In an imaging apparatus with the capability of calculating a reference value for shake compensation from a shake detecting signal, the calculation for the reference value is changed under certain conditions. To be more specific, for example, the imaging apparatus, which has a shake detection portion for detecting a shake of the imaging apparatus about two different axes perpendicular to an imaging optical axis, includes a first reference value calculation portion for calculating a first reference value using a shake detecting signal from the shake detection portion, and a second reference value calculation portion for calculating a second reference value for the shake detecting signal different from that calculated by the first reference value calculation portion. In the imaging apparatus, the second reference value calculation portion changes the calculation of the second reference value based on a value related to the first reference value.