Recreational housing prices in the Okanagan declined in 2024

Mar 26, 2025 | 2:53 PM

Recreational housing prices in the Okanagan Valley saw annual declines last year.

That’s according to year-over-year data from Royal LePage.

North Okanagan Housing Types	2023 Median Prices	2024 Median Prices	Annual Changes
Single Family	$725,000	$720,000	– 0.1 per cent
Single Family, Waterfront	$1,850,000	$1,660,000	– 10.3 per cent
Standard Condominium	$295,000	$320,000	+ 8.5 per cent

Central Okanagan Housing Types	2023 Median Prices	2024 Median Prices	Annual Changes
Single Family	$945,000	$944,500	– 0/1 per cent
Single Family, Waterfront	$2,715,600	$2,475,000	– 8.9 per cent
Standard Condominium	$457,500	$449,000	– 1.9 per cent

“Legislative hurdles are having a material impact on the Okanagan recreational market. The province’s vacancy tax is making buyers very hesitant, particularly in the waterfront segment,” Francis Braam, broker and owner of Royal LePage Kelowna, said.

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“In British Columbia, properties left vacant for more than six months in a year are subject to additional taxation – an added expense that many part-time recreational users are unwilling to take on. Additionally, with restrictions on short-term rentals in the region, property owners no longer have the ability to lease their homes to offset costs, further limiting investor interest.”

Data from Royal LaPage also showed single family waterfront recreational property average prices throughout B.C. fell by an average of 8.3 per cent in 2024.

However, single family property prices across B.C. increased by one per cent and condo prices rose by 2.3 per cent.

Additionally, Royal LaPage’s Spring Recreational Property Report projected the average price for single family home recreational properties across B.C. would rise by two per cent from 2024 to 2025.

The forecast did not include projections for other recreational housing type prices, nor did it include predictions for specific regions.

by Liam Verster

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