The Marshall
Lakeshore
Report | Year-End 2024
An up-to-date report with a focus on providing valuable insights into the lakeshore property market throughout 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 Lakeshore Report”, now brought fully online in addition to our paper format to increase our exposure across Canada, and backed by Sotheby’s International Realty Canada to expand our reach internationally. This is an up-to-date report with a focus on providing valuable data throughout our local lakeshore market.
This report is distributed quarterly on paper format, as well as maintaining an up-to-date focus online, allowing a seamless ability to gain insight into the ever-changing lakeshore property market throughout the Okanagan Valley. As we strive to continue to be experts 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, unique and high-value properties throughout the Okanagan. As we progress into the Fall, I look forward to assisting all lakeshore owners and purchasers with their lakeshore needs.
Personal Real Estate Corporation, BCOM, REALTOR® and Associate Broker, Sotheby’s International Realty Canada
Welcome
01Introduction
Lakeshore Market Report
Looking at the overall market over the last two quarters, considering both the Central and North Okanagan, it’s clear that we are still in a period of general sluggishness as we move further into the year.
Sales volumes remain low, but I find it promising that the few transactions that have occurred are of high quality. For instance, at the start of Q2, I completed a significant transaction in Whiskey Cove, Lake Country, for $7,500,000. This sale demonstrates that while activity may be limited, buyers are still willing to move quickly when the right opportunity arises. Likewise, a very substantial sale at $16,000,000 was very promising to see, showing a demand for these kinds of quality product.
While this is a positive sign, I don’t foresee enough changes in the demand side of the market to suggest that purchasers will begin buying in excess anytime soon. Unless we see a further, unexpected further drop in interest rates or a significant surge in the stock market, which would provide affluent buyers with additional purchasing power, it’s hard to envision a sharp increase in activity as we get into the Fall season. However, relying on such macroeconomic shifts to fuel the lakeshore market is not something I’m comfortable doing. Instead, I expect us to remain in a low-sales environment with relatively stable pricing during our typical slower months.
Despite these challenges, we remain committed to marketing our lakeshore listings locally, nationally, and internationally, positioning ourselves as the experts in high-value lakeshore properties throughout the Okanagan Valley. The success of the 15870 Whiskey Cove Road sale is a great example of our ability to procure serious buyers, even without the involvement of other agents or brokerages. This proves that while buyers may be cautious, they are out there and ready to act when the right product becomes available. Now with Sotheby’s, we have a great way to reach them in an incredibly effective way.
As we continue to monitor the market, I’ve noticed that there is considerable competition among active listings across most price points. With the current pace of sales, it could realistically take 6-12 months for most properties to sell, which is why realistic pricing and an aggressive marketing program are crucial for sellers in this environment.
The golden question remains: “What is the lakeshore market going to do for the rest of 2024?” Unless there is a significant and unforeseen shift in the market, I believe we will continue to operate within a tight pricing window of +/- 5% for the remainder of the year. There simply isn’t enough momentum or “fuel in the tank” to drive the market upward, especially considering the healthy amount of inventory that still needs to be absorbed.
In summary, while sales are expected to remain slow, buyers are carefully watching the market, and we expect pricing to remain stable. Sellers who are motivated to sell should focus on aligning their pricing with market expectations to stand out in what is still a competitive landscape
The lakeshore market is still showing some signs of life as it is a less interest rate-sensitive product.
Scott Marshall
02Central Okanagan Statistics
Central Okanagan
Central Okanagan Lakeshore
Q2 2024 has shown an increase in lakeshore market activity, with 9 transactions compared to just 10 over the last three quarters combined. However, while this uptick may suggest improving confidence, it’s important to note that a significant sale of $16,000,000 is skewing the average data. The reality of the market continues to be more complex, with ongoing challenges still evident.
For Q2 2024, the average listing price was $6,425,333.33, and the average sale price was $5,354,988.89. However, the median sale price, which may give a more accurate picture due to the outlier sale, stood at $4,000,000. This disparity highlights how a single high-priced sale can distort overall averages, masking some of the market’s underlying difficulties. Properties sold averaged 1.05 acres with 163.38 feet of lakeshore frontage, while the price per square foot for homes was $1,116.84, and the price per foot of lakeshore frontage was $32,775.39. These figures may seem to indicate robust pricing, but without the $16,000,000 sale, the numbers would likely reflect a more tempered market reality. While the sale of the $16,000,000 lakeshore property is notable, it does not necessarily reflect broader market conditions. The lakeshore market remains challenged, with limited sales and cautious buyers. That said, increased interest and viewings are an encouraging first step toward recovery, but a more sustained rebound is still needed to alleviate these ongoing difficulties.
Sales price average
The average sale price rose 19.42% YoY, and list prices were up 27.81% YoY, reflecting some seller optimism. However, this must be viewed with caution due to the influence of the outlier transaction.
Average land price per sq.ft.
There was a 36.01% rise in land price per square foot and a 32.84% increase in price per square foot for homes…These increases demonstrate that while the overall market may be struggling, the value of lakeshore properties, particularly those with desirable frontage, remains high.
Average land size per sale
This decrease indicates a trend toward smaller parcels being sold. Buyers, especially in the luxury segment, seem hesitant to commit to significant purchases, particularly given the backdrop of lingering uncertainty in the market.
03North Okanagan Statistics
North Okanagan
North Okanagan Lakeshore
The North Okanagan lakeshore market saw a modest increase in sales in Q2 2024, with 4 total transactions, compared to 7 over the last three quarters combined.
While this shows some positive movement, the numbers still reflect the ongoing challenges in the market. In Q2 2024, the average list price was $1,838,750.00, with an average sale price of $1,617,250.00. The median sale price came in slightly lower at $1,437,500.00, indicating that more affordable lakeshore properties are still driving the majority of sales activity. Properties averaged 0.670 acres with 129.25 feet of lakeshore frontage. The average price per square foot of home was $827.45, while lakeshore frontage commanded $12,512.57 per foot, though the median was higher at $16,428.57 per foot. In Q1, no lakeshore sales occurred outside of a stratified townhome, which wasn’t particularly relevant for lakeshore data. However, as anticipated, the increased showings I noted in Q1 did translate into more transactions as the weather improved and spring arrived. The North Okanagan’s affordability, in comparison to the Central Okanagan, continues to drive demand from buyers looking to stretch their dollar further. The equalization of the speculation tax across regions, including Vernon and Lake Country, has leveled the playing field, meaning that buyers are now focusing less on tax considerations and more on where they can get the best value for their purchase. This remains a fascinating shift as these areas used to be havens for tax-conscious buyers. Finally, similar to the Central Okanagan, I’m seeing healthy interest from Alberta and Lower Mainland buyers, and I anticipate further showing activity as out-of-town purchasers arrive in greater numbers through the summer months.
Sales price average
List prices dropped by 35.88% YoY, while sale prices decreased by 36.76% YoY, reflecting the more budget-conscious purchases occurring in Q2.
Average acre size per sale
Interestingly, acreage per transaction increased by 53.26% YoY, signaling that larger properties were sold despite the lower overall sales values.
Average price per sq.ft. of lakeshore frontage
The price per square foot of lakeshore frontage dropped 58.74% YoY, reinforcing the reality that pricing is still somewhat soft in the North Okanagan, despite an increase in activity.
04Speculation & Vacancy Tax
Speculation & Vacancy Tax
On November 22 2023, the BC provincial government announced that it would be expanding its speculation and vacancy tax to the following regions for 2025:
Lake Country, Peachland, Vernon, Coldstream, Summerland, Penticton, Courteney, Comox, Cumberland, Parksville, Qualicum Beach, Salmon Arm and Kamloops.
“Residential property owners in these communities will need to declare for the first time in January 2025 based on how they used their property in 2024.”
“The speculation and vacancy tax rate is 2% for people who don’t pay the majority of their taxes in Canada, or 0.5% for Canadian citizens or permanent residents who pay the majority of their taxes in Canada.”
This is a very interesting policy change from the provincial government. Since its first inception in 2018, the major markets of Kelowna/West-Kelowna were impacted by this tax implementation here in the Okanagan. As a result, many purchasers looking for secondary/vacation homes were drawn to the “secondary” lakeshore markets of Lake Country, Vernon, Coldstream, Peachland and Summerland. I have had many buyers specifically buy in these regions due to the tax benefits in comparison to Kelowna/West-Kelowna.
With this announcement and anticipated implementation in the coming months, I would anticipate that we may see some sellers choose to sell their lakeshore properties if they are not wishing to pay this tax over the years to come. Likewise, with more “underutilized” lakeshore properties, there may be a preference to rent the property long-term or find another solution to avoid paying the speculation tax. To put it into perspective, a seller (Canadian Citizen) who holds a $5,000,000 property (assessed) and has to pay the speculation tax would be responsible for the payment of $5,000,000 x 0.5% = $25,000 annually. This is a large bill to pay and there will be resistance, both financially and in principle.
I am happy to have a conversation about this tax and how it may impact your lakeshore investment; my direct line is 250-470-2388.
Residential property owners in these communities will need to declare for the first time in January 2025 based on how they used their property in 2024.
Scott Marshall
05Notable Sales
Sales
Notable Lakeshore Sales
16070 Carrs landing Road
15870 Whiskey Cove road
4Bedrooms
6Bathrooms
13190 Carrs Landing Road, Lake Country
6004sq.ft.
5Bedrooms
5Bathrooms
11630 Rogers Road, Lake Country
5625sq.ft.
5Bedrooms
6Bathrooms
16390 Carrs Landing Road, Lake Country
3652sq.ft.
3Bedrooms
3Bathrooms
16120 Carrs Landing, Lake Country
4796sq.ft.
5Bedrooms
5Bathrooms
17110 Coral Beach Road, Lake Country
2182 sq.ft.
4Bedrooms
3Bathrooms
10573 Okanagan Centre Road W, Lake Country
3261sq.ft.
3Bedrooms
3Bathrooms
17150 Coral Beach Road, Lake Country
2009sq.ft.
5Bedrooms
3Bathrooms
Lot 4 Lakeshore Road, Kelowna
4.35Acres
FEATURED LAKESHORE
Listings
065560 Lakeshore Road, Kelowna
The lot is uniquely positioned around a private bay, with the architecturally stunning home orientated to create ideal views, sunlight exposure, and privacy. Spanning across 1.297 acres with 219′ of beautiful lakeshore frontage, this lakeshore estate offers a 5000+ sq.ft. home professionally designed by Architect Robert Turik.
View Listing1.30Acres
5327sq.ft.
6Bedrooms
06704 Stonor Steet, Summerland
704 Stonor Street
From interiors to outdoor spaces, this estate offers an irreplaceable lakeside lifestyle of elegance and comfort in one of the most prestigious, high value areas in the Okanagan.
View Listing75′Lakeshore
0.40Acres
5753sq.ft.
06Lot A 16012 Oyama Road, Lake Country
Lot A 16012 Oyama Road, Lake Country
Unique opportunity to acquire one of the most iconic properties in Oyama! With 3.138 acres of land, including 0.16 acres on to Wood Lake, this incredible site offers an extensive opportunity for a creative development that truly embodies the Okanagan.
View ListingLakeshore investment opportunity with tourist-commercial zoning.
062765 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
06Lot B Oyama Road, Lake Country
Lot B Oyama Road, Lake Country
Stunning 13.80 acre LAKESHORE parcel in the heart of Oyama. 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. As well as potential for moorage/dock on the lake. There is a 1 acre building site at the top of the property that captures gorgeous views of Kal and Wood Lake as well as Lake Country.
View Listing477′Lakeshore
13.8Acres
06Lot A Oyama Road, Lake Country
Lot A Oyama Road, Lake Country
12.97 acres total with 1.33 flat acres directly onto Wood Lake, remainder on the upland side. Approximately 850′ of lakeshore frontage. Consistent declining grade makes this prime agricultural land with excellent water and air drainage. There is a 1 acre building site at the top of the property that captures gorgeous views of Kal and Wood Lake as well as Lake Country.
View Listing850′Lakeshore
12.97Acres
0616980 Coral Beach Road, Lake Country
16980 Coral Beach Road, Lake Country
Stunning modern lakeshore home in the prestigious Coral Beach area of Carr’s Landing, here in the beautiful community of Lake Country
View Listing.31Acres
2969sq.ft.
4Bedrooms
07#32, 18451 Crystal Waters Road
2500+ sq.ft. 4 bedroom, 3 bathroom residence in the prestigious lakeshore community of Crystal Waters!
View Listing400Lakeshore
0.18Acres
2583sq.ft.
Are you looking to buy or sell a lakeshore property? 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.