While B.C. recreational property sales slowed in many areas in 2024, prices in popular ski regions are expected to climb.
According to Royal LePage’s 2024 Winter Recreational Property Report, the median price of a single-family detached vacation home in B.C. is forecasted to increase 8.5 per cent. During the first nine months of 2024, these properties fell 2.6 per cent to about $1.7 million, while condo prices dropped to about $477,500.
At Big White, located outside Kelowna, single-family detached homes decreased nearly 14 per cent to $1.5 million, while the average condo price fell about 22 per cent to $413,000. Property sales there were down 1.4 per cent, but Royal LePage forecasts single-family detached home prices to increase five per cent in 2025.
Joan Wolf, a Kelowna-based realtor with Sotheby's International Realty Canada, said despite slower sales, buyer interest remains due to exemptions from provincial short-term rental restrictions and the foreign buyer ban, and a recent expansion at Big White.
“I'm seeing a resurgence in foreign investment,” said Wolf, citing a new daily direct flight from Los Angeles and a strong U.S. dollar as reasons.
Wolf said the “buyer's market” has properties listed longer and purchasers are negotiating more. While sales are down compared to during the pandemic, she said the benchmark price has not shifted.
“This is a normalized market,” Wolf told Western Investor. “Everyone keeps calling it a down market, but it's very normal for property to be on the market six or nine months, even longer.”
More precipitation this season has also benefited ski hills across B.C., many of which opened early due to high snow levels — a relief following recent drought years.
While Whistler experienced a 25 per cent drop in sales due to lower demand and higher inventory, Royal LePage forecasts a price increase of nine per cent. The median price of a single-family detached recreational home fell three per cent to about $3.5 million during the first nine months of 2024. Condo prices went downhill 12.4 per cent to an average of $583,600.
Frank Ingham, associate broker with West Vancouver’s Royal LePage Sussex said lower interest rates have improved consumer confidence in Whistler but many buyers are waiting for further cuts. But, Ingham — who expects a price surge — urged them not to wait too long.
“If you're in the market, you should start looking hard now,” he advised. “And over the next three or four months, if you can find a deal … you’d better snag it, because I do expect to see a firming up in the market over the next year.”
Capital gains tax inclusion rate changes led to many property owners wanting to quickly sell before the legislation came into effect, according to Ingham.
The strong U.S. dollar and exemption from the federal moratorium on residential purchases by foreign buyers have spurred interest in Whistler from south of the border, according to Ingham, who said inquiries on Royal LePage Canada's website more than doubled following the U.S. election.
“Hard to say if this will reflect in sales, but the inquiries were huge,” said Ingham, who is based in Pemberton. “I think things are finally turning around in the real estate market. There’s been pent-up demand for a number of years now.”
Despite a drop in sales, Whistler continues to be a leader in the luxury market, as demonstrated by the $25 million listing of Stonebridge, an estate with panoramic views of Whistler and Blackcomb mountains, by Engel & Völkers.
For investors looking to own their own ski hill, Selkirk Snowcat Skiing, located north of Nelson, is on the market. The property, nearly double the size of Whistler Blackcomb, features 4,856 hectares (12,000 acres) of ski terrain with more than 125 runs that are limited to 24 skiers daily, and includes a luxury lodge.
