Sun Peaks Real Estate: What's the Pull?

Go to Sun Peaks, and you'll see development. The creation of its East Village hub and lodging, accompanied by four new intermediate runs to facilitate access to the new area, marks a popular real estate market in the resort. Back in Vancouver, I find that even my friendly, local auto-glass repair guy is "thinking about buying property in Sun Peaks."

We twenty-something-year olds, on the other hand, will feel out of place from the buying loop. We just can't do it like our parents did before us: that is, buy a house and become three-quarters of the way retired. Nowadays, you have to buy a condo to buy a house to buy an even better house. And so on. And that's just for the first house, let alone buying a vacation home as a second property. This leads us to three overlapping main factors that may explain the Sun Peaks real estate market boom.

Regulars

Every resort has regular goers, ie. "regulars". Let's use Whistler as a comparison. Whistler is a primo hot spot for skiers/riders and partiers alike. It's a well-developed resort and worthy of high expectations in amenities. Sun Peaks appeals more to the family-oriented than the young/single regulars. Though both types of regulars undoubtedly visit both resorts, Whistler is superficially much more appealing in terms of things to do, and the young/singles frequent it more often than Sun Peaks.

Whistler nightlife, for instance, is livelier. It has at least a dozen different bars/lounges/nightclubs to keep the young/single regulars at happy hour throughout the entire evening. In contrast, Sun Peaks nightlife currently features only 1 nightclub, which has clientele ranging from young adults to seniors, and a few other bars. How does this attribute to the boom in Sun Peaks real estate? The young/single regulars (ie. university students, young business professionals & workers) are less able to invest the money and energy needed to buy a property. By appealing to families more, Sun Peaks attracts a clientele that look for stability and have the resources to actually purchase properties.

Distance

We Vancouverites enjoy our close distance to Whistler: less than a two-hour drive away, it is easily accessible from Vancouver, while Sun Peaks is over a four-hour drive. Sun Peaks requires you to stay at least several nights to make it a worthwhile trip. While vacation home renting in Sun Peaks is practical, repeat guests would be inclined to purchase property.

In Whistler however, where a large number of guests are no doubt from Vancouver, one is less inclined to purchase. Vancouverites can easily make a day trip out of going to Whistler, and even those staying long term would likely choose to rent over buying; consider the cost of land in Vancouver itself--isn't everyone saving up to buy here?

Price

Lower prices in Sun Peaks attracts a market for real estate. For example, let's compare Montebello II in Whistler and McGillivray Creek in Sun Peaks. A half share in a Montebello II townhome would cost you $699,000 as opposed to purchasing an entire Mcgillivray Creek home for $679,000.

With lower price tags, fuller control over property rather than shares, and not to mention being B.C.'s second largest ski resort and still developing, Sun Peaks certainly has irresistible appeal for buyers in the vacation home market.