Big White Real Estate Report: Q4 2025 Update
In a throwback to the 2023/2024 winter season Big White opened a week behind originally scheduled. With the tireless work of the resort operations team, we’ve been able to enjoy relatively decent conditions since, although Ullr could bring us more snow. Beyond snow conditions it’s been a very exciting start to the season with several new restaurants, a new events schedule, and a high level of buzz throughout the local skiing and boarding community.
The Big White real estate market experienced its seasonal uptick with a really strong number of sales in November. There were a total of 29 Big White properties sold in Q4, a number that is down by 6.5% compared to the 31 properties sold in Q4-2024. This is the second consecutive drop in sales for the fourth quarter after 2023’s rebound over 2022’s soft numbers.
Sale transactions in Q4 included: 17 condos, 10 townhomes, and 2 private homes. There were no building lots sold.
Big White Sales Numbers and Values
The average sale price across all Big White properties this past quarter was CDN $619,925 which is down a subtle 2.1% from this time last year when it was CDN $633,503. It is down 7.5% from the robust third quarter figure. When comparing this to previous years, we typically see the average sale price increase from Q3 to Q4, so the market experiencing the opposite suggests that there has either been a shift in the sales mix or that it is experiencing downward pressure on prices. Total sales in dollar volume came in at $17.98 Million compared to the $19.64 Million in Q4-2024, reflecting the lower number of sales.
There were 71 listings activated throughout Q4; however, only 40 of those were new-to-market properties. This new listings count is down by 7% compared to Q4-2024. Like the number of transactions, the number of new listings is down for the second consecutive fourth quarter. 43.6% of all listings activated throughout Q4 were relisted properties that had not previously sold, suggesting that a considerable amount of available inventory is not selling. It’s worth noting that new listings were also down compared to Q3, going against the usually increasing number of properties coming to market as we move into the winter season.
Big White Ski Condos
There were a total of 17 condos sold in Q4, just one less than in Q4-2024. This shows stability in the number of sales compared to last year while at the same time it is an increase of 30.1% over Q3; a typical season increase. The lowest priced condo sold for CDN $160,000 and the highest priced condo sold for CDN $950,000. The average sale price for Big White condos was CDN $417,403. The average sale price is down 29.18% compared to Q4-2024, however, condo values as a whole are arguably, not down as much as that figure would have it appear. For starters, the average size of properties sold was 12% smaller compared to Q4-2024, with the average size of condos sold coming in at just 887 sq.ft. (82m²) compared to 1,010 sq.ft. (94m²) during the same period last year. Adjusting for size, the average sale price fell by 19.3% to $471/sq.ft. ($5,070/m²) compared to $584/sq.ft. ($6,286/m²) in Q4-2024. This analysis paints a more accurate picture, yet there are still other layers to peel back in order to be most informed.
More than two-thirds of the condos sold in Q4 were older condos built pre-2000. Only 29.4% of condos sold were newer, more luxurious condos, built post-2000. This is a flip of the inventory mix compared to Q4 last year when two thirds of the condos sold were newer condos and only one-third were older condos. This feature of the sales mix plays a significant role on the average sale price. Anyone looking to use the available data to guide them in valuing a property really needs to split these into separate categories. For newer condos: there were just 5 that sold in Q4. These condos had an average sale price of CDN $716,570, down just 5% compared to Q4-2024. These condos had an average size of 1,406 sq.ft. (131m²) that was considerably larger than those that sold during the same period last year. That is the trend right now — larger spaces. 3 out of the 5 newer condos sold were 3-bedroom or 4-bedroom residences, while only 1 each sold of 1-bedroom and 2-bedrooms residences. When adjusting for size, newer condos came down in price even more, with an average sale price of $510/sq.ft ($5,490/m²) compared to $601/sq.ft. ($6,470/m²) in Q4-2024. That 15% drop is noticeable and is likely a factor in the price friction we are experiencing. More on that further down.
Then there are the older condos: there were 12 that sold in Q4. These condos had an average sale price of CDN $292,750, up 12.6% from the CDN $260,056 recorded in Q4-2024. These condos had an average size of 671 sq.ft. (62m²) which is actually 36.3% larger than during the same period last year. On an adjusted basis, older condos had an average sale price of $437/sq.ft. ($4,704/m²), 18.9% lower than the $539/sq.ft. ($5,800/m²) for older condos sold in Q4-2024. This is not a complete story though. Consider the effects of the diminishing curve relationship between size and adjusted value, or the fact that 25% of the older condos sold in Q4 were located in Snow Pine Estates compared to none in Q4-2024. Nonetheless, older Big White ski condos are also selling at lower prices than they were a year ago.
The final sale price for condos sold in Q4 averaged $30,456 below the original asking price, reflecting an average discount of 6.8% from the original list price. Only 3 of the 17 condos sold saw price reductions prior to negotiations with an eventual purchaser so the average discount from the current list price at the time of sale remained the same 6.8%.
The average time on market was 148 days. This is, a substantial, 33% shorter duration than in Q4-2024 when the average time on the market was 221 days. The quickest sale took just 25 days on the market and the longest taking 644 days. Roughly 53% of condos sold in less than 4 months on the market, with another 23% taking less than 6 months. It’s clear that sellers who were willing to come to market at lower prices and those willing to accept lower offers, were able to see success in a much shorter amount of time.
So, what sold? The most active building was the Whitefoot Lodge which saw 3 studio residences sold. The mix included plenty of studio and 1-bedroom residences but also a few 2-bedroom and 3-bedroom residences. Condos were sold in older and newer buildings and in many different parts of the mountain. Interestingly, there were no condo residences sold in Happy Valley; nor were there any condo residences sold in the typically popular, resort complexes of Stonegate Resort, Stonebridge Resort, or Sundance Resort. And, that’s not for a lack of listings in those communities.
Ski Condo Inventory
Q4 ended with 58 condos for sale, up 7.4% year-over-year, but down 7.9% from the previous quarter. These properties have already spent an average of 275 days on the market, once again continuing a steady rise from 188 days in Q1, 207 in Q2, and 225 days in Q3. A third of all Big White condos currently for sale have been on the market for a year or more with many of them pushing two years — 11 condos have been on the market for more than 500 days!
There were only 18 new condos listed in Q4, a 42% drop in new inventory compared to Q4-2024. So, not only are available properties stagnating on the market, but there is little new inventory coming to the market.
Two-thirds of existing inventory are older condos built pre-2000, with newer condos (post-2000) making up the other third. This is supportive of the current sales mix; however, it is a problem when looking at it from the lens of what purchasers may want. There are only 20 newer condos currently for sale with no change in volume from the previous quarter, and down 13% from Q4-2024. There are options but arguably not all that many. Furthermore, with only 5 of these options new-to-market during the past quarter, 75% of the newer condo inventory has been on the market since at least September!
Where the analysis of condo inventory gets the most interesting is when comparing the asking prices to sale prices. Overall, the average asking price for condos currently on the market is CDN $560,607 or 34.7% higher than the average Q4 sale price. On an adjusted basis, the average asking price of $594/sq.ft. ($6,394/m²) sits roughly 26% higher than recent sales. Only 25% of the existing newer condo inventory is priced at or below the average sale price of CDN $716,570. In fact, the average asking price for those 20 condo residences is 16% higher, at CDN $831,814. This means that condo sellers are asking well over $100,000 more than the average sale price for Q4. For older condos, there is definitely less price discovery friction, albeit remains a challenge. While the average asking price of CDN $374,971 is 28% higher than the average sale price of CDN $292,750, 42% of existing older condo inventory is priced at or below the average sale price. Take a look at the mix and you’ll notice that the average is skewed towards a higher price because the average size of the existing inventory is also skewed towards larger residences.
Big White Townhouses
There were a total of 10 townhouses sold in Q4, down 23% from Q4-2024. Before you go thinking sales are slowing down, let me remind you that Q4-2024 saw a 44% increase in townhouse sales YOY. This year's number is consistent with Q4 in 2023 and 2022 and higher than both 2019 and 2018. Other than last year, the only stronger recent fourth quarters were during the pandemic boom years of 2020 and 2021. The lowest priced townhouse sold for CDN $465,000 and the highest priced townhouse sold for CDN $1,650,000. The average price for a Big White townhouse was CDN $861,200, which is 24% higher than the $$694,538 recorded in Q4-2024.
The average townhouse sold in Q4 was 1,585 sq.ft. (147m²), about 9.4% larger than the 1,448 sq.ft. (135m²) average for those sold in Q4-2024. Adjusting for size, the average sale price came in at $543/sq.ft. ($5,885/m²), an increase of 10% from $493/sq.ft. ($5,307/m²) in Q4-2024. Townhouse sale prices have largely rebounded since the post-pandemic dip in the face of persistent low inventory, demand for larger homes, and because of the perception of greater value compared to available condo inventory.
So what sold? The only townhouse community to see more than one transaction was Whitetail. No particular neighbourhood proved to be significantly more popular than the others; however, Happy Valley did see more townhouse sales than any other Big White neighbourhood.
The average time on the market for townhouses that sold was 143 days, up by 39% from 103 days in Q4-2024. The median was only 63 days though, so that average is skewed by a couple townhouses which had been on the market for well over 400 days. The majority of the townhouses sold in Q4 achieved success much more quickly. The fastest sale occurred after just 10 days on the market, the longest took 469 days, and 50% of all sales occurred in less than 30 days on the market.
Townhouse Inventory
Q4 ended with 27 townhouses publicly listed for sale, a figure which is down by 18% compared to the end of Q4-2024. Of those townhouses remaining for sale, 11 were new to the market during Q4 which is almost flat year-over-year. Nonetheless, new inventory is barely up from the end of Q3, when it was at 25, even as we head into the peak of the winter selling season. In total there were 15 new townhouses listed throughout Q4, a 25% increase in new inventory compared to Q4-2024. While on a percentage basis, this looks meaningful, it is only 3 properties. There is definitely a continuing shortage in townhouse supply.
The average time on the market for existing townhouse inventory is 245 days, but the median is only 125 days. Roughly, 50% of townhouses currently for sale have been on the market for less than 4 months. Still, 30% of existing inventory has been on the market for more than a year due to various factors.
The average asking price for townhouses currently for sale is CDN $1,048,226 up 18.7% from the existing inventory to close out Q4-2024. This represents a huge gap between asking prices and recent sale prices. With the average sale price at CDN $861,200, the average asking price is 21.7% more than the average sale price. This is a considerable change from last quarter when the gap was just above 5%. That said, the current gap is similar to that calculated at this time last year. At that time, I took note that when adjusting for size, the gap was only about 5%. The average asking price of existing townhouse inventory is $512/sq.ft. ($5,511m²), while the average selling price in Q4 was $543/sq.ft. ($5,845m²). Thus, like last year, on an adjusted basis, the average asking price is actually 5.7% below the average selling price, suggesting that townhouse inventory appears to be priced well after all. The average size of existing inventory is 2,045 sq.ft (190m²) which is 29% larger than the average size of properties sold in Q4. It will be interesting to see how some of these larger and consequently higher priced townhouses perform compared to the smaller townhouses that sold this past quarter.
Big White Private Ski Homes
There were 2 private ski homes sold in Q4 including a modest 2-bedroom chalet in the Upper Village and a 4-bedroom duplex home in Rock Ridge Estates. The lowest priced home sold for CDN $770,000 and the highest priced home sold for CDN $1,500,000. The average price for Big White private homes was CDN $1,135,000. There were no private homes sold in Q4-2024 to compare to. With an average size of 1,599 sq.ft. (149m²), on an adjusted basis, the average sale price was $728/sq,ft. ($7,836/m²).
As is typically the case with private homes at Big White we see few, if any, transactions in any given quarter and with diverse qualitative aspects of private homes on the mountain, the most useful analysis comes from more specific comparisons. Take, for example, the 2-bedroom home that sold: this particular home last sold in 2018 for $350,000, realizing 220% appreciation over the past 7 years. The only other publicly sold, comparable home (age, size, location) to sell during that time sold for $472,000 in mid-2020. Compared to this, the recent sale realized 163% appreciation over the past 5 years.
Now let’s look at the 4-bedroom duplex home which was built in 2004. This particular home also last sold in 2018. Selling for $765,000 back then, it realized 196% appreciation over the past 7 years. Until this quarter’s sale, the most recent sale in Rock Ridge Estates was a considerably larger duplex home that sold in early 2020 and just before that a similarly sized duplex home that sold for $904,500. Compared to this, the recent sale realized 165% appreciation in the past 6 years (nearly). There have only been two other duplex-style private homes to sell at Big White to sell since then, both of which were located in White Forest Estates and also sold in 2020 with both sales in the high $900’s.
While the data is limited, it is congruent. Big White private homes are dramatically up in value. While much of this arguably came during the pandemic boom years, they’ve held onto that value better than any other type of Big White property.
Private Home Inventory
Q4 ended with only 6 private homes for sale, down 25% from this time last year. Of those, half were new-to-market during the quarter. The average time on the market so far for those 6 homes is 139 days with one having just listed about a week ago and one having been on the market for more than a year. Current inventory is spread out between Feathertop Estates (2), White Forest Estates (1), and Snow Pine Estates (3). The average asking price for those 6 homes is CDN $1,924,650 and the average size is 2,577 sq.ft. (239/m²). Adjusted-for-size, the average asking price is $747/sq.ft. ($8,041/m²) which is only 2.6% higher than the average sale price during Q4. Given the varying qualitative features of the inventory and overall small data set I don’t take this as being incredibly informative but it would at least suggest there is reasonableness in the market.
Looking at the 2 Feathertop Estates homes that are for sale — they are both lower elevation homes, just a few homesites apart and built in 2019. They are somewhat similar in size, offering 3-bd and 4-bd, with an average living space of 2,112 sq.ft. (196m²). They have an average asking price of $1,875,000 and on an adjusted basis are asking $888/sq.ft. ($9,559/m²). This is quite a bit higher than the most recent sale in Feathertop Estates, which saw a 2,500 sq.ft. home sell for just $627/sq.ft. ($6,749/m²) back in Q1; however, that home was one of the earlier homes built in the development. Beyond that, 2,000 sq.ft (186m²) newer home sold in Q3-2024 for $784/sq.ft. This evidence suggests that the sellers of the two properties currently for sale (or at least one of them) may be asking quite a bit more than any informed purchasers would be willing to spend.
Over in Snow Pine Estates, we have a 3-bedroom, 1,300 sq.ft. (121m²) home, a 6-bedroom, 2,100 sq.ft. (195m²) home, and a sprawling 3,300 sq.ft (307m²) duplex home, with prices ranging from $800k to $1.6 Million. I share these individual details to illustrate that there is very little selection for a purchaser looking for a home with a specific set of criteria.
There were 2 private homes that came off the market during the quarter without a sale — one in Feathertop Estates and one in Snow Pine Estates. Had those been relisted we would only reach the same inventory level as we had at the end of last year.
Big White Building Lots
There were no vacant building lots sold in Q4. There are currently 11 building lots for sale including 7 mountainfront homesites in Feathertop Estates. There are 2 building lots that came off the market without a sale during the quarter. Additionally, there are other homesites that were previously for sale but did not sell including building lots in Black Forest, Feathertop Estates, and Snow Pines. I point this out to illustrate that, unlike for ready-to-use private homes, there is quite a bit of choice for purchasers looking to acquire their own slice of the mountain and build their dream ski chalet.
2025: A Year In Review
The Big White real estate market saw a total of 100 sale transactions in 2025 including: 53 condos, 38 townhomes, 7 private homes, and 2 buildings lots. There were no commercial properties sold in Big White in 2025. Overall, the market saw just 3% fewer sales than 2024 and 6% fewer than 2023. Rewind to before the pandemic boom of early 2020 to early 2022, the 10-year average for Big White sales from 2010-2019 was 119 sale transactions. The ongoing pace for sales is trending about 13% below that period.
The shift: condo sales are down about 30% while townhouse sales are up by about 33% compared to the 10-year pre-pandemic period. One factor in the shift could be that throughout and since the 20-teens, there has been some new townhouse development but no new condo development. Another factor is likely the rise of Airbnb which has both impacted the way in which families vacation together — under one roof — and also, the greater rental income-to-cost ratio for larger bedroom homes. I would argue that another contributing factor is the price discovery friction we’ve experienced a lot more with condo listings than with townhouse listings.
In 2025, condos made up just 53% of all sales, down from 57% in 2024, and from 58% in 2019. Townhouses made up 38% of all sales, nearly flat compared to 37% of sales in 2024, but up substantially from just 25% of all sales in 2019. Private homes made up 7% of all sales, up from just 4% in 2024, but down from 11% in 2019.
The average sale price across all Big White properties in 2025 was CDN $680,453, up 4.6% from CDN $650,089 in 2024. Headline prices are down slightly for condos with an average condo sale price of CDN $467,358, and up significantly for townhouses with an average townhouse sale price of CDN $882,618. Adjusting for size, condo sale prices have come down since 2024 by 4.7% to $521/sq.ft. ($5,608/m²), while townhouses average sale prices are up just 2.3% to $497/sq.ft. ($5,350/m²) 2025 saw the sale of older private homes, with no sales of properties built since 2010, while 2024 saw the sale of all newer, luxury homes. Due to this variation in type of private homes sold in 2025 vs. 2024, no meaningful comparison can be made.
Want to know what’s been selling in your building or Big White community?
Here’s a look at some of what sold in Q4 — 2025
Ski Condo
D - 4820 Snow Pines Road - a bright, 2-bedroom, 2 bathroom, ski condo in Snow Pine Estates offering nearly 1,000 sq.f.t of living space, plus a private hot tub on the South-facing patio, and 2 outdoor parking spaces. Inside, hardwood flooring, wood cabinetry, and a stone fireplace will keep you feeling warm when it’s cold outside. Ski directly to the building from Serwa’s ski run and with several convenient options to get back to the Ridge Rocket, Snowghost, and Plaza chair lifts.
Snow Pine Estates is a unique Big White community that consists of private detached and duplex homes as well as an eclectic assortment of multi-dwelling buildings. It’s a place where everyone has something in common — they love to ski and snowboard — which sees them coming together to make this the best place on Earth!
206 - 315 Whitehorse Lane - a beautiful, slopeside 2 bedroom, 2 bathroom, luxury ski condo in Glacier Lodge. Conveniently located between the Village Centre and Happy Valley, this condo residence is a skiers perfect retreat. With more than 1,100 sq.ft. (111m²) of living space and premium materials including: hardwood and slate flooring, wood cabinetry and mouldings, granite and stone countertops in the kitchen and bathrooms, a steam shower, and a stone-clad fireplace with wood built-ins in the living room, this residence is the perfect ski-in/out for your ski vacations. It even comes with a private hot tub.
Ski Townhouse
101 - 80 Kettle View Road - this 3-bedroom ski chalet is a corner suite in a stacked townhouse style dwelling with 1,200 square feet of living space all on one level, perched above a basement level with your own extra, extra long private garage. You’ll easily fit 2 vehicles (possibly 3) plus have room for toys like snowmobiles, atvs, mountain bikes, and more. At the back of the garage you also have a spacious private storage room. From there, take a flight of steps up to your own covered entrance, complete with a bonus patio. Inside, the living room, dining room, and kitchen are positioned at the front of the home with access to a large covered deck with a private hot tub and room for a BBQ and small table, while the bedrooms, and bathrooms are to the back of the home. Each bedroom gets considerable morning sunlight while the deck offers views of the Monashee Mountains to the East and cotton-candy sunsets to the West.
2 - 360 Whitehorse Lane - a beautiful detached townhouse in Woodcutter Cabins offering ski-in/out access from the Woodcutter ski-run down to the Ridge Rocket, Snowghost, and Plaza chair lifts. This 4-bedroom, 3-bathroom ski chalet was built in 2005 and offers nearly 2,800 sq.ft. (214 m²) of living space across 2 floors and a loft. The living room offers grand views of the Monashee Mountain range and it’s high vaulted-ceiling give make it feel extra spacious. The large stone fireplace is perfect for family gatherings and the private hot tub on the deck is a great place to unwind and recount the day’s adventures. This cabin comes with plenty a storage space and a private double garage.
What does the FUTURE hold?
Coming out of another incredible busy holiday season, this winter is sure to be another with growing interest in Big White from all around though for the Big White real estate market it’s is likely going to be a bit slower. I really see our inventory as a major challenge. Condos are selling for noticeably less than they were a year ago, yet sellers are asking more than they were at the height of the pandemic boom. The average condo currently listed for sale has been on the market for 9 months and with the trend being a low volume of new listings, there is little to suggest this will change. For condo sales to pick up it will take either lower priced new inventory or for existing sellers to come to terms with the market.
More than a quarter of townhouses for sale are brand new homes in one of two communities where new townhouses are available. Without those, the shortage of townhouse inventory would be even more extreme. There are other new townhouse developments but they are all still at least a year or more away from new homes being built which seems to be a major hurdle in those developments gaining sales momentum. Townhouses are selling but there just seem to be very few owners that want to sell. I believe the demand from purchasers is here but there are not enough properties for sale to see that demand turn into successful sales.
Building lots may be best positioned to see an increase in number of sales. There is good selection, asking prices have come down over the past couple years of low sales, and although the cost of construction is high, the long-term value retention for homes at Big White appears solid. Not to mention, with very little private home and townhouse inventory to choose from, building your own may be the only way to get the home you want for years to come. I’ve had more inquiries about building lots in the past 6 weeks than I have in the past 18 months.
Overall, I predict relatively stable demand for the next couple quarters. That said, I do believe purchasers of all property types will continue to take their time and be cautious about what they are spending, not just on the purchase price but also in terms of future ownership costs. There is mixed data, both locally and abroad, on economic outlook, and I until there is a clear sign the rough waters have passed we likely won’t see a noticeable increase in demand. The Bank of Canada prime rate is down quite a bit over the past year but although down, fixed-term mortgage interest rates have proven sticky, reducing the sale-inducing potential. Looking forward, it is generally accepted that without a surprise change, prime rate will not come down further during the next two quarters so we shouldn’t expect any further benefit coming from lower borrowing costs.
What the market needs right now is more, reasonably priced inventory in all categories. If you’re not using your condo as much as you thought you would, maybe you’d be better off to rent a place for a couple weekends every season, even if selling now doesn’t realize you a massive appreciation on your investment. Or maybe, now is a good time to upgrade from your 2-bedroom condo to a 3 or 4-bedroom townhouse; you might not set a record with your condo sale price but you could get a lot more value out of the upgrade. If you just love owning your Big White condo or home so much you can’t even think about selling it…. well, that’s understandable. We can all see why!
Thinking about purchasing at Big White? Check out these Featured Listings available now.
