Micro Market Minute: Mt. Washington

The Mountain Resort Market

Winter is coming. You can feel it in the air. When it comes to Vancouver Island’s alpine real estate, Mount Washington operates as its own ecosystem. High elevation, infrastructure challenges, and leasehold titles within Strathcona Provincial Park make it a true micro market and one that is slowly evolving from a winter-only ski destination into a four-season resort community.

At Jackson & Associates Ltd., we examine markets not only through transaction data but also through the underlying systems that alter market prices.  In Mt. Washington’s case, both the MLS sales evidence and information from the CVRD regarding infrastructure tell a story about opportunity, maturity, and the practical realities that affect property values “up the on the ski hill”.

Originally, the mixture of ±625 housing units (apartments, duplexes, townhouses, and free-standing chalets were sold as prepaid subleases with terms expiring in 2078 (99-year) or 2178 (199-year).  Since 2010, roughly 2/3 of the leasehold titles have been converted to freehold or “fee simple”, though some specific buildings are structured as owner share co-ops.

Like with any market, location is key at Mt. Washington with premiums paid for chalets or condo buildings with drive-in / drive-out access and proximity to ski lift and lodge amenities.  Within the Alpine Village (with winter roads not accessible to vehicles-save authorized snowcats / snowmobiles) - proximity to the either the Alpine or Nordic lodges and the ability to 'ski-in & ski-out' to the lifts is also a factor.

Mountain Infrastructure

Mt. Washington Village is located within the Comox Valley Regional District – Area C (CVRD-C) and is designated as a ‘Settlement Node’ under the Regional Growth Strategy Bylaw. Since acquisition in 2016 by USA-owned, Pacific Group Resorts Inc., Mt Washington’s future success will hinge on balancing a 4-season recreation-based identity with service reliability and the impact of climate change on snowpack and water supply.

A new fire protection service with fire station is under construction for Mt. Washington as the community faced significant fire-risk exposure due to distance from urban departments, heavy winter access constraints, and a concentration of wood-frame buildings.  The absence of a certified fire service meant properties were rated “unprotected,” resulting in higher insurance premiums and financing hurdles.

The new fire service will help facilitate the resort’s planned future growth, including 230 chalets and 2,200 - 3,500 additional condo / hotel units at full build-out.

Market Performance (2021 – 2025 YTD) per MLS

Total Volume of Transactions Per Year

• Sales: 84 (2021) 30 (2022) → 19 (2023) → 26 (2024) → 22 (YTD 2025)

• Median Days on Market: 23.5 → 13.5 → 59 → 85.5 → 90.5 days (YTD 2025)

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Activity within Mt. Washington’s limited freehold chalet inventory is thin but generally high-value. Small sample sizes create statistical noise, yet the general trend points to firm prices alongside volatile liquidity.

2024’s longer marketing periods likely reflect a combination of higher interest rates and narrower buyer pools for discretionary, vacation home product.

• Median Condo Sale Prices:

  • 2021 = $385,000 (41 sales)

  • 2022 = $487,000 (16 sales)

  • 2023 = $455,000 (15 sales)

  • 2024 = $437,500 (18 sales)

  • 2025 = $442,750 (17 sales YTD)

• Median Chalet (SFD) Sale Prices:

  • 2021 = $899,000 (11 sales)

  • 2022 = $875,000 (4 sales)

  • 2023 = $1,075,000 (2 sales)

  • 2024 = $1,100,000 (3 sales)

  • 2025 = $840,000 (3 sales YTD)

Condos continue to define the bulk of transactions within the mountain market. The modest softening since last peak of 2021 corresponds with both rate pressure and selective investor behaviour. 

Current inventory of active MLS listings is at 17 condos asking between $249,900 and $599,900 and 7 free-standing chalets asking between $899,000 and $1,525,000.

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