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.
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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.”
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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).