The Marshall
Acreage
Report | Year-end 2024
An up-to-date report with a focus on providing valuable insights into the local farm, acreage, and unique property market in the Okanagan Valley while effectively marketing our listings locally, regionally, nationally, and internationally in both an online and paper format, supported by Sotheby’s International Realty Canada.
We are pleased to announce the evolution of the “The Marshall Acreage Report”, now brought fully online to increase our exposure across Canada, and backed by Sotheby’s International Realty Canada to expand our reach internationally. This is a up-to-date report with a focus on providing valuable insights into the local farm, acreage, and unique property market throughout the Okanagan Valley.
As a local REALTOR® with 5 generations of farming knowledge and extensive experience on the successful purchase and sale of farms, acreages, horticultural, viticultural, estate and unique high-value properties, I continue to look forward to sharing my thoughts in this ever-changing niche market. We will continue to share both factual data, as well as objective and subjective interpretations of market conditions from myself and industry professionals. As we strive to continue to be experts across the Okanagan for these unique properties, we hope this report is useful to you in some manner. My direct line at 250-470-2388 is always open if you wish to have a conversation about the market.
This report, along with print advertising, professional content creation, and use of photography/videography are just some of the tools I use to successfully market and sell some of the most notable acreage, farm and unique properties throughout the Okanagan.
As we progress towards the Spring of 2025, I look forward to assisting the smallest landowners, all the way up to the largest ones, navigate through the ever-changing market. I appreciate my clients’ continued support and trust in assisting them on some of the largest transactions of their lives.
Personal Real Estate Corporation, BCOM, REALTOR® and Associate Broker Sotheby’s International Realty Canada
Welcome
01Market Report
Acreages
Looking back on the year of 2024 as a whole, we have seen an acreage, farm, and estate market that has been categorized by general sluggishness. With very high inventory levels that mimic the 2008 financial crisis, we have seen difficulty in selling these kinds of properties. Combined with high interest rates and a difficult economy, we have seen a year in which buyers have generally been in the driver’s seat and maintain a position of power in negotiations. Accurately priced properties continue to lead the pack on pricing, where court-ordered sales and aggressively priced properties have the lowest day-on-market counts. That being said, we have still seen some great acreage, estate and farmland sales with prices that have surpassed $5,000,000.00; they continue to be far and few between, but regardless, it is promising to witness.
Sellers who are motivated to sell are leading the pack, and we are seeing continued price decreases
Scott Marshall
02Okanagan Statistics
Okanagan Acreages
Okanagan Acreages
As a whole, 2024 showed that Buyers remained in a position of power in negotiations.
Into 2025, I anticipate that the continued lowering of interest rates to be a key factor for the strengthening of the real estate market for sellers. With said lowering, I anticipate sales to rise in the early stages of 2025, and to slowly chip away at these elevated inventory levels. I do not expect pricing growth in the first half of 2025, as there is simply too much inventory that has to be chewed through before we can see enough positive pressure build to the point of price increases. For acreages and estate-style properties, I have noticed that the lower price brackets of hobby farms, smaller acreages, etc. in the ranges of $1,000,000-$2,000,000 have remained the most active for showing and subsequent sales activity. Once we get into the price point of $2,000,000+, I have noticed the market slim down substantially for both showings and offers alike. This is mimicked across the entire valley, with sales activity justifying that days-on-market for many properties is realistically going to be 6-9 months, depending on the property type. In some cases for incredibly unique properties or those in the price point of $5,000,000, I am advising a realistic time to sell in the 12-18 month period. These properties continue to be a focal point for our team, and we continue to market them to a high-level, I believe that the real estate market will support a higher sales volume in 2025 than what we have seen the year prior. Additionally, I view the inflow of buyers from Alberta and the Lower Mainland to be continued supportive factors, as the relative affordability in comparison to the Lower Mainland especially is a consistent focal point. Additionally, the positive state of the Albertan real estate market means that many buyers who have sold in this region are coming into town with a much stronger financial position than what they had previously.
Lake Country Acreage Prices
Kelowna Acreage Prices
Vernon Acreage Prices
However, every once in a while, we will then see a property listed that suddenly sells within just a few weeks on market.
This proves that for many purchasers, they are willing to wait until the right high-quality product is available, and will not hesitate to jump on it immediately. I have my own buyers in this exact same situation to where they are looking in the $5,000,000+ range, but require an extremely specialized acreage/estate product with a certain home, style, land-use, etc. Even with high levels of inventory, quality properties are scarce to come along in abundance.
Raw land in particular has had some difficulties, as conservative lending has made for very high down payment requirements on land that has made it nearly unobtainable for most purchasers. Interest rates and more lenient lending will be required to see some healthier sales activity in this sector, which is something I expect into 2025.
The spring of 2025 should be a more positive experience for selling real estate than what we have witnessed in 2024.
*Please note that the pricing and sales numbers above are based on interpretation of market data and are subjective in nature. For farmland and acreages, there is lower sales volume on the MLS than that in the typical real estate sectors, and many transactions that we handle are done privately off of the MLS. These numbers are drawn from my own experience in the sector and through consultation of various industry professionals.
Lake Country Acreage Sales
Kelowna Acreage Sales
Vernon Acreage Sales
03Notable Sales
Sales
Notable Acreage Sales
16070 Carrs Landing Road, Lake Country
15870 Whiskey Cove
4Bedrooms
6Bathrooms
13190 Carrs Landing Road, Lake Country
6004sq.ft.
5Bedrooms
5Bathrooms
5757 Upper Both Road, Kelowna
5574sq.ft.
4Bedrooms
4Bathrooms
2834 Belgo Road
17.9Acres
7127sq.ft.
4Bedrooms
13411 Oyama Road
9.65Acres
2924 sq.ft.
5Bedrooms
04Market Report
Farmland Market Report
Farmland has had an exceptionally difficult year in 2024, showing pricing and liquidity issues.
Due to a cold spring in 2024, we saw a ripple effect throughout the year. Vineyards witnessed devastating damage to vines, often resulting in large quantities of vine death and in a better case, lower crops. In a short time, we quickly saw the effects, with 70+ wineries/vineyards suddenly coming up for sale both publicly and privately. What I anticipated in the spring of 2024 has come to fruition: Vineyards/wineries have seen all sales activity almost diminish as smaller/medium sized growers are taking a hyper-conservative outlook, whereas the larger growers are remaining conservative, yet open to opportunities if they present themselves. Likewise, my forecast of a difficult orchard market has also came true, with all orchards for sale basically being at a standstill. With a 10-20% crop year across the Okanagan, the buyer pool has become remarkably small for the purchase of orchards. Similar to vines, orchardists of small/medium size are in a holding pattern until interest rates continue to come down and hopefully, a good crop is realized for 2025. The orchard market has seen nearly no sales activity for over a year now.
We could see a transition of vineyard land being turned into tree fruit land
Scott Marshall
05Okanagan Statistics
Okanagan Farmland
Okanagan Farmland
Of all farmland types, larger parcels continue to be the most scarcely available and highest in demand.
Overall, 2024 saw a remarkably poor farmland market for selling. There is an abundance of inventory and negative factors accumulating. Add in further external factors like the collapse of BC Tree Fruitis, and we see a perfect storm for the small/medium growers being in a difficult financial state. Until we receive lower interest rates, government assistance (potentially), and confirmation of a healthy crop for 2025 across vines and tree fruits alike, I do not see a reversal of the current market trend for pricing or sales activity. It is clear that the negative sentiment exists by means of the nearly non-existent sales, and we truly require some positive notes to see improvement in this section of the market.
Lake Country Farmland Prices
Kelowna Farmland Prices
Vernon Farmland Prices
If you are considering selling your large parcel, I have a great list of purchasers I could introduce.
*Please note that the pricing and sales numbers above are based on interpretation of market data and are subjective in nature. For farmland and acreages, there is lower sales volume on the MLS than that in the typical real estate sectors, and many transactions that we handle are done privately off of the MLS. These numbers are drawn from my own experience in the sector and through consultation of various industry professionals.
Lake Country Farmland Sales
Kelowna Farmland Sales
Vernon Farmland Sales
06Notable Sales
Sales
Notable Farm Sales
3309 McCulloch Road, Kelowna
3980sq.ft.
4Bedrooms
4Bathrooms
14551 Oyama Road, Lake Country
13.25Acres
11951 Okanagan Centre Road W, Lake Country
2700sq.ft.
4Bedrooms
3Bathrooms
2197 Highway 33 E, Kelowna
Featured Acreage
Listings
This is a great opportunity to obtain a premium brand, a stunning residence, and some of the best views that the Okanagan has to offer, all for the first time available to the public.
10.36 acres, 4 bed, 4bath, 4576 sq.ft.
18555 Matsu Drive
Offered for sale is Sage Hills Estate Winery, an established premium boutique winery in Summerland, BC. $12,900,000
View Listing0726 Commonage Road, Vernon
144.92 acre estate in Vernon city limits, with only +/- 9.6 acres within the ALR. 5200+ sq.ft. modern residence, completed in 2016, with 5 bedrooms and 3 bathrooms, a stunning pool, and top-of-the-line cosmetics and mechanical systems.
View Listing144.92Acres
5758sq.ft.
5Bedrooms
073623 Glencoe Road, West Kelowna
3623 Glencoe Road
$7,999,999
3623 Glencoe Road, West Kelowna
Opportunity to acquire a turn-key Organic Winery that hasn’t been held outside of the family for over 100 years! Off the Grid Organic Winery is the #3 Trip Advisor destination in West Kelowna following Mission Hill and Quails Gate. A family vineyard focused on sustainable practices, Off the Grid has a diverse revenue stream including wine tours, wine sales, merchandise, food sales, private events, and weddings.
11.317Acres
5553sq.ft.
8Bedrooms
07Lot A + B Oyama Road, Lake Country
Stunning 2 title LAKESHORE ASSEMBLY in the heart of Oyama. LOT A: 12.97 acres total with 1.33 flat acres directly onto Wood Lake, remainder on the upland side. Approximately 850′ of lakeshore frontage. LOT B: 13.80 acres total with 2.70 flat acres directly onto Wood Lake, remainder on the upland side. Approximately 477′ of lakeshore frontage. There may be potential for a lakeshore building site. Each parcel has a 1 acre building site at the top of the property, and each parcel has potential for moorage/dock on the lake. TOTAL: 26.77 acres; 22.72 acres on the upland with 4.03 acres directly on Wood Lake. 1327′ of lakeshore frontage.
View Listing1327Lakeshore
26.77Acres
072304 82nd Ave
This 21.77-acre orchard offers a sanctuary for agricultural endeavors. Renowned as the starting point of the tree fruit industry in the Okanagan Valley, this orchard was planted between 2003 and 2004, and is renowned by the Ministry of Agriculture and Summerland Research station for their studies. Benefiting from a southwest-facing gradual slope, Lot 1 enjoys the longest sun exposure and highest heat degree days in the valley, ensuring optimal fruit maturity. Its unique microclimate dubbed the “golden circle of the Okanagan,” experiences minimal rainfall and is sheltered from storms by surrounding mountain formations. Frost protection is enhanced by the orchard’s topography, with temperatures ranging strategically from bottom to top, mitigating frost risk. During spring and summer, warm air from Osoyoos rises above the orchard, while evening downdrafts contribute to temperature regulation. The irrigation system, installed in 2002-2003, harnesses water from a variety of sources with a focus on the main pumping station at Osoyoos Lake. Plantings on this property include cherries, peaches, apricots, pears, and apples. Lot 1’s fertile soil, ranging from sandy loam to gravel, supports early cherry production and late-maturing red grapes, with additional potential for expansion. The property features two wells and a historical plateau with panoramic views, offering great building sites. With meticulous care and strategic planning, this orchard has thrived for over 58 years.
View Listing21.77Acres
07Upper Mission area, Kelowna
Upper Mission area
Prime property in Kelowna’s upper mission area; a private 5.74 acre estate! Panoramic lake and city views with versatility and revenue. 3900 sq.ft. walkout ranche with a air bnb suite. Zoned RR1C to allow for a carriage home. Carriage home and site approved! 3200 sq.ft. shop. Too many features to list for this private estate!
View Listing5.74Acres
3914sq.ft.
4Bedrooms
0716012 Oyama Road Lot A, Lake Country
Unique opportunity to purchase one of the most iconic properties in Oyama. The property offers 3.138238 acres of land, which includes 0.162842 acres onto the Wood Lake side across the road, making this one of the most compelling development properties in the region. Approximately 455′ of lakeshore frontage onto Wood Lake. C9 (Tourist Commercial) zoning is extremely flexible, and includes a specific zoning allowance for a retail store, gas bar & marine fuel facility for this property in particular. Other uses include apartment hotels, hotels, motels, offices, liquor stores, retail, etc. Frontage onto Pelmawash Parkway, Oyama Road, Wood Lake, and the Rail Trail. No current sewer connection; purchaser will either have to accomplish development via an on-site septic system, or coordinate with the District of Lake Country (and/or adjacent property owners) for a Sewer System extension/development.
View Listing3.138Acres
072765 Arthur Road, Kelowna
2765 Arthur Road
$4,995,000
2765 Arthur Road, Kelowna
A rare offering! This unique and private 5-acre estate in coveted McKinley Landing, lovingly cared for by its original owners, is now on the market for the first time. The property features an architecturally stunning 3-bed, 3-bath home designed by Dan Pretty with 2,500+ sq. ft. of living space. This sanctuary combines serene country living with easy access to city amenities. The extension of North Clifton Road into McKinley means this property will soon be a quick car ride from downtown. Enjoy a private beachfront with dock, deck space, outdoor kitchen, and covered sleeping area perfect for Okanagan summers. The beach can be accessed by a footpath along the stream or by a cart path. Active farm status keeps property taxes low and allows for income from an established apiary, raspberry, and tree farm. An extensive irrigation system supports agricultural use, landscaping, and fire prevention. This property is a bird-watcher’s paradise with mature trees and a natural stream surrounded by lush greenery, making the land a haven for wildlife. The home features vaulted ceilings, natural wood, a stone fireplace upstairs, and an antique brick fireplace in the family room, a generous master suite, loft study with rolling ladder, and incredible views from every window. There is an upper deck adjoining the kitchen and a lower deck with a hot tub off the master suite. There is a heated workshop, storage sheds, a trailer pad, and ample parking. Move in or plan your new dream home!
5Acres
2604sq.ft.
3Bedrooms
071429-1409 Teasdale Road, Kelowna
1429-1409 Teasdale Road
$4,995,000
1429-1409 Teasdale Road, Kelowna
Incredibly unique opportunity; 3.3 acre + 10.14 acre titled properties, combining for a 13.44 acre successful u-pick operation in the Belgo area of Kelowna. This property is located just minutes from town, yet feels like your own private estate far from it all. The home offers 5 bedrooms and 4 bathrooms across 3700 sq.ft. of living space. Lakeviews are found on the upper bench off Geen Rd. 2 titles creates lots of flexibilities, as the 3.3 acre lot would allow for another full primary home to be built. Great opportunity to have a profitable business in your backyard, and is a turn-key operation. Great potential for a multi-generational setup w/ the 2 titles and potential for residences.
13.44Acres
3798sq.ft.
5Bedrooms
07991 Salmon River Road, Salmon Arm
23,500+ sq.ft. cherry packing and processing facility. 7.09 acres total. 3 phase, 600 amperage, natural gas, water via well at approx. 75 GPM. Currently running 3 tons of fruit per hour, but potential to increase capacity. 8 lane machine with the ability to add 4 more lanes. Labour housing is located on-site, with 6 mobiles that can accommodate 35-40 workers, and includes a newer septic system w/ 1 acre field. There is a variety of equipment included, such as hydraulic separator, hydrocoolers. chill tank, air-jet grader, and more. Loading docks and lots of turn-around space for vehicles on this spacious lot. This is a turn-key cherry processing plant, and would be great for a variety of orchardists and tree-fruit growers. As cherry production continues further North, this is a strategic location to accommodate future growth and capture market share. This concrete & steel building is significantly under replacement costs and would be well suited to accommodate other agricultural ideas.
View Listing7.09Acres
23588sq.ft.
075774 Deadpine Drive, Kelowna
5774 Deadpine Drive
6000+ sq.ft., newly renovated 6 bedroom, 6 bathroom residence situated on 9.364 acres of land in the Ellison area of Kelowna with a huge pool, lake views, and more.
View ListingThe home has been renovated from top to bottom and down to the studs, including brand-new electrical, plumbing, drywall, insulation, exterior (including roof).
9.36Acres
6754sq.ft.
6Bedrooms
07656 Curtis Road, Kelowna
656 Curtis Road
Location Location Location! Welcome to 656 Curtis Road, a scenic 5.1 acre parcel nestled in the heart of Glenmore. Through the gates of the property, you immediately get a sense of how special this property is with 5 pastures, cross fencing, 7 stall barn (w/ tack room), and a 1600 sq.ft. detached garage with full radiant in-floor heating. This property offers a 4000+ sq.ft. home with 5 bedrooms, 3 bathrooms, and a legal suite!
View Listing5.1Acres
4105sq.ft.
5Bedrooms
075720 Upper Booth Road, Kelowna
5720 Upper Booth Road
Stunning estate perched on 13.69 acres in the Ellison area. Beautiful 3 bed, 5 bath residence with high-end, unique architectural features, perfectly laid out as a sprawling 1-level rancher. Superior build quality with soaring ceiling height, ICF construction to the ceiling, 44 solar panels, in-floor heating throughout, bioethanol fireplace, open beams brought in from Prince George, & more. So many unique interior finishings that make this a one-of-a-kind home. 40’x20′ pool with a 10′ “”beach”” section for lounging, alongside a hot-tub area and stunning natural-rock outdoor shower. Panoramic lake, valley, and mountain views with outstanding privacy. Completely open, modern layout with a 20′ sliding glass door to open to the covered deck space, featuring an outdoor kitchen area, fire tables, California shades, and heaters; this makes for an unparalleled indoor/outdoor space with hundreds of feet of outdoor space that wrap around the side of the home to a private dining area w/ rock slab table. There is also an underground wine cellar and root cellar. The garage features 2 EV charging stations to pair with the 44 solar panels, and custom Hayley cabinetry. The grounds include private trails, garden, and extra parking space for all your toys. 2400 sq.ft. timber workshop makes for the perfect space for woodworking or functional work space. Upon entering through the gates of the estate it feels that you’ve truly arrived at your own piece of paradise here in the sunny Okanagan Valley.
View Listing13.69Acres
2331sq.ft.
3Bedrooms
079983 Okanagan Centre Road W, Lake Country
9983 Okanagan Centre Road W
$3,750,000
9983 Okanagan Centre Road W, Lake Country
Semi-lakeshore estate with 2 titles, encompassing 9.07 acres (5.1+3.97) of land zoned RR2 and NOT in the ALR. 9983 offers 3.97 acres of land with a beautiful 4 bedroom, 3 bathroom home. Vaulted wood ceilings, huge windows to capture the Okanagan Lake views, and heated tile floors on the main are all features that make this a great semi-lakeshore home. There is a 4 car garage for the cars and the toys, and plenty of excess room for additional parking. There is an outdoor kitchen area w/ concrete patio and a wrap around deck space. Spend 15 seconds walking across the road to enjoy the beautiful beach. Lot 28 is a 5.1 acre piece of land that has subdivision potential for a 2 lot subdivision (buyer to investigate). The land was historically successful with plums, but has been recently cleared as of May 2023. The properties are currently fed with the lake intake water system associated with 9983. Lot 28 may be sold in isolation, but the 9983 property (property w/ home) must be sold in conjunction with lot 28. Outstanding opportunity to acquire 2 titles with plenty of upside potential that total over 9 acres in the prestigious Okanagan Centre area of Lake Country. 2 titles gives building flexibility for multiple primary homes that would make for an outstanding family compound. Boat launch, cafe, and wineries all just a quick drive away!
9.07Acres
2594sq.ft.
4Bedrooms
0715829 Greenhow Road, Lake Country
15829 Greenhow Road, Lake Country
Stunning 10 acre parcel in the Oyama area of Lake Country w/ unique A1ta (Agri-Tourism Accommodation) zoning & operating RV park! The primary home offers 4300+ sq.ft., w/ 7 beds + office/den & 7 baths across 2 levels of living space. The main level has been substantially renovated & includes a stunning chefs kitchen w/ enormous kitchen island, opened up to the spacious living room. Access to a patio that spans across the back of the home & offers great views of the land below. 3 beds + office on the main incl. a separate master wing that has a sitting room w/ fireplace, large walk-in closet & a newly renovated ensuite w/ his/her sinks & tiled shower. Spectacular views of BOTH Kalamalka & Wood lakes throughout. Downstairs features 4 beds, all with their own entrance & 2-pce private ensuite. Theres also a 4-pce common bath. Summer kitchen area & add. access to the triple car garage. This layout could be well suited to a bed and breakfast. One of the most unique features of the property is the 10 stall RV park; provides great seasonal rental rates in the spring/summer/fall months! Theres also 2+ acres planted to apples, leased year-to-year to a local farmer. Approx. 3.6 acres (some cleared, some lightly treed) that could be used for add. horticultural uses;slope would be great for a vineyard or tree fruits. It is rare to find such a property so close to the water w/ both Kalamalka & Wood lakes just a quick walk away.
View Listing10Acres
4365sq.ft.
7Bedrooms
071810 Hilltop Crescent, Kelowna
1810 Hilltop Crescent, Kelowna
DP approved 24-unit, 6-storey multi family site in the Mckinley Area of Kelowna. As part of the master planned community, all units in this development will have access to McKinley’s wide array of amenities, an indoor pool, sauna, outdoor hot-tub, indoor gym, yoga studio, and tennis & pickleball across the street! This is an ideal boutique condo development with 51 parking stalls, allowing for 2 stalls per unit. The townhomes offer a multi-level design with a range of floor plans from 2000-2400 sq.ft. The condos offer 1500-1560 sq.ft. and feature 300+ sq.ft. decks each! The layouts of the units are all 3 bedrooms, with townhomes at the ground floor level and spacious condos above. The architecture, designed by Bluegreen Architecture, is both stunning and high-end, and with development permit approval, you can take this building to completion with a quick timeline and with significant soft costs already incurred. With 40,795 sqft buildable, this opportunity offers an attractive per price sqft in comparison to alternative options; why buy a land assembly when there is a near shovel ready site with DP already approved? DC Zoning should still allow for short term rental / air BnB possibilities, if building designed correctly (Buyer to verify). Call for further information.
View Listing.7Acres
Are you looking for your dream farmland or acreage? We can help.
The Marshall Reports
Reports with a focus on providing valuable insights into the local luxury, lakeshore, acreage, and unique property market throughout the Central Okanagan.
Why Work
With Us
$150M
Total sales volume since 2020
180+
transactions since 2020
4
agents
80+
active listings
Meet the Team
The Scott Marshall Group is a sophisticated group of high-producing agents at Sotheby’s International Realty Canada.
After 8 years at a large international real estate company, achieving the top sales position out of its 200+ agents and #2 in sales for British Columbia, Scott transitioned to Sotheby’s International Realty Canada.
Now, with multiple high-producing agents that mirror the success of his individual success, their team has produced hundreds of millions of dollars in sales volume, and have created some of the most effective and irreplaceable marketing platforms in the industry. Being part of the fifth generation of his family to call the Okanagan home, the Marshall family has a proud history in real estate and farming dating back to 1911; Scott knows the area like the back of his hand and every possible detail that is relevant to a potential transaction in the Okanagan. A large percentage of his business comes through repeat business and the referrals of satisfied clients.
Awards
Awards
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** 2022 – RE/MAX Canada
Contact
Scott Marshall and his team are happy to assist in any way possible on the potential purchase or sale of any property here in the Okanagan Valley. With a history dating back to 1911, we know the area like the back of our hands.