Okanagan real estate may be the most affordable near ski resorts

Still looking for a reasonably priced property?

Still looking for a reasonably priced property?

You may want to look up, way up to the mountain resorts across the province.

According to real estate group Re/Max, this is where the best deals are going to be found, particularly when you compare western Canadian offerings to their eastern counterparts.

Big White, for example, has studio-size condos listed for as low as $100,000 on the market. A two-bedroom starts at about $230,000. Townhouses go for approximately $300,000 while a freehold property would run you at least double that of a townhouse.

As for who’s buying these properties up, the Re/Max report claims that Big White buyers come from Toronto, the Lower Mainland and Kelowna itself.

These people are “seeking a lifestyle-driven investment while also renting out their properties to subsidize the purchase.”

As for what makes Big White appealing beyond the price point, its claim to fame is that it’s the country’s largest ski-in and ski-out resort and produces good powder every year.

READ ALSO: REGIONAL REAL ESTATE DECLINE CONTINUES

The Re/Max report points out that resort properties no longer are just used as only winter vacation homes or winter sport destinations, ski resorts in Western Canada are now all-season resorts, with many offering summer outdoor activities including mountain biking, hiking, golf courses and more. Of those interested in purchasing a ski resort property, 71 per cent are most interested in properties with these all-season resort capabilities.

“The perception is that ski resort properties are unattainable or only for the extremely wealthy,” said Elton Ash, executive vice president, RE/MAX Western Canada. “However, in reality, the story is very different, with multiple ski resorts in Western Canada boasting affordable prices, making them attractive investments for both local and foreign buyers.”

READ ALSO: MICRO INVESTING IN B.C. REAL ESTATE

The survey found that snow levels and quality of snow (53 per cent), proximity to restaurants and retail (51 per cent) and mountain elevation (37 per cent) were secondary to the interest in all-season resort capabilities, confirming that these types of ski resort properties are top of mind for buyers. This is also true for investors, both local and foreign, who rent out their properties when not in use.

Those living in an urban (27 per cent) and suburban (24 per cent) area are significantly more likely to be interested in owning a ski property in the near future, compared to those living in a rural area (16 per cent).

How the rest stack up

Silver Star Mountain Resort (Vernon, B.C.)

Buyers at the Silver Star Mountain Resort come from Alberta and B.C.’s Lower Mainland and are largely composed of semi-retirees looking for investment properties/active retirement options while younger families and individuals are looking at investment speculative homes. Properties in the region are easily rentable due to the numerous rental management options available. Due to the mountain’s high base elevation, there is more snow and less rain compared to other regions. Prices start at about $216,000 for condominiums and townhouses and $300,000 for two-bedrooms, both of which have increased since 2018.

Whistler Blackcomb (Whistler, B.C.)

Buyers in Whistler Blackcomb come from B.C.’s Lower Mainland though there is some foreign investor activity. Voted as the number one destination for skiing in North America, the Vail Epic Ski Pass allows for the ability to travel between other mountains in the area – a big draw for serious skiers. With such high demand, some properties are deemed as restricted use and are only allowed to be used 56 days of the year (28 in the summer and 28 in the winter). Prices start at $389,000 for a studio ($230,000 for those zoned as restrictive use), and go up to $439,000 for a one-bedroom, $565,00 for a two-bedroom, $534,000 for a townhouse and $1.5 million for a freehold property.

Canmore (Canmore, AB)

Canmore boasts a number of different mountains and attracts buyers from Alberta mainly. Buying activity, largely driven by baby boomer/retiree local to Canmore itself and buyers from Calgary and Edmonton looking by a lifestyle change, peaks from March to July. There is a considerable amount of investment activity in the area as well. Prices start at $370,000 for a one-bedroom condominium and $464,000 for a two-bedroom condominium.

Revelstoke Mountain Resort (Revelstoke, AB)

Canadian buyers at Revelstoke Mountain Resort come from Whistler or Squamish, while foreign buyers come from Western Europe, East Asia and Australia. Canadian buyers are composed of middle-aged to active retirees. Buyers are looking for a mix of winter vacation home and investment property. The downtown area is situated quite close to the mountain, making location of property largely a non-issue for buyers. Prices start at $525,000 for a strata and at $500,000 for a freehold property, both of which have increased from the previous year.

Sun Peaks Resort (Sun Peaks, AB)

Canadian buyers at the Sun Peaks Resort come from around British Columbia and Alberta, while foreign buyers come from the United States, Australia and the United Kingdom. The area primarily attracts families who choose to settle in the area due to the presence of a K-12 school and medical centre (along with some retirees). Buyers are also attracted to the quality of snow on the ground due to the drier conditions. There is limited investor activity, with some condominiums and townhouses specifically zoned for short-term rentals. Prices start at $380,000 for strata properties and $759,000 for freehold properties, the latter of which has seen a considerable increase since last year.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaNewsKat
kmichaels@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Record-tying sturgeon nabbed near Mission

The 11’4 fish is tied for the largest “tag and released” white sturgeon on the Fraser River

Man sentenced for 2018 stabbing incident in Mission

Kyle Kollman pleads guilty to charge of assault causing bodily harm

Son of slain former Hells Angel is one of two men sentenced for crime spree

Pair’s 2017 series of Lower Mainland robberies stretched from Surrey to Mission

Smoke, Fire & Thunder returns to Mission Raceway Park

The annual event takes place Aug. 23-25.

Water fee increase for Hemlock Valley waiting on written hearing

Residents will get until Sept. 17 to provide their comments and concerns

VIDEO: Facebook rolls out tool to block off-Facebook data gathering

CEO Mark Zuckerberg announced the “clear history” feature more than a year ago

Teacher disciplined after bringing 45 grams of cannabis to Surrey school

Eugenio Bahamonde was also charged with trafficking in Vancouver, but later acquitted

B.C. rainbow crosswalk covered in mysterious black substance

Black substance spilled intentionally near Vancouver Island school and difficult to remove

RCMP originally planned to arrest Meng Wanzhou on plane, defence lawyers say

The allegations have not been proven in court. Meng was arrested Dec. 1 at Vancouver airport at the behest of the U.S.

Bodies of two missing Surrey men found near Ashcroft

Ryan Provencher and Richard Scurr have been missing since July 17

Ethics commissioner ready to testify on Trudeau, SNC-Lavalin: NDP critic

A new poll suggests the report hasn’t so far hurt the Liberals’ chances of re-election this fall

Inflation hits Bank of Canada 2% target for second straight month

Prices showed strength in other areas, including an 18.9 per cent increase in the cost of fresh vegetables

VIDEO: Organization’s stolen wheelchair van recovered on backroad near Hope

Wheelchair accessible van is only transportation for some people in Hope area

Most Read