Big White Investment Properties

[Gilchy]

Define "overbuilt". There is not much inventory for sale up there right now.

[Glacier]

Big White is a very racist sounding name, which is scaring bankers who don't want to be perceived as funding racism. As for being overbuilt, it's not, but there's so much land up there that you don't get the crazy overheated housing prices like you do in Kelowna. Instead, house prices just go up at just above the rate of inflation.

[JLives]

Big White is booming. Now is the prime time to invest. I can see why banks hesitate though, loaning to purchase in a recreation area. There is certainly risk.

[Zoso]

I cannot imagine calling anything there an investment , i have never heard of anyone making money up there ,only dumping or offloading .

[forum]

My spouse and I recently applied for a mortgage to purchase an investment property at Big White. The bank (one of the big five) actually denied our mortgage application because they said investment properties specifically at Big White are too risky. They wouldn't even consider if we put more than 20% down. They actually told us most banks won't finance investment properties up t Big White - can anyone confirm this? If so,why is this the case? And who the heck is paying full cash for those places up there?

We are new to the area so we don't know the history of properties up at Big White so any information would be helpful!

Because there is an imminent credit crunch coming along with a Real Estate crash in Canada.

The Bank just saved your overleveraged butts from years of financial loss.

Many rich people are buying properties at Big White because they simply have the loose change and can play around like that. I personally know dozens that have purchased chalets without a mortgage. Mostly they are foreigners.

In this market, never borrow or invest money that you can't afford to lose. I'm not talking about borrowing $100,000 and seeing no return and selling the asset to break even. I'm saying don't borrow $100,000 because you could lose every single penny and still have to pay it back to your lender WITH interest..

Big White Condos are as much of an investment as a boat.

Now, if you had a sustainable business up at Big White and needed a place to live while running the business, then the bank would have probably lent you the money.

[forum]

Define "overbuilt". There is not much inventory for sale up there right now.

There isn't much inventory up there because people simply don't have the cash to build. 99% of Canadians would have to borrow their butt off to build up there. They simply can't afford the luxury.

And no foreigner is going to take the financial risk of building from scratch at Big White. They would rather do that at Whistler or a place that has a large economy next door that can support the luxury item. (Vancouver).

I've talked to wealthy locals for years who have been talking about building up at Big White.
Well they've been talking about building for over 5 years, and still blow hot air... What are they waiting for?

[GordonH]

I haven't skied in many years now so I have not been up to Big White in almost as many. I do know someone who number years back took over (purchased) one of the Pub's, he says he's doing very well.