Kelowna Real Estate Neighbourhood Spotlight: Glenmore

Almost exactly 130 years ago, a settler by the name of Frederick Brent rode up to the arid hills of the Okanagan Valley and staked his claim near Mill Creek in an area he and the other settlers would call ‘Dry Valley.’  Today, we call it Glenmore, one of the most-loved neighborhoods in Kelowna real estate.

What’s to love? Let’s explore what drew settlers here, and why so many families choose to live in Glenmore now.


Big beginnings

Photo Courtesy of Glenmore Ellison Improvement District

With only about 12 inches of rain, homesteaders discovered the Glenmore valley was best used for cattle ranching and logging. By 1905, powerful development corporations saw another purpose for the Mill Creek area: growing fruit. The Mission and East Kelowna are other areas where this was true. Fortunately, there were also dozens of wealthy eastern Canadians only too happy to buy an orchard-sized parcel with the belief that money grew on trees in the Okanagan.  Advertisements at the time promised “good roads, good people, good schools, telephone, electric light, and daily mail” (Source: Glenmore Ellison Improvement District). All still true today, and then some.

Over the years, as irrigation ventures went forth, fruit blossomed and families grew. Glenmore became the beloved Kelowna real estate district it is today. Find undulating hills, traces of orchards, thickets of trees and beautiful Kelowna properties featuring homes that compliment the valley landscape. 


Where exactly is Glenmore?

The Glenmore Valley Community Association has a great breakdown of the boundaries for this lovely neighborhood.

North: McKinley Road west to Glenmore Road

South: Corner of Gordon Drive & Bernard Avenue; east on Bernard Avenue to Spall Road

East: Corner of Bernard Avenue & Spall Road to Summit Drive, along the base of Dilworth Mountain to Rifle Road/Longhill Road intersection, then to Mail Road/Reynolds Road intersection to the west of University Way and west of Quail Ridge neighborhood.

West: Intersection of Glenmore Road & McKinley Road, south along Glenmore Highlands Ridge (including Wilden Estates) to intersection of Clifton Road & Cara Glen Way, southeast of Magic Estates and Knox Mtn. to the west end of Royal Pine Drive & Royal View Court, along Royal View Court to Mt Royal Drive, down the embankment to Gordon Drive, then south to Bernard Avenue.


What are some of the features and amenities Glenmore residents love most?

1. Great schools: Bankhead Elementary, Dr. Knox Middle School, Glenmore Elementary, North Glenmore Elementary, Watson Road Elementary.

UBC-Okanagan isn’t technically within Glenmore boundaries. Given its incredibly close proximity, it would only take you a few minutes (on foot or by car) to get there. 

2.  Great golf. Two of the valley’s most renowned courses fall within Glenmore district’s boundaries: The Quail Course at Okanagan Golf Club, and the Kelowna Golf and Country Club.

3. Attractions. If you love to hike, bike or walk, you won’t have to go far. The treasured Knox Mountain Park, which rewards you with stunning views from the peak, and Brandt’s Creek Linear Pathway are both found within Glenmore.

If you love to travel, you’ll love being just minutes away from the Kelowna International Airport. Thanks to development in the area around the airport, Glenmore is now also home to some fantastic restaurants, hotels, and stores. 


What kind of properties will you find in Glenmore?

Glenmore

 

Glenmore offers city amenities closeby surrounded by beautiful countryside landscape and a range of properties to choose from. This includes condos coveted by students, family homes, hobby farms, and luxury estates. If you’re looking for a Kelowna home in these categories certainly put Glenmore at the top of your list.  

 

Are you in the market for the perfect home and the perfect neighborhood? Let the Kelowna real estate experts at  Quincy Vrecko & Associates help you discover the area and the home that suits your lifestyle. 1-778-760-2860

Coffee with Quincy Vrecko: Meet our Luxury Real Estate Agent

As the selling and listing agent for the kind of luxury real estate Kelowna’s wealthiest covet, Quincy Vrecko spends a lot of time driving to stunning properties. You might be surprised by his vehicle and neighbourhood of choice.

 

How does a national gymnast become an award-winning Kelowna luxury real estate agent? Where does he live? What does he drive? Find out in this instalment of Coffee with Quincy Vrecko.   


Q: I understand you were quite the athlete growing up. What was your sport and how did the life influence you?

A: I was a national level gymnast. I competed nationally. I think it taught me dedication, drive, not taking no for an answer. It’s really influenced who I am today. My father was my coach. He was a national level gymnast too and that was my life growing up because he ran gymnastics clubs.


Q: How did retiring from gymnastics lead you into selling luxury real estate, focusing on that market segment in particular?

A: I’ve always sold high-end things. I understand the buyer and the cycle. While working at the BMW dealership here in Kelowna and I thought there was a need for it. I saw how luxury real estate was being sold and I thought there was an opportunity to provide an elevated experience specifically for that segment. 


Q: What is that buyer really like? What stereotypes could we dispel?

A: A lot of times they are Type A and they like to win, and a lot of the time they’ve been working really hard all their lives and this is the big payoff—getting into a luxury home in the Okanagan.  


Q: Given your background in luxury auto sales, and that you spend a lot of time driving around to viewings and to meet clients, what do you drive?

A: I drive a Fisker Karma EcoChic (a rare luxury electric vehicle). I wanted something different, but from an environmental aspect, being a realtor, I really enjoy the fact that we are leaving a very small footprint on the environment. This car will travel about 80 kilometres a day on pure electricity. So, it’s a nice thing to have because we do spend a lot of time in our cars. (Other eco-friendly features include reclaimed wood dashboard, man-made suede seats and a solar panel roof).

I’ve driven everything—Porsches, Lamborghinis and Ferraris—and I wouldn’t choose anything else. It’s got great torque

(For all the gearheads out there, the Karma does 60 miles per hour in 7.9 seconds and features a fairly impressive 960 pounds per square foot of torque. The Fisker Karma was designed by Henrik Fisker, the legendary designer of the BMW Z8, and two Aston Martins.) 


Q: You and your car pull up regularly to the most beautiful homes in the valley. How did you find your home, and how do you stay there?

A: To me, it’s all about the community and the neighbourhood. And the yard, because we spend a lot of time outside with our kids. We really wanted a pool but the view wasn’t as important. For us, it was really about the neighbourhood. Tracey and I used to move every two years before we had kids. We’ve stayed in the same home in the Lower Mission for eight years now because we think it’s important for the kids to grow up in a family home.


Q: What kinds of things do you and your family do when you’re not at home? 

A: We’re pretty outdoorsy people. We like to go camping, snowboarding, wakeboarding. Spending time with our boys. They’re six and eight-year-old so it’s really important to make time for them. 


Q: Where do you like to go out for meals in Kelowna? 

A: One of my favourite’s is Krafty’s (KRAFTY kitchen + bar). I like the atmosphere and the food.  I like BNA (Brewing Co. and Eatery). The El Dorado is nice too. Sometimes I just like going to Creekside for wings with my friends. I’m a big proponent of supporting local businesses.


Q: You’re also a big proponent of giving back to the community. Can you talk a little about that?

A: I help with coaching gymnastics every once in a while when something big is coming up. Last December Tracey and I sponsored Sensitive Santa, which gave kids with Autism Spectrum Disorder (ASD) a chance to sit on Santa’s knee and have their picture taken when the mall was closed, in a calm environment. We have a six-year-old who is non-verbal autistic so that was really meaningful for us.

 

Are you in the market for an honest and reliable professional Realtor® who specializes in the Kelowna luxury real estate market? There’s one name, and one number: Quincy Vrecko. 250-863-8810.

How the Toronto, Vancouver and Kelowna Real Estate Markets Compare

Following the steep curve of its cousins in Vancouver and Toronto, in April the Kelowna real estate market smashed its all-time residential sales record.

 

While Calgary, and Alberta in general, is seeing home prices and demand fall, and fall hard, three Canadian cities are on an upswing with seemingly no end in sight. Here is a closer look at what’s happing in the Toronto, Vancouver and Kelowna Real Estate markets.


The market:Kelowna Real Estate (Moving like it’s 2007)

What’s happening: At the beginning of 2016, industry experts predicted BC would see a flood in home sales. They were wrong. The increase in home sales in Kelowna has been a landslide with no end in sight.

In fact, according to a recent Okanagan Mainline Real Estate Board (OMREB) report, April saw an all-time record of residential sales with 1,069 sales posted to the Multiple Listing Service (MLS®). The previous record took place in May 2007, when 1,015 unit sales were recorded. 

Sales are up, and so are prices: The average MLS® residential price was up 13.4 per cent to $459,595 compared to April 2015.

What’s driving the storm of activity in the Kelowna real estate market? Part of it can be attributed to the fallout of Alberta’s oil slump, low interest rates and locals, and out-priced buyers. Buyers are coming from the Lower Mainland and beyond to make the dive for more affordable housing.

What the market means for sellers: Without question, any Kelowna realtor will tell you this is a good time to be a seller. 

“Record consumer demand combined with the fewest active residential listings since 2007 has created sellers’ market conditions in many neighbourhoods and across most home types,” says Anthony Bastiaanssen, OMREB president and active Realtor®. “This imbalance is leading to upward pressure on home prices in the region.”

What the market means for buyers: Fewer options for higher priced homes means buyers set on making a purchase this summer could pay a little more to get into the right home, and they may have to act a little more quickly. As the potential for bidding wars rises, it’ll be all the more important to have a professional Realtor® who understands Kelowna real estate guiding the process to help ensure sound decisions.


The market: Vancouver Real Estate (Still Riding an Enormous Wave)

What’s happening: Reports from the real estate board in Vancouver also shows gains rarely seen before. In March, Vancouver’s benchmark price spiked 23.2 per cent compared to the same month last year. Many industry experts suggest there’s a bit of a panic-buying bubble happening here. This phase, as a Maclean’s article suggests, often sees people “throwing caution to the wind” so they don’t miss out on investment opportunities. Hence the cycle of more demand and higher prices.

What that means for sellers: Yeah, this is a seller’s market. So far, rising prices and increased demand (with sales growth outpacing new listings) hasn’t cooled things down. Instead, prices simply continue to go up.

What that means for buyers: Higher prices than you might have hoped for and considering other neighbourhoods. Having a real estate agent who knows what’s for sale before it’s listed is key.


The market: Toronto (Welcome to the Jungle)

What’s happening: It takes homebuyers months, or seconds, to land their home. They have to consider other neighbourhoods, or stay where they are and renovate. Especially if they’d been hoping of upsizing into a detached home. Finding and finalizing the paperwork on ‘the right home’ requires the luck of lotteries, alignments of stars, first and second-born sons…

Needless to say, home prices are still soaring (benchmark prices here recently spiked 11.6 per cent compared last March). While more condos are being added to the market, detached homes in desirable neighbourhoods are still diamonds in the rough.

What that means for sellers: Toronto sellers, many of whom are skipping out of Ontario to buy Kelowna real estate (exchanging their townhomes for luxury homes), also have the upper hand, often with a stack of offers to choose from within hours of going on the market. 

What that means for buyers: Good luck! And with your professional real estate agent, bring a very, very big down payment.

 

Are you looking to take advantage of the times and sell or invest in Kelowna real estate? Make sure you’re getting sound advice backed by results and testimonials of buyers and sellers like you. Find a Kelowna realtor you can trust at Quincy Vrecko & Associates. Call 1-250-863-8810.

Home Improvement: 4 Projects to Add Value to Kelowna Real Estate

When you’re getting rid to list your home among the Kelowna houses for sale, consider a reno project that will not only add value, but make your home stand out.

 

If you’re thinking of adding your address to the mix of Kelowna houses for sale, there couldn’t be a better time to take on home improvement projects that will help your listing garner top dollar. 

It’s spring, and that almost always means the Kelowna real estate market is buzzing, but this year is already seeing near-record activity. It’s also the time of year when taking on some of the most impactful improvements is much easier. 

So, how can you really add value and make your property stand out on the block? 

1. Kitchen

The Great Spaces! Kitchen Add Value


Let’s face it, this is the room where families spend the most time. Particularly the member of the family who tends to wear the oven mitts…and the pants, so to speak.

By renovating your kitchen to appeal to the cook, he or she will fall in love with the house if for no other reason. And he or she will barely open the double oven before they’ll be saying, “Phil, I want this house.”

If you’ve got a good bit of capital to invest in this pre-sale reno, consider new:

  • Stainless steel appliances, including a gas range, double oven and silent dishwasher
  • Cupboards in a colour that keeps the kitchen feeling warm and bright
  • Countertops. Have you ever heard anyone say, “Shoot, the countertops are granite”? If marble’s not quite in the budget, an update of any kind will definitely be noticed during viewings. 

If you’ve really got some money to spend, consider having a contractor knock down a wall to open up the kitchen and create the highly coveted ‘open concept’ so many buyers are looking for in Kelowna houses for sale.

Repainting or refacing existing cupboards, and the walls, as well as updating the lighting will go a long way if you don’t have the budget for a total overhaul!


2. Extra bathroom

Shuswap Add Value


Does your house have five bedrooms, but only one-and-a-half baths? What if we told you increasing the number of bathrooms, or even remodelling the basement bathroom that’s more like a closet could garner huge returns? The fact is, discerning homebuyers appreciate the convenience of multiple bathrooms close by. Try to get the number of bathrooms close to the number of bedrooms.

Simply being able to increase the number of bathrooms in the features section of your listing will draw more eyes, and you’re apt to see a return of between 80 and 100 per cent on your investment!


3. Beautiful deck

Add Value


Where Alberta homeowners have to have garages, Okanagan residents have to have great backyards. Specifically, a great deck.

A new decking surface—whether you choose wood, composite, or concrete—will instantly revitalize your outdoor area. Considered a third room here because people spend several months of the year outdoors. For the most part, though, homeowners really want something that’s maintenance free, so keep that in mind when you’re looking into decking options. 

Other additions, from gazebos and greenery to glass railings and lighting will only heighten the appeal.

If the buyer isn’t already picturing themselves unpacking in your house, they’ll definitely be seeing themselves lounging right there in that last stream of afternoon sun. 


4. An extra…attic/loft/office/

Add Value


Do you have a dead zone in your home that could be converted into a usable and appealing place? This would also help your home stand out and increase the square footage of your home. Consider overlooked nooks in the basement or attic that—with a little flooring, some walls and staged furniture—could pose as an extra study, studio or guest suite. 

Unique and unexpected little rooms such as this give your home a differentiating factor among ‘comps’ in your neighbourhood! “You know, honey, the one with the A-frame attic that could be your office.”

Whatever types of remodels you choose to invest in for your Kelowna real estate, whatever the neighbourhood, be sure to keep the style consistent throughout your home. A magazine-worthy ultra modern kitchen with imported Italian tile backsplash won’t do you near as many favours if the adjoining living room is still in the nineties with dusty rose wallpaper.

 

Are you ready to add your home to the mix of Kelowna houses for sale? Expert advice from professional Realtors® at the outset helps ensure you receive the best price for your home. Call the Quincy Vrekco & Associates team. Call 250-863-8810.

5 Luxury Real Estate Bathroom Trends We Love

When it comes to Bathroom Trends in luxury real estate properties, opulence knows no boundaries.

 

It’s the place where you escape, wind down, wash up, begin or end your day. Your bathroom requires extravagance, and why not, in this room that is yours alone, indulge in some eccentricities? From gardens and marble to curtains and seating, here are five luxury real estate bathroom trends we love this season.


1. Letting the outdoors in

Bathroom Trends
Photo by Fratantoni Luxury Estates

Bathrooms tend to be the one room in the house (save for laundry rooms) that feel closed off from the outdoors, even if there are windows and natural light. In part, that’s because bedrooms and living areas tend to be reserved for the sides of the home that can face and open up to the outdoors.

But we say, why not bring the garden in?! Here in the Okanagan, much of the luxury real estate Kelowna residents covet overlooks the lake and/or vineyards, and if you’re the type of person who takes long soaks, why wouldn’t you want to bask in the sun and these views at the same time?

We love luxurious bathrooms appointed with expansive windows so you can enjoy the serenity of your property in this peaceful setting.

Looking to take in the waters times two? Read our post Luxury Real Estate: 4 Hottest Waterfront Areas in Kelowna. 


2. Textiles, lots of textiles

Bathroom Trends
Photo by STUDIOMINT –

Nothing says opulence like seeing fabrics in unlikely places, like the bathroom above. Yards and yards of ceiling-dropped curtains surrounding this stand-alone soaker tub give this ladies room an air of fantasy and romance.

Be sure to choose light fabrics that will dry quickly should they get wet. We love how the sheer white curtains in the photo above add texture while keeping this contemporary room feeling light and airy. 


3. Lavish sofas

Bathroom Trends
Photo by Fratantoni Luxury Estates – Discover Mediterranean bathroom design ideas 

The bathroom might be one of the last places you’d expect to see a bone-colored Italian leather sofa, which is why we love it so much!

Just think, if family or guests can find you and think you’re in the tub, they’ll leave you alone, perhaps for the better part of an hour! It’s the perfect place to hide away with a novel, a mud mask and a glass of wine! Or your partner can catch up on the events of the day while putting his feet up on the sofa as you have a soak in your marble-clad tub.

For the same reasons, we also love the sitting area in this stately bathroom.

Bathroom Trends
Photo by Robeson Design


4. Wall-to-wall Carrera marble

Bathroom Trends
Photo by Dig For Victory Limited 

It exudes the ritz of a palatial hotel. It garners the compliments of compliments. It’s timeless. Carrera marble—floor to ceiling as it is in this luxury real estate bathroom, and hand-picked from the quarry in Italy—harkens an era of Roman splendor. Does your designer speak Italian? 


5. The return of the sauna

Bathroom Trends
Photo by Prestige Saunas Ltd

After its resounding popularity and then fall in the 1980s, the home sauna is back. Both the technology and the design have evolved to create saunas that are infinitely more clean, easy to maintain and offer a lasting, decadent natural beauty. Why make the trek to the club for a sauna when you can simply open the door to your ensuite? Be sure to tell your builder you want enough room for at least two people, or make it even more expansive for group use in a guest bathroom and/or pool house bathroom.

 

Now that you have ideas about your dream bathroom, let’s find your dream home in the Okanagan. The professional Realtors® at Quincy Vrecko & Associates specialize in helping buyers discover the kind of luxury real estate Kelowna’s wealthiest covet for good reason. Call 250-863-8810.

Listing Kelowna Real Estate? The 5 Biggest Mistakes Sellers Make

While de-cluttering is one of the most impactful actions a seller can take, leaving a home too empty can also hurt deals. Read our Kelowna real estate team’s expert advice on the handful of big mistakes so many sellers make.

 

You’ve been thinking about it for months and now the time has come to put your house up for sale. With the Kelowna real estate market at a high, it’s a good time to be a seller, and yet there are always ways you can improve how much your house sells for, and how quickly.

If you want to increase the likelihood of strong offers, do everything you can to avoid these five Biggest Mistakes sellers often make.


1. Hiring an agent who is a friend of a friend of a friend….instead of a professional

Yes, the bookkeeper’s husband’s sister is a real estate agent, part-time, in Lumby. However, when it comes to selling Kelowna real estate, it’s more important to hire a professional Realtor® with a strong reputation as a listing agent than someone you know.

Agents who do this full-time in the same community have a strong understanding of the market: the home prices, the buyers, the days most homes spend on market. Accordingly, they plan a strategy to help sell your home for more money in less time. They work with your best interests in mind, and dig in around the clock to make deals happen. 

Our post, 3 Things to Look for in a Listing Realtor® makes the case for securing an established professional with a strong track record.


2. Keeping too much stuff

Imagine if Mr. & Mrs. Perfectbuyer had a showing at your house—located in the neighbourhood they really want and listed exactly within their price range. But the living room toy box was overflowing with monster trucks and dolls; the kitchen countertops, while clean, were stacked with cookbooks, spices and bowls; plastic containers took up almost every step on the carpet in bedrooms. Their Kelowna real estate agent already knows what they’ll say: “It feels cluttered.”

Cluttered spaces feel smaller, and there’s no room to imagine yourself and your things in the space. While it might seem like a hassle to clean for showings and pack well before the move, if your home felt light, airy and spacious, it just might sell sooner, and for a lot more money. Trust us, de-cluttering pays.


3. Keeping not enough stuff

The only thing worse than a cluttered house (or a house in disrepair; see mistake #4), is an empty house. When there is absolutely no furniture in a home, it feels barren and cold. And it takes some imagination on the part of the homebuyer to see the space for what it could be. Unfortunately, most people have trouble with this part.

If you have to move your home long before it sells, either leave enough pieces of key furniture to give it life, or, better yet, enlist the help of a professional home stager. Stagers choose neutral, contemporary pieces that best suit the home and appeal to homebuyers. It’s a small investment that almost always garners a big reward.


4. Forgoing repairs and curb appeal

You might not know it, but among people looking at Kelowna houses for sale, your house will earn a name, either something like, ‘the really cute one with the blue door near downtown’ or ‘the one with the bad roof and broken door near downtown.’  

Too often, keen sellers forgo even basic repairs because they just want that ‘FOR SALE’ sign up. Unfortunately, this tends to have the opposite effect: the house sits and sits and sits. And the longer it’s on the market, the less equity you’re likely to leave with.

A professional cleaning inside, a paint job on the exterior, a few weekends of pulling weeds and planting, and the work of a handyman on broken cupboards or doors would make a more positive impression on your home’s next residents. If you’re considering selling, we’ve got a great post on how to boost your home’s curb appeal with lots of great tips.


5. Using terrible photos

Think about it: What connects you to a home, makes you want to drive over there right now? Is it the price? The description? The specs? No. It’s the photos. Humans develop emotional connections through imagery. Humans also tend to do a lot of their research about Kelowna properties online.

If you really want to reel in buyers and help them fall in love with your home, you need to show it in its best light with high quality photos. Serious agents use professional equipment and/or professional photographers—another small investment that yields big returns.

 

Are you considering selling your home? Discover the difference it makes to have a professional Realtor with an outstanding track record on your side. Call the Quincy Vrecko Kelowna real estate team. 1-778-760-2860.

The Big Smoke or Napa of the North

More and more Toronto ~nians are giving up sky-high condos and property prices to enjoy the lifestyle and luxury real estate of Kelowna. Is there really a comparison?

 

For years, people across western Canada have been migrating to the Okanagan. So much so you could even stop someone on Water Street and say, ‘Are you from Alberta or Vancouver?’ But in recent months, our Kelowna luxury real estate agents have been taking relocation calls from another breed of homebuyer: the Torontonian.

Why are more and more people heading west, all the way from Toronto to Kelowna?  Those who call Kelowna home could spend all day listing the reasons why we’d never live anywhere else. For everyone else, here is a comparison of Toronto and Kelowna.

 SUN

Kelowna: Sees 2,000+ hours of sunshine every year

Toronto: Sees smog, and variations of grey, dirty and slushy, for about 358 days of the year.

 BEACHES

Kelowna: Has 30+ beaches

Toronto:  Has a neighborhood called The Beaches and a polluted Lake Ontario. One report suggests the pollution in and treatment of Lake Ontario (near Toronto) is amongst the worst in Ontario.

 DRIVE TIME

Kelowna: Takes 15 minutes to get to the international airport, and five minutes to get through security.

Toronto: Takes two hours to get to the airport, your firstborn son in exchange for parking, and one hour to get through security.

 TRANSPORTATION

Kelowna: Offers nearly 300 kilometers of on-street bicycle lanes and 40 kilometers of separate paved multi-use paths. Plus 18 trestle bridges you can ride on.

Toronto: Offers sidewalks, a nice little subway system that’s great when it’s functioning as well as tracks used by charming, boisterous traffic-jamming streetcars.

 WEATHER

Kelowna: Cools off with the lake and mountain air.

Toronto: Cools off with air-conditioning. A lot of air-conditioning. So that you don’t have to go outside and breathe in the smog for two months.

 NICKNAMES

Kelowna: Nicknames: Orchard City, Napa of the North (did we mention the 28 wineries?)

Toronto: Nicknames: Hogtown, The Big Smoke, TO.

 REAL ESTATE

Kelowna: For $840,000 you can buy a 3,500 square feet four-bedroom home with a pool on the Upper Mission. In the Kelowna luxury real estate market, $1.9 million would bring you into a stunning five-bedroom, 4,400 square feet Lower Mission home with vineyard and Okanagan Lake views.

Toronto: For about $650,000 (plus a $500/month maintenance fee) you might be able to afford a two-bedroom, 800 square feet condo downtown.

 

Kelowna: Increasing demand and migration (partly spawned by Alberta’s oil slump) has created pressure on the market, especially when it comes to lakeview luxury real estate, but with a professional agent who knows the market on your side, you still have a good shot at finding your dream home for a fair price without needing a double bypass in the process.

Toronto: With bidding wars, bullying and outlandish over-asking-price offers, the real estate market in Toronto is a veritable jungle (in March, sales jumped 16.2 percent; the average price rose 12.1 percent compared to the same month last year.) 

Still wondering why you’re living in Toronto?

 

Are you considering the move from Ontario to the Okanagan? And now that you’re switching from the GTA to central Kelowna, you’re able to explore luxury real estate options? Trust the professional Realtors® at Quincy Vrecko, specializing in high-end homes in Kelowna’s most desirable neighborhoods. Call 250-863-8810.

May Kelowna Market Insights

In March 2015, five $1 million+ homes were sold in the region; in March 2016, that number was 27!

 

If March home sales are even a slight indication of things to come in May

The Okanagan real estate and Kelowna luxury real estate markets will be just as hot as spring’s record-breaking temperatures. prices are up, days on market down and rising competition for the best luxury properties. Buyers and sellers alike are wondering what’s driving the spike in sales? 

In its March press release, the Okanagan Mainline Real Estate Board (OMREB) said the local real estate market is more than gaining momentum. 

“Home sales were exceptionally strong in March,” said Anthony Bastiaanssen, OMREB president and an active local Realtor®. “The spring housing market is now shaping up to be one of the most active on record.”

Across the valley, 847 residential properties were sold last month—the valley’s second strongest March on record (home sales reached a record 892 units in March 2007). When it comes to luxury properties, the number of home sales more than quadrupled: In March 2015, five $1 million+ homes were sold in the region; in March 2016, that number was 27!

In the central zone—Peachland to Lake Country: 

  • Transactions of all property types were up 24 percent to 636 units. Compared to March 2015, which saw 513 units sold. February 2016 saw 447 units sold. 
  • The average MLS® residential price was up 9.6 percent. 


What’s driving the boom? 

1. Migration from the Lower Mainland, the Prairies, and Ontario.

With its fair weather, extended outdoor activity seasons and breathtaking views, the Okanagan has always been a choice place to live. In 2015, despite, and perhaps as a result of Alberta’s oil slump, Canada’s housing market had an incredibly strong year. A trend forecasted to continue in 2016 and particularly so for BC. Laid-off oilpatch executives are converting vacation homes into primary residences and oilfield workers are now migrating to BC for work.

Learn more in our post How is Alberta’s Oil Slump Increasing Kelowna Luxury Real Estate Prices?

2. Record-breaking temperatures

In the world of luxury real estate, spring is always a busy time as discerning homebuyers wait for the snow to melt to travel to other cities for viewings, where they’ll be able to see just how the estate—its master landscaping, dock, beachfront, and views—will look during the season they’ll want to make the most of their Okanagan home. 

This year, however, spring came early not just in the Okanagan, but across the west. Many cities are breaking records with temperatures in the mid-twenties. This gave the ‘spring rush’ in real estate an early start.

3. Rock-bottom interest rates

The Bank of Canada, as of mid-April, elected to cut its benchmark lending rate to just 0.5 percent, in part to help stimulate the economy. While homebuyers in the market for Kelowna luxury real estate tend not to have mortgages, there can be a domino effect on inventory when owners of ‘average’ homes are able to upgrade.

What does the booming market mean for luxury buyers and sellers? 

According to OMREB, with active listings on the MLS® were down nearly 19 percent from a year ago, there’s now more upward pressure on the market, particularly in the luxury market, where inventory is already sparse. 

“Market conditions are now favoring home sellers in many neighborhoods, and, as a result, competition is increasing for the best properties,” said Bastiaanssen.

Are you ready to invest in luxury real estate in Kelowna? Want to take advantage of market conditions to sell your property? Trust the real estate professionals who specialize in buying and selling $1 million+ properties. Call Quincy Vrecko & Associates at 250-863-8810.

What to Recycle When You Couple Up into Kelowna Real Estate

So, you two lovebirds found the perfect piece of Kelowna real estate for your love nest. Now, where are you going to put everything?

 

So you’ve said, “I do,” or maybe just, “Let’s try this living together thing.” And somewhere between looking at Kelowna houses for sale and experiencing the romance of sharing dishes, laundry, cooking, yard work, and grocery shopping in your dream home…you’re thinking about the marriage of your things. 

If you’ve ever seen one of those de-cluttering shows, you know there are three simple paths to managing ‘stuff’ so you can say goodbye to the unnecessary and make room for the keepers. Here, then, are your three piles and your path to cohabitating happiness in all sizes of Kelowna properties.


What to Keep 

You’re used to having that whole closet to yourself.  Maybe two of them. Now, though, in that beautiful piece of Kelowna real estate you now own together, it’s time to pare down and pair up. Here is a guide to the big things you can definitely justify keeping:

  • The original record collection
  • Skis, snowboards, skates—any expensive sports gear you’ve used in the last two years (see rollerblades in the next list)
  • Heirloom gifts, no matter how gaudy, because you just have to


What to Recycle

Here’s a simple rule: If you haven’t used it or loved it in the last three months, let it go—to the garbage (if you have to) or better yet, a charity store. These items are likely to include:

  • VHS players
  • Video games
  • Origami folded notes from high school
  • Copies of Cosmo and Seventeen
  • Smelly tweed vintage winter coats from your year as a hippie
  • Photos of you and your exes, photos of you topless at Peachfest, photos of you and Santa when you were 23
  • Stuffies you played with when you were six
  • Track and field ribbons they have to give you in elementary school
  • Rollerblades
  • Cheap, broken or threadbare tents and any other camping gear that once belonged to your grandpa
  • The long abandoned three-drawer plastic craft storage centre
  • The bridesmaid dresses you said you’d vacuum in

Really, anything from before college can go. 


What to Sell or Store

His sports cards. The baseball cards. The hockey cards. The jerseys. She says there’s no room, you say you collected these for years. They’re worth something. You’re not just going to throw them away. Fair enough. 

A happy medium for non-music collections typical and eccentric alike in homes with not quite enough storage, is to sell or store. That way the collector doesn’t feel like they have to simply throw away this part of growing up (which may or may not be worth something), but it also won’t infringe on limited space in the home. 

If you’re up for selling rather than storing, you can use the funds for something cool and grown-up for both of you to enjoy in the new house, such as a beverage fridge or even a hot tub! 

Her DIY projects (gone wrong). She probably had a phase when she thought it was fun to go garage sales and charity shops, fix up old dressers and night stands and then decorate the place with them. Except half went unfinished, knob-less or unusable with drawers that don’t actually open (which was fine before you started looking at Kelowna real estate and discovered the joy of cupboards that spring open and closed with ease). Or you’re over the shabby chic look and want something more contemporary, more gender neutral. Kijiji it. All of it.

You probably finding Mr. or Mrs. Right was going to be the tricky part, but perhaps you’ve found a house you love that three other couples are also ogling over. Check out our post A Kelowna Realtor®’s 6 Tips for Winning a Bidding War.

 

Are you and your special someone still in the house-hunting phase? Trust the professional Realtors® who know Kelowna real estate, style and the needs of couples and first-time homebuyers. Call Quincy Vrecko & Associates now. 1-250-863-8810.

A Kelowna Realtor®’s 6 Tips for Winning a Bidding War

And here you are, you and your Realtor® have found your dream home…ready, set, b – and, there’s another offer. What now? Panic. Bidding War. Just kidding – keep reading.

 

It happened. You and your Kelowna Realtor® have found your dream home. It has the perfect number of bedrooms, a beautiful kitchen, it’s in your budget, and it just so happens to be located in one of your favourite neighbourhoods. It couldn’t be any more perfect. Except that four other (questionably evil) couples feel the same way, and they’re all about to put in an offer – pause for dramatic effect.

You never know how much you really want something, until you find out someone else wants it too. Especially a home! (kind of like being back in kindergarten and someone takes the toy you want – parents, you get this reference). Yet the prospect of a bidding war leaves you feeling more anxious than excited. What if I don’t bid high enough? What if we don’t get it and we never find another house like it? What if we do get it and we’ve paid too much?

In the current Kelowna real estate market, which is experiencing near-record sales, competition is getting steep among certain types of homes and in certain neighbourhoods. Bidding wars could be on the horizon (dun-dun-dun).

Fortunately for you, with a professional sales agent (ahem, Quincy Vrecko & Associates) on your side and a few tricks up your sleeve – you sneaky thing you – you can increase the chances of being the one who gets the house. 

How to Win The Epic Bidding War

1. Bills will do

Money talks – how do you think Donald Trump got his wife? Not exactly a house, but you get the point – so, if you can’t convince them, confuse them…with money. In English this time, if you can show that you can pay cash and don’t even need a mortgage, a seller probably won’t think twice about accepting your offer because they know it’s a sure thing. Investors who buy and sell properties for a living have access to this kind of capital. For many families, however, that’s not always realistic. If that’s the case for you, follow steps 2-5.

2. Go to the bank or a lender for pre-approval

In the absence that you didn’t rob a bank and don’t have a bag full of bills (which, we strongly recommend against doing), be sure to get pre-approval from your bank or a lender. This tells the seller you’re not only serious, but you’ve got the funds at the ready and the deal is less likely to fall through.

A good rule of thumb is to do this long before you even start looking at houses in the Kelowna real estate market, never mind fall in love with one. That’s because if something isn’t quite right with your credit or you need to reduce your debt, you’ve got a bit of time to get finances in shape, paperwork in order, and meet your bank or lender’s requirements.

3. Get a bigger down payment together

A strong down payment is another promising sign that you’re a desirable buyer: You’ve got money. In Canada, federal rules state home buyers must have a minimum down payment of at least 5 per cent of the home purchase price (if the house price is between $500,000 and $999,999 the minimum down payment required is 15 per cent of the home purchase price).

So, if five per cent or 15 per cent is the minimum required, what if you got 20 per cent together? A down payment of that size will help put you in the running with said ‘evil couples’ offering cash. 

4. Make a really strong offer

If this is the house you love and will forever regret missing if things go sideways, what’s $5,000? If you think there’s a chance your home will be in a bidding war, don’t even think about lowball offers. You might not get a second chance to come back with a higher offer. So go on, play hard ball! 

Consult with your Kelowna Realtor® about the best approach, based on comparable recent home sales in the neighbourhood. Your awesomely professional agent will offer their expertise and the voice of reason when your heart has already moved the family, dog, cat, and hamster in. 

5. Make your name stand out

Are you the family that wrote the letter? …about how you fell in love with the lilac bushes and the tire swing out front, just like you had as wee child. This sounds like something out of a movie, eh? Writing a letter to the seller about why you were so drawn to the home. Write about how you’ll take care of it makes you not just stand out from other buyers. This makes your offer human (yep – you’re not just a money robot) and therefore (fingers crossed) harder to resist. 

Another way to set your offer apart is to say you can be flexible with the seller’s timeline. Do they want to be out in two weeks, or stay for two months? Whatever it is, if this is your dream home, tell them you’ll find a way to make it work. Look at you, you accommodating thing you.

 

Are you looking for your dream home in a market with not enough inventory and too much interest? Be sure you’re making smart decisions with the expert guidance of a professional Kelowna Realtor® from Quincy Vrecko & Associates. Call our office now. 1-250-863-8810.