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.
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The 
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.
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 
The more people that arrive and visit the resort and see how amazing it is, more people are interested in purchasing a slice of Big White Ski Resort for themselves. We have seen 56 sales so far in 2022, fairly on par from last year and almost doubling the sales from 2020. With over 35 million dollars worth of property being sold so far, the resort is on track for another high transactional year.
This January we saw 24 sales at the resort, which is fairly on par as last year saw 23 sales. Again, fairly on par was the total volume of sales reaching 14 million this year, up 2 million from last years number. A number that was saw a big difference in was inventory. Not news for anyone that has been keeping tabs on the Kelowna market, but for Big White, this is a large difference that has just been affecting the market. January 2021 had 73 active listings including condos, lots, etc.. This past January only 34 active listings were available on the market. More than a 50% decrease in inventory. Which, leads us into the current happenings as we continue through February.
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.
What are the most sought after features for rentals?
As discussed in my previous 
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.
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 
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.
