

The Marshall
Luxury
REPORT | YEAR-END 2024
Reports with a focus on providing valuable insights into the local luxury, lakeshore, acreage, and unique property market throughout the Central Okanagan.
Welcome to the inaugural edition of the Kelowna and Central Okanagan Luxury Real Estate Market Report, a comprehensive analysis curated by Scott Marshall with the support of Sotheby’s International Realty Canada.
This report aims to provide in-depth market knowledge that is not readily accessible to the public, offering a unique perspective from a top industry expert.
The Luxury Report is a dynamic document that will be regularly updated to reflect the latest trends and data, ensuring you have the most current insights at your fingertips. It includes data from nine different areas within the Central Okanagan, each featuring area-specific statistics for properties priced between $1,300,000 to $2,000,000, as well as those above $2,000,000. This detailed breakdown allows for accurate data extrapolation, essential for informed selling or purchasing decisions in the luxury market. Additionally, the report aggregates this data to provide an overall average for the Central Okanagan, enabling readers to make valuable comparisons.
In addition to detailed market analysis, this report includes relevant listings and recent sales by the Scott Marshall Group, enhancing the market exposure for sellers’ listings. By leveraging the expertise of Scott Marshall and his team, this report provides invaluable information to help you navigate the complexities of the luxury real estate market in Kelowna and the Central Okanagan.
Personal Real Estate Corporation, BCOM, REALTOR® and Associate Broker, Sotheby’s International Realty Canada
Welcome

01Central Okanagan
Central Okanagan Stats
2025 Luxury Real Estate Market Update – Kelowna & Central Okanagan
The luxury real estate market in Kelowna and the Central Okanagan faced substantial challenges throughout 2024, with persistently low transaction volumes and extended days on market. Negative economic pressures, including high interest rates and ongoing uncertainty, defined much of the year. However, 2025 offers cautious optimism, driven by emerging economic shifts that may spark renewed activity, particularly in the higher price points.
Resiliency in the luxury market has been reflected by a small but steady number of sales, underscoring the enduring demand for unique and desirable properties in this price segment. Despite the market pressures, prices have remained stable, a testament to the value buyers place on Central Okanagan real estate.
Several key factors may influence a recovery in 2025. A weaker Canadian dollar could attract interest from foreign and out-of-province buyers, particularly Albertans, who continue to play a significant role in the market. Meanwhile, potential changes to federal policies under a new government could reshape the economic landscape. Most importantly, expectations of stabilizing or declining interest rates may alleviate some of the financial burden on buyers, potentially revitalizing demand in the $2,000,000+ segment.
That said, the lingering effects of economic challenges from 2024 cannot be ignored. Tariffs and broader economic concerns could weigh on buyer confidence, tempering market momentum. Buyers from Ontario remain largely absent, continuing a trend from recent years, while activity from the Lower Mainland remains concentrated under $3,000,000.
For sellers, patience and strategic pricing will remain critical to navigating this evolving market. Properties that offer distinctive features or exceptional value are best positioned to attract interest, particularly as buyers remain selective. On the other hand, buyers may find opportunities in 2025, leveraging a market still in transition and securing properties ahead of broader recovery.
In conclusion, 2024 brought significant negative pressure to the luxury real estate market, reflected in reduced sales activity and extended listing times. However, resiliency is evident in the market’s ability to maintain stable prices despite these challenges. With potential tailwinds from a weaker Canadian dollar, lower interest rates, and policy shifts, 2025 could mark the beginning of a turnaround. Both buyers and sellers should approach this market strategically, focusing on value and long-term opportunity as conditions evolve.
There is cautious optimism for a market revival, contingent on economic factors such as interest rate adjustments.

Central Okanagan
$1.3M – $2M
2025
$1,584,223
Avg Sale Price
3,559
Avg Sq.ft.
448.83
Avg Price per Sq.ft.
0.40
Avg Lot size
2004
Avg Age
211
Total Transactions

$2M+
2025
$2,636,967
Avg Sale Price
4,354
Avg Sq.ft.
$623
Avg Price per Sq.ft.
0.47
Avg Lot size
2005
Avg Age
62
Total Transactions
01Upper Mission & Kettle Valley
Upper Mission & Kettle Valley
The average sale price in UM/KV is slightly higher than the Central Okanagan average, indicating a strong demand for luxury properties in this sought-after area. With daily amenities being brought to the area with the addition of the Mission Village, many families consider this to have everything they are looking for.

Upper Mission & Kettle Valley
$1.3M – $2M
2025
$1,613,432
Avg Sale Price
3,806
Avg Sq.ft.
$423.96
Avg Price per Sq.ft.
0.44
Avg Lot size
2007
Avg Age
44
Total Transactions

$2M+
2025
$2,247,555
Avg Sale Price
4,634
Avg Sq.ft.
$485
Avg Price per Sq.ft.
1.00
Avg Lot size
2008
Avg Age
20
Total Transactions
01Kelowna South/ North
Kelowna South/ North
Properties in the KN/KS area within the $1.3 to $2 million range saw average sale prices exceeding the Central Okanagan average. However, for properties above the $2 million mark, the average price dipped below the regional benchmark. The downtown core outside of lakeshore focused properties has not yet seen significant redevelopment focused towards luxury single family homes. There is significant multi family redevelopment and older homes that land value wise hold more value for multi family properties over luxury redevelopment.

Kelowna South/ North
$1.3M – $2M
2025
$1,641,000
Avg Sale Price
3,103
Avg Sq.ft.
$529
Avg Price per Sq.ft.
0.60
Avg Lot size
1982
Avg Age
5
Total Transactions

$2M+
2025
$2,258,500
Avg Sale Price
2,645
Avg Sq.ft.
$854
Avg Price per Sq.ft.
0.19
Avg Lot size
1989
Avg Age
4
Total Transactions
01Lower Mission
Lower Mission
The LM area recorded average sale prices below the Central Okanagan average in both the $1.3 to $2 million and $2 million-plus segments. This is likely due to the limited number of transactions in the area, combined with older homes dominating the market. While the area offers convenient proximity to amenities, the absence of notable views shifts the pricing emphasis toward factors like build quality, age, and square footage, resulting in prices slightly below the Central Okanagan average.

Lower Mission
$1.3M – $2M
2025
$1,452,175
Avg Sale Price
3,242
Avg Sq.ft.
$448
Avg Price per Sq.ft.
0.24
Avg Lot size
2000
Avg Age
12
Total Transactions

$2M+
2025
$2,436,500
Avg Sale Price
4,939
Avg Sq.ft.
$493
Avg Price per Sq.ft.
0.30
Avg Lot size
2009
Avg Age
7
Total Transactions
01South East Kelowna/ Crawford
South East Kelowna/ Crawford
South East Kelowna (SE/CRFD) stands out with above-average prices in the $2 million-plus category, reflecting its appeal and exclusivity for luxury buyers. This area features numerous properties with significant views and larger lot sizes, catering to buyers who prioritize privacy and are willing to pay a premium for it. In the $1.3 to $2 million range, the average price aligns directly with the Central Okanagan benchmark.

South East Kelowna/ Crawford
$1.3M – $2M
2025
$1,585,450
Avg Sale Price
3,398
Avg Sq.ft.
$467
Avg Price per Sq.ft.
0.64
Avg Lot size
1995
Avg Age
22
Total Transactions

$2M+
2025
$3,327,000
Avg Sale Price
4,612
Avg Sq.ft.
$721
Avg Price per Sq.ft.
10.39
Avg Lot size
1993
Avg Age
4
Total Transactions
01Glenmore & Dilworth Mountain
Glenmore & Dilworth Mountain
In Glenmore (GL/DM), average sale prices in the $1.3 to $2 million range are slightly below the regional average, highlighting competitive pricing in this suburban market. However, in the $2 million-plus category, the average price rises above the Central Okanagan average, driven by the area’s notably low transaction volume in this range. With a wide variety of home ages contributing to market diversity, the slightly lower pricing in the mid-range reflects this variability. Glenmore’s close proximity to downtown and access to essential amenities make it a sought-after area for buyers seeking more affordable luxury properties.

Glenmore & Dilworth Mountain
$1.3M – $2M
2025
$1,515,087
Avg Sale Price
3,675
Avg Sq.ft.
$412
Avg Price per Sq.ft.
0.31
Avg Lot size
1998
Avg Age
23
Total Transactions

$2M+
2025
$2,856,250
Avg Sale Price
5,142
Avg Sq.ft.
$556
Avg Price per Sq.ft.
0.42
Avg Lot size
2020
Avg Age
4
Total Transactions
01Mckinley
Mckinley
MCKY area has higher average prices compared to the Central Okanagan, with a large portion of the homes in this area having a view, paired with the fact that many of the homes coming on market now are new as the Mckinley development enters its final phase is why we see a higher than average price point for this area.

Mckinley
$1.3M – $2M
2025
$1,804,643
Avg Sale Price
3,401
Avg Sq.ft.
$531
Avg Price per Sq.ft.
0.26
Avg Lot size
2020
Avg Age
7
Total Transactions

$2M+
2025
$2,723,750
Avg Sale Price
3,932
Avg Sq.ft.
$693
Avg Price per Sq.ft.
0.38
Avg Lot size
2010
Avg Age
6
Total Transactions
01West Kelowna
West Kelowna
The West Kelowna market reflects average prices that are consistent with the Central Okanagan, indicating stable demand across both regions. With limited luxury inventory scattered throughout West Kelowna it makes sense it would be inline with the Central Okanagan Average as it has a mix of luxury product while being slightly discounted due to location.

West Kelowna
$1.3M – $2M
2025
$1,568,369
Avg Sale Price
3,809
Avg Sq.ft.
$412
Avg Price per Sq.ft.
0.34
Avg Lot size
2005
Avg Age
39
Total Transactions

$2M+
2025
$2,770,429
Avg Sale Price
4,922
Avg Sq.ft.
$563
Avg Price per Sq.ft.
0.47
Avg Lot size
2002
Avg Age
7
Total Transactions
01Lake Country
Lake Country
LC’s luxury market shows average prices that are competitive with the Central Okanagan, pointing to its attractiveness for buyers seeking a blend of rural and upscale living. Kelowna pricing and general population growth is curating a new need for luxury product in Lake Country, something that was once reserved for properties on the lake is now blending in with single family homes with luxurious feels or larger lots and as a result it is becoming more and more competitive from a pricing perspective with other areas in the Central Okanagan

Lake Country
$1.3M – $2M
2025
$1,583,691
Avg Sale Price
3,486
Avg Sq.ft.
$454
Avg Price per Sq.ft.
0.50
Avg Lot size
2011
Avg Age
32
Total Transactions

$2M+
2025
$2,475,750
Avg Sale Price
4,009
Avg Sq.ft.
$618
Avg Price per Sq.ft.
0.55
Avg Lot size
2011
Avg Age
10
Total Transactions
01Black Mountain
Black Mountain
The Black Mountain area has lower than average luxury pricing, this can be attributed to its geographical location, the range of home ages, and luxury product being focused towards affordability with a disproportionate amount of suites being incorporated into homes. However, it continues to see price appreciation as more amenities come to the area as it boast very close proximity to Big White amongst other recreational activities and has a number of view lots.

Black Mountain
$1.3M – $2M
2025
$1,494,163
Avg Sale Price
4,114
Avg Sq.ft.
$363
Avg Price per Sq.ft.
0.24
Avg Lot size
2019
Avg Age
27
Total Transactions

02Featured Listings

Featured
Listings
025774 Deadpine Drive, Kelowna
02112 Sunset Boulevard, Vernon
025720 Upper Booth Road, Kelowna
02
021276 Nishi Court, Kelowna
03
Are you looking for your dream luxury home? 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
* 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.