Is this a great time to consider purchasing Sun Peaks Real Estate? Well, we certainly think so. Or at least it was when we wrote this and bought our Stone's Throw and Trapper's Landing properties. Since 2015 though, prices have really began to take off.
Skier smiles and sales of properties at Sun Peaks have continued to increase with no end in sight. Record skier visits to the resort as well as one of the strongest seller’s markets in their history started in 2016 and show no signs of slowing down in 2017. Even the new 24 unit luxury townhouse development, VillageWalk, with construction starting as soon as weather permits, is already 70% sold. The final phase is now selling and first new residents are expected in late 2017.
Sun Peaks was also labeled as the fastest growing
incorporated municipality in 2016, and it is a great time to be a part of this
And once you experience Sun Peaks for yourself and see how much of a sense of pride, community and ownership there is here, you may want to become part of the neighborhood as well.
And if that isn't enough, how about the fact that Sun Peaks became Canada's 2nd biggest ski resort in 2015, and is also consistently ranked as the second best and second most popular ski resort in Canada by numerous sources.
Being the number two resort is important here because they love being number 2, and the property is roughly 1/2 the price of the #1 resort - Whistler!
And as you can see in the following clip, with the US dollar being worth over $1.30 Canadian as of June 2017, Sun Peaks real estate is over 30% cheaper for our American neighbors and we can expect to see prices to continue going up.
According to our real estate friends at Sun Peaks, the real estate market at Sun Peaks is continuing to heat up for some types of properties. With more and more families and retirees looking for the relaxed lifestyle with endless year-round recreational opportunities that Sun Peaks offers, sales of single family homes increased 63% over the same period last year. The average price was also up 32% to over $700,000.
Sales of Sun Peaks properties doubled in 2016 compared to 2015, and there is now a big shortage of properties available to purchase and interested buyers are adding their names below to get on waiting lists.
Earlier, the resort saw a 63% increase in sales between January 1st and April 30th, 2015 compared to the same period in 2014. A total of 24 sales were recorded in Sun Peaks between January 1 and April 30, 2015 compared to 15 sales in the same period in 2014. Sun Peaks real estate also saw the same 63% increase in the average sale price – an increase of CAD $109,150 – between January 1 and April 30th 2015 when the average sale price was recorded as CAD $293,117, compared to the same period in 2014, when it was recorded as CAD $183,967. Not all types of properties are seeing the big increases, yet, but the trend is certainly increasing and we thought it was a great time to buy in.
This June 26, 2014 Vancouver Sun Recreational Property article, confirms what the Sun Peaks Realtors have been telling us for the past six months – increased consumer confidence, healthier lifestyle changes, the growing popularity of Sun Peaks as a four season resort and a better property for your recreational property buck is bringing people back to Sun Peaks.
But it is probably still a good time, because the resort continues to grow in popularity and year-round attendance. Other reasons to invest in Sun Peaks Real Estate include:
- some prices of re-sale, fully furnished Sun Peaks condos, townhouses, chalets and single family recreational properties (Sun Peaks vacation rentals) are currently lower than the original purchase price thanks to the recent economic slowdown
- owners who bought new 7 or more years ago now have different family, health and lifestyle situations so may be more willing to sell at a lower price so they can move on
- us hard-working baby boomers are realizing the huge benefits of having downtime, relaxation and physical recreational activities of all levels and Sun Peaks provides all of these in all 4 seasons
- Since becoming a municipality in 2010, more and more people are buying and moving full-time to Sun Peaks, which means more and more businesses and amenities won't be far behind
- if properly managed and promoted (we can help with that) your Sun Peaks property should hopefully appreciate nicely in value while also paying for itself and providing your family with a fantastic year-round recreational property at a world-famous ski resort
- many people who have been buying Sun Peaks real estate recently are choosing not to rent out their vacation properties, and with double digit growth for visitors at Sun Peaks, more demand will mean increased rents and property values.
- the market bottomed in 2013 and is now heading back up as detailed in this Western Investor article.
We feel prices will most certainly be going up soon, and in fact some types of properties properties are seeing increased demand and pricing already. And in the meantime, we love enjoying all of the year-round recreational activities, events, concerts, etc.
Who wouldn't want to be a part of this? Contact an experienced realtor and see if this type of investment is right for you.
From early beginnings 50 years ago as Tod Mountain, Sun Peak Resort has grown into one of North America's top 10 ski resort destinations in North America, Canada's second favorite and second most popular four season ski resort, and after the 2014 expansion, will be the second largest ski resort in Canada with over 4200 acres of beautiful champagne powder covered skiable terrain.
The resort is continually growing yet it seems so quaint and personal - we love that about Sun Peaks!
Whether you care to enjoy the 18 hole golf course, miles of scenic cross-country walks or Sun Peaks mountain hikes, leisurely mountain biking or extreme downhill biking, or the many other activities and festivals offered every weekend during the summer at Sun Peaks, or choose to enjoy all levels of downhill skiing, nordic skiing, snow shoeing, dog sledding and more in the winter, Sun Peaks offers so much for everyone.
Once we fell in love with Sun Peaks and decided to purchase a property in Stone's Throw at Sun Peaks, we found the services of a local Sun Peaks realtor invaluable in helping to select the best property possible for us, helping to arrange the purchase and key hand-over while not being there, and even for help after we moved in.
And they also told us about the pros and cons of investing in a Sun Peaks hotel style unit or other types of properties - very important information to know!
If you would like an experienced and recommended Realtor to assist you in your Sun Peaks Real Estate search, or simply complete and submit the form below and one will be in touch.
Once you purchase your Sun Peaks property - do you want to rent it to cover some or all of the costs? Perhaps you can list with us to help promote you on our Sun Peaks Vacation Rentals page?
Will you need a reputable 'full-service' property manager, or a 'part-time property manager' like we use?
They both have their pros and cons and we would be happy to discuss them with you.
Need more Sun Peaks real estate information? Just complete and submit and a professional Sun Peaks Realtor will be in touch:
Recreational Property Mortgages, especially when they become Sun Peaks vacation rental properties, can be a little complicated.
But in addition to great low prices on Sun Peaks real estate right now, mortgage rates are lower than ever which makes covering the interest costs with your Sun Peaks rental property even easier.
Hey, if we could get a recreational property mortgage at a great rate for our place, you can too!
However, there are a few additional restrictions when it comes to getting a mortgage for a second or a recreational property so you will need to do some research.
We chose a local expert from the lower mainland here who managed to get us a rate that neither the banks nor another broker that we dealt with for years could get and she made the process very simple.
Too boring to go into detail here, but if you want tips on best Sun Peaks mortgages and to obtain a mortgage quote, contact our preferred mortgage broker by completing the contact form below and he will be in touch.
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