Sun Peaks, Big White real estate prices forecast to buck national trend in 2023
A new survey predicts that recreation housing at ski hills across the Canada will fall in price by 3% over the next 12 months.
But that forecast, included in Royal LePage’s 2022 Winter Recreational Property Report, paints a vastly different future in 2023 for Kamloops's Sun Peaks Resort and Big White Ski Resort near Kelowna.
The real estate company predicts prices will increase by 8% at Sun Peaks.
“We continue to see a desire for home office space from buyers who can work remotely,” Kyle Panasuk, sales representative for Royal LePage Westwin Realty, said in the report released, Nov. 29. “The local school, skating rink and access to ski-in, ski-out amenities at Sun Peaks are a draw for many local purchasers, as well as remote workers from outside the region looking to relocate to the community full-time.”
Big White's real estate prices are expected to climb by 7%.
“Transactions at the upper end of the market are largely responsible for the dramatic price increases in the single-family segment, as Big White continues to attract luxury recreational property buyers,” Andrew Braff, sales representative for Royal LePage Kelowna, said in the report.
Braff noted luxury property buyers are less impacted by changes in the market and are more likely to keep their properties in the family for the long-term.
The median price of single-family homes at Big White jumped 45.5% in the first 10 months of this year compared to 2021, reaching $1.6 million. That’s the biggest gain of any of the 29 resort areas in the survey. Condominium prices went up 11.1% to at average of $500,000.
At Sun Peaks, single-family detached homes increased by 13% to $1.54 million and condos went up 26.6% to $504,500. That makes Big White the second most expensive ski resort in the country, lagging far behind the $3.6 million median price for a single-family home in Whistler. Sun Peaks ranked fourth, just behind Canmore, AB.
READ MORE: Kamloops, Kelowna ski chalets selling as vacation homes, not rental units
The survey also shows there was a significant influx of American buyers into Canadian ski hills from neighbouring states, triggered by the April announcement that the federal government is banning foreign buyers for two years.
While that doesn’t affect vacation properties, 75% of the U.S. owners at Canadian ski hills bought after the ban was announced. The ban takes effect Jan. 1.
The survey included 1,506 participants with 32% owning property in B.C.
“Canada’s winter recreational regions are a draw for our neighbours to the south who are looking for a place to live and play in the winter months,” Pauline Aunger, broker of record for Royal LePage Advantage Real Estate, said in the report.
“The strength of the U.S. dollar, investment opportunities and relative affordability of recreational properties have enticed buyers from south of the border. With its world-class skiing resorts and picturesque winter landscapes, Canada will remain a desirable location for recreational buyers from all over the world.”
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