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In 2024, it didn't look good at Big White Ski Resort for property values.
The median price of a typical condominium collapsed 22.1% to $413,000 from $530,000 in 2023.
For a single-family home, the 2024 median was $1,510,000, a 13.7% plunge from the $1,750,000 it was in 2023.
But, good news for 2025, according to the Royal LePage Winter Recreational Property Report.
Prices at Big White are expected to climb 5% this year to put the median for a single-family home at $1,585,500 and the condo median at $433,650.
That's not a full recovery to hefty 2023 prices, but it is a move in the right direction.
The recreational property market is fickle.
Because a place at the ski hill isn't a primary residence, it's a discretionary spend for fun and-or an investment.
Add uncertainty or extra expense to that equation and discretionary spending quickly dries up or is put on hold.
The wrench in the plans in 2024 was the increase in capital gains tax to 66% from 55% on gains realized annually above $250,000.
The new higher tax applies to the sale of any non-primary residence.
So, potential buyers and sellers of recreational properties sat on the sidelines and prices slumped.
Since the new capital gains angst of early 2024 and the new rules taking effect in June 2024, mortgage interest rates have come down and federal Conservative Party leader Pierre Polilievre has promised to reverse the capital gains tax increase if he becomes the next prime minister in the upcoming election.
That's given potential recreational property buyers and sellers some renewed confidence to take action, thus the forecast for 5% price increases.
"With the cost of borrowing expected to continue falling the the first half of 2025, this will coax some buyers off the sidelines as they feel greater reassurance about the economy and look to take advantage of available inventory," pointed out realtor Amanda Cormier of Royal LePage Kelowna.
"During the height of the COVID-19 pandemic, we saw an increase in locals purchasing, as fewer families vacationed outside the country. By choosing to stay in communities like Big White, they were able to work remotely and enjoy a slower pace of life. We expect this trend to persist as remote working remains the norm in many industries."
The most comparable ski recreational market to Big White is Sun Peaks near Kamloops.
There, the condo median fell 14.3% to $360,000 in 2024 from $420,000 in 2023.
And, the single-family home median crashed 30.1% to $1,337,500 in 2024 from $1,912,500 in 2023.
Whistler is the king of ski resorts and prices in BC.
In 2024, the median price of a condo there was $583,600, down 12.4% from $666,000 in 2023.
The single-family home median in 2024 was still a whopping $3,569,100, off 3% from $3,680,600 in 2023.
Whistler's single-family home median is expected to surge by 9% this year.
The most affordable ski resort in Canada for real estate is Mont Sainte-Anne in Quebec where the median condo price dropped 12.5% to $220,000 in 2024 from $251,500 in 2023.
A single-family home at the same resort could be had for a median of $295,000 in 2024, 13.6% less than the $335,000 it was in 2023.
See the stats for all ski resorts in Canada here: https://marketing.rlpnetwork.com/Communications/Royal_LePage_2024_Winter_Recreational_Property_Report.pdf
Thumbnail photo credit: Big White