Last year in the Okanagan, a luxury home sold for over 11% more than it was bought in the year previous, a sign of the times for Canadas fastest growing metropolitan area. As Vancouver suffers is affordability crisis, people are looking throughout B.C. to find alternatives for living. Whether its baby-boomer retiree’s looking to purchase luxury retirement or recreational properties, or the millennial crowd looking to establish themselves in an up-and-coming city with a flourishing tech job market, buyers are flocking to Kelowna.

Despite builders putting up more new homes than ever in Kelowna’s history, prices keep climbing, and show no indication of stopping any time soon. The unique circumstances Kelowna is enjoying make this a tremendous opportunity for anyone looking to purchase property in the Okanagan.

Unprecedented Opportunity

While housing sales in Vancouver have dropped an incredible 25% over the past year, as of July 2016, Central Okanagan has experienced an increase of sales of 51%. Not only this, but Kelowna is enjoying an unprecedented vacancy rate that between 0.5 and 1%, making Kelowna among the easiest cities in B.C. to find tenants. These unique circumstances mean that Kelowna is experiencing a huge market of baby-boomers buying luxury retirement and recreational homes years in advance of their actual retirement. They are taking advantage of skyrocketing prices, buying low, and renting their properties out to an enormous market of millennials displaced from Vancouver until they are ready to retire.

Not Stopping any Time Soon

From the low end of the market to the high, Kelowna is experiencing historically unprecedented increases in property value. A ‘perfect storm’ of circumstances have coalesced to provide buyers a unique opportunity to purchase property set to only skyrocket in value. Whether you’re ready to move now, or in a few years, the booming Okanagan tech industry and unbelievable vacancy rate essentially guarantees the extensive availability of renters at every price point to make that decision easier. If you’re looking to take advantage of the once-in-a-lifetime market conditions by purchasing a luxury home or recreational property, make the absolute most of your investment by ensuring you are guided by the industry authority on the Okanagan luxury real estate market, Quincy Vrekco.

Quincy Vrecko & Associates.

With more than 28 years of experience in luxury sales throughout the Okanagan, and over 60 million dollars in real estate sold, Quincy Vrecko and his team have the knowledge and experience to find you the property you’re looking for. Whether it’s rising value or incredible living you’re after, with Quincy and his team, you can rest easy knowing you’re guaranteed to find both. For more information on the incredible opportunities available in Kelowna and throughout the Okanagan, get in touch with Quincy Vrecko at 250-863-8810.

 

Near the southernmost tip of Kelowna, overlooking Okanagan Lake, exists the neighborhood of Upper Mission. A Residential area packed with schools and walking trails, making this area one of the most sought after in Kelowna. Upper Mission presents a world of opportunity for the discerning luxury home buyer looking for a home that works for any family. With easy access to downtown Kelowna, the beaches of Lake Okanagan, and all the incredible outdoor opportunities that British Columbia has to offer, Upper Mission offers something for every member of the family. For a perfect example of a luxury home in Upper Mission, let’s take a look at 437 Audubon Court in Kettle Valley, available from Quincy Vrecko Real Estate.

437 Audubon Court

Built in 2011, this 4 bedroom 5 bathroom luxury home provides warmth and style throughout its 4600 square feet.  Inside you’ll find an enormous, meticulously designed kitchen with top-of-the-line appliances including a beverage centre, wine fridge, and butler pantry. Downstairs features a media room with full wet bar, games room, dining area, and change room with pool access. Outside, you’ll find a double garage and driveway able to fit 4 vehicles. Glass doors lead from a dining room professionally designed for entertaining, into a backyard equipped with full-size saltwater pool. Enjoy the view of the valley your home backs onto as you kick back and relax with family and friends outside by the pool.

Kids can walk to and from school with ease living at 437 Audubon. Forgot your schoolwork at home? No problem, because your house is just minutes away! Kettle Valley Soccer Field and park is less than a 5 minute walk away. This makes life easy for families with active children. With a diverse range of parks within walking distance, it’s easy to live an active life in Upper Mission.

Quincy Vrecko – Luxury Real Estate Expert

Quincy Vrecko is an industry leader in the Kelowna Luxury Real Estate market. With more than 28 years of experience in luxury sales, you can trust Quincy as an authority on Luxury real estate in the Okanagan. Over 60 million dollars in real-estate sold year to date, Quincy Vrecko has the experience to find you the property you’re looking for. Whether it’s 437 Audubon, waterfront properties, luxury penthouses, or all other real estate needs in the Okanagan; if you want it or want it sold, Quincy and his team will get the job done.  Call 250-863-8810

The results are in. According to RE/MAX 2016 property reports, the values of waterfront properties in the Okanagan are appreciating. From the low end of the market to the high, property values are on the rise. This has led to the listing of several interesting properties, most notably 4 180 Sheerwater Court.

Kelowna Waterfront Property Paradise

Take a look at 4 180 Sheerwater Court

Currently listed at $10,500,000, this 2.5-acre estate is the pride of the Kelowna Waterfront. With over 11,000 square feet of living space, 5 bedrooms, 9 bathrooms, this luxury home does not disappoint. Other features include a 6 car garage, waterfront access with private beach, six outdoor living spaces, a full spa and outdoor movie theatre. Comparing these amenities to a property of the same value in Vancouver, you’ll find that you can access only a fraction of this luxury for the price. For the same investment in the Okanagan Valley, you can tap into rising property values and enjoy an incredible range of amenities and luxuries not available at this price-point in Vancouver.

Okanagan Valley – A Wise Investment

With impressive views of the beautiful heart of the Okanagan Valley, this Kelowna Waterfront home is a fantastic buy. Set only to appreciate in value as more and more buyers look beyond Vancouver for real estate investments, all signs indicate that an investment in Okanagan Waterfront property is a sound financial decision. As a corporate retreat, family home, or recreational property, there’s no limit to the ways that a property like 4 180 Sheerwater can provide a buyer value.

If you’re looking to maximize the return on your BC property investment, then look no further than 4 180 Sheerwater. The best example of all that Okanagan valley properties has to offer, get more for your dollar by investing outside of Vancouver on this Kelowna waterfront home. Set only to appreciate in value, and providing far more luxury, space, and convenience than equivalent Vancouver properties, it’s a sound financial decision that ought to be considered by anyone looking to invest in B.C. luxury property.

Quincy Vrecko –  Okanagan Property Authority

For information on Okanagan luxury properties, get in touch with Quincy Vrecko. Quincy is an established authority on Okanagan and Kelowna properties. He has his finger on the pulse of the Okanagan luxury property market. Whatever your needs, wants, or expectations in an Okanagan or Kelowna home, from the waterfront and beyond; Quincy will find a property that exceeds them. To find out more contact us:  Quincy Vrecko 250-863-8810 [email protected]

 Thinking of buying one of the Kelowna houses for sale? Get familiar with the Land Transfer Tax process first.

 

When you first began scouring listing after listing of Kelowna houses for sale, house-hunting was exhilarating. Now that you’ve found the perfect home, you’re on the other side—crunching numbers and filling out paperwork. Before you put in an offer, and especially if you’re a first-time homebuyer, one of the less-exciting areas you’ll want to do your homework on is ‘land transfer taxes.’ If you’re not familiar with that term, don’t worry. We’re here to break it down for you. 

What is land transfer tax? 

Land transfer tax, also referred to as property transfer tax, is a tax imposed by the government when purchasing one of the many Kelowna houses for sale. When you purchase a new home or piece of land that is registered at the Land Title Office, you’re required to pay the tax calculated on the sell price of the home or property.

Who pays land transfer tax?

The buyer is the party that’s responsible for paying this tax.

If I’m a first time buyer, am I required to pay land transfer tax?

Fortunately, there is an exemption for first time homebuyers. This exemption can either reduce or completely eliminate the amount of taxes owed. In order to qualify, you need to meet the following requirements:

• You’re a Canadian citizen or permanent resident
• You’ve lived in British Columbia for 12 consecutive months before purchasing a home, or you’ve filed two tax returns as a BC resident in the previous six years
• You’ve never owned your own home before
• You haven’t received a first time homebuyer’s exemption before 

To take advantage of the full exemption, the home you’re interested in purchasing must also meet a set of requirements. The property must:

• Have a BC address
• Be used as your principal residence
• Not have a purchase price greater than $475,000
• Be half an acre or smaller 

If the property doesn’t quite meet these requirements, you may be entitled to a partial exemption.

If I’m not exempt from this tax, how much will I owe?    

As of Feb. 16, 2016, the current property transfer tax rates are: 

• 1% on the first $200,000
• 2% on the remainder up to and including $2,000,000
• 3% on any remainder greater than $2,000,000 

Are there any other land transfer tax exemptions available to me when purchasing Kelowna houses for sale? 

Although there are quite a few exemptions available, many homebuyers don’t find that they apply. However, there is another common exemption, and that’s the Newly Built Home Exemption. This exemption applies to any new:

• home constructed on vacant land
• apartment in a new condo building
• manufactured home placed on vacant land 

The property must also: 

• Have a BC address
• Be used as your principal residence
• Not have a purchase price greater than $750,000
• Be half an acre or smaller

For a complete list of exemptions, check out the Government of B.C.’s website.

If you’re ready to take the plunge into homeownership, consider drawing up a monthly budget first. For tips on making a budget work for you, check out our previous post: 8 Ways to Make Your Budget Stick: Tips From a Kelowna Real Estate Team.

 

If you’re looking for a friendly and knowledgeable real estate agent who can guide you through the experience of buying your first home in the Kelowna area, contact the professionals at Quincy Vrecko and Associates. We’re passionate about what we do and would love to discuss what you value in a home. Call us today: 1-778-760-2860.     

If you’re thinking about downsizing from your Kelowna properties, consider these five helpful suggestions first.

 

There comes a time in everyone’s life when the thought of downsizing their Kelowna properties sounds appealing. Maybe the kids have finally flown the coop, or the landscaping and yard maintenance has become overwhelming. Whatever the reasons may be, there are a couple of the things you should seriously consider before downsizing. 

1. Take Your Time

Downsizing is a big decision. It’s a change you’ll likely only make once in your life, so there’s no need to rush it. Find a real estate agent you trust, make a list of the things you absolutely must have in a new home, and take your time checking out new places.  

Finding a new home that meets all the criteria on your list may take some time, but waiting to find it will help take away any negative feelings you may have about leaving your current home. 

2. Determine Your Financial Future

Another major reason for downsizing is finances. Get well acquainted with your finances, especially with what they’ll look like in the coming months and years. If you’re ready to retire, but haven’t saved up as much as you had hoped, downsizing can help. By selling your current home and moving into something smaller, you can tuck away the profits from the sale of your house for your retirement. 

If you’re having trouble sticking to your budget, check out our previous post for a little budget-friendly assistance: 8 Ways to Make Your Budget Stick: From a Kelowna Real Estate Team. 

3. Examine the Real Estate Market 

Do a little digging into the ebb and flow of the real estate market. Is now the right time to sell? Answer: Yes. Sales are up, and so are prices: The average MLS® residential price in Kelowna was up 13.4 per cent to $459,595 compared to April 2015. Interested in learning more? One of the professional sales agents at Quincy Vrecko & Associates would be happy to explain Kelowna’s current, and projected, real estate market trends. 

4. Switch it up

You’ve heard the saying, “the grass is greener on the other side” before, but you’ve never really put a lot of thought into it. If your home is on an acreage, but you’ve always wondered what city life would be like, this might be a great chance to find out. The easy access to things like culture, medical care, and fantastic restaurants and shopping boutiques might help your transition into a smaller home go smoother than anticipated. 

5. Make a Plan

Although staying in your current home may seem easier than packing everything up, that might not be the case. Think about things like the annual property tax and insurance, the maintenance required to keep the house in good shape, the frequent yard work in the summer, and the snow removal in the winter. 

If you’re unable to take care of these things, is there someone in your family that can help? If not, you should probably consider downsizing your Kelowna properties sooner rather than later. 

Are you ready to downsize your Kelowna properties now? Take advantage of years of experience and contact the Kelowna real estate experts at Quincy Vrecko & Associates. We’ll make sure you receive the best price for your home. Call 1-778-760-2860.