Big White Real Estate Report: Q2 2023 Update
The first half of 2023 is now in the rear view mirror and another fun Summer is ahead for Big White. We had a fantastic season for snow on the mountain, though even with this substantially greater accumulated base compared to last year, it all melted well in time for the Big White Bike Park to open. Leading up to this opening, the Resort made substantial investments in the Village Centre with a massive stone-paved area replacing what in the past was often either muddy or dusty and a large canopy to provide afternoon shade. The Village Centre looks really good!
The Big White real estate market was cool even with the brief pause to Bank of Canada rate increases. There were a total of only 19 Big White vacation properties sold in the second quarter of 2023 which equates to a 44.1% drop in transaction numbers from last year. Last year saw a 42.4% drop YOY itself but remained the 2nd busiest Q2 in a decade. In contrast, 2023 was the slowest Q2 since 2015 (asides from 2020 when Covid majorly stalled the market temporarily right at the start of Q2). Sales for Q2-2023 included 4 private ski homes, 4 townhomes, 10 ski condos, and 1 building lot.
Big White Sales Numbers and Values
It would appear that after a wild couple years of untraditional market behaviour the Big White real estate market may be back to its usual cycles. Along with reduced activity in the market we also saw the average sale price come down, but only ever so slightly from Q1.
The average sale price across all Big White vacation properties this past quarter was CDN $547,789. This figure reflects a 11.9% drop from theCDN $621,494 recorded in Q2-2023. With the total number of sales down a significant 44.1%, this drop in average sale price added further to the drop in total sales in dollar volume which came in at just $10,408,000 — a 50.7% decrease from Q2 -2023. As expected after a year of interest rate increases, and several years of high inflation, Big White real estate is feeling the pinch.
Looking a little more closely at these numbers we see that of the 10 condo residences sold at Big White in Q2. The lowest priced condo sold for just $170,000 and the highest priced condo sold for CDN $675,000. The average sale price for Big White condos was CDN $363,650, a figure which reflects an enormous 34.5% depreciation, coming down by more than $190,000 from the Q2-2022 average of CDN $555,458. Don’t be fooled into thinking this is a reflection of condo values plummeting though. Last year, 70% of the ski condos that sold in Q2 were built in 2000+, and were more upscale or even in luxury buildings. In contrast, only 40% of the ski condos sold this year were in that category. Furthermore, the average size of ski condos sold last year in Q2 was 905 sq.ft. (84m²), while the average size of ski condos sold this year was only 650 sq.ft. (60m²). In fact, on a per size unit basis, the average sale price for a ski condo came down by only 18%. 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.
Now looking at townhouses of which 4 Big White townhouses sold in Q2. The lowest priced townhouse sold for CDN $627,500 and the highest priced townhouse sold for CDN $720,000. The average price for Big White townhouses was CDN $682,875, a figure which is down by 15.8% from Q2-2022 when it was CDN $811,238. The more noticeable comparative figure is the quarter-to-quarter drop. In Q1, we saw Big White townhouses sell for an average of CDN $947,750 — so we’re looking at a 27.9% drop from ski-season to off-season this year. Why? Once again, this is not a representation of depreciation but rather the imperfection of statistics and there is an easy explanation: townhouses sold in Q2 had an average size 34.8% smaller than those sold in Q1, with the average size in Q2 being just 1,358 sq.ft (129m²) while in Q1 it was 2,082 sq.ft. (193m²). On a price per unit basis, the average sale price actually increased by $47/sq.ft ($507/m²).
Now looking at private ski homes of which there were 4 Big White homes sold in Q2. The lowest priced ski home sold for CDN $765,000 and the highest priced ski home sold for CDN $920,000. The average price for a Big White home was CDN $828,750. There were no private ski homes sold in Q2-2022 to compare to. You may also notice the sharp contrast between this figure and the one from Q1. This past quarter saw the sale of 4 modestly sized ski homes all built between 1996 and 2004 and located in Snow Pines Estates, while Q1 saw the sale of 4 larger ski homes, all built between 2001 and 2021, and all within White Forest Estates and Feathertop Estates. Consequently, the average sale price for Q1 was more than double at CDN $1,967,500. Again, I do not believe this is a reflection of substantial depreciation but rather on location, size, and age of the product sold.
Last year, one of the most telling statistics coming out of Q2 was the surge in the number of listings coming to market. It was the most active Q2 in the past decade with 71 Big White properties coming to market. This year, we are experiencing a return to much more normal listing volumes with 53 properties coming to market during the quarter. Not including 2020 (again, Covid) Q2-2023 was the slowest for new listings in the past 5 years. A record number of Big White properties changed hands throughout late 2020 and early 2022 and the general buzz is that those that didn’t sell just don’t want to. And I’m sure the question everybody has is why would you ever want to?
Here’s a look at some of what sold
private Ski HOmes
4911 Snowpines Road - a classic ski chalet in Snow Pines Estates, this 4-bedroom, 2.5-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.
Ski Condo
3-403 - 7700 Porcupine Road - a beautiful ski-in/ski-out condo residence in The Aspens at in the Upper Village. This complex sits directly adjacent the Highway 33 ski run. This 3-bedroom, 2-bathroom, ski condo built in 2003 offers 1,243 sq.ft. (106 m²) of living space that can accommodate 6+ people and comes with a private hot tub.
Ski Townhouse
4 - 205 Raven Ridge Road - a cozy ski home in Snowy Creek Lodge at the top of the White Forest neighbourhood. This townhome complex sits directly across the road from the Bullet Chair Lift making for easy ski-in/ski-out access. This 3-bedroom, 2-bathroom townhouse was built in 2000 and comes with a private hot tub.
VACANT Lots
5370 Big White Road - This vacant building lot in the heart of the Big White Village presents an opportunity that just doesn’t come around all that often. In the 1970s, this lot was home to The Powder Hounds Chalet. With the chalet since gone, this property is ripe for development. It’s changed hands several times since 2006 and the recent Seller ultimately decided to let someone else carry out their dream after they made a significant attempt and failed at rezoning the property and obtaining adequate variances to make their vision work. While the neighbourhood consists of unique enclave of older, private ski homes it’s proximity to the village do make it a good candidate for a multi-family development.
