Big White Real Estate Report: Q3 2024 Update
As the crisp mountain air arrives and the days begin to get shorter, we find ourselves on the brink of another exciting winter season. October is always a time of transition and anticipation here at Big White — a moment to pause and relax, but only long enough to prepare for what’s next.
In just thirty five days, our beloved slopes will transform once again, inviting skiers, snowboarders, and adventure-seekers from all corners of the globe to experience the magic that only Big White can offer. For those of us fortunate enough to call this mountain home, this is more than just the opening of a resort — it’s the start of a season filled with shared memories, familiar faces, and new friendships forged on fresh Okanagan champagne powder and cozy après-ski gatherings.
Big White Ski Resort has continued to spend, investing significantly in new staff accommodation buildings on Black Forest Way. This will surely translate into expanded programs and a continued high level of service. As I’ve said before, “Nothing predicts future prosperity like 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!”
The Big White real estate market experienced another sleepy summer. In fact, it was the third consecutive slow summer, reflecting broader market trends driven by prevailing economic conditions and overall purchaser caution. The third quarter was considerably slower than even the same period of the few years pre-covid and more reminiscent of this same period of 2011-2014. Despite three interest rate cuts by the Bank of Canada, the real estate market, both at Big White and throughout the wider market has yet to feel the full impact of the changes. This could stimulate future demand as financing becomes more attractive as lower rates not only work their way through the financial system but as interest rates are reduced further in Q4 and again next year as is presumed highly likely.
There were a total of 23 Big White properties sold in Q3, a number that is up by just one property from the 22 sold in Q3-2023. While total transactions remain 47.2% below the 10-year average, it's worth noting that the market is still 12% above pre-2010 levels, reflecting the lasting demand that has emerged over the past decade despite recent cooling. Sales transactions in Q3 included: 1 private home, 10 townhomes and 12 condos.
Big White Sales Numbers and Values
The average sale price across all Big White properties this past quarter was CDN $621,262 which is up slightly from Q2 where it recorded $603,815 and is up a noticeable 8.2% increase from the CDN 574,091 recorded in Q3-2023. Total sales in dollar volume came in at $14.28 Million compared to the $12.63 Million in Q3-2023. The increase in average sale prices YOY reflects, at least in part, a higher proportion of townhouse and larger condo properties in the sales mix, even as transaction numbers remain subdued.
There were a total of 78 new listings activated throughout Q3 which is down only slightly from the 87 new listings activated throughout Q3-2023. What was noticeable though was how many of these listings were actually new to the market — not very many! This past quarter saw only 30 new properties come to the market, a drop of 36% from the 47 properties that were new-to-market during the same period last year. Notably, properties which were previously already listed before the start of Q3 and were re-listed outnumbered new-to-market properties by 160%, signaling that many sellers are struggling to attract purchasers and may be adjusting their pricing or relisting properties after periods of inactivity.
Big White Ski Condos
In a dramatic shift, only 52% of sales at Big White in Q3 were condos, whereas the same period last year saw condos make up 77% of all sales. In total there were 12 condos sold in Q3. The lowest priced condo sold for CDN $162,500 and the highest priced condo sold for CDN $805,000. The average sale price for Big White condos was CDN $383,042 which is a substantial 27.7% lower than the CDN $530,353 recorded in Q3-2023. Note, I say that the number is lower and not that values have dropped; more on this a little bit further down. Adjusting for size, we can look at average sale price per unit size of living space: the average size of a condo sold in Q3 was 764 sq.ft. (71m²) which translates into an average selling price of $524.15/sq.f.t ($6,377/m²). On an adjusted-for-size basis, Big White condos had an average sale price which was almost flat YOY — Q3-2023’s figure was $531.42/sq.ft. ($5,720/m²). The final sale price for condos sold in Q3 came in at an average of $36,108 below the original asking price, whether by price reductions or by final negotiations.
The noteworthy reason I say the average sale price for Big White condos may be down but the values of these properties are not lie in taking a deeper look at the composition of what sold. Nearly two-thirds of the condos sold in Q3-2023 were “newer” condos, built since 2000, which is typically indicative of a more upscale property with some considered luxury buildings. These 11 “newer” condos sold at an average price of CDN $612,364 and had an average size of 1,127sq.ft. (105/m²) in Q3-2023. The adjusted-for-size average sale price for these properties was $534.40/sq.ft. ($5,752.42/m²). This past quarter saw only 3 “newer” condos sold which were built since 2000 and their average sale price was up 8.4% YOY to CDN $663,667. The average size of these properties was 1,226sq.ft. (114/m²) and the adjusted-for-size average price was therefore only a hair higher YOY at $542.18/sq.ft. ($$5,836/m²) — nonetheless, higher and not lower.
On the other end of the condo spectrum, Q3 saw the sale of 9 “older” condos which were built before 2000. These properties sold for an average price of just CDN $269,437 which is down by 12.5% from the $308,000 “older” condos recorded in Q3-2023. These 9 “older” condos had an average size of just 574sq.ft. (53/m²) which was comparable to last year’s 594sq.ft (55/m²), and an adjusted-for-size average price of $520.79/sq.ft ($5,606/m²) which is down 14.4% from the $608.16/sq.ft ($6,546/m²) recorded in Q3-2023. It’s fair to say that newer condos are now holding their value better than older ones; however, demand is arguably favouring those older ones considering they made up 75% of all condo sales in Q3. The greater affordability of older condos is a driving factor although I’d suggest there is also a counter argument — there has been more selection for older condos making it easier for purchasers looking for this type of property.
The average time on the market for the 12 condos that sold was 181 days with the fastest sale occurring after just 16 days on the market and the longest time having been exposed before success was 169 days. At 181 days-on-market, it is taking Big White condos 42.5% more time on the market than the 127 days-on-market that it took in Q3-2023.
So what sold? The most popular condo buildings in Q3 were Snowghost Inn and Whitefoot Lodge with 3 and 2 sales, respectively. Nearly all condos sold in Q3 were in or very near the Village Centre with only 1 out of 12 sold in the Upper Village and 1 in Happy Valley. This could be reaffirming people's desire to be “right in the heart of it” or could be an effect of generally low selection.
Ski Condo Inventory
The Big White real estate market closed out Q3 with 51 condos publicly listed for sale, a figure which is down only 3.8% from Q3-2023 but is also down by 13% from Q2. Of these, only 8 were new to the market over the past three months, meaning that 43 of these condos were on the market already at the end of June. In fact, the average time on the market for current Big White condo listings is 184 days. This exposure time is up 22.7% from Q2 indicating an aging inventory. 43% of condos currently listed for sale have already been exposed to the market for at least 6 months without a successful sale while only 17.6% have been on the market for less than 3 months. There are quite a few sellers out there ready to see a successful sale! With that said I would argue that there is still not all that much selection. Of the 51 condos which are listed, only 41% of them were built since 2000. If a purchaser is looking for a 1-bedroom suite in one of those newer buildings, there is only 1 option, if they are looking for a 2-bedroom suite there are 9 options, but if they only want to be in Happy Valley, there are only 2 options.
Something I’ve been talking about for awhile now is price discovery — the process of determining the price of an asset in the marketplace through the interactions of purchasers and sellers, and in particular how when market conditions pivot there is a renewed challenge for those parties to a transaction. Many sellers have long been looking for a March 2022 sale price, while many purchasers fear further depreciation of real estate assets and want to see decade-old sale prices. The spread has been wide and the process of price discovery has seen endless friction. At the end of Q2, I had shared that 80% of “newer” condos on the market were priced above this segment’s average sale price for the quarter and were priced more than $80,000 or 13.9% above the average selling price. Today, only 52% of “newer” condos are priced above this segment’s average sale price; however, those that are, are now priced almost $200,000 or 30% above the average selling price as opposed to just 13.9%. Considering that all but 2 of these 11 “newer” condos priced above that $663,667 threshold are larger 3-bedroom or 4-bedroom suites, I would suggest this does remain in the realm of reasonable. We may finally be arriving at that point where sellers and purchasers can find common ground around value.
Ski Condo Strata Fees
Of the 12 condos sold in Q3 the average strata fee was CDN $510.81 which is a narrow 1.6% lower than the $519.29 average strata fee which was recorded for the 23 condos sold in Q4-2023, the first month I began tracking this data point. The lowest strata fee was just CDN $170.00/month for a studio in Whitefoot Lodge and the highest was CDN $934.40/month for a 4-bedroom condo in Stonebridge Lodge Resort. Adjusting for size, the average strata fee was CDN $0.73/sq.ft. of living space ($7.86/m²) which is actually 9% higher that that which was recorded for Q4-2023. This comparison of strata fees is not a great representation of the operating costs of Big White stratas but I believe is interesting to follow. It’s important to remember that not all strata communities include the same costs in their operating budget.
Big White Townhouses
While condo sales softened in Q3 YOY, townhouses sales doubled with 10 Big White townhouses sold in Q3 compared to just 5 in Q3-2023. The lowest priced townhouse sold for CDN $504,250 and the highest priced townhouse sold for CDN 1,$350,000. The average price for Big White townhouses was CDN $809,254 which is 8.9% lower than the CDN $888,250 recorded in Q2 but up 12% from the CDN $722,800 recorded in Q3-2023. However, in an interesting turn, when adjusting for size the average price for townhouses was $442.99/sq.ft. ($4768.46/m²) which is the lowest it’s been in nearly 3 years. This figure is down 20.9% YOY and reflects the significant pullback in Big White townhouse values over the past 12 months. The average size of a townhouse sold in Q3 was 1,827 sq.ft. (170m²).
So what sold? The most popular townhouse communities in Q3 were Trapper’s Crossing and Grizzly Ridge Estates in which there were 2 ski homes sold each. For Grizzly Ridge Estates, both homes that sold were brand new homes from the developer, the first of those new homes to sell since early in Q2. Another point highlighting the falling value of Big White townhouses: one of the properties sold by the developer in September was purchased for $40,000 less than the nearly identical one that sold five months ago in Q2. Half of all townhouses sold were in the Snow Pines neighbourhood while the other half were spread out throughout the Upper Village, Village Centre, and White Forest neighbourhoods.
The average time on the market for townhouses that sold was 156 days with the fastest sale occurring after just 15 days on the market and the longest time having been exposed before success was 353 days. Interestingly, both of these townhouses were in the same strata community, were similar in size, and sold quite closely in price. At 156 days-on-market, it is taking Big White townhouses 14.7% more time exposure than the 136 days-on-market that it took in Q3-2023.
Sellers that are not pricing appropriately are often losing out in the end. That property that was on the market for the better part of a year eventually sold for more than $100,000 or about 15% below the original asking price. Townhouses sold for within $0 — two properties sold at their full, original asking price — and $135,000 of their original asking price and on average, for $43,416 less than the original asking price, whether by price reductions or by final negotiations. The average selling price was, on average, 7.4% lower than the average original asking price and is down 39% from Q2 when we were seeing successful sales negotiate prices, on average, 12.2% below the average original asking price. This supports the notion that most sellers have now come to terms with the prevailing market conditions; however, with the onset of the always highly anticipated winter season we will see if this price discovery remains or experiences further friction.
Townhouse Inventory
The Big White real estate market closed out Q3 with 40 townhouses publicly listed for sale, a figure which is up by a significant 48% from Q3-2023 but is up only 14.3% from Q2. Of these, 16 were new to the market over the past three months. Nonetheless, with only 1 townhouse that was both new-to-market and sold during the quarter, much of the selection is aging. The average time on the market for current Big White townhouses is 159 days. While I would say that the current townhouse selection is better than it is for ski condos, 20% of the inventory is located within just two communities and most townhouse communities have only 2 or fewer options for sale with quite a few having none. The average asking price for the 40 Big White townhouses currently for sale is CDN $788,380 which is just below the average sale price of CDN $809,254 for this past quarter.
In my Q2 update I shared that 30% of the inventory remaining on the market at the end of the quarter were smaller, 2-bedroom townhouses but that none had sold during the quarter. These smaller townhouses now make up 37.% of the existing inventory; however, it was good to see that 30% of the townhouses sold in Q3 were there smaller townhouses.
Townhouse Strata Fees
Of the 10 townhouses sold in Q3 the average strata fee was CDN $466.67 which is 8.5% lower than the $509.78 average strata fee which was recorded for the 9 townhouses sold in Q4-2023, the first month I began tracking this data point. The lowest strata fee was just CDN $87.09/month for a studio in Grizzly Ridge Estates and the highest was CDN $1,200.00/month for a 5-bedroom ski home in The Pinnacles. Adjusting for size, the average strata fee was CDN $0.29/sq.ft. of living space ($3.12/m²) which is basically flat with the CDN $0.28/sq.ft. ($3.01/m²) recorded for Q4-2023. This comparison of strata fees is not a great representation of the operating costs of Big White stratas but I believe is interesting to follow. It’s important to remember that not all strata communities include the same costs in their operating budget — for instance, for this quarter’s townhouse with the lowest strata fee, their building insurance premiums are billed separately.
Big White Private Ski Homes
There was only one private ski home sold in Q3. Interestingly, this Feathertop Estates home sold remarkably quick after re-listing towards the end of the quarter. In total, it had been on the market for 483 days and eventually sold for $180,000 less than the original asking price. It still realized a sale price of CDN $1.6 Million and being a modest size home at just 2,041sq.ft. (190m²) the adjusted-for-size sale price was a staggering $783.93/sq.ft. ($8,438/m²). This is not unheard of in this exclusive community with many newer, luxury ski homes. The most recent comparable sales were in Q1 when two Feathertop Estates homes sold at an average price of CDN $2.0 Million or $799.68/sq.ft. ($8,608/m²) providing some evidence that Big White private homes values are relative flat since that time.
Private home Inventory
There are only 7 private ski homes currently on the market in Big White and only two of these were new-to-market in Q3. The average time on the market for these homes so far has been 248 days. Due to the small data set, the median figure may provide a more accurate picture; that figure is still 154 days on market. While all stats indicate a strong advantage to the purchaser, the reality is that when you consider the vast array variation a private home can have: size, layout, features, age, location, ski access, lot size, view, etc. this is really not a lot to choose from. It’s also worth noting that none of the current inventory is “newer” with all homes currently for sale being at least 15 years old. The average asking price for the 7 private ski homes currently for sale is CDN $1,872,971 but all but 2 of these 7 properties are priced below the average. The median asking price is $1,699,000.
Big White Building Lots
There were no vacant building lots sold in Q3. In fact, this marked the fourth consecutive quarter with no building lot sales. The last time a Big White building lot sold was in Q2-2023. This is definitely not due to a shortage of homesites being available. Over the past year there has been the most selection since early 2020 — the big difference is pricing. The lowest priced lot that sold in 2020 was a homesite in The Terraces which sold for just $95,000 while the most expensive was one in Feathertop Estates which sold for $455,000. Today, just 4 years later, the lowest priced offering is a homesite in Snow Pines which is listed at $399,000 and the highest priced offering is one in Feathertop Estates which is listed at $1,199,000. Given the current cost of constructions, new homes will likely cost more than their current market value when factoring the price point of building lots sought by today’s sellers. We won’t likely see much activity on building lots until home values begin increasing again.
Want to know what’s been selling in your building or Big White community?
Here’s a look at some of what sold in Q3 — 2024
Ski Townhouse
255A Grizzly Ridge Trail - s brand new 5-bedroom, 4.5 bathroom, luxury home in Grizzly Ridge Estates with more than 2,800 sq.ft. of living space across three floors, plus a 480 sq.ft. private garage and additional driveway parking. According to the listing, “You will absolutely fall in love with this home,” and somebody did!
Learn more about Grizzly Ridge Estates at Big White.
Ski Condo
403 - 5259 Big White Road - a beautiful top-floor ski-in/ski-out condo residence in Stonebridge Lodge Resort at Big White is actually situated right between two ski runs and in the heart of the Village centre. This 4-bedroom, 3-bathroom, vaulted-ceiling, ski condo was built in 2003 offers just over 1,400 sq.ft. (106 m²) of living space and a private hot tub.
Private Ski Homes
460 Feathertop Way - a gorgeous, modern, mountain-chic ski home in Feathertop Estates. This 4-bedroom, 4-bathroom ski-in/ski-out custom home was built in 2021. Spanning just over 2,200 sq.ft. (209 m²) of living space across three levels there is plenty of room for the whole family. The purchaser was surely captivated by either the Shou Sugi Ban clad fireplace or the sleek kitchen with its stainless steel appliances, ample cabinetry, bar seating for 3, built-in display shelving & quartz countertops.
New Constructions Update
New construction at Big White has been relatively limited throughout the past quarter and the entrie 2024 “building season”. One of the most noticeable projects is Big White Ski Resort’s new staff accommodation buildings on Black Forest Road. There has also been considerable work done on new private homes in the Upper Village, White Forest Esates, The Terraces, and Feathertop Estates with a total of about 17 homes at various stages of constructions. In a distinct change from the past few years, there were only 2 new private homes started this year.
The Glades, a duplex ski home community on Black Forest Road, and Monashee Ridge, a private home community just West of Snow Pines, both began construction of their first homes late in the third quarter. These projects are both several years in the making as they invoved considerable site prepartion and utility servicing.
Other townhouse and condo projects are at various stages of pre-constructions with at least one, The View on Kettle View Road, pausing entirely due to a lack of sales and purchaser interest according to a source close to the project. This comes as no surprise as the developer had condo residences priced at upwards of $800/sq.ft.
What does the futrue hold?
Meteorologist are predicting a strong possibility for a La Niña weather pattern to take effect over the upcoming months, bringing a colder winter with greater snowfall to Big White — absolute magic to the ears of every skier and snowboarder. This could very well be one of those seasons that gets off to an early start.
With epic snow fall comes more fun, and with more fun comes a desire to relive the experience again, and that emotion is what sells Big White properties! Thus, I predict we see strengthening demand for condos and homes on the mountain over the next two quarters. As the recent interest rate cuts by the Bank of Canada gradually take effect, it is likely that financing will become more attractive, potentially spurring even renewed purchaser interest.
The Bank of Canada’s interest rate cuts have had another less talked about consequence: a weakening Canadian Dollar compared to, among others, the British Pound and the Australia Dollar. This is a positive development for purchasers from the UK and Australia who have both gained 6% in purchasing power compared to a year ago, saving them tens of thousands of dollars on a Big White real estate investment.
I predict that Q4 will see a continued strong demand for Big White townhouses which will translate into townhouses having a higher-than-normal portion of the sales mix as long as we see a good number of properties come to market at reasonable prices. I also believe that newer condos (built after 2000) will have strong demand but that variation of inventory may hold would-be purchasers from proceeding in a transaction. The price discovery issue may resurface if sellers believe they will sell for more during the winter season which is a risk to a higher number of transactions; nonetheless, a modest increase in sales price across all property types is expected, with the exception of building lots which are not going to see many, if any, sales without further price reductions or dramatic interest rate cuts.
If you are interested in selling your Big White property, or purchasing a year-round or vacation home or condo on the mountain this winter, I would be honoured to be of service to you. Regardless, I wish you many fantastic new memories created together with friends and family this season!
Thinking about purchasing at Big White? Check out these Featured Listings available now.
