Big White Real Estate Report: Q3 2021 Update
October has arrived and the countdown to the Winter season is on. Who’s excited to strap on their skis and hop on their board? The mountain is still green although September did see a few flurries in the village. I’m sure it won’t be long before the return of that legendary “Okanagan champagne powder”!
The Summer of 2021 will be remembered for the heat wave that saw temperatures at Big White reach the mid 30s (celsius) for days. For the locals this still meant a relief from the heat in Okanagan cities like Kelowna and Penticton where temperatures reached up to 47-degrees celsius. This was the 5th summer for the resort operating Big White Bike Park and Hiking Trails. New for the 2021 Summer Season was disc golf which offered families even more fun to experience at this time of year.
UPDATE Big White has now announced that Central Reservations is now once again accepting bookings from several countries around the world including is now accepting bookings from Canada, Australia, US, UK, Germany, and Denmark. On the real estate front we are also seeing inquiries pick up from international families looking to purchase a vacation home overseas where they can enjoy some of the best skiing conditions on Earth.
Big White real estate for the third quarter of 2021 was marked by quick sales and a lack of selection. There were a total of 50 Big White vacation properties sold in the third quarter of 2021. This included 1 detached private ski homes, 10 townhouses, 35 ski condos, and 4 building lots. The number of sales is up down substantially over Q3 last year but the 2nd highest number of Q3 sales since 2016. And while sales may have been down by 30%, the average number of listings available at any given time during the period was down 53%!
Big White Sales Numbers and Values
We’ve seen the sale prices of Big White real estate steadily increasing all year. The average sale price for Q3-2021 was CDN $463,246 compared to CDN $431,796 in Q3-2020. However, total sales in dollar volume is down substantially to CDN $23.16 million compared to the CDN $30.66 million for Q3-2020. The explanation for this can be found by looking at the types of properties that were selling; in 2021 there was only 1 detached ski home sale compared to 11 in 2020 and 10 townhouse sales compared to 18 in 2020. This change in the makeup of sale type seriously skews the average selling price. A prudent purchaser or seller should look deeper at the stats; for more keep reading below.
Looking a little more closely at these numbers, we see that of the 35 condo residences sold at Big White in Q3. The lowest priced condo sold for just CDN $119,000 and the highest priced condo sold for CDN $980,000. The average sale price for Big White condos was CDN $423,451. Okay, woah! This average sale price is up 23.54% from Q3-2020 when it was only CDN $342,762. This is the largest increase in valuation we’ve seen in more than decade at Big White. We’re also seeing a consolidation of sale prices closer to that average (the bottom of the value range is coming up) as identify by only have one sale under $200k compared to Q3-2020 which saw 7. The top selling condo building for Q3 was The Raven in Happy Valley with 8 ski condos selling there. More than 20% of residences at The Raven changed hands in just those 3 months — it’s a great time for owners who are ready for a change to cash out (those I’m sure some will regret that decision as prices continue to climb). Of those the fastest sale occured with 16 days of the public listing and the longest took 116 days. Nearly half (45%) of all Big White ski condos sold this quarter in less than a month on the market (note this typically includes a 2-week due diligence period).
Now looking at townhouses of which 10 Big White townhouses sold in Q3. The lowest priced townhouse sold for CDN $275,000 and the highest priced townhouse sold for CDN $875,000. The average price for Big White townhouses was CDN $610,750. This average price is once again up substantially (by 16.82%) from Q3-2020 when it was CDN $522,786. Snow Pine Estates was then most popular community for townhouse homes. Here you’ll find numerous 4-plex and 6-plex style townhomes as well as duplex and single family properties. We also saw sales in developments including Timber Ridge,, Tree Tops, Black Bear Lodge, Bear’s Paw, Blacksmith Lodge, and The Aspens. The highest price townhouse sale was that one at The Aspens which a modest-sized 3-bedroom townhome which achieve an accepted offer after only a couple weeks on the market for the full asking price of $875,000. The lowest price sale (freehold) was in Trapper’s Crossing where a 1-bedroom townhouse sold for $408,000 after less than 24-hours on the market!
Now looking at private ski homes of which there was only 1 sale and that homes is not even built yet. This soon-to-be (not until late 2022 at the earliest), 3-bedroom, vacation home at Monashee Ridge, Big White’s newest detached home development, sold for CDN $799,000. This selling price was 16.73% above the average selling price of the 11 private ski homes that sold last year during Q3-2020. On a living space basis, this sale was CDN $477 per square foot or CDN $5,137 per square metre. From this perspective, this property cost the purchaser 56.38% more than the average home sold in Q3-2020 when the average was only CDN $305 per square foot or CDN $3,288 per square metre.
It’s worth noting that there have been no public sales of private, detached ski homes in Feathertop Estates or White Forest Estates since January 2021.
Here’s a look at some of what sold
Ski Townhouse
#6 - 7700 Porcupine Road - a gorgeous ski-in/ski-out townhouse at The Aspens — arguably one of the best locations on the mountain as it sits at the top of the Village directly on the ski run. This 3-bedroom, 4-bathroom townhouse offers a total of 1,765 sq.ft. (164 m²) across two floors of living space. One serious perk to this property is parking for up to 4 vehicles including 2 in the private, attached garage, as well as 2 more in the underground parking garage. Vaulted ceilings, oversized windows, and large, granite island, and thick wood accents are just some of the luxury features that make this ski home special.
Learn more about The Aspens at Big White.
#4 - 310 Whitehorse Lane - “Ski right out your backdoor” is how the listing described this luxury townhouse at Blacksmith Lodge. This is a 3-bedroom, 3-bathroom, offering just more than 1,900 sq.ft. (177 m²) of living space and high end finishings like hardwood floors and real stonework. It also has a large family room, 2 gas fireplaces, and a spacious balcony with a private hot tub.
Ski Condo
#404 - 5030 Snowbird Way - this was one of 8 incredible ski-in/ski-out condo residences to sell in the popular The Raven building in the Happy Valley neighbourhood. This 3-bedroom, 2-bathroom, ski condo built in 2007 offers a spacious 1,250 sq.ft. (116 m²) of living space. Advertised as, “Your own private hot tub with sensational views,” one look and you are captivated. This penthouse unit also benefit from high, vaulted ceilings, cozy in-floor, radiant heat, and high quality wood and stone finishings.
#110- 250 Feathertop Way - a fantastic ski-in/ski-out condo residence on the edge of the Black Forest. This 3-bedroom, 2-bathroom, ski condo built in 2005 in the first phase of Copper Kettle lodge offers an abundant, 1,520 sq.ft. (141m²) of living space to relax and enjoy family time before and after a day on the mountain. Here you can also take in unobstructed views of the Monashee Mountains from the open plans main living spaces and from the private hot tub on the balcony. This is Big White’s only concrete building but you wouldn’t know it thanks to the wood finishings throughout including timber ceilings.
Building Lots
Feathertop Estates — Homesite 67 - one of 3 Big White building lots to sell at Feathertop Estates this quarter, Homesite 67 sold in record time and at a record price. This homesite is just before the third hairpin as you wind your way to the top of Feathertop Estates. While technically an “interior” lot it is one of the largest interior lots at 0.175 acres (708m²) and it’s location and steep terrain will allow the purchaser to build a magical ski home with unobstructed views of the ski run, forests, and Monashee mountains off in the distance.
