Big White Real Estate Report: Q3 2025 Update
This summer, Big White and the Okanagan region enjoyed plenty of sunny days, with relatively few affected by wildfire smoke. The mountain saw a noticeable uptick in visitors, making for a lively and vibrant summer. Now, with the kids back in school, the countdown to the winter ski and board season is officially on. For those who live at Big White or spend extended time here during the winter, the next 40–50 days are filled with eager anticipation.
If the past 30 days are any indication, we’re in for a reasonablyactive lead-up to the winter season for the Big White real estate market. This past summer proved, just barely, to be the busiest since 2021, though it largely followed the same seasonal pattern that has characterized recent years.
There were a total of 24 Big White properties sold in the third quarter, up by just one property from the 23 sold in Q3-2024. While this may have been the busiest Q3 in recent years, the number of transactions remains well below the strong levels experienced from 2015 through 2021. Sales transactions in Q3 included: 13 condo residences, 10 townhomes and 1 building lot. There were no private home or commercial property sales recorded.
Big White Sales Numbers and Values
The average sale price across all Big White properties this past quarter was CDN $669,875, up 7.8% from CDN $621,262 in Q3-2024 — the highest Q3 average ever recorded at Big White. Total dollar volume reached $16.08 million, compared to $14.28 million last year. The year-over-year (YOY) rise in average price reflects, at least in part, a larger share of higher-end and more spacious properties in this quarter’s mix. The average adjusted-for-size price came in at CDN $480/sq.ft. ($5,167/m²), nearly unchanged from CDN $484/sq.ft. ($5,210/m²) a year ago. The average size of properties sold also increased by roughly 10% year-over-year.
There were a total of 87 new listings activated throughout Q3 which is up slightly from the 78 new listings activated throughout Q3-2024. As was the case last year, most of these were relisted properties that had previously been on the market without a sale. However, a noteworthy change: there were 39 new-to-market properties listed for sale in Q3 — a 30% increase from the 30 new-to-market properties that came on in Q3-2024.
We are witnessing a resurgence in price discovery friction, brought on by a combination of resolute, or should I say stubborn, sellers who appear highly confident in the future value of their properties and have little motivation to sell, and cautious purchasers who are reluctant to pay premiums in the face of soft, short-term appreciation outlook and always increasing ownership costs such as property taxes, insurance, strata fees, and maintenance.
Big White Ski Condos
Steady is the name of the game. Q3 saw the sale of 13 Big White condos compared to 12 in Q3-2024 — a subtle uptick, representing nearly the same share of total sales as last year. The lowest-priced condo sold for CDN $175,000, while the highest reached CDN $1,250,000. The average sale price came in at CDN $509,769, up 33% from $383,042 in Q3-2024, though still slightly below the $530,353 recorded in Q3-2023.
Adjusting for size, the average condo sold in Q3 measured 1,002 sq.ft. (93m²) — about 31% larger than the 764 sq.ft. (71m²) average in Q3-2024. This brings the adjusted-for-size sale price to $508.60/sq.ft. ($5,666/m²), showing only a small decrease year-over-year (vs. $524.15/sq.ft. in Q3-2024). That figure is down just 3% from Q3-2023, meaning that for three consecutive quarters, both sellers and purchasers have reached a relatively consistent consensus on value. Like I said, steady.
The final sale price for condos sold in Q3 averaged $68,899 below the original asking price, reflecting an average discount of 12% from the original list price, but only 3.3% from the current list price at the time of sale.
The average time on market was 237 days, with the quickest sale at 40 days and the longest at 552 days. Roughly 70% of condos sold had been on the market for more than four months, and nearly 40% for over six months. At 237 days, condos are taking 31% longer to sell than in Q3-2024 and 87% longer than in Q3-2023. Both sellers and purchasers are clearly willing to wait for the right price, but it’s sellers who must ultimately adjust to achieve success — that 12% reduction may sting, but holding out longer often costs more in time than it saves in dollars.
So, what sold? The most active buildings were Inn at Big White (3 sales) and The Raven (2 sales). The mix included everything from studios to six-bedroom residences, spanning older and newer buildings, resort complexes, and standalones across the mountain—from the top of the Village to Happy Valley and Snow Pine Estates.
Ski Condo Inventory
There were 19 new condos listed in Q3, with only one selling within the quarter. Q3 ended with 63 condos for sale, up 23.5% year-over-year and 10% higher than Q2 2025. These properties have already spent an average of 225 days on the market, continuing a steady rise from 188 days in Q1 and 207 in Q2.
A year ago, new-to-market condo listings were down sharply. This year’s 19 new listings represent a 237% increase YOY, yet overall inventory remains older and slower-moving. Of the 63 condos currently listed, 44 were also on the market at the end of June, and 20% have now been listed for over a year.
In terms of property mix, it’s healthy when looking at property size with studio and one-bedroom condos making up 36.5% of listings, two-bedrooms accounting for 25%, three-bedrooms for 28.5%, and four-bedroom or larger condos for 10%. When looking at the property age, Inventory remains skewed toward older product with just over two-thirds of condos for sale having been built before 2000, with newer (post-2000) units making up only 32%. In total, there are only 20 newer condos currently for sale, down by one from Q3-2024. Imagine being a purchaser and there are only 7 newer two-bedroom condos available and they are spread across just 3 of the 10 buildings where this type of product exists.
This presents a clear conundrum: inventory is up, representing roughly 15 months of supply at current absorption rates; inventory is aging; and prices remain flat year-over-year. These conditions heavily favor purchasers yet, for a purchaser seeking a newer, modest two-bedroom condo, there’s almost nothing available. And as we all know, scarcity favours the seller.
The average asking price for condos currently on the market is CDN $579,974, or 13.7% higher than the average Q3 sale price. On an adjusted-for-size basis, the average asking price of $588.74/sq.ft. sits roughly 12% higher than recent sales.
This is where price discovery friction comes into play. As much as purchasers may want to negotiate significant discounts, they often won’t even engage — or sometimes won’t bother viewing a property — if the asking price isn’t within 3–8% of their target purchase price. At current asking levels, even active purchasers are likely to stay patient and continue holding out for more realistic opportunities.
Big White Townhouses
Turning to townhouses, 10 Big White properties sold in Q3. Once again, we saw a substantial 66% increase in townhouse sales over Q2, which puts this figure exactly on par with Q3-2024 — a case where stability actually reflects strength. Sales this quarter were double those of Q3-2023 and up 25% from Q3-2022.
The lowest-priced townhouse sold for CDN $468,000, while the highest-priced reached CDN $1,515,000. The average sale price for Big White townhouses was CDN $902,500 — an increase of 11.5% from the CDN $809,254 recorded in Q3-2024.
Adjusting for size, the average townhouse sold in Q3 measured 1,953 sq.ft. (182 m²), about 7% larger than the 1,827 sq.ft. (170 m²) average for those sold in Q3-2024. On an adjusted-for-size basis, the average selling price came in at $462/sq.ft. ($4,973/m²), an increase of 4.3% from $443/sq.ft. ($4,769/m²) in Q3-2024. After a significant dip through the first three quarters of 2024, townhouse sale prices have made a solid rebound over the past 12 months. If history is any guide, we could see the average townhouse sale price climb as high as $500/sq.ft. in Q4.
The final sale price for townhouses sold in Q3 came in at an average of $37,750 below the original asking price, whether by reductions or final negotiations. This represented an average discount of just under 4% from the original list price and from the list price at the time of sale. This indicates that townhouse sellers are not having to reduce their asking prices significantly to attract offers. In fact, only 30% of those that sold in Q3 had made any price reductions at all.
The average time on market for townhouses sold was 200 days, with the fastest sale occurring after just 36 days and the longest after 696 days. At first glance, that might suggest it’s taking 28% longer to sell than the 156 days recorded in Q3-2024, but this is somewhat misleading. The median sale occurred after only 110 days, and half of all townhouses sold in under 80 days, showing that well-priced properties continue to move quickly.
For anyone thinking of selling, take note: townhouses are priced closer to purchaser expectations, leading to faster sales at higher prices than a year ago. So, is it market conditions — or is it strategy?
Grizzly Ridge Estates remains a popular choice for those seeking a Big White townhouse, recording three sales in Q3, two of which were brand-new homes. Notably, last winter the developer sold two of its larger, walk-out style 4-bedroom homes for $1.35 million — each was discounted from the $1.399 million asking price. Fast-forward to this past quarter, another of these same homes sold for a 10% premium at $1.49 million, just $10,000 below the new, increased asking price. Beyond Grizzly Ridge, townhouses also changed hands in Snow Pines, the Upper Village, and down in Happy Valley. Seventy percent of those sold were at least 1,600 sq.ft. (149 m²), while the remaining 30% ranged between 900 and 1,350 sq.ft. (84–125 m²). As one might expect, larger homes with more bedrooms performed particularly well with 60% of sales having four or more bedrooms, while all but one of the others offered three.
Townhouse Inventory
The Big White real estate market closed out Q3 with only 25 townhouses listed for sale. This figure may well be an all-time low. Compared to Q3-2024, inventory is down a substantial 37.5%. There were 15 new listings in Q3, down 11.7% year-over-year. Even with four of them selling within the quarter, 44% of the current townhouse inventory has been on the market for less than 90 days. The average time on market for current listings sits at 240 days, with a median of 206 days. However, the 66% of townhouses that carried over from Q2 are aging considerably, averaging 403 days on market, with nine having been listed for more than a year.
At first glance, the sell-through rate for townhouses appears roughly half that of condos, suggesting a more balanced market between purchasers and sellers. In practice, however, limited options remain a challenge. The diversity of inventory, varying by age, location, number of bedrooms, ski access, and other features, means that for purchasers looking for a home with specific features, options may be scarce. For example, among the nine 4-bedroom-or-larger townhouses currently available, four are brand-new homes commanding a premium, averaging just under $1.5 million. Looking for a 3-bedroom townhouse near the Village Centre? There are only three on the market. Hoping for a budget-friendly 2-bedroom in Happy Valley? There’s just one.
The average asking price for townhouses currently for sale is CDN $950,652. This figure is 20.6% higher than the CDN $788,380 average recorded at the end of Q3-2024. That figure is only 5.3% above the average Q3 selling price of $902,500, suggesting current inventory is largely priced to sell. On an adjusted-for-size basis, however, the average asking price is $511.65/sq.ft. or about 9% higher than for those that sold. This gap may explain why a sizable portion of the current inventory continues to age on the market.
Big White Private Ski Homes
There were no private home sales recorded in Q3.
There are currently six private ski homes listed for sale at Big White, with only two of these newly introduced to the market during Q3. The average time on market for this segment is 165 days — down 34% from 248 days at this time last year.
A notable shift from a year ago is in the age of available properties. Last year, every private home listed for sale was at least 15 years old. Today, half of the existing inventory consists of newer properties built since 2018.
The average asking price for the six private ski homes currently on the market is CDN $1,996,467 — up 6.6% from the CDN $1,872,971 average at the end of Q3-2024. Interestingly, only one of the six listings is priced near the average, with the remainder positioned at least 45% above or below that mark. This variation largely reflects differences in both age and size, as newer, larger homes command substantially higher prices, while smaller and older properties occupy a lower price point within the segment.
Big White Building Lots
For the second consecutive quarter, there was one building lot sale recorded at Big White. The property — a 0.10-acre mountainfront lot in The Terraces — sold for CDN $425,000 after 749 days on the market, reflecting a $74,000 discount from its original asking price. There were no private home sales in Q3 to compare this transaction against.
Aside from the Q2 sale in Feathertop Estates, the most recent building lot sale prior to this one occurred back in Q2-2023 — a 0.20-acre lot in the Village Centre that sold for CDN $725,000. On an adjusted-for-size basis, the Q3 sale equates to roughly $4.25 million per acre, compared with $3.625 million per acre for the 2023 sale. While that might appear to indicate an increase in land value, the reality is more nuanced. Because smaller lots typically sell at a higher price per acre, a diminishing curve effect means the apparent gain does not necessarily reflect an overall market rise.
To illustrate this, imagine that a 1-acre parcel at Big White could sell for around $1 million. (For reference, in mid-2021 a comparable undeveloped 1-acre lot below the Inn at Big White sold for $600,000, but values undeniably increased, and then decreased since then) Using this reference point and applying a mathematical model, the 1-acre equivalent sale price of the most recent lot would be approximately $932,000, whereas the Q2-2023 sale equates to $1,279,000 per adjusted acre. This suggests the Q3 sale traded about 27% lower on an adjusted basis; if it had sold at the same adjusted-for-size rate as the earlier lot, the price would have been closer to $540,000.
Ultimately, the short-term pricing outlook for building lots at Big White will depend less on past sales and more on individual seller and purchaser motivations. Seller equity, personal building intentions, and alternate opportunities available to purchasers will each influence negotiation outcomes. Looking ahead, newly planned development lands along Black Forest Road and within The Glades could introduce additional inventory, which may place downward pressure on prices even if demand increases.
Building lot Inventory
There are currently 11 building lots listed for sale at Big White, with only two of them newly introduced to the market during Q3. The average time on market for this inventory is 489 days, down 9.3% from 539 days at this time last year. However, this reduction does not necessarily reflect older inventory being absorbed by sales. Instead, it’s the result of a combination of new listings coming on stream and several long-listed properties expiring — four lots that had each been on the market for roughly two years or more were removed and have not yet returned.
NEW CONSTRUCTION UPDATE
The off-season saw a significant amount of new residential construction on the mountain. Several homes are now substantially complete, including the first private homes in The Glades on Black Forest Road and in Monashee Ridge on the western approach to Big White. In White Forest Estates, a stunning Weninger-built home is also done. Over the summer, local builder H&H Custom Homes has made progress on the final installment at Sundance Resort — a 4-plex building that introduces the first townhomes on the mountain with legal, separate 1-bedroom suites on the lowest level, offering new options for rental income and flexible ownership.
WHAT DOES THE FUTURE HOLD?
As we move into the winter season, Big White’s real estate market continues to demonstrate a reassuring steadiness. For three years now, purchasers and sellers have been finding similar meeting points on price, establishing a clear sense of value on the mountain. Still, sales volumes remain substantially below the long-term average. The question now is whether sales would increase if more listings were priced in line with recent comparable sales.
Inventory conditions vary by property type. Condos show elevated supply relative to current sales activity, while townhouses remain notably scarce. In many ways, it’s a lack of selection, not an excess of listings, that I believe may be holding the market back. For sellers, success in this environment comes from pricing competitively rather than optimistically. Understanding where recent transactions have occurred and positioning within that range makes all the difference. Properties that meet current purchaser expectations continue to move efficiently and often achieve strong results. Townhouses are particularly well-positioned heading into winter. With extremely limited inventory and solid demand, they represent compelling value relative to both condos and detached homes. This segment is the most likely to see meaningful price gains over the coming months.
On a broader level, new investment across the resort is enhancing confidence. Upgrades to infrastructure and equipment, the reopening of Kettle Valley Steakhouse, and the continued expansion of local businesses all elevate the guest experience and strengthen Big White’s appeal as an investment destination. Historically, these are the very conditions that precede measurable growth in property values — and they suggest that Big White’s next cycle of progress may already be underway.
Want to know what’s been selling in your building or Big White community?
Here’s a look at some of what sold in Q1 — 2024
Ski Townhouse
270B Grizzly Ridge Trail - a brand new 3-bedroom, 4-bathroom, ski home in Grizzly Ridge Estates. This townhome complex sits directly below the Serwa’s ski run making for easy ski-in/ski-out access and a more tranquil setting than bustling areas closer to the Village. A wonderful modern space means you can split your life between the city and the mountain without giving up the luxuries you enjoy at home.
Learn more about Grizzly Ridge Estates at Big White.
Ski Condo
402 - 5030 Snowbird Way - an exception 6-bedroom penthouse condo in Happy Valley.
BUILDING LOT
224 Feathertop Way - a mountainfront building lot in The Terraces at Big White sits just above Big White Road and overlooks the Bullet Creek Cabins way down below, and the Monashee Mountain range beyond.
