Is lakeshore real estate on an upward trend?

In the last 3 weeks I've had 5 calls from clients inquiring about purchasing lakeshore property. For the most part they're feeling that waterfront is a limited commodity (agreed) and that prices will come back and start rising (agreed) and that Kelowna has only just begun to see it's international reputation grow (agreed again)! While not disputing that real estate in Kelowna is expensive, when you compare waterfront prices to other parts of the world it makes it seem downright affordable! If you take a $4 million dollar lakefront home in Kelowna and move it to Vancouver, you'd pay over $14 million and in Victoria the same home would fetch almosts $7.5 million. Coldwell Banker article about Canadian affordability
Now that's not to say that all lakefront property in Kelowna is that expensive. For just over $1.1 million you can own waterfront on Okanagan Lake... the house is a "fixer upper". Prices wander up from there to a staggering $10,000,000 for home and waterfront lot.
Consider this as well... in 2006 there were 90 lakefront sales, 2007 saw 112. In 2008 we saw sales dip to 58 and 2009 YTD we're at 54. Food for thought?
Talk to you soon...
Paige