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 back at the lakeshore market across the Central and North Okanagan in 2024, it’s clear that while pricing remained relatively resilient, transaction volumes did not keep pace with the number of active listings. Most properties spent a significant amount of time on the market before selling, and the overall pace of activity throughout the year remained cautious.
The prevailing mood over the last 6 to 12 months has largely been defined by hesitation. Many buyers and sellers have adopted a wait-and-see approach, influenced by ongoing volatility in the equities markets, uncertainty surrounding U.S. tariffs, the pace of potential interest rate cuts, and now, the looming Federal election scheduled for April 28th, 2025. This extended period of uncertainty has created a kind of holding pattern — not due to a lack of interest in the market, but rather a desire for clarity. It seems that many Canadians are simply waiting for a return to a more predictable economic and political landscape before making major decisions.
That said, 2024 still proved that when high-quality lakeshore product came to market, buyers were willing to act. Early in the year, we completed a landmark transaction in Whiskey Cove, Lake Country, for $7,500,000 — the second-largest lakeshore sale in the Okanagan for 2024. This sale illustrated that the demand is still there, particularly for premium properties that offer uniqueness and lifestyle appeal. Buyers may be cautious, but they are watching closely and prepared to move quickly when the right opportunity arises.
While much of 2024 was defined by patience, our marketing efforts — both locally and internationally — continued to produce results. The success of the 15870 Whiskey Cove Road sale stands as a testament to our ability to reach serious, qualified buyers without relying on external brokerages. With Sotheby’s global platform and our specialized local focus, we remain well-positioned to deliver in even the most uncertain market climates.
Heading into spring 2025, we continue to monitor listing times and buyer sentiment carefully. With a healthy amount of inventory still on the market, we anticipate that prices will remain relatively stable, likely fluctuating within a narrow band of around +/- 5%. For sellers, realistic pricing paired with sharp marketing remains critical in standing out amid elevated competition.
In summary, although 2024 was marked by slower sales and longer timelines, underlying buyer interest has remained steady. As we approach the election and await clarity on broader economic trends, we anticipate a release of some of the pent-up demand. While the market has lacked urgency, it hasn’t lacked intent — and that leaves us optimistic about a more active landscape as we move further into 2025.
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
In the Central Okanagan, 2024 showed a modest improvement in lakeshore activity, with 21 sales recorded throughout the year. Although 21 sales were recorded, the number still fell well short compared to the volume of active listings, and most successful transactions required considerable time on the market.
The average sale price, adjusted to exclude both the $16,000,000 Pixton Road sale and the lowest transaction at $2,208,750, came in at $3,723,674. The average home sold was 3,536 square feet, built around 1982, and situated on a 0.56-acre lot. Removing outliers helped provide a more accurate sense of where the market truly sits, with pricing remaining generally stable despite reduced urgency among buyers.
The standout transaction of the year was clearly the Pixton Road sale at $16,000,000 — a rare outlier that underscores the fact that qualified buyers are still willing to pay a premium for exceptional waterfront properties. Similarly, our $7,500,000 Whiskey Cove sale in Lake Country — the second-largest lakeshore sale of 2024 — further illustrated that demand remains active at the top end, provided the offering is compelling and well-positioned.
That said, the broader market dynamic has remained cautious. Much like in the North Okanagan, there’s been a noticeable pause among buyers as they assess shifting macroeconomic conditions and await clarity on interest rates, tax implications, and political direction. The upcoming Federal election continues to weigh on sentiment as we move into spring 2025, and many prospective purchasers are simply waiting for signs of stability before making major decisions.
Looking ahead, we expect a more engaged buyer pool to re-emerge once that clarity arrives. For now, the Central Okanagan remains a competitive landscape, where listings outnumber serious buyers, and sellers must focus on presentation, pricing, and patience to achieve results.
Average Sales Price
*Note averages have lowest and highest excluded. The highest sale in 2024 was $16,000,000, while the lowest sale was $2,208,750.
Average Home Size
Average Lot Size
03North Okanagan Statistics
North Okanagan
North Okanagan Lakeshore
The North Okanagan lakeshore market recorded 13 sales in 2024, showing a slight increase in activity, though still below historical norms relative to the amount of product available. As in the Central Okanagan, the majority of transactions required extended time on the market, and buyers remained selective throughout the year.
The average sale price in 2024 was $2,322,865, with a high of $3,408,000 and a low of $1,600,000. Properties averaged 3,508 square feet, built around 1993, on lots measuring approximately 0.55 acres. These numbers speak to the region’s continued appeal as a more accessible entry point to lakeshore living, particularly when compared to the Central Okanagan’s higher pricing bracket.
Affordability continues to be a defining feature in this segment, attracting buyers who are looking to maximize value without compromising lifestyle. The equalization of the speculation tax across regions — including Vernon and Lake Country — has helped level the playing field, allowing buyers to focus less on tax strategy and more on property fundamentals.
Buyer interest from Alberta and the Lower Mainland remained steady throughout the year, and showing activity has picked up into the early part of 2025. Still, as with the broader market, caution continues to define decision-making. Factors such as ongoing rate speculation, global equity market shifts, and the upcoming Federal election have left many buyers in a holding pattern — not unwilling, but waiting for the right time to act.
As we head further into spring 2025, the fundamentals of the North Okanagan market remain attractive: relatively stable pricing, lifestyle-driven appeal, and a selection of inventory that offers room for negotiation. Sellers who approach the market with strong positioning and a realistic understanding of current conditions are still finding success — even if the pathway to that success takes longer than it has in past years.
Average Sales Price
The highest sale was $3,408,000, while the lowest sale was $1,600,000.
Average Home Size
Average Lot Size
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
$4,749,999
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.