Big White Real Estate Report: Q2 2021 Update
Summer has arrived in full force with a heat wave coming through bringing Big White daytime temperatures into the high 20s and low 30s. July 1st marked the start of the official on-mountain Summer season and there are some exciting new features this year including a new mountain bike learning centre which has been constructed in the Adventure Park, a new disc golf course, and this is the first time the Gondola has operated outside the Winter season.
The Big White real estate market has been on a tear. There were a total of only 59 Big White vacation properties sold in the second quarter of 2021! For perspective, this was the busiest Q2 in the past decade during which time the median was just 24 transactions. Wow! Sales included 4 detached private ski homes, 2 lot-and-home packages, 13 townhouses, 34 ski condos, and 6 building lots. The number of sales is up from Q2 last year by 536%!
Big White Sales Numbers and Values
Unlike Q2’s from years past when sales are usually the slowest and where prices tend to dip with increasing supply, the pandemic-trend of low inventory has meant for a strong average sale price for Q2-2021 of CDN $506,885 which is down compared to CDN $537,431 in Q2-2019 (pre-pandemic) but across 265% more sales . Total sales in dollar volume was up dramatically to a total of CDN $29.9 million compared to only CDN $12.36 million for Q2-2019. Overall Big White property values have definitely seen very strong appreciation over the past 6-12 months and the reduction in the average sale price is solely because of the high number of lower valued properties that sold.
Looking a little more closely at these numbers, we see that of the 34 condo residences sold at Big White in Q2, the lowest priced condo sold for just $93,500 and the highest priced condo sold for CDN $750,000. The average sale price for Big White condos was CDN $407,174. This represents a substantial appreciation from Q2-2019 when it was CDN $367,777. Now, if you’re in the market for a newer Big White condo you are probably thinking, “wait that seems really low.” That’s because of 34 ski condos that sold 17 of them were built after 2000 (think buildings like The Raven and Copper Kettle Lodge. Those had an average selling price of $562,882. The other 17 were in older buildings (like The Tamarack and Powder Ridge). Those had an average selling price of just $251,465.
Now looking at townhouses of which 13 Big White townhouses sold in Q2. The lowest priced townhouse sold for CDN $330,000 (a leasehold property) and the highest priced townhouse sold for CDN $1,192,500. The average price for Big White townhouses was CDN $636,108. This average price is up immensely from Q2-2019 when it was CDN $523,300.
Now looking at private ski homes of which a total of 6 vacation homes sold at Big White in Q2, including 2 new construction home and lot packages. The lowest priced ski home sold for CDN $769,000 (and the highest priced ski home sold for CDN $1,250,000. The average price for freehold Big White homes was CDN $962,575 which was just slightly higher than the average of $920,969 for Q2-2019. This is likely not a direct reflection of value but a testament to what was available. All Big White homes that sold in Q2 were either 15+ years old or were quite small (approx. 1,600 sq.ft. or 148.64 m²).
Possibly the most telling statistic this quarter though is the sell-through-rate. You would expect a busy market with more than a doubling of sales volume would be accompanied by a simultaneous increase in inventory; however, that is definitely not the case. So let’s recap: there were 59 sales transactions in Q2 vs. just 23 sales transactions in Q2-2019. Throughout that period there were 64 Big White properties made available for sale vs. 55 in Q2-2019. Sales were up 256% while new listings were up only 16.4%. This means the sell through rate for Q2 was 92.2% compared to 41.82% in Q2-2019. The demand at Big White has surged and those that own clearly do not want to sell.
Here’s a look at some of what sold
Detached Family Ski Homes and Multiplex Homes
300 Moonshine Crescent - a sprawling, custom built 4-bedroom home in the White Forest Estates neighbourhood. Spanning 2,000 sq.ft. (? m²) of living space on the main floor alone and a total of 3,500 sq.ft. (325 m²) including the basement level. There is also a triple attached garage offering plenty of space for toys for every season. Advertised as, “boasting a very functional space, vaulted ceilings, soaked in natural light,” you can imagine the family that bought this home is going to build some incredible memories here.
Lots
Lot 23 Feathertop Estates - the highest elevation homesite at Big White, Lot 23 at Feathertop Estates is the premier location to build a dream ski home with sweeping views of the Monashee mountains and surrounding endless valleys and forests as far as you can see. This 0.18 acre, upslope, building lot backs onto the glades between Sundance and Millie’s Mile ski runs. Can’t wait to see what the purchasers build here!
Ski Condo
#403 - 375 Raven Ridge Road - a beautiful ski-in/ski-out condo residence on the top floor of the world-class Stonegate Lodge. Sitting just below the Big White Village, you and your guests can easily hit the slopes or go for dinner. This 2-bedroom plus den, 2-bathroom, ski condo built in 2008 offers 1,055 sq.ft. (98 m²) of living space that can easily accommodate 6 people. The complex has its own outdoor, heated pool, hot tub, fitness centre, and games room.
#4-406 - 7700 Porcupine Way - a cozy ski condo at the top of the village with direct ski-in/ski-out access to family-friendly ski runs. This 1-bedroom plus den, 2-bathroom, is on the 4th floor of The Aspens which was built in 2006 offers a spacious 917 sq.ft. (85m²) of living space.
