Big White Real Estate Report: Q2 2024 Update
Another half a year has passed and Summer season is back at Big White with more interest than ever. Big White’s operations team have been busy preparing the mountain biking and hiking trails and resort facilities, the community came together once again for the Big White Community Clean Up, and the sun came out to welcome us to Summer with a heat wave this first week of July.
Over the past three months the Big White real estate market has been seasonally quite typical in relation to that experienced during the first quarter. There were a total of 19 Big White vacation properties sold in the second quarter of 2024 which is the same number of transactions recorded in Q2 last year. This figure is obviously down substantially from the booming Q2s of 2021 and 2022; however, it’s also down 26.8% from the 5-year average prior to the covid-pandemic, and now ties with 2023 for the slowest Q2 since 2015. As with many other real estate markets near and far it is quite slow. On a positive note, stability is a good sign for the market especially when other market factors remain challenging — construction costs, interest rates, recessionary tailwinds.
Sales for Q2-2024 included just 1 private ski home, 6 townhomes, and 12 ski condos. There were no Big White building lots or commercial properties sold during the quarter.
Big White Sales Numbers and Values
Yes, stability. A welcome sigh of relief for anyone who has been involved in the Big White real estate market or even just watching from the sidelines, wondering when would be the right time to get in or sell.
The average sale price across all Big White vacation properties this past quarter was CDN $603,816. This figure reflects a 10.23% increase from the CDN $547,789 recorded in Q2-2023. The total sales in dollar volume came in at CDN $11,472,500 also reflects the same rate of increase from the $10,408,000 total sales in dollar volume record in Q2 -2023.
There are a few interesting takeaways from these initial figures. Dollar volume has increased while transaction numbers remain the same. This could mean a real increase in value or it could simply be the result of a small data set. Typically private Big White homes sell for considerably more than townhouses and condominiums: the fact that there was just 1 private home sale this year vs. 4 last year, mean that the remaining categories made up for the lacking dollar volume of the private home category, further suggesting a real increase in sale prices. Let’s dive in deeper to see how each category did on its own and look at how product composition has affected the resulting figures
Big White Ski Condos
Looking at ski condos of which 12 sold at Big White. This was a modest 20% increase compared to the 10 sold in Q2-2023. The lowest priced condo sold for just $165,000 and the highest priced condo sold for CDN $740,000. The average sale price for Big White condos was CDN $367,750, a figure which reflects only a tiny increase over the CDN $363,650 average sale price from Q2-2023. The most popular condo building in Q2 was The Inn at Big White, right across from the Village Centre with its budget friendly options and outdoor swimming pool and hot tubs. This was the same for Q2-2023.
So speaking of budget friendly options. How many Big White condos sold were in older buildings and priced under $300,000? There were 7 sales, representing nearly 60% of all condominiums sold in Q2, which sold for between $165,000 and $294,000. These residences were in buildings such as The Inn at Big White, Snowghost Inn, Whitefoot Lodge, Ptarmigan Inn, and Monashee Inn. Four of these buildings were built in 1980 or earlier and one is arguably, “not that old”, having been built in 1997. The other common thread among these properties is their size with the smallest coming in at 288 sq.ft. (27m²) and the largest at just 624 sq.ft. (58m²).
What about the other 5 condos that sold in Q2? These residences ranged from a 1-bedroom sold for $430,000 to a 3-bedroom sold for $740,000. Three of them were in Resort complexes. The most common thread among them was age and size: all but one were in buildings built since 2004 and their average size was 1,034 sq.ft. (96m²).
Back to looking at the segment as a whole. The average size of a ski condo sold in Q2 was just 705 sq.ft. (65m²). This is quite a bit higher than the 650 sq.ft. (60m²) for those sold during the same period last year. So while the average sale price remained flat, on an adjusted-for-size-basis, the average sale price actually came down by about 12.9% since last year, from $559/sq.ft. ($6,017/m²) to $5,328/sq.ft. This indicates that while the average sale price was nearly flat, the real values being realized are down slightly compared to this time last year.
Ski condos sold for within $1,000 and $135,000 of their original asking price and on average, for $34,549 less than the original asking price. The average selling price thus was on average, 8.7% lower than the original asking price.
The average time on the market for ski condos that sold was only 72 days with the fastest sale occurring after just 16 days on the market and the longest having been exposed for 169 days. The time on the market for properties that are selling versus those that are still on the market appears to suggest that prospective purchasers are quick (relatively) to act when the right property comes available at the right price. If you’ve been following my real estate report you may recall that since late last year I’ve been tracking the true time properties are exposed to the market versus the time a specific listing has been activities (there can be multiple consecutive listings for the same propeter and the local real estate board only considers the most recent listing in its published stats). I do not have the data for Q2-2023 so I cannot make an accurate comparison. However, the average time on the market of just 72 days for ski condos sold in Q2 is a dramatic change of pace to the 142 days it took ski condos to sell in Q1. What may be more telling is the average time on the market already for those ski condos that didn’t sell.
Ski Condo Inventory
There were 36 ski condos new to market in Q2 with 4 of them selling within the quarter with an average of 31 days on the market. The quarter ended with 59 ski condos listed for sale with an average time of 150 days already on the market.
Of the 59 ski condos listed for sale as we move into Q3, more than a third, 23 of them were built since 2004 and all of those are 2-bedroom or large condo residences. The other 35 are all more than 20 years old and more than two-thirds, 24 units or 68.5% are studio or 1-bedroom condo residences. At the surface it looks like the 59 current active listings should easily meet the demand of prospective buyers for the rest of the year and beyond; however, when you look more closely there is still not a lot of variety and this is why I have clients that although they want to make a purchase at Big White, they are still waiting on the sidelines for the right property.
Another interesting observation is how listings are priced compared to prevailing market prices. For this we need to segment the condo category further, so let’s start with studio and 1-bd condo residences in buildings built before the year 2000. The average sale price was $225,429 in Q2. As noted above, there are 24 such ski condos currently on the market — less than half (only 11) of which are priced at or below the average sale price. Of the properties priced above the average figure, they range from $249,000 to $350,000. Now let’s look at 2-bd condo residences in buildings built after the year 2000. The average sale price for this segment was $577,500 in Q2. There are currently 10 such ski condos listed for sale — only 2 of them are priced at or below the average sale price. Of the remaining 8, they are priced between $585,000 and $775,000 with an average asking price of $659,375. For this segment, 80% of properties on the market are priced at an average of more than $80,000 or 13.9% above the average selling price.
From this it would be fair to predict that for the first category of studio and 1-bedroom condo residence in older buildings the market will continue to be relatively balanced with the average sale price not far off the average asking price, with few exceptions. Additionally there is already a good selection of inventory to supply expected demand and thus owners considering coming to market will be encouraged to be competitive should they seek a reasonably quick sale. In contrast, I believe it would be fair to predict that the second category of 2-bedroom condo residences in newer buildings will continue to see existing listings age beyond 150 days on the market throughout the next quarter with some of them coming off the market lacking success. For existing owners thinking of selling before the ski next ski season you may join others in pricing well above the average selling price — let’s face it, there really is not a lot of supply with just 10 ski condos for sale — however, prospective purchasers seem to be willing to wait for the right opportunity. Thus for existing owners that are prepared to sell closer to the current average sale price, there is a very real opportunity to beat the competition simply by being realistic.
Ski Condo Strata Fees
Of the 12 ski condos sold in Q2 the average strata fee was CDN $495.15/month which is just slightly above Q1’s figure of CDN $485.07/month. The lowest strata fee was just CDN $218/month for a studio in Whitefoot Lodge and the highest was CDN $769/month for a 3-bedroom condo in Sundance Resort. Adjusting for size, the average strata fee was CDN $0.80/sq.ft. of living space ($8.60/m²). It’s worth pointing out that a quarter of the ski condos sold were in the Inn at Big White where condo fees are quite high on an adjusted-for-size basis, at CDN $1.30/sq.ft. of living space ($14/m²) because you have smaller residences and the strata fees included non-typical items like all your utilities, internet, and television.
Big White Townhouses
Now looking at townhouses of which 6 Big White townhouses sold in Q2. While I would also consider this a modest increase with just 2 more townhouses selling than in Q2-2023, statistically this represents a 50% increase. The lowest priced townhouse sold for CDN $625,000 and the highest priced townhouse sold for CDN $1,400,000. (Some would argue that the detached home in Woodcutter Cabins is more akin to a private ski home than a townhouse. Nonetheless, it is within a townhouse strata community and that’s where I’ve decided to draw the line). The average price for Big White townhouses was CDN $888,250, a figure which is up monumentally by 30% from Q2-2022 when it was CDN $682,875. The data also shows that the average sale price for a townhouse has increased by 9.17% compared to the recent Q1. This is a sharply different story than what we had this time last year. What’s going on?
So for starters, this is a great example of the challenges with small data sets. If we remove that one property in Woodcutter Cabins, the average sale price instantly drops down to CDN $781,900 which is much closer to both the recent Q1 and last year’s Q2. However, in my opinion, this is too much manipulation of the data. I believe a more appropriate representation would be to look at the median sale price which was $852,250 in Q2 compared to just $692,000 in Q2-2023 and $832,500 for the recent Q1. So we still have a hefty, albeit much smaller, increase of 23% year-over-year and now just a 2.37% quarter-over-quarter. Let’s dive in for more.
In both Q2 and Q3 of 2023 we saw Big White townhouses selling at disproportionately lower prices than they had in previous quarters; however, upon a closer look of the data and properties that had sold something glaring became apparent. Back in Q1-2023 when the average townhouse was selling for just shy of $950,000, the average size was 2,058 sq.ft (191m²). In Q2 and Q3 of last year when the sale prices were down substantially, the average size had dropped to only 1,358 sq.ft. (126m²) and 1,290 sq.ft. (120m²), respectively. So while we were still comparing townhouses we were not really comparing like product. This past quarter has marked the resurgence of large townhouse sales and not just the one in Woodcutter Cabins. All the townhouses sold had at least 3 bedrooms, half of the townhouses sold were larger than 2,000 sq.ft. (186m²) and all but one of the townhouses sold were larger than the average in Q2-2023. So while the average sale price jumped considerably, on an adjusted-for-size-basis, the average sale price actually came down by 5.16% since last year, from $503/sq.ft. ($5,414/m²) to $476/sq.ft ($5,123/m²). Ski townhouses sold for within $5,400 and $279,000 of their original asking price and on average, for $123,533 less than the original asking price. The average selling price thus was on average, 12.2% lower than the original asking price. All but one of the townhouses sold came down by more than $60,000 and two of them came down by more than $200,000. Successful Sellers are really having to come to terms with the prevailing market conditions.
Something else to note: Grizzly Ridge Estates, which sits just below the Serwa’s ski run at the top of the Snow Pines neighbourhood saw a third of the 6 townhouse sales. Arguably, this area offers among the best value for townhouses when you consider key factors for purchasers at Big White: ski-in/out access, mountain views, quiet neighbourhood, private garage parking, newer homes, etc.
The average time on the market for ski townhouses that sold was 321 days with the fastest sale occurring after 57 days on the market and the longest having been exposed for 761 days — yes, that’s more than 2 years on the market!
Townhouse Inventory
There were 19 ski townhouses new to market in Q2 with only 1 of them selling within the quarter. The quarter ended with 35 ski townhouses listed for sale with an average time of 148 days already on the market. Of the 35 ski townhouses listed for sale, a third of them, 12, are modest 2-bedroom (one of them is a 1-bedroom) homes. In contrast to 2-bedroom ski condos, these properties usually have more space, and are more likely to have walk-in entrances and private parking. They vary significantly though and may even include cabins that are essentially detached homes within a townhouse strata community. Interestingly, while these smaller townhouses did make up 30% of the 10 townhouses sold in Q1, there were none sold in Q2.
The remaining 23 townhouses offer between 3 and 5 bedrooms across up to 3,700 sq.ft. (344m²) of living space. 20% of all townhouses currently for sale are within the Grizzly Ridge development. Those same homes make up 30% of those 23 larger townhouses leaving only 16 other options throughout all other communities needless to say there is some selection but not a lot.
Townhouse Strata Fees
Of the 6 Big White townhouses sold in Q2 the average strata fee was CDN $424.76. This figure was quite a bit lower the CDN $583.23 average for those sold in Q1. The lowest strata fee was just CDN $87/month for a 3-bedroom townhouse in Grizzly Ridge Estates. It’s worth noting that this community levies each strata lot separately for insurance premiums so those are not reflected in the strata fees as it would in most strata communities. The highest strata fee was CDN $960/month for a 4-bedroom detached townhouse in Woodcutter Cabins. Adjusting for size, the average strata fee was CDN $0.23/sq.ft. of living space ($2.48/m²) is slightly lower than the CDN $0.36/sq.ft. of living space ($3.87/m²) recorded in Q1.
Big White Private Ski Homes
Now looking at private ski homes of which there was only 1 Big White home sold in Q2. A beautiful, 3,877 sq.ft. (360m²) but somewhat dated, ski home sold in White Forest Estates for $1.73M. This sale price was a staggering $420,000 below the original asking price, representing a total concession of just shy of 20%. This ski home had been exposed to the market for 107 days.
The average price for a private Big White home in the 2nd quarter of last year was just CDN $828,750 when there were 4 sales of all modestly sized ski homes, all built between 1996 and 2004, and all located in Snow Pines Estates.
Seeing as the size of the one and only home sold this year in Q2 was substantially larger than the 4 sold during the same period last year, a comparison on an adjusted-for-size-basis would not prove meaningful. With that said, if this one sale is evidence of the overall private ski home segment it would be reasonable to compare it to what other ski homes in White Forest Estates sold for in the past. There were 3 ski homes that sold in White Forest Estates at Big White throughout all of last year. The average selling price was $2,040,000 and the average size of those homes was 3,248 sq.ft. (302m²). Therefore on an adjusted-for-size-basis, the average sale price was $628/sq.ft. ($6,760/m²). By comparison, this most recent sale came in at just $446/sq.ft. ($4,800/m²), representing a 28.9% decrease in value.
These larger ski homes are now representing tremendous value. You can not build a new home at Big White for this price, even if someone gave you the land at no-cost.
Private home Inventory
There were 3 private ski homes new to market in Q2 with all yet to sell. The quarter ended with 11 private ski homes listed for sale with an average time of 254 days already on the market. If you’re thinking about selling your private detached home or duplex home in Feathertop Estates, White Forest Estates, or anywhere else in Big White take note that prospective purchasers are few and they will wait for the right property at the right price. Pricing too high will surely mean your property sits on the market, but pricing low may not mean your property sells quickly. Having said that, there is really much selection since of the 11 private homes currently listed for sale more than a third of them, 4, are brand new pre-construction homes located in the brand new The Glades community.
Big White Building Lots
There were no vacant building sites sold at Big White during the quarter. In fact, in a twist of fate, the only 2 vacant lands to “sell” at Big White in the past year (one a Feathertop Estates and one in The Terrace) both failed to complete! Both of those properties had been reported sold in Q4-2023 and Q1-2024 respectively and are now back on the market with one of them having reduced their asking price by a staggering $150,000 or 18.5%!
Additionally, with these two properties having not sold, we now face the reality that there have only been 2 vacant parcels to sell at Big White in the past 2 years and it’s been longer than that since the last lot sold in the Feathertop Estates — which alone saw 39 transactions in the 3 years between the onset of the covid-pandemic and the last sale in May of 2022. This community saw an unprecedented rise in value with purchasers each paying more than the next and outbidding each other for a shrinking number of vacant homesites and then suddenly activity froze over like the ice age.
The single biggest factor contributing to the lack of sales of Big White homesites is the cost of construction which rose dramatically throughout that initial post-covid-pandemic period and seemingly has continued to do so since. However, there are other factors such as the price point, which over the past quarter-or-so we have seen Sellers in this segment drop prices substantially so this could lead to a resurgence in sales later in the year.
Want to know what’s been selling in your building or Big White community?
Here’s a look at some of what sold in Q1 — 2024
Ski Townhouse
260B Grizzly Ridge Trail - a brand new 3-bedroom, 4-bathroom, ski home in Grizzly Ridge Estates. This townhome complex sits directly below the Serwa’s ski run making for easy ski-in/ski-out access and a more tranquil setting than bustling areas closer to the Village. A wonderful modern space means you can split your life between the city and the mountain without giving up the luxuries you enjoy at home.
Learn more about Grizzly Ridge Estates at Big White.
Ski Condo
24 - 5095 Snowbird Way - a beautiful ski-in/ski-out condo residence in South Point at Big White, situated just above the Happy Valley Day Lodge. This 2-bedroom, 2-bathroom, ski condo built in 2006 offers 1,149 sq.ft. (106 m²) of living space that can accommodate 6+ people and comes with a private hot tub.
Private Ski Homes
285 Moon Shine Crescent - a beautiful ski home in White Forest Estates, this 4-bedroom, 5-bathroom ski home was built in 1996 and was well cared for by a loving family who enjoyed it’s rustic charm, Monashee Mountain views, and time together in the private hot tub. Across all three levels this home had a total 2,250 sq.ft. (209 m²) of living space including two separate living areas. The primary suite features a large ensuite with a fireplace separating it from the bedroom.
OTHER BIG WHITE REAL ESTATE CHATTER
My predictions shared of a calm “Spring” season for the broader real estate market in the region proved correct, even with the Bank of Canada’s first interest rate decrease post covid-pandemic. I believe the prevailing conditions will persist for the foreseeable future so expect further talk of stability in the next quarter’s update.
If you follow the Big White Ski Resort’s social channels you are likely aware that they are well underway on the construction of two new staff accommodation buildings in the Black Forest neighbourhood. At a time when construction costs are high the Resort continues to focus on the long-game and seeks to continuously provide an exceptional guest experience which inevitably requires more and more staff.
Private developers building ski homes for sale continue construction but there is definitely some weakness showing. The Grizzly Ridge Estates development is full steam ahead and after nearly two decades is nearing its build out. Those homes are not likely moving as fast as the developer would like and this may be why the lands once-intended for the developer’s next project in the Black Forest neighbourhood have been for sale since the mid-Winter.
The H&H Custom Homes team continues to build out their remaining phases of the Sundance Resort development. In contrast, several other developments appear to be completely on hold including a condo project on Kettle View Road (across from Inn at Big White) called The View; two different townhouse projects in the Black Forest and Happy Valley neighbourhoods called Cambia Creekside Residences and the next phase of Solitude. I’ve reached out to all three of these developers; Anpen Hospitality Corp was the only one to respond, and I’m happy to share that while it may not look like a lot of work has been done on the site their team has been working away diligently on the permitting process and the project continues to move forward. It looks like another year could also be about to go by with no construction on the Monashee Ridge site just before the Snow Pines neighbourhood; however, a bare land strata plan has been accepted at the land titles office and there have been 4 applications for development permits submitted since early June, so maybe this will be the year this development starts to take shape. There are a couple private homes at various stages of construction in Feathertop Estates which appear to be stalled or at least are moving very slowly while a couple others are definitely in progress. This year has seen only one application so far for a development permit in Feathertop Estates, a slowness we haven’t seen since before the covid-pandemic.
Another project that looks to be on hold is The Glades; however, I’ve been reassured by Acorn Communities Ltd.’s Director of Sales and Marketing, Christopher Stewart, that the construction on the first few homes is set to begin any day now. This is very exciting news for me because of all these new developments, The Glades is the one I think offers the most value for my clients. Acorn Homes has been marketing the project for a little more than 2 years now and have sold just 3 homes to date; however, it can be a challenge to get those first few sales when prospective purchasers can’t see the product and can’t even really get a good feel for what the views would be like or how you would ski-in and ski-out.. Acorn Homes spent all Summer last year doing site preparation and servicing — a lot of work! This included clearing and grading the lands, installing sewer and water service, installing other utilities, paving the road, etc. With all this completed, they can now build on-demand as other homes are sold.
The Glades is a community mostly of duplex homes with some single detached homes. There are a couple key items that make these homes a very unique offering at Big White. For starters, unlike just about all other housing developments at Big White, The Glades is not a strata community. The lands and buildings will not be stratified but rather subdivided conventionally. This comes with benefits and drawbacks but most will likely focus on the benefits of having less rules and restrictions. Owner’s that are proactive about their home's maintenance will be in control of their own investment, while those who let things slide will risk the consequences independently. One item of note is that the roadway is a municipal road and thus will not bear the same long-term maintenance expense that has already proven to be a burden on communities like Snow Pine Estates and Bullet Creek Cabins but will eventually be for all other strata communities on the mountain.
The second item is the site specific zoning which allows each half-duplex home to include a legal accessory dwelling unit, or “secondary suite”. For purchasers that choose this configuration, it will give them the flexibility of being able to rent one dwelling unit either to a long-term tenant or to short-term vacation rental guests, while simultaneously being able to use the dwelling unit themselves. For a Kelowna family looking to spend more time together on the mountain, this could mean using the main residence as their own mountain chalet while offsetting mortgage payments with rental income from a couple resort employees living in the suite. Or another scenario could see a single ski or snowboard enthusiast rent out the main residence as a vacation rental during the winter season while still having a cozy place to crash for a night after a pow day, which they can use to come and go as they please, all while building equity in a real estate investment.
I hope you are enjoying the Summer season and look forward to sharing more with you in a few months as we all start feeling the excitement build for the next Winter season at Big White Ski Resort!
Thinking about purchasing at Big White? Check out these Featured Listings available now.
