Okanagan real estate may be the most affordable near ski resorts

Dated: 02/14/2019

Views: 43

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).

Blog author image

Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

Latest Blog Posts

Victoria real estate market continues to adapt in the changing times

 A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month

Read More

No clear end to pandemic-related uncertainty in B.C. housing market

VANCOUVER — A new forecast says the housing market in British Columbia remains uncertain during the COVID-19 pandemic.Central 1 says it expects home sales to recover marginally in 2020 and

Read More

Victoria real estate market impacted by many different factors in June

A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May

Read More

Why housing is still the best investment for most Canadians

Owning a home remains the largest single investment for most Canadians. So it’s not surprising that fear over an economy turned upside down literally hits home for so many. The Canada

Read More