Sun Peaks real estate in higher demand according to new report

By Adam Donnelly
November 21, 2017 - 2:54pm Updated: November 21, 2017 - 5:35pm

KAMLOOPS — For those of us who live in the Thompson Valley, the beauty of Sun Peaks is no secret. The resort boasts the second largest ski area in the country, second only to Whistler, and in a report released yesterday by Sotheby’s International Realty, also has some of the most affordable real estate for Top-Tier Ski areas in Canada; according to that same report, those prices are going up, so CFJC Today went to the resort to find out what’s driving the real estate market on the mountain.

According to Liz Forster, Managing Broker for Sotheby’s Real Estate Canada in Sun Peaks, this four bedroom townhouse-style property is exactly what people are looking for when investing in real estate at Sun Peaks.

“Properties priced generally from about $200,000 to $700,000, those properties are coming on the market one a time and getting significant demand,” Forster explained. “[There are] five to six offers within a week.”

As demand has increased, prices for those types of residences have jumped in the past year. According to a report on real estate in the top-tier ski areas in Canada, from January 1st - October 31st, 2016, the average sale price of a property at Sun Peaks was just over $360,000. In the same period of 2017, that average price has jumped over $50,000, to over $416,000.

“For the last six months, in particular, we’re seeing a significant increase in sales,” Forster added. “We’re getting multiple offers, bidding wars, and properties selling above list price which we’ve never seen previously.”

Aidan Kelly, the resorts Chief Marketing Officer says there’s plenty of room to grow at the resort.

“We have a ton of room to grow the village,” Kelly explained. “As we move out into the east village, and some new land becomes available out there for new development. Really, the sky’s the limit here, we;’re nowhere near capped out in terms of what were can do at Sun Peaks.”

The report also focuses on homes priced over $1,000,000. In 2016, there were four homes sold in the $1,000,000+ range in Sun Peaks, while in 2017 that number was just two. While the high-end homes aren’t as in-demand as other markets in Canada like Whistler, Forster says the demand for building lots has seen a marked increase in 2017.

“This particular year saw an increase in the sale of vacant lots of 263%, over the year before,” Forster said.

As more amenities like the Health Centre come online in the community, buyers are likely to see the demand for Sun Peaks real estate continue to increase, along with the prices.

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