New player in Okanagan real estate
The Okanagan real estate market has attracted one of the top high-end real estate companies.
Sotheby’s International Realty Canada is opening a new office on Lakeshore Road in Kelowna and will service clientele across the Thompson-Okanagan, Shuswap, and the Kootenay Rockies regions.
“The B.C. Interior market has experienced a remarkable upswing in recent years, with a notable increase in demand for high-end real estate,” Don Kottick, President and CEO of Sotheby’s International Realty Canada said. “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.”
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 per cent year-over-year growth in GDP as of July 2023 and a low unemployment rate of 3.5 per cent as of September 2023, saw an 8 per cent increase in property prices in the first three quarters of 2023 despite rising interest rates.
In addition, housing sales in the Interior-Okanagan are projected to see annual gains of 5.9 per cent in 2024, according to the BCREA. The association also forecasts annual gains in sales volume of 8 per cent and 7.4 per cent 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.
“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,” Nathan Flavel, who leads the Interior office as regional managing broker, stated.
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