services. We are
fortunate to be doing relatively well in tough times and can only imagine how things will boom
when the good times return.

Summer and shoulder season rental bookings?

We like to place guests in our owners’ properties for the entirety of the off-season (summer and
shoulder season). This way the owners earn more than through daily or short-term rentals in the
off-season, which are always significantly less than the ski season. This is revenue that our
owners would not normally expect to get; it’s money in their pockets. The Okanagan is one of
the most desirable places in Canada to live, and accommodation is scarce and can be expensive.
Guests looking to relocate often move into a property at Big White while they find a longer-term
rental solution in Kelowna.

What do you foresee for future rentals at Big White?

When the restrictions end and people feel safe and secure to travel freely once more, the sky’s
the limit. The demand for property and accommodation in Kelowna is extremely high, and this
demand has spilled over into Big White, where inventory is low and prices are high. Even in
these challenges times, homes, townhomes, and condos in Big White are receiving multiple
offers and selling at or above asking price.

Big White is Canada’s No. 2 ski resort. There are other ski runs in the Okanagan, but none can
match Big White for the number of runs, level of accommodation, variety of amenities, and
infrastructure. And did we already mention the champagne powder?

What are the most sought after features for rentals?

1. Private hot tub
2. Beds for a reasonable price to accommodate large groups
3. Proximity to the Village and amenities
4. Pet friendly

What types of properties are getting the most rentals?

The most sought-after rentals are 2-4 bedrooms, spacious, with good access to ski runs, and a
mountain view. People are looking for an exciting, emotional, and memorable ski experience.
They want the whole package, and Big White has the runs, the snow, the accommodation, and
the amenities to provide just that. Here are some properties that are available now!

Why choose property management?

You can do all the work yourself: if you’ve got the time, if you’re media savvy, you can prepare
your property, find guests, book them in, communicate with them, be available to answer any
questions they may have, deal with any issues that may arise, book them out, hire cleaners, and
rinse repeat. Or you could hire a property management company like Locations Mountain
Management Services to save you all the work as well as the learning curve. We advertise
through all the major channels, have pricing strategies that will maximize your income, find you
the right guests, and handle all communication, day or night. The number of bookings we can get
for you, and the level of service we can provide to you, easily makes paying our management
commission a worthwhile investment for anyone looking to rent their property.

Locations Mountain Management Services is a local business with their finger on the pulse of
what owners require and guests desire. We provide with full-service property management for our
owners and booking services for their guests. We advertise on our website and all the major
booking channels, including Airbnb, Vrbo, Booking.com, and Expedia. Our amazing properties
sleep anywhere from 4–18 people, are clean and tidy, warm and inviting, and ideally located.
Most properties are Ski In/Ski Out, have Private Hot Tubs, and are Pet Friendly. We offer
discounts on stays over 7 days and 30 days. Our customer service always responds promptly and
efficiently, and our reliable and quality-obsessed in-house cleaning team will ensure your stay is
spotless.

Hello 21/22 Winter Season at Big White Ski Resort

by

The final countdown is on to the 21/22 winter season at Big White Ski Resort. Are you ready? Passes bought, snowboard tuned and fresh gear? With less than 3 weeks to go, the resort has been seeing beautiful champagne powder fall in preparation for opening day. The village base is currently at 21cm as November 8th, a good start to the season. If you’re as eager as I am, you can watch the webcams here! The hype around the village is energetic and felt throughout. The restaurants, shops, and resort staff are all gearing up for the start of what is predicted to be an amazing winter season.

More New Things for the 21/22 Winter Season Big White Ski Resort

As discussed in my previous blog, there are many new and exciting things happening at the resort this year like Squawk Box (seriously check out the blog). In addition to those mentioned in that blog, Big White Ski Resort is also now home to the first Mexican restaurant on the mountain. Cantina del Centro, which also has a location in downtown Kelowna, is opening its doors in The Inn at Big White. The culinary variety at the resort is expanding every season and its nice to see numerous cultures and cuisines available.

Investing at Big White

Over the years, Big White Ski Resort has become a major hot spot for real estate investing. Consumers from all over the world purchase property at the resort.  They use for generating income when not being used themselves. This is a great way to be able to have a vacation home and investment home in one. The resort sees many tourists arriving and renting condos and chalets for days or weeks at a time providing great revenue for the investor. This year we have seen an increase of not only investors purchasing but also families. The resort is less than a 45 minute drive from Kelowna making it a great place for families to escape to on the weekends.

In October, there were 33 sales at the resort. A 65% increase if you compare to 2019 which saw just 20 sales in October when the average sale price was $405,631. Which, is fairly on par with this October’s which was $414,433. We saw a 1 bedroom unit sell at $120,000, a luxury ski home sell for $1.1M and everything in between. 75% of those sales were under 500K.

Big White Ski Resort is so much more than investing in a property. It’s about investing in growth, family, and the pursuit of enjoying the beautiful outdoors. It’s better to be outside.

LIVE WHERE YOU PLAY

Big White Ski Resort’s Opening Day

by

Big White Ski Resort was just voted best in the province and the second-best in Canada, according to Condé Nast Traveler’s list of the top five ski resorts in Canada, part of the magazine’s 2021 Readers’ Choice Awards. So its no wonder Big White Ski Resort’s opening day is highly anticipated this year. And with November 25th approaching quickly I’m sharing the ‘need to knows’ for the 2021/22 Winter Season.

Big White Ski Resort’s Opening Day

As mentioned, November 25th is opening day for the 2021/22 season. Michael J. Ballingall, senior vice-president of Big White, said “last winter was one of their best ever for season passes”, and this year seems to be proving the same outcome with strong season pass sales already. Early bird season passes are still available until October 17th (you can buy them here) and, because they are the #2 ski resort is Canada, the resort is on everyone’s radar.

Snow has already started to dust the resort and the entire Village is working hard to welcome everyone on opening day.

What’s New

As with every new season, comes new activities, protocols, and options at Big White. Along with more parking locations, outdoor washrooms, and touchless faucets, the resort has gained a Squawk Box. What’s a Squawk Box you ask? It’s the newest, online food delivery service where chicken is the main event!

Following suit with other major Canadian ski resorts,  Michael J. Ballingall recently announced they are implementing mandatory vaccines for all employees of the resort. He said the goal is to get people to come out, work, play and live in the mountains for the lifestyle experience. And if being safe by being double vaccinated is a part of it then we’re happy to do it.

Real Estate Market

With strong indications of a fantastic season at the resort, real estate on the mountain has remained strong and continues to break expectations. Year to date on today October 15th, the resort has seen 198 sales, a 32% increase from the same time period in 2020 which we know was a hot market as well.

However, with an increase of sales, usually comes a decrease of inventory. Comparing this October to October 2020 we have 49% less inventory at the resort. So what does that mean? Sellers are getting top dollar for their properties and buyers are jumping in now before the prices increase even further. Year to date, over 99 million dollars in sales has occurred at Big White Ski Resort, a 30 million dollar leap from year to date 2020.

More and more people are exploring this gem and falling in love with everything it has to offer. Big White Ski Resort is a fantastic family fun place to enjoy and explore the outdoors. Just 45 minutes from Kelowna, this mountain paradise is truly one of a kind. As always I’m happy to answer any questions you have and you can contact me here or pop into my office in the Village under Snowshoe Sam’s!

LIVE WHERE YOU PLAY

Big White Ski Resort Statistics

by

Since the pandemic started it seems like real estate in BC has skyrocketed and as you’ll see by the Big White Ski Resort statistics, the mountain is no exception. The pull to be outdoors, in the mountains, enjoying activities and fresh air seems to be on everyone’s list and they are heading to the resort to do so. The incredible asset about property at Big White is that it’s not just a vacation home. Properties at the resort are known to receive high rental revenue, especially during the busy months, making it even more appealing to buyers and investors.

Big White Ski Resort Statistics

  • Big White Ski Resort’s average sale price has reached an increase of 45% over the past 3 years. In 2018 the average sale price was $351,693 and 2021’s year to date average is $510,123.
  • The number of sales happening at the resort has also dramatically increased 95% from the previous year. YTD 2021 number of sales is 167. A huge leap from the same time period in 2020 when the number of sales was 85.
  • With the increased number of sales in mind, the volume of sales has seen major upward movement and we are seeing a YTD sales volume of 85M. When compared to Jan-Aug 2020 it’s a 123% increase.
  • Prices are up, and the average days spent on the market is down considerably. YTD the average days to sell sits at just 60 days. A dramatic 40% decrease from 2020’s average.
  • Also seeing an increase is the close price to list price. YTD 2021 is sitting at 98.5% – up from last year’s 96.8% average.

Increasing prices, lower days to sell, and everyone looking for that perfect mountain property creates this beautiful storm we are in right now. With massive expansions planned in the coming years, investing at Big White has never been more appealing.

For more information or to chat about your options on the mountain, reach out today HERE

Recapping the First Half of 2021

by

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.

Building at Big White Ski Resort

by

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.

Joan Wolf

Cell 778-231-0308 
[email protected]

Envelope Facebook Instagram
Contact Me

© 2024 Joan Wolf Real Estate

Real Estate Websites by Vigilante Marketing