The Marshall
Lakeshore
Report | Spring 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 summer, 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 as a whole over the last two quarters, considering both the Central and North Okanagan, I believe that there will be a continued general sluggishness as we progress through to Spring/Summer.
We are having a low quantity of sales at the moment, but I consider it promising that for the few sales that have occurred, they are of high quality. A good example of this is a sale that I had completed in the start of Q2 (just before the release of this most recent magazine edition), where under three weeks on the market, I successfully firmed up a transaction in Whiskey Cove in Lake Country (listed at $7,500,000). This is a great example that the purchasers are out there, and they are willing to be patient for the right kind of product to come up on the market, and act quickly if required. I have noticed that there is a fair amount of competition via active listings on the market through most price points. Given the current rate of sales, absorption is relatively low and if things were to continue, most properties would take 6-12 months to realistically sell. I firmly believe in realistic expectations, and pricing is going to continue to be very important to achieve a sale when accompanied by an aggressive marketing program. The golden question of “what is the Lakeshore market going to do for the rest of the year?” I’d say that unless there is a fundamental change in the market outside of what I expect, we are going to operate in a relatively tight +/- 5% pricing window for the remainder of the year. The reason I expect this, is that there is not enough fuel left in the tank so suddenly the market takes off with activity and drives pricing upwards, which also considers the healthy amount of inventory on the market that would need to be absorbed first to reduce the supply levels. Additionally, I don’t see enough changes possible on the demand side to suddenly rationalize that purchasers are going to begin buying in excess; perhaps if there is an unexpected decrease in interest rates further than what is anticipated, then perhaps. Likewise, a surge in the stock market to where affluent purchasers have access to additional funds, then that could be an argument for additional activity. However, I do not want to try and rely on extraordinary macroeconomic events to fuel the lakeshore market, and I feel much more comfortable forecasting that we will be in a relatively low sales environment with a somewhat stable pricing to be expected. I know that this can sound underwhelming or boring, but it really feels that this has been the case for over a year now after we came out of the vicious COVID market, which was an irreplaceable market of crazy activity and pricing growth, as seen in all facets of the real estate market.
We will continue to market our lakeshore listings effectively, both locally, nationally, and internationally regardless of market conditions, as we strive to continue to be the experts of these high-value lakeshore properties across the Okanagan Valley. Our success is evident through our sales, such as the sale of 15870 Whiskey Cove Road a few weeks ago, which was not only the highest lakeshore sale of 2024 but also had no other agents or brokerages involved, showing that our marketing truly is capable of procuring valid purchasers for our lakeshore listings.
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
Q4 of 2023 and Q1 of 2024 proved to be categorized by continued sluggishness in the market for the Central Okanagan, with only one sale occurring in each quarter.
As a result, the data points available continue to distort the data based on limited sales. In reality, pricing as a whole hasn’t decreased 13%+ and land pricing hasn’t reduced 50%+, but the data is what the data is. With a finger on the pulse, so to speak in the market, there is a general feeling of things improving slightly. Days into Q2, I had sold a substantial home in Whiskey Cove that was listed at $7,500,000, marking the largest lakeshore of 2024 thus far. I have often found that lakeshore can be psychological in a sense, where people do not want to be making significant purchases like this when no other sales are occurring. I am very hopeful that a sale like this can trigger some market confidence that results in further sales in the short term. Seasonally, I can tell that there is increased showing activity, alike in both affordable and expensive properties on the market. Although said activity has not translated to increased sales, this is the first necessary step to see a boost in sales. I have noticed that there is healthy activity from Alberta and Lower Mainland markets as they continue to have relatively strong markets, especially from the Calgary side of things; whenever Calgary has good activity both in their economy and real estate markets, we always see the spill-over effect here locally, and this is evident to me via increased call volume of “403” numbers.
Sales price average
There was a fundamental lack of sales for lakeshore properties in the first quarter of 2024. I do not want to focus as intensively on this data since the -13.24% is heavily skewed on the fact there is a singular lakeshore sale as a reference point.
Average acre size per sale
Likewise, the singular data points of a sale with a small land size has intensively skewed this data. I recommend not placing heavy weight on this.
Average lakeshore frontage
Similar as above, this was a lower lakeshore frontage sale, and this singular data point comprises the entirety of the data.
03North Okanagan Statistics
North Okanagan
North Okanagan Lakeshore
Q4 in the North Okanagan showed some life, with two sales occurring; one at $1,500,000, and one at $4,049,000.
This was great to see some general sales activity with a relevant sale in both the lower and upper price points. However, in the entirety of Q1, there was not a single lakeshore sale that occurred (outside of a stratified townhome sale, which isn’t exactly relevant to such data). This isn’t overly concerning, as I have seen such lulls in the market during the winter/early spring in the past. The important factor now in the North Okanagan, especially with having relevant listings there, is that I am seeing a similar increase in showings that I see in the Central Okanagan as we begin to get into Spring. I am hoping that the seasonal effect of winter coming to a close and the weather improving begins to increase activity yet again, and hopefully, some more sales occurring. Overall, I believe that the relative affordability of the North Okanagan in comparison to the Central Okanagan holds its place in the market still, especially now that all regions are on a similar playing field when it comes to the speculation tax, which is now in place in Kelowna, Lake Country, and Vernon alike. I find this fascinating, as Lake Country and Vernon used to be “speculation tax havens” where buyers could strategically purchase a second residence to avoid the speculation tax. Given that these areas are all in the same boat so to speak, purchasers of lakeshore properties are still going to have a focus on where they can get the best bang for their buck now that there are no tax considerations in place. Similar to the Central Okanagan, the North Okanagan also is getting increased call volume from Lower Mainland and Alberta purchasers, and I expect to see some further showing activity as the weather improves and more of these out-of-town purchasers arrive back in the Okanagan.
Sales price average
The North Okanagan has seen some promising sales in the higher price points, which has led to a very sizeable jump in the sales price data.
Average acre size per sale
Likewise, even despite some higher sales, the same in the Central Okanagan has held true in the North Okanagan; there is a continued shift towards more affordable and smaller lakeshore properties in a tough economic climate.
Average price per sq.ft. of land
The average sq.ft. of land has gone up significantly based on the stabilization of prices, but with smaller land sizes; this number will normalize as more sales occur to smooth out the data points.
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
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, Kelowna
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
061070 Lakeshore Drive W Unit# 201 & 202, Penticton
Lot #2 8888 Lakeshore Road
Build two of the last waterfront homes ever along this shoreline. Your primary residence can overlook the dock (see concept home) and you have room for an accessory home east of it. You have 480’ of spectacular waterfront including 2 pebbled beaches, a private boat launch, a huge 1,680 sq ft dock with deep water moorage for several large boats and personal watercraft – and 20 miles of Park shoreline just to the west. Your expansive, 180 degree views extend from Peachland to downtown Kelowna — with outstanding sun exposure and lots of sunsets and sunrises. Lastly, you will have exceptional privacy on your 10 acres behind the Golden Mile gate. Golden Mile is a 74 acre subdivision comprised of just four estate properties. On Okanagan Lake at the end of Lakeshore Road and surrounded by park, Golden Mile is one of the premier residential locations in the Okanagan. Golden Mile is an irreplaceable setting — and a legacy for future generations. Also, vendor financing is possible and trades will be considered.
View Listing480Lakeshore
10Acres
06Lot 4 Lakeshore Road, Kelowna
Lot 4 Lakeshore Road
$3,499,000
Lot 4 Lakeshore Road, Kelowna
BUILD ON THE LAKE – Incredible Beachfront Residential Building LOT ~ Here is your piece of paradise, nestled into a natural amphitheatre located right on Okanagan Lake. This is one of the last lots available to BUILD your Okanagan Dream Home, and it offers 4.354 acres of privacy in a rural setting, only minutes to town.
390′Lakeshore
4.35Acres
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
07#32, 18451 Crystal Waters Road
704 Stonor Street
Indulge in unparalleled luxury at this waterfront estate in Summerland’s prestigious Trout Creek enclave. Crafted with meticulous attention to detail in 2019, this residence rests on a 0.40-acre lot with 75 feet of lakeshore frontage. With over 5,200 square feet of living space, including a 4,300-square-foot main residence with three bedrooms and four bathrooms, plus a 952-square-foot family wing, this is sizeable lakeshore residence. Seamlessly blending indoor and outdoor living, enjoy 1,510 square feet of spacious deck space. With over 1,900 square feet of garage space and room for 5+ cars, plus boat/RV parking, rare lakeshore parking is offered. Modern conveniences like an elevator, radiant heating, wine closet, and porcelain plank floors elevate luxury living. The chef’s kitchen transitions to an outdoor kitchen/lounge area, ideal for entertainment space. The private master suite boasts a large walk-in closet and ensuite with a steam shower. Built with ICF foundations, 400 amp servicing, and commercial-grade water filtration, quality is paramount through every component of this 2019-build. Outside, enjoy a concrete deck, grassed backyard, sandy beach, full dock with LED solar lights, and boat tie-downs. 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.
75′Lakeshore
0.40Acres
5753sq.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
3
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.