Big White Real Estate Report: Q3 2023 Update
50 days until the chairs start spinning! This is always an exciting time of year at Big White. It was just a month ago when Bike Big White closed for the Summer season and since then we've already had a substantial dip in temperature and even a couple days with snow. The leaves are changing colour, the range cattle are making their way down from the alpine, and hundreds of soon-to-be “Staff” are searching desperately for accommodation.
On the infrastructure and construction side everyone is working diligently to get things done before the forced hibernation comes along. The Resort has once again spent millions of dollars this summer on upgrades and new development including, among other things: completing the new Central Reservations building, completing utility installation and road building along Black Forest Road and Creekside Way, construction of a massive 2,800,000L in-ground, concrete, holding tank, for treated water, and began construction of multiple new staff housing buildings.
Nothing predicts future prosperity like millions and millions of private investment dollars from Big White Ski Resort. They are building for the future and an exciting future it’s going to be!
As for the Big White real estate market: the verdict is out on whether or not the two additional Bank of Canada interest rate increases at the end of Q2 and beginning of Q3 had a notable impact; nonetheless, it was another (think last year) relatively slow Summer season for real estate sales. There were a total of only 22 Big White vacation properties sold in the third quarter of 2023 which equates to a near flat line YOY but remains down by 56% compared to Q3-2021 and 68.5% from Q3-2020. This past quarter was the slowest Q3 in the past decade and sits 47.6% below the 10-year average for number of sales in the third quarter. With that said, it is also 7.3% above the 10-year average from 2000-2010.
Sales for Q3-2023 included no private ski homes, 5 townhomes, 17 ski condos, and no building lots.
Big White Sales Numbers and Values
While transaction numbers were down, listing activity was strong compared to last year. In fact, it was the strongest Q3 in the past decade. Arguably, this wave of new listings may in part have been making up for fewer listings earlier in the year considering historically we see a slight drop in the number of remaining active listings from the end of Q2 to the end of Q3. This year we went from 81 to 97. There were a total of 87 listings to activate throughout Q3 which is up 38% from Q3-2022. This is important to remember and bear in mind as we review additional stats in more depth.
The average sale price across all Big White vacation properties this past quarter was CDN $574,091. This figure sits flat from Q2 and reflects an 11.29% increase from the CDN 515,843 record in Q3-2022. So even as inventory coming online has risen significantly purchasers appear to be willing to pay more than they did at this time last year. This is also reflected in the total sales in dollar volume which came in at $12.63 Million compared to the $11.86 Million in Q3-2022.
Looking a little more closely at these numbers we see that the predominant property type being sold at Big White are ski condos — by a large margin — 77% of all sales this part quarter were condo residences. The lowest priced condo sold for CDN $210,000 and the highest priced condo sold for CDN $845,000. The average sale price for Big White condos was CDN $530,353, a figure which reflects a massive 60.37% increase YOY. Adjusting for size, we can look at average sale price per unit size of living space: the average size of a ski condo sold in Q3 was 998 sq.ft. (93m²) which translates into an average selling price of $531.42/sq.ft. ($5,720/m²). On this adjusted basis, Big White condos sold for just 21% more this past quarter than they did in Q3-2022. Condo sale prices appear to have rebounded a little since this time last year but don’t be fooled by the average sale price figure which is skewed by that size and age of what sold.
Of note, 70.5% of the 22 ski condos sold in Q3 were built since 2000, which is typically indicative of a more upscale property with some considered luxury buildings. This is a significant swing from Q2 and is at the heart of the sizable increase in Q3:Q2 average sale price which saw a 45.8% increase from Q2.
Of the 5 ski condos sold in Q3 which were built prior to 2000, 4 of them sold for less than CDN $300,000. Interestingly, 3 of these 4 were tastefully updated.
So what sold? The most popular condo communities in Q3 were Stonegate Resort, Sundance Resort, and The Raven with each recording 2 sales. Ski condo sales this past quarter were spread out throughout quite a few different buildings but most were near the Village with only 4 selling in Happy Valley and none selling in the Snow Pines neighbourhood.
Now looking at townhouses of which 5 Big White townhouses sold in Q3. The lowest priced townhouse sold for CDN $450,000 and the highest priced townhouse sold for CDN $1,225,000. The average price for Big White townhouses was CDN $722,800, a figure which is down by 16.24% YOY when it was CDN $862,988 in Q3-2022. However, after adjusting for size, we actually saw values increase: the average townhouse sold in Q3 was only 1,290 sq.ft. (120m²) which translates into an average selling price of $560.31/sq.ft. ($6,031/m²). On this adjusted basis, Big White townhouses sold for 16% more this part quarter than they did in Q3-2022.
Of note, the townhouses sold in Q3 sold for less money (on average) but they were considerably smaller in size than the townhouses that sold in Q3-2022. Last year the average townhouse sold was 1,788 sq.ft. (166m²) or 38.6% larger.
Of the 5 townhouses that sold at Big White in Q3 the Happy Valley community, Whitetail, saw 2 sales. These are budget-friendly (smaller) homes that offer the mountain aesthetic, walk-up entrance, and private hot tub, all for under CDN $500,000 currently.
There were no public sales of single family homes whether detached or duplex, nor any vacant lots sold in Q3. There are only 4 existing detached homes currently on the market which when you consider the vast array variation a vacation home can have: size, layout, features, age, location, ski access, lot size, view, etc. this is really not a lot to choose from.
As for vacant lots, there are a lot of options currently on the market ranging from a handful of building sites in Feathertop Estates, a couple in The Terraces, a couple on Black Forest Road, one in Snow Pine Estates, and a few handful of sites in the all-new The Glades community in the Black Forest neighbourhood! If you want to build your dream ski home there is really no shortage of options.
Here’s a look at some of what sold
Ski Townhouse
17 - 165 Kettle View Road - a gorgeous, slope-side, townhouse in the Lower Village. This 3-bedroom, 3-bathroom ski home offers a total of 1,783 sq.ft. (164 m²) across two floors of living space. With a split level entrance you walk in and can either up to the dining and entertainment level or down to the relaxation and rest level where you’ll find 2 of the 3-bedrooms and a walk-out to the patio with a private hot tub. The upper level has a spacious open plan and its own balcony with an incredible view of the Monashee mountains. This townhouse also benefits from a double attached garage.
Learn more about All-New Ski Homes in The Legend at Big White.
14 - 5015 Snowbird Way - a classic winter getaway is at your fingertips with this budget-friendly, 2-bedroom, 2-bathroom townhouse which offers a total of 792 sq.ft. (74 m²) of living space across 3 levels. Walk-up entry and your very own hot tub ensure it’s easy to use and fun any time of day or year. This Happy Valley home in the Whitetail community is perfect for small families.
Ski Condo
305 - 250 Feathertop Way - a luxury condo with an upscale, warm, cabin-in-the-woods vibe. That’s what you get at Copper Kettle Lodge. This 3-bedroom, 2-bathroom ski condo offers a total of 1,561 sq.ft. (145 m²) of living space in addition to a spacious balcony with room for a BBQ and private hot tub overlooking the Monashee mountains. Copper Kettle Lodge sits directly on the Shortcut ski run offering the most effortless ski-in/ski-out access. It’s literally 30 seconds from the Black Forest chairlift (and not far of a walk to the Village either).
304 - 5030 Snowbird Way - a mountain modern condo in Happy Valley. This 3-bedroom/2-bathroom ski condo offers a total of 1,048 sq.ft. ( m²) of living space in addition and includes premium amenities like a steam shower, private hot tub, and beautiful mountain views. The Raven has excellent ski-in access but the ski-out requires a little bit of a walk over to the Gondola. For that little inconvenience you can expect a lower price compared to ski condos in similarly styled and aged buildings.
