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

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

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

What’s Happening at Big White Ski Resort

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

What's happening at Big White Ski ResortDevelopments – 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

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

Property at Big White Ski ResortChoosing 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

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!

March Fun at Big White Ski Resort

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!

March Fun at Big White Ski Resort

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

Historic and Exciting News for Big White Ski Resort

In the last 54 years, we went from no accommodations, the first one was constructed in 1968, to what you see at Big White Ski Resort today which is just over 3,000 units.

There has been quintessential development and steady growth at the resort and it’s exciting to hear and now share the historic and exciting news for Big White Ski Resort that is currently in the works and the future plans. In addition to accommodation developments, Big White has grown to be the second largest lift system in Canada.

Historic and Exciting News for Big White Ski Resort

Black Forest Residences is marketed and sold by EPIC Real Estate Solutions Inc. I provide buyer representation to those interested.

As the 1999 master plan completes, the resort focuses on the Black Forest area. This included a $6m utility investment, $1m skier overpass, and 8 development sites this past summer. The developmental sites include:

  • Staff accommodations for up to 400 more staff;
  • an 11 acre site for 44 single and duplex buildings called The Glades with Acorn Communities;
  • a 7.5 acre, 35 homes and 15 townhomes development by Iron Horse Developments; and a
  • 172 unit development offering micro suites. Which is currently preselling with K-West.

For information on these developments, as well as future plans, please visit Big White Ski Resort’s website, or contact Jordan Hettinga ([email protected]) or Paul Plocktis ([email protected])

M​onashee Ridge is another development that has been a desirable place for buyers. These chalet’s are ski-in/ski-out with low strata fees, snowmobile accessible, and feature stunning mountain views. These 3-4 bedroom properties offers vaulted ceilings, open concept floorplan and room for everything.

As in the previously published blog, in the resort’s new 50 year master plan, there will be a tremendous increase in further accommodations and terrain.

When this historic and exciting news for Big White Ski Resort is approved, the plan would increase skiable terrain to over 1000 hectares and the number of lifts would total 35. To handle all of this, the resort would double in size and number of developments.

Big White Ski Resort has a bright future and one of the contributing factors is that Big White doesn’t have any land in ALR, so you can still purchase a property walking or sliding distance to the Village, and 100% of the overnight accommodations are ski-in/ski out. This is significant in differentiating Big White from other Canadian resorts such as Whistler which over offers approximately 20% of their bed base deemed ski-in/ski out.

(information source: Jordan Hettinga)

Big White Homes Are Avoiding Correction

There is no doubt that we have been seeing a slight down turn in the median home prices since Spring of this year. This is partly due to more inventory being available and the rising mortgage rates. Big White Ski Resort, among other ski resorts in Canada, have avoided the correction and are predicted to only see a 3% decrease in median price on high-end homes.

Big White Ski Resort and other ski resorts have remained strong within this market due to foreign buyers motivated to purchase before the ban takes place, which is on January 1 2023. However, Big White Ski Resort is exempt from the ban, making it a great area to purchase as a foreign buyer.

Another reason is that even though the mortgage rates are higher than normal, when people purchase at a ski resort it is more than likely a second home. With that in play, many people take out equity in their primary home in order to purchase their secondary vacation home. So there is no need for a mortgage and the rising rates won’t deter them from a purchase.

big white homesBig White Homes

The average sale price for Big White homes in 2021  was $490,000. When you compare that to this year’s (to-date) average sale price at $606,000, it is quite an increase and confirms that the resort has not seen the dip that was expected.

That being said, prices have slightly shifted but sellers who bought within the height are still gaining profit in their sale, just with a slight price decrease if you compare it to earlier this year.

There are currently 76 Big White Homes  listed at Big White Ski Resort and with an array of options available, there can be a property found whatever your budget may be. If you or someone you know is looking to buy or sell at Big White Ski Resort, you can reach out to me here.

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.

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