KELOWNA, British Columbia, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Sotheby’s International Realty Canada, a leader in Canada’s luxury real estate market, proudly announces the opening of its new office in British Columbia's Interior, a strategic move that aligns with the robust growth and dynamic changes in the region’s real estate landscape.
“The B.C. Interior market has experienced a remarkable upswing in recent years, with a notable increase in demand for high-end real estate,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “The opening of our new flagship office in Kelowna is a strategic move to harness our team's deep-rooted market expertise in the area, and our brand’s expansive national and global marketing reach to serve new and longstanding clients. This launch underscores our confidence in the region's top-tier real estate market, and our belief that areas including the Thompson Okanagan, Shuswap, and the Kootenay Rockies will continue to attract home buyers and investors from across B.C., Canada and around the world.”
Sotheby’s International Realty Canada's strategic expansion in the B.C. Interior reflects its vision of bringing unparalleled real estate service and marketing to Canada's most desirable locations. The new office launch capitalizes on the positive momentum in the region’s economy, interprovincial migration and population gains, which are expected to spur a rebound in sales activity across the B.C. Interior in 2024.
According to the B.C. Real Estate Association’s (BCREA) 2023 Fourth Quarter Housing Forecast, the Thompson Okanagan region, which experienced an estimated 1.9% year-over-year growth in GDP as of July 2023 and a low unemployment rate of 3.5% as of September 2023, saw an 8% increase in property prices in the first three quarters of 2023 despite rising interest rates. Furthermore, housing sales in the Interior-Okanagan are projected to see annual gains of 5.9% in 2024, according to the BCREA. The association also forecasts annual gains in sales volume of 8% and 7.4% year-over-year in 2024 for the Kamloops District and Kootenay regions, respectively.
The relative affordability of real estate in the B.C. Interior, along with the recent increase of active listings inventory, suggests that the initial months of 2024 will offer more selection and strategic opportunities for prospective home buyers and investors.
Nathan Flavel, who leads the British Columbia Interior office as Regional Managing Broker, states, “Our expansion into the B.C. Interior is a strategic response to clear market signals. We are seeing a significant uptick in demand for conventional and luxury real estate from locals, as well as newcomers drawn in by the region’s allure as a premier destination for upscale living. Known for its breathtaking landscapes, mountains, lakes, and forests, the B.C. Interior has also emerged as a destination for luxury experiences, including exclusive wineries, fine dining, a vibrant arts scene, and premier ski and recreational activities. Favourable costs of living and real estate prices in comparison to other major Canadian metropolitan areas also add to the region’s appeal.”
Sotheby’s International Realty Canada’s B.C. Interior office is located in The Shores at Gyro Beach at 104-3477 Lakeshore Road, Kelowna, British Columbia, and will service clientele across the Thompson Okanagan, Shuswap, and the Kootenay Rockies regions.
About Sotheby's International Realty Canada
Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 35 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of over 1,100 offices in 83 countries and territories to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.
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