Okanagan waterfront recreational property prices moving target in 2023

There were dramatic differences in recreation property price changes in the Okanagan in 2023, especially for waterfront houses.

Median prices for single-family waterfront homes fell 18.9% in the Central Okanagan in 2023 to $2.7 million, but rose 57.2% to $1.85 million in the North Okanagan.

Overall, it was a down year for prices in the Central Okanagan with non-waterfront house prices falling 7.8% to $945,000, and condo prices down by 5.1% to $457,500, according to data released this week by Royal LePage.

In the North Okanagan, non-waterfront house prices edged up by 0.1% to $721,000, while condo prices fell 22.7% to $239,500.

Nationally, waterfront house prices dropped by 7.9% to $1.1 million, non-waterfront houses were down by 1% to $646,000 and condos dropped 1.5% to $420,300.

BC prices saw drops as big as 43.4% in Central Vancouver Island for non-waterfront houses and increases of 34.5% in Pemberton. Overall, non-waterfront house prices were up 0.3% to $1.1 million.

Whistler had the highest median non-waterfront house prices in the country at $4.4 million, up 22.6% from 2022. Of course, there were no waterfront houses in Whistler.

READ MORE: Kamloops and Okanagan lagging far behind BC in real estate activity

Royal LePage forecasts prices to rise in BC by 5% this year. It doesn’t break that down by region.

Central Vancouver Island and the Gulf Islands saw the biggest drop in non-waterfront house prices. Those were down 43.4% to $365,000. Waterfront house prices in that region stayed the same at $500,000.

The cheapest waterfront recreation housing in the country was in Central Newfoundland at $180,000, a drop of 4% from 2022.


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Rob Munro

Rob Munro has a long history in journalism after starting an underground newspaper in Whitehorse called the Yukon Howl in 1980. He spent five years at the 100 Mile Free Press, starting in the darkroom, moving on to sports and news reporting before becoming the advertising manager. He came to Kelowna in 1989 as a reporter for the Kelowna Daily Courier, and spent the 1990s mostly covering city hall. For most of the past 20 years he worked full time for the union representing newspaper workers throughout B.C. He’s returned to his true love of being a reporter with a special focus on civic politics

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