Panorama Real Estate Market Analysis
The Royal LePage 2023 Winter Recreational Property Report indicates a shift in the market, highlighting the Invermere/Panorama area as a prime location for investors and those seeking a lifestyle change. With stunning mountain scenery and a vibrant community as its backdrop, the sales of recreational properties in BC are rising. This increase is fueled by the appealing notion of escaping to fresh alpine air and the investment potential of these properties. As we navigate these trends, let’s explore why Panorama/Invermere has become a sought-after destination for recreational property purchases and what distinguishes it in the flourishing British Columbian real estate market.
Market Trends in Panorama Real Estate
Price Changes: The recreational real estate market in Invermere/Panorama, British Columbia, has experienced some price fluctuations recently. After the pandemic boom, the prices stabilized in 2023 with an increase. The average price of a single-family home in the Invermere/Panorama region saw a modest year-over-year rise of approximately +1.1%. By early 2024, overall B.C. ski regions had registered small declines (-2.6 % for detached homes and condos) due to higher interest rates. Click to view reference.
Panorama bucked the recreation real estate market during the nine months of 2024; detached homes experienced a significant increase of +13.5%, with prices around $749K, while condos also rose by +11.4%, priced at approximately $344.9K compared to the previous year. Despite a resort slowdown, this reflects a strong interest in Panorama's real estate market.
Buyer Interest: The demand for Panorama has grown due to lifestyle changes and affordable property prices. Increased remote work and a desire for recreation have fueled interest in mountain properties. From 2020 to 2023, Invermere property prices rose 28%, from $372k to $478k, indicating strong enthusiasm for vacation homes. In 2021, 889 properties sold in the region despite pandemic challenges, according to DK Rice's Invermere Real Estate Market Trends report. Western Canadians, especially from Alberta, are interested in properties due to Panorama's proximity to Calgary, which is just a three-hour drive, as noted in Business in Vancouver. Panorama stands out from larger resorts' laid-back atmosphere, appealing to families and retirees. Click to view reference.
Factors Influencing Values: Several factors shape Panorama’s property values:
Lifestyle & Recreation: The area’s year-round activities (skiing, golfing, mountain biking, lake access) and scenic beauty make it desirable, maintaining steady demand. Panorama is a resort village offering ski-in/ski-out convenience with fewer crowds than Whistler, enhancing its appeal for buyers.
Remote Work Trend: Remote work enabled more people to buy vacation homes for part-time use, increasing prices from 2020 to 2022.
Inventory & Property Mix: Panorama real estate includes fractional condos and luxury chalets. This variety causes median prices to fluctuate, especially if more fractionals (e.g., quarter-share units from ~$75K) are listed. Around 32 properties are currently on the market, priced from $75,000 to $2.3 million. Standalone houses list around a $1.5M median, while many condo/townhome listings are fractionals around $100K, lowering the overall median to ~$258K. In recent years, a limited supply of full-ownership units has increased competition for existing homes.
Seasonality: As a ski resort, activity peaks in winter and summer. Homes often take longer to sell in the off-season, averaging over 8 months on the market due to the limited number of recreational buyers who typically purchase in peak seasons. Sellers often adjust prices or re-list to align with ski season, leading to price fluctuations.
Property Value Trends and Future Predictions: Panorama’s real estate has appreciated significantly over the past several years. As mentioned, from 2020 to 2023, average prices climbed ~28%. This growth was fueled by high demand for recreational properties during the pandemic, low interest rates in 2020-21, and an influx of buyers prioritizing lifestyle. The market peaked in late 2021/early 2022, with some of the highest volumes and price gains on record. For example, as affluent buyers entered the market, even the luxury segment saw unprecedented sales (homes up to $5.25M in Invermere by 2023). Overall, 2023 was a transition year – higher interest rates cooled the pace of sales province-wide, and Panorama’s prices mostly stabilized at their new high plateau (small single-digit gains, as noted).
Anticipated Forecast: The forecast leans towards optimism, as per Royal LePage’s Winter Recreational Property Forecast. It foresees a price rise in the Panoramas area until 2024, with an estimated increase of approximately 5% to 10% expected in the upcoming year. This prediction corresponds with the easing of interest rates and the likelihood that pent-up demand will convert into sales transactions.
Projected Outlook
The outlook is cautiously optimistic. Royal LePage’s Winter Recreational Property Forecast predicts prices will rise through 2024 in Panorama’s region – roughly +5% to +10% over the next 12 months. This aligns with expectations that interest rates will gradually ease and that pent-up demand will translate into sales. Some key projections and factors:• Price Growth: Invermere/Panorama is set to experience one of the strongest price increases among ski areas. Royal LePage has projected an approximate increase of +5% for 2024, and more recent analyses suggest a potential rise of up to +10% by 2025. This would position median prices for detached homes well into the $700,000 range and condos back toward the mid-$ 300,000s or higher, offsetting any softness observed in 2023.
•Sustainability: The pandemic's frantic double-digit annual gains will likely not continue indefinitely; instead, moderate appreciation is expected. Analysts point out that much of the “catch-up” in pricing has already taken place—future growth will rely on fundamentals (local income/tourism growth) rather than speculation surges.•Market Balance: As the market normalizes, balanced conditions are expected. Sales and listings for 2023/24 have aligned more closely with historical norms following the extreme activity of 2021. A balanced market typically indicates steady price increases at or slightly above inflation in a resort area.
•Risks: Monitor interest rate changes, as spikes could decrease demand, while broader economic factors like recession may slow second-home purchases. Climate variability, such as low snowfall during winter, can affect ski market demand; however, Panorama’s expanding summer attractions are beneficial. Overall, the medium-term trend for Panorama property values remains optimistic, owing to continued investments in the resort and sustained buyer interest in recreational real estate.
Panorama Real Estate Investment Potential vs. Other Ski Resorts
Panorama offers a package compared to other ski resort property markets in Canada and around the world. It offers reasonable initial prices, good potential for rental income, and the prospect of further growth as the resort expands.•Affordability: Panorama is one of Canada’s most affordable major ski resorts. Single-family homes average $600K–$700K, versus millions in Whistler, BC, where the median detached price was $3.63 million in 2023, about 5–6 times Panorama’s level. Other Rockies resorts are pricier: Canmore, AB is around $1.7 million, and Revelstoke, BC is $816K. Panorama’s condos average $350–400K, compared to ~$600K in Whistler and condos over $800K in Revelstoke. This affordability lowers entry costs for investors and second-home buyers, potentially leading to higher returns. In 2019, an average home was ~$510K in Panorama versus $2.39M in Whistler and $906K in Canmore, highlighting Panorama’s ongoing pricing advantage and “bang for buck” appeal.
•Property Appreciation: Panorama shows strong capital growth, with annual gains exceeding 10% during booms and robust post-2020 increases. While its growth often matches or surpasses larger resorts, its higher-end market is limited, capping prices around $2–5M compared to $10M+ in places like Whistler or Aspen. However, as Panorama expands its amenities, property values may catch up. Investors see potential for quicker growth in Panorama compared to mature markets. The forecast predicts ~10% price growth for Panorama next year, higher than Whistler’s +9%, showing confidence in its appreciation. Additionally, because Panorama starts from a lower price base, its appreciation may outpace high-end markets like Aspen, where doubling investments is significantly more difficult.
•Rental Income & Tourism: Owning property in Panorama can provide income from a steady influx of tourists year-round, whether during ski season or summer activities like mountain biking and golfing at Greywolf. Be aware that short-term rental restrictions change yearly. Panorama allows short-term rentals like weekly stays, offering flexibility for property owners to attract vacationers. The rental market analysis indicates that short-term rentals in Panorama have a 53% occupancy rate and average daily rates of around $280, translating to approximately $27k in rental revenue per property, which helps cover ownership costs. ( https://www.airdna.co/vacation-rental-data/app/ca/british-columbia/panorama-mountain-resort/overview). Demand peaks during holidays and ski events, allowing owners to charge higher rates. Compared to premium destinations like Whistler, where initial investments are steep, a $500k condominium in Panorama may yield better returns than a $1 million unit in Whistler, considering investment costs. However, demand mainly peaks in four winter months and summer weeks, leading to quieter shoulder seasons. Investors often utilize management services and resort rental pools to optimize bookings during busy periods. Potential buyers should expect a stable income with future growth prospects but recognize that seasonal occupancy patterns may limit cash flow for vacation rentals.
•Tourism Influence: Panorama Mountain Resort boosts real estate values through growth initiatives like new lifts and improved amenities that attract tourists and potential buyers. Unlike commercialized resorts, Panorama is a charming hidden gem poised for greater recognition. It boasts one of North America's best drops and excellent snow quality, earning the title "North American Resort of the Year" in 2016 by the World Snow Awards. With increasing visitors each year, demand and property values rise. In contrast to Banff or Mont Tremblant, Panorama offers lower prices and unique tourism benefits. While not as famous as Aspen or Vail, it appeals to international tourists seeking tranquility. Investors can find a balance of affordability and quality here, where a modest apartment in a European ski resort costs the same as a spacious slopeside condo in Panorama. The potential for growth in popularity enhances its investment appeal.
Policies, Infrastructure, & Economic Factors
Government Policies: Recent government policies have had mixed effects on•Panorama’s real estate market: Canadas decision to prohibit buyers from 2023, to 2025 is not expected to have much of an effect on Panoramas real estate market since recreational areas like Panorama and Invermere are not the main focus of the ban which mainly targets urban regions Instead Panorama has mostly been sought after by Canadian buyers especially those from Alberta, with only a few international buyers showing interest. Panorama did not experience a decline in investment like Vancouver or Whistler did when faced with policies. The policy exemption might attract foreign buyers who cannot purchase properties in larger cities.
•Short-Term Rental Regulations: Regulations for short-term rentals are becoming stricter in British Columbia to address housing shortages in 2023. Cities are focusing on monitoring ski resorts and scrutinizing platforms like Airbnb and VRBO. A Royal LePage report noted that provincial regulations are prompting some property owners to use vacation homes for family rather than commercial rentals. Panorama's regulations on nightly rentals support its rental pool and attract investors. However, future provincial regulations may impose taxes on short-term rentals. Currently, Panorama property owners can generate income from their properties, benefiting investors.
•Speculation and Vacancy Tax: Panorama falls outside the area covered by BC's Speculation and Vacancy Tax, which primarily targets regions like Metro Vancouver and Kelowna. This exemption means that individuals with residences in Panorama are not subject to an annual tax of 0.5%, unlike those in other areas of BC. The absence of this tax in the Invermere/Panorama region enhances the appeal of owning a vacation property for non-resident owners.
•Capital Gains Tax Changes: In 2024, Canada amended the capital gains tax rate from 50% to 66.7% mid-year. This affects investors nationwide, imposing taxes on property sale profits. This change led to a surge in sales before the deadline as investors rushed to lock in the lower rate. Future increases in capital gains tax may prompt property owners to hold properties longer to benefit from appreciation before selling or explore income strategies to enhance profitability, potentially reducing buying and selling in areas like Panorama and encouraging long-term investment opportunities.
Improving Infrastructure
Substantial funds are being allocated to enhance Panoramas' infrastructure and facilities. This is expected to impact the real estate sector.Resort Enhancements:
Panorama Mountain Resort has announced over $32 million in upgrades, including an alpine coaster and an aerial adventure park debuting in summer 2024, along with improved snowmaking and grooming equipment. These enhancements improve visitor experience, attract tourists, and boost interest in local property ownership. Better resort quality often increases occupancy rates and property values, as buyers seek properties with excellent nearby amenities.
New Real Estate Developments:
Exciting news as construction of Nordix at Panorama begins. This $40 million development features 52 ski-in/ski-out townhomes near a lift, with the first residents expected by 2024. If Nordix units sell well, it will boost market values and confidence in the real estate industry. The popularity of modern inventory may attract luxury buyers, enhancing Panorama's visibility. Additionally, Panorama is partnering with Replay Resorts to explore areas for more residential and commercial projects, potentially leading to condominium developments and new hotels over the next decade, enriching our vibrant resort neighborhood.
Local Infrastructure:
The local area is experiencing changes in infrastructure quality and service availability due to investments in infrastructure. Invermere has invested in maintaining the access road for year-round residency and tourists. It has expanded offerings with shops, restaurants, and a modern recreational center, making it appealing for property owners seeking a comfortable environment. Discussions are ongoing about enhancing shuttle services from Calgary or Cranbrook to Panorama for the increasing number of tourists. Improving transportation options at Panorama could attract more buyers, simplify weekend getaways, and appeal to Calgary residents interested in vacation homes. Although no significant government initiatives focus on Panorama, ongoing support for tourism infrastructure in the Columbia Valley, such as road enhancements, indirectly boosts real estate value within the resort.
Economic Factors
Broader economic conditions inevitably influence Panorama’s market:•Interest Rates:
The rapid rise in interest rates in 2022–2023 cooled real estate activity across Canada, including resort areas. Buyers in Panorama became more cautious as borrowing costs jumped. With rates stabilizing and expected to decline gradually, buyers are regaining confidence. Lower mortgage rates improve affordability for second-home buyers and investors, a bullish sign for 2024–2025. Conversely, if inflation surges and rates were to rise again, demand for discretionary real estate like vacation homes could soften.
•Tourism Recovery:
Post-pandemic travel has rebounded strongly, which fuels the rental side of the market. Panorama’s visitor numbers in 2022–2023 returned to near or above pre-pandemic levels, aided by domestic travelers and the resort’s marketing efforts. A healthy tourism sector means better rental income and more prospective buyers who fall in love with the area during visits. Economic downturns that hit travel (like recessions or global events) are a risk – but currently, tourism trends are positive, and the resort’s diversification into summer attractions provides more stable, year-round visitation.
•Regional Economy:
Panorama is part of the East Kootenay economy, which is small and tourism-focused. Employment relies on hospitality, construction, and local services. Unemployment is low, and construction is active due to new builds at the resort. The area lacks heavy industry, insulating it from major economic downturns (e.g., an Alberta oil drop may have limited direct effects). As long as the Canadian economy stays stable and people can spend on recreation, Panorama’s market should remain strong. Additionally, the Canadian dollar’s exchange rate influences foreign interest—a weaker CAD makes Canadian properties attractive for international buyers. In recent years, the CAD has been stable, and further weakening might increase interest from U.S. and overseas investors seeking deals on Canadian ski properties.
•Regional Economy:
Panorama is part of the East Kootenay economy, which is small and tourism-focused. Employment relies on hospitality, construction, and local services. Unemployment is low, and construction is active due to new builds at the resort. The area lacks heavy industry, insulating it from major economic downturns (e.g., an Alberta oil drop may have limited direct effects). As long as the Canadian economy stays stable and people can spend on recreation, Panorama’s market should remain strong. Additionally, the Canadian dollar’s exchange rate influences foreign interest—a weaker CAD makes Canadian properties attractive for international buyers. In recent years, the CAD has been stable, and further weakening might increase interest from U.S. and overseas investors seeking deals on Canadian ski properties.
Wrapping Up and Major Takeaways
The real estate scene in Panorama showcases a blend of progress and promise within its scope. From 2020 to 2022, there was an upsurge in the market's performance; however, in 2023, there was a slowdown before setting the stage for additional growth in 2024 and beyond as things stabilize. Property prices have risen over the years and are expected to continue climbing steadily, albeit more reasonably. Panorama is noteworthy for its pricing compared to top-tier ski resorts such as Whistler and Aspen while still offering rental income opportunities and a high-quality alpine lifestyle experience. This blend indicates promising investment prospects, particularly appealing for individuals seeking a balance between enjoyment and rental income earnings.Panorama stands out among resort markets due to its mix of value and benefits for investors seeking ski-in/ski-out access and year-round appeal without the exorbitant costs associated with renowned resorts elsewhere. The rental demand at Panorama remains robust, albeit seasonal; with enhancements to its facilities and lodging options implemented by the resort management team, the overall appeal to tourists—and consequently, real estate investors—is expected to grow even further. Comparing markets reveals insights; for instance, Panorama experienced price growth last year despite having a significantly lower median home price than Whistler's higher prices, which saw a slight decline during the same period. This suggests that Panorama might offer potential in terms of value appreciation.
External influences such as government regulations and improvements in infrastructure typically positively support the Panorama market. The region is not significantly affected by restrictions on buyers or additional levies; furthermore, ongoing developments in the resort, such as townhouses and attractions, along with improved amenities, directly enhance its appeal in the real estate sector. Like any leisure industry sector, you need to keep an eye out for factors—like changes in interest rates, shifts in the economy, or alterations in rules—but the general outlook for Panorama looks positive right now! It is moving away from being a hidden gem and transforming into a popular ski spot, which is good news for those who own property there.
The data suggests that Panorama's real estate market is on the rise, with demand and increasing property prices backed by growth and a wider market rebound. Compared to resorts, Panorama provides a cost entry point for investment with attractive returns, positioning it as an appealing choice in the Canadian and global ski resort landscape. Prospective buyers and investors are interested in Panorama as a destination to experience the mountain lifestyle now and possibly gain benefits in the future. ere
