Big White Real Estate Report: Q4 2024 Update
What an incredible start to the Winter season! Although the weather has been generally mild, snow started falling at Big White in early November and it has not let up since — we were ringing in the New Year with more than a 150cm snow base (59 inches). The Resort actually opened a week early which was a welcome surprise to the locals and all the newcomers on the mountain for the season.
The Big White real estate market experienced its seasonal uptick with noticeably more people considering a purchase than earlier in the year. In particular, the inquiries coming from our American friends have increased to levels we have not seen in awhile. Is it possible the secret is finally out — that Big White is a real deal?! Nonetheless, sales numbers were lower than they were last year.
There were a total of 31 Big White properties sold in Q4, a number that is down by 11.4% compared to the 35 properties sold in Q4-2023. Total transactions remain 38% below the 10-year average but are only 29.5% and 26% behind Q4 transaction numbers in 2018, and 2019 respectively. Sales transactions in Q4 included: 13 townhomes and 18 condos. There were no private homes or building lots sold. Although somewhat slower overall than last year, it was the busiest quarter for townhouse sales since Q1-2022 when there were 14 townhouses sold.
Big White Sales Numbers and Values
The average sale price across all Big White properties this past quarter was CDN $633,503 which is up slightly from Q3 where it recorded $621,262 but down 4.6% year-over-year (YOY) from the CDN $664,362 recorded in Q4-2023. Total sales in dollar volume came in at $19.64 Million compared to the $23.25 Million in Q4-2023. The decrease in average sale prices YOY reflects little on the activity during Q4 and more on the downward pressure eon prices experienced earlier in the year, coming out of the Q1 and then through Q2. The noticeable drop in total sales in dollar volume is largely due to the composition of the sales mix. Private ski homes are typically the highest priced sales and there were none sold in Q4.
There were 78 listings activated throughout Q4 which is down only substantially from the 96 listings activated throughout Q4-2023. An even more important figure though is how many of these properties were actually newly listed properties coming to market. As it turns out only 44.9% were new-to-market, or a total of 43 new listings. This figure is down 30.6% from the 62 new listings in Q4-2023. So while listing activity did pick up as it typically would at this time of year, it is rather subdued.
Big White Ski Condos
There were a total of 18 condos sold in Q4. While this figure represents a strong 50% uptick in activity over Q3, it is also a decrease of 21.7% YOY which is indicative of a softer market compared to this time last year. The lowest priced condo sold for CDN $185,000 and the highest priced condo sold for CDN $1,075,000. The average sale price for Big White condos was CDN $589,421 which is a massive 53.8% higher than the CDN $383,042 recorded in Q3 and 27.2% higher than the CDN $464,043 recorded in Q4-2023. Big White condos appear to once again be selling for more. Adjusting for size, we can look at average sale price per unit size of living space: the average size of a condo sold in Q4 was 1,010 sq.f.t (94m²) which translates into an average selling price of $583.36/sq.f.t ($6,279/m²). Thus, on an adjusted-for-size basis, the average sale price has risen by only 5.2% YOY — Q4-2023’s figure was $554.73/sq.ft. ($5,971/m²). The final sale price for condos sold in Q4 came in at an average of $20,1672 below the original asking price, whether by price reductions or by final negotiations. This figure is down a substantial 42.7% from Q3 suggesting that we are seeing the return of an aligned price discovery between buyers and sellers.
If you’ve been following this report you may recall that the composition of what sold can significantly impact the values so let’s qualify the above with a closer look. 12 of the 18 condos sold, exactly two-thirds, in Q4-2024 were “newer” condos, built since 2000, which is typically indicative of a more upscale property with some considered luxury buildings. This is essentially completely the opposite of what we experienced in Q3 which is why the average sale price recorded so low last quarter and has now bounced back. It is even quite a bit higher than in Q4-2023 when newer condos made up only 39% of all condos sold during that quarter.
Now let’s look at only newer condos: the 12 that sold in Q4 realized an average sale price of CDN $754,104 and had an average size of 1,270sq.ft. (118/m²). The adjusted-for-size average sale price for these properties was $600.62/sq.ft. ($6,465/m²). This average sale price was up 17.6% YOY from CDN $641,111, at at time when the average size of those properties was quite a bit smaller, coming in at just 1,078.ft. (100/m²) and therefore the adjusted-for-size average price was only a hair higher YOY at $595.71/sq.ft. ($6,412/m²). Interestingly, this figure managed to increase at the same time as we had an increasing percentage of larger condo selling (the diminishing return relationship between size and the adjusted-for-size price results in downward pressure on this metric); only 22% of condos sold in Q4-2023 had 3 or more bedrooms compared to 39% of condos sold this past quarter. This also suggests there is a growing demand for larger condos, even if they come at a higher price point.
Now let’s look at only “older”condos which were built before 2000: there were 6 such properties to sell in Q4. These condo sold for an average price of just CDN $260,056 and had an average size of 492sq.ft. (46/m²). The adjusted-for-size average sale price for these properties was $538.29/sq.ft. ($5,794/m²). The average sale price was down up 25.7% YOY from CDN $350,214. For older condos, the average size of those properties which sold in Q4 last year was quite a bit larger than for the ones selling this year, coming in at 681sq.ft. (63/m²); therefore, the adjusted-for-size average price was only a hair higher YOY at $534.66/sq.ft. ($5,755/m²).
The average time on the market for the 18 condos that sold was 221 days with the fastest sale occurring after just 15 days on the market and the longest time having been exposed before success was 686 days. Based on this average, it took Big White condos 263% more time on the market than the 84 days-on-market that it took in Q4-2023. This is the longest condos have needed to be exposed to the market over the past decade.
So what sold? The most popular condo buildings in Q4 were The Aspens and Copper Kettle Lodge which had 3 condo residences sold.
Ski Condo Inventory
The Big White real estate market closed out Q4 with 54 condos publicly listed for sale, a figure which is nearly flat both since Q3 and YOY. At the end of Q4-2023 there were 50 Big White condos on the market. The fact that the number of condo sales experienced that seasonal 50% jump but inventory stayed flat suggest that demand is outpacing incoming supply. If we look back at the time it took condos to sell, we see that 11, or 61% of those sold in Q4 were on the market for 6 months or longer and that 4, or nearly a quarter of them, had been on the market for a year or more! Less than 40% of those sold were new-to-market since July. Sales of inventory that’s been exposed for longer periods is healthy for the market; however, we still have some ways to go as much of the condo inventory has already been for sale for some time and we have not see a wave of new inventory. There were 28 ski condos that newly listed in Q4 and 6 of them sold during the period, so 41% of existing inventory is actually less than 90 days old to kick of the new year. However, the other 59% has already been exposed to the market for an average of 264 days — nearly a quarter (22%) of condos have already been on the market for 300 days or more. You might be thinking, what’s wrong with them? Why haven’t they sold? Are they overpriced? There are no material latent defects noted and, for the most part, they are appear to be priced reasonably, some arguably being among the best buys on the mountain. For example, a 2-bedroom/2-bathroom condo in Grizzly Lodge built in 2001 is priced at $460,000 which is a staggering $90,000 or 16% less than the lowest priced sale of a comparable newer condo within the past year!
I continue to believe that there is still not all that much selection. Of the 54 condos which are listed, only 43% are newer ones built since 2000. When you consider that 66% of condos sold in Q4 were newer ones, it suggest there is a lack of inventory purchasers are actually looking for. Now, in Q3 we did see a larger portion of older condos, built before 2000, selling. I believe this was more related to what was on the market and how it was priced than what the real demand was looking for from the majority of would-be purchasers. As we close out Q4, only 48% of “newer” condos are priced above the segment’s average sale price, a figure that is trending downwards from 80% in Q2 and 52% in Q3. We’re discussing an average and in relations to a wide array of property characteristics so it would be reasonable for there to be many priced below and above the average. The important take away is that we’re seeing fewer and fewer listings seek valuations are higher than the average indicating that more sellers are ready to sell and not just advertise.
On the other end of the spectrum, we are starting 2025 with 31 “older” condos built before 2000, representing 57% of the condo inventory. The average asking price for those 31 properties is CDN $421,190, a figure which is 62% greater than the average sale price of older condos during Q4. This needs to be qualified right away though: the only older condos sold in Q4 were studio and 1-bedroom residences while the current inventory includes numerous larger residences. In fact, a quarter of these “older” condos currently on the market are 3-bedroom or larger residences and thus priced quite a bit higher. When we look only at studio and 1-bedroom residences: these make up nearly half of all “older” condos currently on the market and have an average asking price of CDN $254,386 which is nearly even with the average of what sold during the quarter. Once again we are seeing more sellers that are pricing for success.
Ski Condo Strata Fees
Of the 18 condos sold in Q4 the average strata fee was CDN $662.09 which is quite a bit higher than the $519.29 average strata fee which was recorded for the 23 condos sold in Q4-2023; however, on an adjusted-for-size basis there has been only a 9% increase in the average strata fee over the past year with Q4 coming in at $0.72/sq.ft. ($7.75/m²) of living space compared to $0.67/sq.ft. ($7.21/m²) in Q4-2023. The lowest strata fee was CDN $345.00/month for a 1-bedroom in Chateau Big White and the highest was CDN $1,447/month for a 3-bedroom condo in Stonegate Lodge. This comparison of strata fees is not a great representation of the operating costs of Big White stratas and it is important to remember that not all strata communities include the same costs in their operating budget. Nonetheless, I believe is interesting to follow. Many Big White stratas will be having their annual meetings and approving budgets for the following fiscal year over the next few months so it will be interest to see if and how this figure changes after Q1-2025.
Big White Townhouses
In a sharp contrast to the softer condo sales in Q3 and now again in Q4, the Big White townhouse market is rather robust. There were a total of 13 townhouses sold in Q4, building on the momentum from Q3 for an increase of 44% YOY compared the to 9 Big White townhouses sold in Q4-2023. The lowest priced townhouse sold for CDN $455,000 and the highest priced townhouse sold for CDN $985,000. The average price for Big White townhouses was CDN $694,538 which is a considerable 18.6% lower than the CDN $852,741 recorded in Q4-2023. This is trending down from CDN $888,250 in Q2, CDN $809,254 in Q3, and now just CDN $694,538. The townhouse that sold for $455,000 was the third lowest price townhouse sold since 2021. This past quarter was also the first quarter to see no townhouse sales for more than $1 million since Q3-2021 — more than 3 years ago! But let’s not jump to any conclusions just yet.
First let’s look at size: The average size of a townhouse sold in this past quarter was 1,448 sq.f.t (134m²). The average size of a townhouse sold in Q4-2023 was 1,891 sq.ft. (176m²). Those numbers are considerably far apart with last year’s figure being 30.5% greater. If we look at the median figures instead of the average we start to see why this is. For this past quarter the median size was only 1,169 sq.ft. (109m²) — this means that 6 out of 13 townhouses sold were less than 1,100 sq.ft.(102m²) in size. In contrast, the median size for townhouses sold in Q4-2023 was a staggering 60.8% greater at 1,880 sq.ft. (175m²). So if the majority of townhouses sold in Q4 do not even remotely compare in size to those sold in Q4 a year ago, how do we get a sense for how they are being valued? For starters we can adjust for size and look at average sale price per unit size of living space: townhouses in Q4 had an average selling price of $492.62/sq.f.t ($5,302/m²). In Q4-2023 they had an average selling price of just $451.00/sq.ft. ($4,854/m²). So at the surface, the average sale price was down by nearly 20% YOY but on this adjusted basis it has increased by almost 10% YOY. I would argue that in this case neither figure provides a truly, accurate representation of the townhouse market as a whole.
In the above Condo section of this report I mentioned the concept of the diminishing return relationship between size and the adjusted-for-size price — there couldn’t be a better example of this natural tendency. if we take the 13 townhouses that sold in Q4 and separate them into two size tranches: those under 1,800 sq.f.t. (167m²) and those over 1,800 sq.ft. (167m²), we see that the smaller properties sold for an average of $528/sq.ft. ($5,684/m²) while the larger properties sold for an average of $413/sq,ft. ($4,445/m²). Therefore, it can be reasoned that larger properties sold at an adjusted-for-size price of about 22% less than smaller properties. Of course, the tranches that I use to illustrate this were effective chosen arbitrarily and there is no perfect formula to compare a property of any given size to one of another, let alone over time. Next, I separated in tranches both the townhouses sold this past quarter and those sold in Q4-2023, first as described above, and again moving the dividing point to under-and-over 1,500 sq.ft. (140m²). The most useful take away was from all of this was that each segment of townhouses sold in Q4, sold for within about 4%, higher or lower, compared to what they sold for last year. Townhouses appear to be holding their value quite well since the drop experienced in late Q2 and throughout Q3 of last year.
So what sold? The only townhouse community to see more than one transaction was Trailside Heights, a community that had not seen a home sold on the open market since Q2-2021. Let this be a lesson, if you want to own in a specific Big White building or community, be careful to pass up on an opportunity as it may not come around again for some time. No particular neighbourhood proved to be more popular than the others with 4 selling in the Snow Pines neighbourhood, 4 selling in Happy Valley, 3 selling in the Upper Village, and two others elsewhere on the mountain.
The average time on the market for townhouses that sold was only 103 days with the fastest sale occurring after just 7 days on the market, while the longest time having been exposed before success was 222 days. On average it took Big White townhouses 50.7% less time exposure than the 209 days-on-market that it took in Q4-2023. I attribute this swing largely to a nice wave of appropriately priced inventory coming on towards the end of Q3.
Townhouse Inventory
The Big White real estate market closed out Q4 with only 33 townhouses publicly listed for sale, a figure which is down by 17.5% from the end Q3 and is flat compared to the end of Q4-2023. After two consecutive quarters of increasing inventory, townhouse sales have proven strong enough to keep up with a more limited number of new listings. Of the 33 townhouses remaining for sale, 10 were new to the market during Q4 which is a 33% decrease from Q4-2023. I suppose with the early start to the season, perhaps some would-be sellers decided to hang on for awhile longer! This is particularly likely to play a role in how the Q1 townhouse market unfolds though. We kicked off Q4 with more inventory and 40% of it had been on the market for 90 days or less. As we move into the new year, only 30% has been on the market for that short of time.; in fact 18% of all townhouses on the market have actually already been on the market for 300 days or more, and the bulk of it, 52%, has been available already for between 90 and 300 days, with an average of 186 days. Will this older inventory finally sell in Q1? Will sales in Q1 slow down without enough new inventory? Or, will be see a nice incoming supply and see a healthy balance of new and older inventory selling?
The average asking price for the 33 Big White townhouses currently for sale is CDN $882,906 or $520.27/sq.ft. ($5,600/m²) which is way above the Q4 average sale price but only 5.6% above that average when adjusted for size. This suggests that inventory is priced reasonably well to achieve a sale. As with our analysis of the properties that sold, if you dive in deeper you’ll see that: 51% of the total townhouse inventory are smaller properties of 1,800 sq.ft. (167m²) or less, while the other 49% are larger properties of 1,800 sq.ft. (167m²) or more and that their average asking price are CDN $672,094 and CDN $1,106,894, respectively. Furthermore, on an adjusted-for-size basis, those figures are $553/sq,.ft. ($5,953/m²) and $501/sq,ft. ($5,392/m²), respectively.
As is the case with condos, I continue to believe there is a lack of selection. Of the 33 townhouses which are currently listed for sale, 15% are brand new or newer homes in Grizzly Ridge Estates. That leaves just 28 others across all buildings and neighbourhoods, and all property sizes. At least from a size perspective there is relatively good balance now with multiple options for both 2-bedroom, 3-bedroom, and 4-bedroom townhouses.
Townhouse Strata Fees
Of the 13 townhouses sold in Q4 the average monthly strata fee was CDN $462.60 which is 9.2% lower than the CDN $509.78 average strata fee which was recorded for the 9 townhouses sold in Q4-2023. The lowest strata fee was just CDN $73.00 for a 4-bedroom home in Grizzly Ridge Estates and the highest was CDN $694.68 for a 4-bedroom ski home in Snowfall Lodge. Adjusting for size, the average strata fee was CDN $0.35/sq.ft. ($3.76/m²) of living space which is actually up 25% from the CDN $0.28/sq.ft. ($3.01/m²) recorded for Q4-2023. This comparison of strata fees is not a great representation of the operating costs of Big White stratas and it is important to remember that not all strata communities include the same costs in their operating budget. For instance, the townhouses in Grizzly RIdge Estates have their insurance premiums billed separately in addition to the strata fee. Nonetheless, I believe is interesting to follow. Many Big White stratas will be having their annual meetings and approving budgets for the following fiscal year over the next few months so it will be interest to see if and how this figure changes after Q1-2025.
Big White Private Ski Homes
There were no private ski homes sold in Q4. This is a change from 2 that sold in Q4-2023. While there are several homes for sale and even 2 new ones coming to market during the last quarter of 2024, it seems there is simply not adequate selection for any would-be demand. It doesn’t help that of the 8 private ski homes now on the market, the average asking price is $2.44M and 3 of them are priced beyond $4M. While Big White has seen the construction of numerous $4M+ dollar homes over the past few years, there has never been a sale at $4M or more. The current sales record is the late-2019 sale of White Spirit Lodge which sold for $3.99M.
Big White Building Lots
There were no vacant building lots sold in Q4. While Q4-2023 did see one Big White building lot go under contract the purchase never completed. The last time a Big White building lot sold was in early 2023. With asking prices coming down throughout 2024, I believe it won’t be long now before one, or even a couple building lots sell and someone embarks on their journey of building their Big White dream home. There are currently 10 building lots for sale including 6 mountainfront homesites in Feathertop Estates. Additionally, there are other homesites that would likely be available for a buyer looking to purchase that either have not yet been listed or were withdrawn from the market — likely still “for sale”.
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 — 2024
Ski Condo
25 - 5095 Snowbird Way - a bright end-unit, 2-bedroom, 2 bathroom, luxury ski condo in South Point in Happy Valley provides ample room to relax and socialize with family and friends across 1,127 sq.ft. (105m²) of living space. Inside, hardwood flooring, wood cabinetry, and a stone fireplace will keep you feeling warm when it’s cold outside. Ski directly to the building’s elevator and back down to the Gondola with ease. What really set this property apart is how much natural light comes pouring through the seriously large number of windows; not to mention you can see mountain views across the valley, or watch the buzz around the resort outside.
Learn more about South Point at Big White.
4-503 - 7700 Porcupine Road - a beautiful 5th floor, 2 bedroom, 2 bathroom luxury ski condo in the family-favourite community of The Aspens that provides plenty of comfort across more than 1,200 sq.ft. (111m²) of living space. This bright and open concept residence is appointed with hardwood floors and slate tile, granite countertops in the kitchen and bathrooms, a steam shower, and a stone-clad fireplace with wood built-ins in the living room. It’s a cozy, yet elegant space to unwind after a day out in the snow and even comes with a private hot tub and gorgeous Monashee mountain views.
Ski Townhouse
17 - 5020 Snowbird Road - a cozy 3-bedroom, 2-bathroom townhouse in Trailside Heights that beautiful blends rustic timber with modern class. The open-concept living area is perfect for hanging out with the family and the private hot tub offers a front row seat to Saturday Night fireworks. The fully renovated kitchen seamlessly integrates with the living space and even though it’s not a large home it comes with in-suite laundry and ample storage.
3 - 5955 Snow Pines Way - a beautiful townhouse in Snowbanks is nestled among the treetops just below Serwa’s ski run and with the easiest ski-out access back down to the Ridge Rocket, Snowghost, and Plaza chair lifts. This 3-bedroom, 4-bathroom custom-home-like residence was built in 2004 and spans nearly 2,300 sq.ft. (214 m²) of living space across 3 storeys, The living room boasts vaulted ceilings, big windows that flood the space with natural light, and a cozy gas fireplace, perfect for those chilly winter nights. With a private hot tub, extra family space both upstairs and downstairs in the rec room, and a single-car attached garage for all your storage needs, this townhome is designed for comfort and relaxation. At the most Eastern end of Snow Pines Way, this home is also just a short walk to the village, providing both convenience and seclusion.
What does the FUTURE hold?
The record-setting holiday season has may have passed but with incredible snow conditions, more easy-access flights coming in from across Canada, Seattle, and Los Angeles, and the soft Canadian dollar, it is promising to continue to be a busy Winter at Big White. More people will be visiting and that means more people will go home thinking about owning a little slice of this magical paradise. Combine this with the lower rate environment and the real estate market conditions are poised for, not a record-setting quarter, but definitely for a strong quarter.
I predict that Q1 will see a continued strong demand for Big White townhouses which will also see a continuation of the trend where townhouses are making up a higher-than-normal portion of the sales mix but I am a little concerned about having enough inventory to meet the demand. For would be Sellers, it is possible we will see a bit of a rebound to sale prices; however, we do typically see the number of listings increase after about the halfway point through Q1 so overall we may see more balanced market conditions and stability. I also believe that newer condos (built after 2000) will continue to see strong demand and with more than two-thirds of the condo inventory relatively new to the market we should have the inventory we need to keep the market moving. For the most part price discovery appears to be less of an issue which not too long ago was a major barrier to sales so that to may contribute to a strong Q1.
If you are interested in selling your Big White property, or purchasing a year-round or vacation home or condo on the mountain this winter, I would be honoured to be of service to you. Regardless, I wish you many fantastic new memories created together with friends and family throughout the rest of this season!
Thinking about purchasing at Big White? Check out these Featured Listings available now.
