North Okanagan moved from a seller’s market in 2018 to a balanced market in 2019 due to reasonable demand and high inventory, according to the RE/MAX 2019 Recreational Property Report. Millennial families continue to flock to the region due to the market’s liveability features and interest in the market from the demographic has spiked from 2018 to 2019. The region experienced significant price growth from 2018 to 2019, with a 19 per cent increase in waterfront properties, and a 44 per cent increase on non-waterfront. Ski-in properties on the other hand experienced a modest price decrease of 10 per cent. The current median price has waterfront properties sitting at $1,542,500, with non-waterfront properties priced at $707,500 and ski-in properties at $295,000.
North Okanagan Market Conditions:
- Waterfront properties up 19% year over year
- Non-waterfront properties up 44% year over year
- Ski-in properties down 10% year over year
North Okanagan At A Glance:
Located in Southern British Columbia, the Okanagan Valley is one of the warmest regions in Canada. With over a hundred lakes within driving distance, the North Okanagan is a popular destination for watersports, including boating, swimming, scuba diving, fishing, or just spending the day in the sun. The Shuswap, just over an hour’s drive from Kamloops, is well known for its lake and watersports, vibrant music festivals, luxurious houseboats, golf courses and farmer’s markets. A popular attraction is the annual Salmon Arm Roots & Blues Festival, held each August, which draws more than 30,000 people every year. The continued low Canadian dollar has led many buyers who may have previously purchased recreational property in the U.S. to consider staying in Canada and purchase cabins and ski chalets in the Shuswap and North Okanagan.