Understanding the Kelowna Market

The Kelowna real estate market it hot and, and as a seller,  this is best time to be selling a home.  But in this hot market, what does that mean for Buyers when buying a home in Kelowna.  Quincy Vrecko and Associates is here to help you understand the current Kelowna real estate market.

What is a Sellers’ market?

Kelowna real estate agent greeting couple outside Kelowna home

Are we in a sellers market?

A Seller’s market is created when market conditions become more favorable to a seller rather than a buyer.  These conditions are mainly created due to a lack of homes for sale in Kelowna.  The buyer demand remains strong with an influx of people relocating to Kelowna from the Lower Mainland and Alberta putting pressure on an already tight Kelowna real estate market.  Homes in Kelowna are selling quickly and for top dollar due to these conditions, making it the best the time to be selling your home.  With a forecast of strong sales for 2017, this would be a good time for buyers to be investing in real estate.

How do get multiple offers when listing your home for sale?

Many sellers want to take advantage of this hot Kelowna real estate market and choose to list their homes in order to generate multiple offers.  When listing your home in this competitive market, you need the help of an experienced real estate agent to properly market your home to sell for top dollar in this aggressive market.  The team at Quincy Vrecko and Associates have years of experience marketing homes that generate multiple offers situations and can guide you through the process.

How do you compete in a multiple offer situation?

A seller’s market can generate multiple offer situations.  This is where buyers competing with other buyers for the same home.  With a lack of inventory in Kelowna real estate listings, this is becoming more are more common.  The most important thing you can do as a buyer to prepare for these situations. Have a professional real estate agent with experience in dealing with multiple offer situations on your side.  This can make the difference whether or not you are the winning offer on the home.  The team at Quincy Vrecko and Associates have agents who have won out on competing bids due to their experience and techniques in dealing with multiple offer situations. This complicated offer presentation takes skill of a professional real estate agent working for the buyer.

couple standing outside sold home

Low Inventory?

What does low inventory have to do market conditions in Kelowna real estate?

A low inventory of homes for sale in Kelowna and surrounding areas has direct effect on the current market conditions.  Buyers interest continues to climb putting more demand on the Kelowna real estate market creating what many call a frenzy.  Homes in Kelowna are selling for top dollar and in a very short period of time.  Particularly those for homes listed under $650,000.  With current market conditions, there would need be a considerable influx of new inventory to change it to a more balanced market.


Whether you are buying or selling real estate, navigating through this complicated market can be overwhelming. Hire a professional Kelowna real estate agent who is going to look after your needs. Also give you the advice to make the best decision.  The team at Quincy Vrecko and Associates have agents with experience working in a sellers market and dealing with multiple offers.  Work with one of our agents on your next real estate transaction. See firsthand the difference we offer, call the team at Quincy Vrecko today 778-760-2860! 

Town Homes in Kelowna

Town Homes in Kelowna

What can you expect in Kelowna this spring for town homes and condominiums with 2 or 3 bedrooms?

There is a beehive of activity in the building community in Kelowna. It seems that the cycle of boom or bust has swung strongly in favour of the boom. This is largely due to a number of factors we have mentioned in previous articles. The perpetually low interest rates, a shortage of homes for sale in the market and of course a very tight rental market with availability at less than 1%.

There is also a growing demand for affordable homes for younger couples who now make up the largest part of the home buying community. These first-time buyers are putting pressure on town homes and condominium sales and, as can be expected, prices are jumping up yet again as the new inventory of townhomes under construction is slow to hit the market.

Let’s look at three different properties available in the town home category.

Scuka Enterprises has a new project underway in the Lower Mission right across from Gyro Beach. This is a very desirable location and as can be expected these townhomes are fetching prices between $850,000 and $900,000. Definitely these are too expensive for most first-time buyers but affordable for empty nesters who are downsizing and selling their bigger family homes.

These 3 bedroom town homes with 3 bathrooms feature 2 car garages and beautiful roof top patios. These are also large 3 story town homes up to 1950 square feet.

In West Kelowna, there is a featured Tommie Award winning town homes at Peak Point Court. This is part of the 36 town home Lakeview Terrace development that was completed in 2016 and just off of Westlake Road.

A similar townhouse in this neighbourhood is priced at around $550,000. The floor plan also features approx 1900 square feet and has 3 bedrooms and 2.5 bathrooms. It also includes a rooftop patio which is becoming a popular trend in Kelowna developments and a 2-car garage.

Third on our list is a town home built in 1990 off of Taylor Road in Rutland. This is a 2 bedroom and 2 bathroom rancher layout and has a very nice liveable floor plan. This town home is in Odaiyar Place which is an enclosed development project.  This style of construction was very popular twenty years ago where security was an issue with snowbirds heading south every winter. There is no age limit on this town home and has a strata fee of $177 per month.  A single covered parking space is included along with 5 appliances in this roomy rancher.

Condominiums and town homes are a desirable housing option this year as the demand from young couples and young professional continues to drive to market. For more information on what you can expect to see in the town home category please call the team at Quincy Vrecko and Associates today 1-778-760-2860!

 

First Time Home Buyers – How to Buy your First Home

Are you tired of renting?  Are you busy paying someone else’s mortgage?

If you answered yes then it’s time to buy a home in Kelowna and start paying your own mortgage.  As a first-time home buyer, there are incentives to help you get into the Kelowna real estate market. Our team of Kelowna real estate agents have experience to guide you through the process of buying your first Kelowna home.  

The best place to get start when looking to purchase your first Kelowna home is to find out how much you can afford to spend. We have a great online mortgage calculator to use as a guideline as it will outline what your mortgage payment could be each month. We also work with some of the top mortgage brokers in Kelowna to help you get pre-approved for a mortgage.

Aside from getting a mortgage, there are other key factors to consider when buying a home in Kelowna or surrounding areas.  A professional Kelowna real estate agent from the team Quincy Vrecko and Associates will review the costs associated with buying a property.  Below is a list of closing costs associated with buying a home in Kelowna and surrounding areas,

  • Home inspection
  • Appraisal
  • Property taxes
  • Strata fees
  • Legal fees for conveyancing
  • Dispersement
  • Land transfer tax*
  • GST*

For a detailed description of what these closing costs are, check out things you need to know before purchasing your first Kelowna home.

Good news for you! The province of British Columbia offers several programs for first time home buyers to help with the home buying process.  The team of real estate agents at Quincy Vrecko and Associates can review if you qualify for any of these cost saving programs.

Whether you are new to Kelowna or grew up in the beautiful Okanagan, if you are buying a home in Kelowna, the best option is really to call us for all the juicy information – there is lots to know and we’d love to chat. Our team at Quincy Vrecko and Associates are dedicated to finding you the right home for the right price. Contact us today – 778-780-2860!

Kelowna Real Estate Market Statistics for March 2017

Market Statistics

While it doesn’t quite feel like Spring yet in the Okanagan, the Kelowna real estate market continues to heat up and is in full swing going into Spring. As we take a look back at the first quarter of the year, two of major factors were the unusually long Winter and the lack of homes on the market.

The Kelowna real estate market statistics for March 2017 shows an increase in residential house prices along with a decrease in inventory for this same time last year. As reported by the Okanagan Mainline real estate board, prices for a residential home rose to $640,513 which is a 13% increase over last year, bringing the year to date average to $633,104. This increase in property values is largely due to lower inventory of homes for sale in the Kelowna real estate market. Tracey Vrecko comments,

“This low inventory of homes for sale in Kelowna and surrounding areas continue to create a seller’s market and pushing home values up. “While this is great for the seller’s, it can be a frustrating market for buyers. Especially first time buyers looking to get into the Kelowna real estate market.”

Current active listings in Kelowna and surrounding area are down to an all time low of 659 single family residential homes and 340 condominiums and townhouses.

A Buyers’ survey for the Kelowna real estate market statistics for February 2017 showed 21.5% of the buyers were upsizing from their current home, tied with first time home buyers, while 17.5% making that lateral move and 11% of homebuyers were downsizing from their larger family homes.

Currently, most buyers are coming from within the Okanagan with 63.5% of sales to homebuyers already living in the Okanagan which is typical for the first quarter the year. The Lower Mainland and Vancouver accounted for 12% of the buyers and 10% were buyers out of Alberta.  The Kelowna real estate market has seen an increase in Foreign buyers over the past few months from 1% to 3% which is most likely a result of the Foreign buyer’s tax implemented by the federal government in late 2016.

The demographic of homebuyers was made up of:

  • Professional couples with no children 31%
  • Families with children 26%
  • Empty nesters 19%

With lower inventory levels and high demand from buyers, home sales will remain strong going into the second quarter of the year.  As we approach what is typically the busiest time in the Kelowna real estate market, inventory continues to be a concern. Vrecko comments,

“I have sellers ready to list their home for sale but are worried they will not find another home to buy”

With warmer weather on the horizon, there could be homeowners waiting to list their homes for when the grass is green and flowers are out.  Historically, inventory levels increase in the Spring and Summer months, which will be a welcome change to the Kelowna real estate market and Buyer.

When buying and selling real estate in Kelowna, it is important to use the expertise of a professional real estate agent who understands market trends and conditions to give you the advice you need.  Quincy Vrecko and Associates is one of the top real estate teams for RE/MAX Kelowna.  With 5 professional real estate agents experienced in the Kelowna real estate market, rest assured you would be well looked after.

Call the team at Quincy Vrecko and Associates 1-778-760-2860 to stay up to date on the Kelowna real estate Market statistics each month.

Open House in West Kelowna – 2285 Bridgeview Road

Join Quincy Vrecko and Associates at our open house this weekend at 2285 Bridgeview Road in West Kelowna.

You do not want to miss out on this spectacular listing located in the community of Lakeview Heights

Open House in Lakeview Heights, West Kelowna this Saturday April 8th, 2017 1-4PM hosted by Geoff Hall
  • 4 Bedrooms
  • Great Family Home
  • 3 Bathrooms featuring 4 piece ensuite
  • Over 3600 square feet of living space
  • Double attached garage with 6 uncovered parking spots
  • Large lot, 0.33 acres
  • Lakeview
  • Walk out Rancher
  • Listed at $949,000.00

For more information on this open house, contact Quincy Vrecko at Quincy Vrecko and Associates 250-863-8810 today! 

Lake View Homes in Kelowna

428 Audubon Court – Previously Listed with Quincy Vrecko and Associates

There are amazing views in the Okanagan valley of our mountains and lakes. Some of the most spectacular are right here in Kelowna as we benefit from the Okanagan Lake making a 90-degree turn in the Lower Mission. Many lake view homes are situated to take advantage of this and have spectacular views.  Here are a few neighbourhoods to consider if your dream is to have an amazing lake view lot or home.

Kettle Valley and Upper Mission

Back during its first years of development, this neighbourhood was awarded the best community in all of Canada. Homes along Quilchena Drive, in particular, have absolutely stunning 180-degree lake views. Some of these homes look directly north up Okanagan Lake towards Fintry which is visible over 35 km in the distance.

New neighbourhoods on the South Slope of Upper Mission also provide a great selection of newer lake view homes. These include the neighbourhoods around Kuipers Peak Park off of South Ridge Drive and new subdivisions in The Ponds and Trestle Ridge developments. This higher bench is being steadily built out with lake view lots available in phase 3 of Trestle Ridge this summer 2017.

Wilden, Clifton & McKinley

Just north of Kelowna along the lake is a beautiful and peaceful neighbourhood at McKinley Landing. This neighbourhood follows a lake view bench and features many new and older homes on spectacular lake view properties.  Not too long ago McKinley Landing was thought to be a bedroom community but now with Wilden being developed between that neighbourhood and the city centre, it feels less and less remote.

Wilden has a big project underway with thousands of homes planned in its community. New lake view homes in the Rocky Point Drive area will be spectacular. Many of these are at the very top of the ridge looking west. You can visit the website to see an example of this incredible new subdivision. It defines what many moving to the Okanagan from the lower mainland or Alberta are looking for. These of course are all new lake view building lots.

One last mention of Lakeview homes in West Kelowna is the Lakeview Heights and Rose Valley areas. Lakeview Heights is an older Kelowna neighbourhood where a large number of these beautiful properties are getting updated and renovated. They offer quite possibly the best views of Kelowna as they look North East on the downtown.  Over on Horizon Drive and the West Lake Road neighbourhoods are a number of excellent streets with lake view homes. This area is more established and has amazing views,  one of our favourites is Scott Crescent.

Mount Boucherie

Across the lake on the slopes of Mount Boucherie facing south towards the Mission is another neighbourhood features new lake view lots and lake view homes. This is in the neighbourhood of Mission Hills Winery and features many properties and customs homes over $1 million. Some lake view homes along Vineyard Drive, Pinot Noir, Ridge Blvd and Vineyard Estates have an incredible view of Okanagan Lake and Okanagan Mountain Park due south.

There are lots of options to choose from and if you are interested in finding the perfect lake view home, call the expert himself, Quincy Vrecko at Quincy Vrecko and Associates 1-250-863-8810!