Q3/Q4
I
2017 OKANAGAN VANTAGE REPORT
nvestment in new home construction remained very high in 2017 as it was
Lake Country
2017
2016
%Chg (yr)
Single Family
$ 812,665
$ 743,351
9.3%
Townhouse
$ 444,617
$ 371,980
19.5%
Condo
$ 299,069
$ 251,719
18.8%
Price per sq/ft
$ 321.34
$ 276.75
16.1%
in 2016. This year we will see many more options for consumers looking
to purchase in this idyllic area. The ‘Lakestone’ development that released 91 lots for pre-sale in 2017 (Benchlands phase) plans to pre-sell up to 109 lots (the ‘Highlands’) this year. Homes in Lakestone are currently pre-selling starting from the low $900K’s. Properties in Lake Country are always highly sought after. Consumers will have oppor-
Data Source: OMREB - Average sale price data, Q3/Q4 2016, Q3/Q4 2017.
tunities to purchase newly built single-family homes below $900K this year when the
The average sales price across all property types is now $444,617 in Lake Country.
much anticipated ‘The Lakes’ project begins
Townhomes also experienced a solid increase in the number of units sold - there
their final pre-sales. We would not be
was a 37.8% increase (51 sales in 2017 versus 37 in 2016). Condos fared worse as
surprised to see this community completely
sales declined by 35%. The average sales price of condos increased by 18.8% this
sell out in a relatively short period.
year which brought the average selling price of these units to just shy of $300K.
TOWNHOMES HAVE SEEN A 19.5% INCREASE IN SALE PRICE. The ‘Lakestone’ community will also be making pre-sales available for 26 townho-
HIGHEST SALE Q3/Q4: $6,400,000
mes. These units will be priced from the mid $700K’s. Townhomes are also available at
Data Source: OMREB, Sale and Photo by Steven Bergg, RE/MAX Kelowna.
the ‘Rockridge at the Lakes’ project where pre-sale prices currently start from $420K.
LAKE COUNTRY SINGLE FAMILY HOME PRICES
‘Winfield Place’ is also in the pre-sale stage and 3 bedroom townhomes units start at
900K
$499K. The ‘Apex at the Lakes’ project is planning on constructing more row house units and prices for these homes are expected to start in the low $400K’s.
600K
Apartment-style condo development in Lake Country was somewhat muted over the past couple years, and there doesn’t
300K
appear to be any plans to introduce new projects this year. Townhome and apartment-style condos saw impressive increases in the average sales price which rose 19.5% over the past year. 2017 OKANAGAN VANTAGE REPORT • 38
0 2013
2014
2015
2016
2017
Data Source: OMREB – Avg annual sale price, single family residential. July 2013 - Dec. 2017.