Nathan Flavel, Sotheby’s B.C. Interior office Regional Managing Broker
KELOWNA – Luxury real estate firm Sotheby’s International Realty Canada has opened a new office in The Shores at Gyro Beach at 104-3477 Lakeshore Road in Kelowna.
The B.C. Interior office sill serve clients throughout the Thompson Okanagan, Kootenay and Shuswap regions of the province.
“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 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. Housing sales in the Okanagan are projected to see annual gains of 5.9% in 2024, and the association also forecasts annual gains in sales volume of 8% and 7.4% year-over-year in the Kamloops and Kootenay regions, respectively.
Nathan Flavel, who leads the B.C. 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.”
Business Examiner Staff