2021 Big White Real Estate Market

, ,

The 2021 Real Estate market has been like never before, and the prices of homes have experienced a huge jump overall with some of the lowest inventory we have seen. Big White is no exception to this shift, and what we can expect to see as a result of this crazy market!

Big White real estate market QVA

How has the Big White Market Changed in 2021?

Before the pandemic, Big White had a very balanced market, I would even say it was a buyer’s market. Due to COVID, Big White sales have started to explode and that has caused inventory to dry up.

 

 

 

What has caused this shift in the 2021 Big White Real Estate Market?

 

  • The Rental Market is Hot 

Many factors have contributed to the shift we are seeing in the 2021 Big White market. The pandemic has caused many of the people who currently own Big White properties to rethink listing in the current climate. Since Big White is a winter recreational resort, they are usually secondary properties and tend to bring in great rental income, especially now that the rent has gone up due to more people staying local and travel has become less frequent.

Big White Condo #201 - 80 Kettle View Road

  • Out of Town Buyers

Another major factor in the low inventory is a high number of out-of-town buyers that are ‘safe-haven’ buying. Big white is a great place to self-isolate and offers guaranteed rental income. The pandemic has caused interest rates to go down, and that has a huge effect on the movement of Big White properties as well.

  • Low-Interest Rate

Because the interest rate is so low right now, it is making recreation properties more serviceable in terms of debt load, and this is causing buyers from all over a jump on the opportunity!

  • Small Market

Big White has always been a smaller market and it is a great selling point. A lot of people buy at Big White because it provides a great feeling of community, has some of the best Ski-in & Ski-out properties, and is close to major cities. Big white being a small resort has caused it to be very reactionary to the changes we have been seeing in the 2021 Real Estate Market overall.

How do you think Big White will continue to be affected?

Big White has always been a more affordable option in the Okanagan, but recently it has exceeded the last market peak in 2008. In the past 8 to 10 years, there hasn’t been much development, and I predict this will change in the next 2 to 5 years.

Prices at  Big White are back up but there have not been any new builds, meaning no new inventory has been added to the market in almost a decade! That sounds like an untapped opportunity. I think you can expect to see new developments and expansion at Big White.

 

 

Luxury Home Sales in the Current Real Estate Market

, ,

The current real estate market in the Okanagan is booming and at an all-time high. Following the largest luxury home sale in Okanagan, we asked our luxury expert Quincy Vrecko what this means for luxury homes.

1570 Antler Court QVA luxury Front of houseQuincy, in your opinion, how is the current market affecting luxury home sales?

The average day on the market has dropped substantially, so instead of luxury homes taking perhaps a year to sell, they’re selling within 3 or 4 months. This is because there is a lot more pent-up demand. Because of that demand, we’ve seen prices notch up, and we’re also seeing multiple offers situations which is something we haven’t seen in the luxury market before.

4-180 Sheerwater-Quincy Vrecko Kelowna Luxury Real Estate

With this high demand, what are the key things people look for in a luxury home?

The first thing people look for is lake views, that’s a big one. Swimming pools are also a big point for people coming from Alberta or the Lower Mainland. Additionally, people look for a three-car garage, privacy, and of course like anything else: location. Those are the biggest key factors in the search for a luxury home. Of course, the finish and quality of the build, a reputable builder, and similar homes surrounding them is really what defines that luxury market.

Where is that market coming from? Local? Out of town?

Right now, the biggest push we’re seeing for luxury home sales has been from the Lower Mainland, where people have been able to sell their homes for a fair bit of money, which allows them more freedom coming up to the Okanagan. In the last 2 months, we’ve also seen a push coming from Alberta, which hasn’t happened in quite some time because of the slowing of their economy. But with the housing market doing quite well in Alberta and the housing market doing well in the Lower Mainland, this is what I call the perfect trifecta: We’ve got 2 large markets, with populations of 4 to 5 million, feeding into the Kelowna market driving the values up.

147 Upper Canyon Drive Quincy Vrecko Kelowna Luxury Real EstateWhat do you think is the future of luxury home sales?

The future of luxury home sales, from a listing point of view, is strongly affected by things getting more technologically advanced. Virtual reality and 3D have been playing a huge role in today’s market. Not just because of COVID-19, but because the buyers are becoming savvier, and more comfortable with technology. Floor plans and layouts are a very big drive in the luxury market right now. Going forward, as far as the luxury market goes, waterfront is going to be a big push. As they’re not making any more, people’s options and choices are very limited. And, like everything else, it’s going to be about the location, lake views, the fit and finish and automation of the homes, and garage space, and that’s what’s going to continue to drive that luxury market in the future. When it comes to where people are going to be coming from, I think we’re still going to see a very strong push from the Lower Mainland.

We’re seeing Alberta, as I mentioned, but we’re also seeing Toronto starting to push this market, whether it be vacation homes or retirement homes. With everything that’s happened in the world, with COVID-19, people’s habits and how they’re working have changed. This has allowed people the freedom to move from these larger centers to smaller centers such as Kelowna, as they don’t have to go to an office and they can work from home.

Lots and New Builds in the Current Real Estate Market

The current real estate market has been anything but quiet, things are moving fast. But what does this mean for lots and new builds? We asked some questions to our lot and new build expert Chris Ward, who recently celebrated 30 years with RE/MAX. His expertise shone some light on this confusing yet exciting market.

 

Tell me about the differences you’ve noticed in this 2020-2021 real estate market when it comes to lots and new builds.

Last year, in 2020, lots were stagnant and inventory levels were not tremendously affected. With the advent of COVID-19, particularly this year, inventory levels of existing homes increased and the focus was turned towards building lots, and they started to disappear at a tremendous rate. Right now, anything that is finished is probably sold or has an offer on it.

 

If lots are going so fast, how does this affect new builds?

The challenge for the builders, because of COVID and a variety of other manufacturing issues, is that lumber is up 140%. Everything tin related such as furnaces are up 30%. Lumber and building supplies escalation clauses are being put in place in purchase agreements. This is a significant change and slows building down. Because of the increased cost, we haven’t seen homes come onto the market quite as quickly as the lot sales indicate, but they’re coming.

 

When should we be able to see the new builds from these lot sales?

I would say probably in the fall. It usually takes 6 to 8 months to build a 2500sqft house, depending on where you’re at. So, if lots have sold in March, they’ll be ready by the end of the year. We should see lots of new home products, finished products, on the market towards the end of the year and the beginning of next year.

 

In your opinion, was it a better investment to build yourself in the past compared to today?

Good question, because everything went up, houses are selling over the listing price, so what does that mean for new builds? New builds go in at a fixed cost, so probably will still be the same. There are times in the market when existing is cheaper than built, and there are times when built isn’t necessarily cheaper but there’s more of them available. I’ve been selling new products since around 1991. In 2003-2005, I was getting builders to buy lots, selling houses out of a catalog. Because at the time you could find lots.

 

What else has surprised you in the current real estate market?

In January we had a 30-lot subdivision for sale with only 3 deals on them. Now, they’re all sold, buts it’s mostly due to out-of-town builders. The market for the Okanagan became much more widespread than it was before. We used to get 6% of buyers from the coast, now the numbers from the lower mainland have surged, and along with them came the builders. Lots of different trends have happened, not since the start of COVID, but mostly since the start of this year. 2020 was not that affected, we still had good inventory levels. It all happened in 2021, I think because COVID has settled in and people don’t really see an end in sight, so they’re changing their focus.

 

What would be your advice for people looking to buy a lot and build in this market?

I still think it’s a really good idea. What you do have to understand is that you might not be able to get a definitive price, and if you’re a high ratio buyer, that’s not a safe place to be. If you have 20% down, it’s a really good place to be. But you do need patience because they’re having a hard time getting supplies, it won’t be finished for months. What used to take 8 months now can take 10 to 12. So as long as you’re not in a rush and have a place to stay, you’re good to go!

Relocating to Kelowna: Getting to Know the Neighborhood

In this market, many are considering relocating to Kelowna. Relocating is an exciting and uncertain time, with so much unfamiliarity coming your way, preparation is key. We spoke to Drew Irvine, our Wilden Luxury specialist, on the most exciting neighborhoods of Kelowna and what they can bring to your dream Okanagan lifestyle.

 

Drew, tell us about the most sought-after neighborhoods and what makes them ideal for relocation to the Okanagan?

Okanagan living is like no other. With sunshine and endless activities, choosing the right neighborhood for you is of most importance. Wilden is absolutely one of the most sought-after neighborhoods in Kelowna, with its modern homes, incredible lake views, and ideal location. Quite similar is the neighborhood of High Pointe in the lower Glenmore area. In South Kelowna, Kettle Valley and Lower Mission are also great options. On the other side of the bridge, the Mission Hill Winery area is beautiful and boasts amazing views. All these neighborhoods have great locations, beautiful homes and are close to all amenities.

 

 

You specialize in Wilden Luxury homes, what makes this neighborhood so special?

Wilden is known for its amazing city, valley and lake views, and luxurious homes. Most of the homes are brand new construction or built in the last 5 years, which means no renovations are required and these homes are move-in ready. Additionally, they often feature great outdoor living spaces and inground pools.  Wilden also has a really great, quiet community. The location is more than ideal, about halfway in between downtown Kelowna and the airport. With a 10-minute drive to the yacht club, Wilden is the best way to have stunning views in a quiet area and still be close to the lake and cultural center. Not to mention the amazing hiking trails and golf courses nearby. It’s an ideal neighborhood for someone looking to enjoy the Okanagan lifestyle.

 

Speaking of the Okanagan lifestyle, tell us more about it and how Wilden caters to it?

Of course, the Okanagan lifestyle is known for its amazing weather. For example, Toronto summers in comparison are extremely sticky and humid, making the heat unbearable. Kelowna summers are dry, long, and pleasant. Perfect for enjoying the lake and patios. Winters are shorter and much milder than the rest of Canada, and if you’re looking to enjoy some winter activities, Big White Ski Resort is a short way away. In the Okanagan Valley, you’re also avoiding all the Vancouver rain. Additionally, Kelowna is growing and developing some amazing areas. Downtown is becoming a great cultural center. Kelowna General Hospital is an amazing teaching hospital, which recently included a heart center. This is a great thing to have right in your city. Relocating to Kelowna brings you the perfect blend of city living and quiet nature. With its beaches, hiking trails, golf courses, wineries, patios, and tons of beautiful neighborhoods to choose from. Wilden brings all of that together and adds luxury to the blend. With these turn-key modern properties, you’re ready to move in and start enjoying the lifestyle right away!

Relocating to Kelowna

, ,

Relocating is one of the most stressful things we can do, leaving a safe and familiar place for something new and uncertain is something we all struggle with. There are many benefits to moving to Kelowna but the transition can be strenuous.  When considering a move there is a long list of things to consider. Let’s walk through some of the most asked questions when relocating to Kelowna.

Always ask the question the “The Three P’s”:

People: When looking for a new place to call home, it is a good idea to consider not only who will be living there but also any visitors. If you are someone that has plenty of families it is best to look for homes with a little extra space or maybe a carriage home!

Pets: Do you have any pets that are making the move with you? if so, the realtor needs to be aware of this as this will be search criteria. If you need a yard, this will shift your search to single-family residential and away from strata properties.

Parking: How many cars do you have? Any toys? These are all great things to know as it is a factor in deciding if your new home is the right fit for you!

When moving cities, provinces, or countries, it is very hard to get the timing of the sale of your home and the possession of your new home to line up. Figuring out your timeline before you commit to the move is very important and can save you a fortune!

 

Having an experienced, local realtor is extremely important. You are going to want someone who knows the area and can fit your lifestyle with your neighborhood.  If you are looking for an active, social lifestyle then a more central location is going to be your go-to but if you want a more retirement and residential lifestyle, Lower Mission or Glenmore would be a great fit. These are all things that make using a Kelowna Realtor so important when relocating to Kelowna.

Hiring a real estate company’s relocation expert can take the sting out of many details involved in the transition and bring better solutions at a faster pace than if you try to relocate on your own.

 

Contact us for more information on relocating to Kelowna.

2021 Real Estate Market in Kelowna

Yes, the current real estate market is red hot, but what does that mean to you as a buyer or as a seller? What are your options? How do you navigate this crazy market to make it work for you?

The state of Real Estate: This real estate series is an inside look and professional advice on what the heck is going on in this 2021 market! The current real estate market is certainly interesting and unpredictable. The Kelowna real estate market is changing on a daily basis and is proving to be frustrating for both buyers and sellers. Where common catchphrases of this past year include the “new normal” and “social distancing”, in the real estate world, these phrases are “multiple offers” and “seller’s market”. However, one common phrase they both have in common …unprecedented.

 

“The New Normal”

How is this “new normal” changing the face of real estate as we know it? We reach out to each team member at Quincy Vrecko and Associates to discuss their professional thoughts on every aspect of how the market is changing and their experience with the current real estate market.

 

In this series we will cover:

• Multiple offers from the perspective of the buyer and the seller
• Relocating to Kelowna
• New home construction and lot sales
• Luxury housing market
• Condominiums and townhouses

 

Over the last year, the pandemic brought some unexpected changes. What was about to happen following the lockdown was clearly unpredictable to even to the best of those in the know. In March 2020, CMHC forecasted an 18% decrease in property values and warned of a crash in the real estate market.

What a difference a year makes…

Fast forward to March 2021 and the current real estate market is registering record-breaking sales week after week. With the average price of single-family homes hitting an astonishing $900 000 sellers are in the driver’s seat and buyers are being left in the dust.

 

Sellers

As a seller, while the market is in your favor, you should not just have anyone representing your largest investment. Setting up the listing for success is the key to realizing the top dollar for your home. Photos and virtual tours are key tools to present your home not only with restrictions due to Covid but to a large number of out-of-town buyers. Currently, out-of-town buyers make up 41% of our overall homebuyers in the Okanagan.

 

Buyers

If you are a buyer in this market, it is more important than ever to have proper representation. An experienced agent on your side making sure you have the upper hand at securing a property over other bidders. An experienced agent with a strong connection will give you the upper hand in getting you in the right home at the right place.

 

 

 

 

Check-in each week as we discuss topics related to the current real estate market situation and answer questions from buyers and sellers. We look to the experience and expertise of the team members at Quincy Vrecko and Associates, one of the top teams for Re/MAX Kelowna. Every team member will offer their advice and suggestions on how to stay sane in this truly crazy real estate market.

Cozy Decorating Tips – A Guide to Staying Warm this Winter

, ,

Stay warm this winter

As the cold air creeps in and winter coats become a necessity being cozy is what we are all striving for. We have some great ways to add comfort and warmth to your home this Holiday Season. With the recent snowfall, it is evident that the blankets and hot chocolate have made their debut this past weekend! Here is your guide to staying warm during this cold spell.

  1. Layer up Rugs

We layer our sweaters and blankets during the cold season so why not layer up the rugs as well! Whether you have hardwood, laminate, or tile, layering up on rugs is a great way to keep your feet cozy as well as adding great texture, color, and warmth to any room.

 

 

Bring on the Blankets

Adding blankets to any room will make it feel cozy and warm. Add a wicker basket to the corner of your couch in your family room with multiple blankets and your guests instantly have a way to cozy up while they are over for a cup of hot cocoa over this Holiday Season!

 

 

Add a Reading Corner

Do you have that corner in your home that you can’t figure what to use it for? We’ve got you covered! Add a big comfy chair, a table and a lamp and voila you’ve got yourself a nice reading corner. Cozy up in the morning with a nice cup of coffee, bring over your favorite book and you may have your new favorite spot in the house!

 

Try Dark Colours

Accent walls are a great way to add to a room. Try dark charcoal or dark brown as an accent wall behind your bed in your room and instantly add a cozy feeling. Just make sure you use lighter fixtures such as white end tables or a light grey headboard so it doesn’t make the room feel too dark.

 

Start your Fire!

This is one that people tend to forget… You add all the cozy fixtures in your home such as blankets, throw pillows, and rugs but you forget that simply lighting the fire will instantly make your home feel cozy and add warmth on those cold winter days. If you don’t have a fireplace, lighting a Holiday scented candle will do the trick!

Now your home is nice and cozy for the wintertime and you are thinking of putting it on the market. Contact our knowledgeable professionals of Quincy Vrecko and Associates who are here to guide you through the ins and out of Real Estate, call Tracey Vrecko at 250-575-6448 today!

Charlene | Staying in Kelowna

Charlene Kelowna Realtor

Why have you stayed in Kelowna all these years?

I’ve stayed in Kelowna all these years because this is home to me. This is where my family is, this is where I grew up, where I went to school, where I raised my daughter, where I am my happiest.

Why do you love Kelowna?

I love everything about Kelowna but the thing I love most is the weather! I love that we have 4 distinct seasons each beautiful its own way!

 

Charlene top Kelowna Realtor

What do you like to do in Kelowna?

My favorite things to do in Kelowna are going to Rocket’s games, going to the Actor’s Studio, and walking along the many beaches.

This is home

My love for Kelowna is deep-rooted and I can’t imagine living anywhere else!

Move to Kelowna From Saskatchewan

, ,

Move to Kelowna From Saskatchewan

Why did you move to Kelowna from Saskatchewan?

I first started thinking about the move when my partner, Landon and I were just sitting in our freezing car in the middle of January on a -45-degree morning. We sat there complaining about how awful it was and decided we couldn’t do another winter like this. That started our journey to B.C. I wasn’t set on any particular city, I just knew I loved this province and it was where I wanted to start planting roots. As we did our research on the major cities in B.C., Kelowna became an obvious choice. It had everything, endless outdoor adventures, opportunity and it wasn’t too big. Five months later we had everything we owned strapped to our car and we hit the road!

 

What do you love about Kelowna?

Kelowna never ceases to amaze me. Every day I drive by Gyro Beach and I still pull over to admire the view. It is such a breathtaking city. The mountains, the lake, I could stare at them all day. I thought when I left Sask (Land of the Living Skies) I would miss the sunsets but the Okanagan has not let me down if anything they are even better because you can hike any one of the amazing mountains around Kelowna and REALLY see the gorgeous sunsets from a perspective I had back home.   

What do you like to do in Kelowna?

The outdoor lifestyle is huge here in Kelowna. One of my favorite places is Cedar Creek, it’s a beautiful beach but also a dog park which makes it my go-to with my two dogs. The water is so clear and it’s the best place to catch the sunset. Since I have been in Kelowna, I have been on too many hikes to count and I am always finding new ones to add to the list. My next adventure is to conquer the skill of snowboarding this upcoming season! 

What do you miss about your hometown?

The only thing I miss about Sask is my family and friends, I left everyone when I moved to Kelowna. It was a big change to go from a huge family to not knowing anyone other than Landon, don’t get me wrong it has been so much fun meeting new people and figuring out who I want to be out here but my family will always keep me tied to Saskatchewan. Well, at least until I can convince them to move out here too!

Since making the move to Kelowna I have not looked back since. Not only do I live in one of the most beautiful places, but I also feel like I belong here. I have had so many great opportunities since and I know there are many more waiting for me. I am so excited about my future here in the great OK.

Moving To Kelowna | Our Team

Moving to Kelowna

vineard with lakeview Quincy Vrecko Luxury Real Estate

The Kelowna real estate market is hot as the area is attracting new residents moving to Kelowna. The Okanagan offers a lifestyle like no other making Kelowna a very attractive place to live. This 4 seasons playground has it all:

  • Skiing
  • Boating
  • Hiking
  • Award-winning golf courses
  • Vineyards and wineries
  • Incredible restaurants
    Just to name a few!

 

In this blog series, we highlight every member of our team at Quincy Vrecko and Associates and why we love to call Kelowna home. These Kelowna realtors have moved to Kelowna from all over Canada including Quebec, Ontario, Manitoba, Saskatchewan, and other cities in BC. And can you guess which one was born and raised right here in Kelowna?

Follow our August blog series to find out where our team members are from and why they all chose to call this incredible city home.

 

 

If you are thinking of moving to Kelowna, the Quincy Vrecko and Associates website has valuable information to get to know the different

Kelowna Relocation Guide Quincy Vrecko Kelowna Real Estate

areas.

  • Download our Kelowna Relocation guide. This guide highlights the Kelowna lifestyle with listings of wineries and golf courses and the best of Kelowna.
  • Explore what each great neighborhood in Kelowna, West Kelowna, and Peachland has to offer with our Neighborhoods page.
  • Questions about what to expect when buying a home in Kelowna, check out our FAQ page. Or hop onto our Live Chat where one of our agents is waiting to answer any questions.
  • Browse our listing of homes for sale. We have everything from condos and townhouses, family homes for sale, retirement communities to luxury properties, and waterfront homes for sale. Whether you are moving to Kelowna soon or just dreaming for the future, these listings are definitely worth checking out.

 

Meet the team of top real estate agents in About us. Our team of professional real estate agents have a wealth of knowledge and can make moving to Kelowna a great experience.

Find a connection with one of our team members and start your search.