Kelowna Housing Statistics May 2017

Kelowna housing market statistics

As of May 26, 2017 there are currently 114 properties for sale in Kelowna listed as active, with an average Kelowna housing asking price of $552,729. The highest-priced property is $1,895,000; the lowest priced property can be purchased for $125,000.

Kelowna neighbourhood listings have an average price of $342 per square foot, based on listings with 2.6 bedrooms, 2.6 baths, and 1,637 square feet of living space.

Contact Quincy Vrecko and Associates for more info.

Kelowna Housing

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Downtown Kelowna Revitalization

Kelowna’s luxury real estate market may be our main focus. We like to keep our fingers on the pulse of all developments in the city that we call home! That leads us to a really exciting bit of recent news… The continuing revitalization of Kelowna’s downtown core.

REVITALIZATION WRAPPING UP

Kelowna’s $14-million revitalization project Bernard Avenue completed earlier this year. Bernard Ave is known as downtown Kelowna’s “Main Street” attracting locals & tourists. The City of Kelowna has turned its attention to Ellis Street, between Bernard Avenue and the library parkade (just past Doyle Avenue).

revitalization

UPCOMING REVITALIZATION

Kelowna City Council gave its backing to the Ellis Street Corridor Plan last month. We will see this area of the street become more aesthetically pleasing, more friendly to pedestrians & cyclists. The street has new sidewalks and bike lanes included in the plans.

The Ellis Street Corridor Plan will see new trees, left-turn lanes, Urban Braille to aid the visually impaired and much more. The Ellis Street Corridor Plan will be completed in phases over a number of years, similar to the recent Bernard Ave project.

The timing of this project is excellent with several new buildings in the works. We are expecting to see the Innovation Centre, Interior Health Authority and an expansion to the library parkade with retail space. And that’s just the beginning. Several other exciting projects are in the works for the Ellis Street area. This all comes on the back of a strong period of development for downtown. The downtown core has seen everything from luxury condos to the construction of Stuart Park.

Homeowners within the Ellis Street Corridor Plan area will no doubt be very happy with the planned projects. Property values are likely to increase in what is already a very attractive area! We’re fans of the lovely Abbott Street area just a short distance from downtown. Abbott Street is home to wonderful luxury Kelowna waterfront real estate if this is what you’re looking for.

It is such an exciting time to live in Kelowna! If you’re in the market for a luxury Kelowna home, or you have any questions about the city, please contact us.

 

New Downtown Kelowna Innovation Centre

There are presently a number of fantastic developments in the works for Kelowna. As realtors, the team at Quincy Vrecko and Associates (RE/MAX Downtown Kelowna) tend to keep a close eye on these things. The future is certainly looking bright for our city including the development of The Innovation Centre.

 

CITY CAPITAL PROJECTS

From the new Kelowna Yacht Club to the construction of a new open-air market (among many other things), there’s currently a bit of a boom in Kelowna real estate developments. Even the City of Kelowna is on the action as they have earmarked $50 million for capital projects this year.

 

INNOVATION CENTRE

Recent development news saw Kelowna City Council give the go-ahead for the construction of a new roughly 106,000 sqft building in the downtown core. The Innovation Centre will be at the intersection of Ellis St. and Doyle Ave. Located adjacent to the architecturally stunning Okanagan Regional Library The Innovation Centre promises to be magnificent in its own right. It’s going to be another great addition to downtown Kelowna and to the burgeoning technology industry.

 

The multi-story Innovation Centre building is intended to facilitate growth in the Okanagan’s ever-growing tech industry. It will encourage entrepreneurialship by providing space for startups, non-profits, and members of the public. In addition, the Okanagan Centre for Innovation will feature a number of market commercial units. All of this is thanks to the Kelowna Innovation Society!

 

Construction will start later this year with completion slate for early 2016 on the high-tech $35-million Innovation Centre building.

 

Now is certainly a great time to invest in the real estate market in Kelowna, particularly the downtown area as new developments are sure to strengthen property values in the years to come.

 

For photos, visit OkanaganInnovation.com.

Innovation Centre

 

Innovation Centre

5 Must-Do Summer Activities in Kelowna

KELOWNA SUMMER ACTIVITIES

At Quincy Vrecko and Associates, we love Kelowna! Summer or winter, there’s always fun activities to be had as Kelowna really is a city for all seasons.

With summer in full-swing, we thought we’d take a look at 5 must-do summer activities in Kelowna. This list represents a great sampling of the many adventures that await you in Kelowna for both residents or tourists…

summerThe Beach

Given Kelowna’s hot weather, beautiful lake and excellent beaches, this one might seem obvious! Given all the other stuff going on in town, it’s easy to miss your beach going opportunities! Be sure to schedule an afternoon at one of Kelowna’s beaches this summer. If you’re feeling really adventurous, have a swim in the lake too. Don’t forget your sunscreen!

Myra Canyon Trestles

Offering incredible views, the trestles and trails in Myra Canyon Park are sure to win you over. Myra Canyon Park provides beauty, recreational opportunities and a chance to get acquainted with some important local history. Plan an afternoon excursion to the trestles for a particularly great hot summer day. The elevation and foliage make them a cooler escape from the heat of the city.

Kasugai Japanese Garden

A delightful, peaceful space in the heart of Kelowna’s downtown. Grab a book and pencil in an hour or two at Kasugai. The garden has many shady spots offering a cool respite from the hot Okanagan sun and a relaxing retreat from city life.

The Cultural District

Visit Kelowna’s burgeoning cultural district. This area features theatres, galleries, boutique stores, cafes, restaurants, pubs, an array of beautiful public spaces and more.

 

mission hill-Quincy Vrecko Luxury Real estateWine Tour

Kelowna has many excellent local wineries. Reserve a day this summer for a wine tour! This is a great way to relax and enjoy the local vino. Many of the local tour companies offer excellent guided tours with knowledge on Kelowna history and wines. Best of all, you can enjoy your wine and the views freely as someone chauffeurs you and your friends through the breathtaking landscapes.

 

Check out our Relocation Guide for more information on the fun summer activities and attractions here in Kelowna.

Kelowna Recreational Property Sales Stay Strong

Recreational Property

Few places are as wonderful as the Okanagan in the summertime. With beautiful lakes, shady mountains, and plenty of sunshine, it’s no wonder that tourists frequently decide that they want to stay or invest in a vacation home after only a few short weeks, or days, in our backyard.

Recent figures from RE/MAX show that the listings and sales of recreational properties are on the rise across the country and we anticipate the trend to continue for the rest of the year. In particular, the stats show that more young families are using the equity in their primary residence to fund the purchase of a vacation home while older Canadians are purchasing vacation homes with the intention of transitioning to their recreation property full-time upon retirement. Of course, advancements in technology also allow people to spend the entire summer at their vacation home without compromising work, thanks to emails, Skype, and other digital technologies.

Here in the Central Okanagan, demand for recreational properties has always been fairly strong, but recent trends show an even bigger boost to the market thanks in large part to our Albertan neighbours. This strong real estate market presents an excellent opportunity for sellers as a well as home buyers and investors.

With some of the best weather in Canada and a lifestyle that many Canadians dream of, Kelowna is sure to become a popular location choice for retirees, young families, and those who have the enviable option of working remotely. Best of all, Kelowna International Airport continues to expand its offerings, giving residents and travellers an opportunity to “live here, work there” with little compromise.

Whether you are looking for a low-maintenance vacation condo or a luxury waterfront home, the team at Quincy Vrecko & Associates can help you find the Kelowna property of your dreams. Contact us today to learn more about this hotbed of real estate and see what we can do for you.

Recreational Property

QVA Win Silver in Best of Kelowna!

Win Silver

On Tuesday morning, the winners for the Best of Kelowna 2014 were announced on KelownaNow.com. Quincy Vrecko & Associates were thrilled to find that we have been awarded with a Silver Medal for Best Realtor or Real Estate team in the second annual competition!

The promotion has been going on for several weeks with a nomination period and then a couple of weeks for people to send in their votes. In total, the competition received 184,000 votes and we are so excited to be among the best that the great city of Kelowna has to offer.

Thank you to everyone who took the time to nominate and vote for us to Win Silver. Your support is the best vote of confidence that we could receive and we will continue to work hard for our clients so that next year, we can make it all the way to the top!

Thank you, Kelowna!

 

Win Silver

How to Price Your Home for Sale

HOME VALUE

Evaluating your home value can be done in several ways. You will want to work with your realtor to asses the other houses in the neighborhood. Review the selling prices of recently sold homes, and take into account any necessary or new upgrades. Listed below are important things to take into consideration when pricing your home to sell:

    • Ask a realtor for advice and a home evaluation.

      home value

      • Realtors provide an essential service to help you on your quest of selling or buying your home. They have expert advice and a deep understanding of the current real estate market. More importantly, they have access to specific housing information that is not provided to the public. This is why working with a realtor is more successful than selling your home on your own. For an introduction to market evaluations, check out our previous post: What is a Market Evaluation?

 

    • home valueMake sure the market timing is right.

      • You can find market reports online through the Okanagan Mainline Real Estate Board. These can give you an idea of whether home sales are strong or weak and if you should consider waiting before you sell. Be sure to go over these stats with your realtor as they can explain discrepancies, such as weak home sales due to a lack of inventory.

 

    • home valueFind out what the housing demand is in your area.

      • If your neighbor’s home has been on the market for a while, the demand in your area may be low and you will need to price it accordingly if you want a quick sale.
      • Find out is it is a buyer’s market or a seller’s market. If there are way more homes for sale than there are buyers you will need a good strategy – and a good price – to sell.

 

    • home valueSee what is trending.

      • Check to see if your neighborhood is up and coming or maybe has a bad image. These things can greatly affect the demand from potential buyers. Do some online research and ask a realtor for current trends in your area. If your neighborhood is in demand, you may be able to get a better price for your property.

 

    • home valueMake necessary upgrades before you list.

      • Today’s home buyers are savvy researchers who have been educated by the internet and endless amounts of real estate TV shows. They will pick your home apart and try to drive the cost down on things that need to be upgraded. Kitchens and bathrooms are the main selling features of every home, so if you are going to invest in upgrades do them in there.

Consider trying strategic pricing. For example, if the houses in your neighborhood are dropping in price by 2% per month, and you would like to sell your home in 2 months, then drop your price at the start 4% lower. This way you will not have to drop the price over time and have a competitive edge. Pricing your home incorrectly will cost you extra money so contact Quincy Vrecko and Associates and take advantage of our expert advice.

Kelowna to Spend $50 Million on Capital Projects in 2014

Capital Projects

Kelowna is starting to boom once again! The 2008 recession had halted many development projects but recently we are seeing a spectacular turnaround. This also means that we are seeing many large, noticeable capital projects taking shape, including a new bridge on Lakeshore Road – particularly great news for those in the lower and upper Mission neighbourhoods of Kelowna.

Over $50 million dollars will be spent on designing and constructing development projects throughout the city. The 2014 plans include upgrading existing infrastructure and the creation of new amenities.

Some of the major Capital Projects planned for 2014

  • Strathcona Park upgrades
  • Two new downtown parkades
  • New transit upgrades for the Queensway terminal
  • Lakeshore road bridge replacement
  • Kinsmen Park upgrades
  • Okanagan College transit upgrade
  • Finishing up the Bernard Avenue revitalization
  • Lakeshore Road upgrades that will increase the walkability and bikeability
  • An extension of a left-turn lane at Gordon Drive and Highway 97

Communication of Capital Projects construction plans will be posted on the City of Kelowna website and on their social media pages. It is recommended to check the updates regularly because of alternative traffic routes and developments that could affect your daily life.

Full descriptions and photos of developments and upgrades can be found here on the City of Kelowna website.

Kelowna Real Estate Report Growth

FEBRUARY 2014 Kelowna Real Estate Report

The Okanagan Mainline Real Estate Board has released the numbers for February 2014, and they are great! Sales are up, including big numbers for luxury real estate, where more than 20 listings over $1 million have sold already this year!

February

Whether you are looking for a low-maintenance vacation condo or a luxury waterfront home, the team at Quincy Vrecko & Associates can help you find the Kelowna property of your dreams. Contact us today to learn more about this hotbed of real estate and see what we can do for you.

Choosing between Kelowna neighborhoods

Kelowna is a community with character and a variety of sunny lifestyles to offer. How do you choose just one of our Kelowna neighborhoods when you start the search for your perfect home?

KELOWNA NEIGHBORHOODS

Kelowna neighborhoods
Kelowna North, or Downtown Kelowna

is an active cultural district situated centered between Okanagan Lake, Knox Mountain, Highway 97, and Gordon Drive. Downtown is a happening place replete with unique boutiques and places to eat. Find beautiful tree-lined avenues for relaxed recreation & amenities such as pharmacies and medical centers. Downtown is the place to be in the center of it all and to access everything that makes Kelowna a neat place to live.

Kelowna neighborhoodsThe Upper Mission, Knox Mountain, Glenmore, and Dilworth

are all Kelowna neighborhoods that provide a similar feeling of being out-of-the-way of the busyness of life. Simultaneously these areas only a hop, skip, and a jump from all of Kelowna’s major features. These neighborhoods each have a unique character, as well. Upper Mission is nestled among woods and walking trails. Find a mix of newer and older homes and not a single condo building in sight. Knox Mountain is great for hiking and is near the lake. There are popular swimming spots scattered among the arrowroot along the lower ridges. Glenmore is expansive and generously treed, with a sense of community that stems from its history. Glenmore has many self-contained amenities. Dilworth is a beautiful hillside district that boasts stunning views of Okanagan Lake. Black Mountain is a little further drive boasting similar area features.

Kelowna neighborhoodsThe Lower Mission, Kelowna South, and West Kelowna

all offer lakeside property, which can be a huge draw as it really is the pinnacle of Okanagan luxury living. These Kelowna neighborhoods are likely to retain or perhaps increase in value having seen huge and ongoing development. Each neighborhood has local shopping, restaurants, cafes, & services to offer its residents, making all of them excellent places to either live as a family or on your own.

Kelowna neighborhoodsSpringfield/Spall and Rutland

maintain a self-contained feeling making the areas feel like home within an urban setting. Other central Kelowna neighborhoods are only a refreshing bicycle ride away via the beautiful Mission Creek Greenway. These communities are older, more established areas. Everything you need for living is easily found within these districts, with opportunities for recreation and fun.

If you want to learn more, you can check out a video for each of the Kelowna neighborhoods.

Whichever of these diverse locations you choose, Kelowna has everything you could need and more. It is a stunning city that well represents British Columbia’s commitment to integrating modern, convenient living into a well-respected environment, and Kelowna’s recreational lifestyle makes it a fun and healthy choice for families everywhere. We know that you’ll find settling into any of our truly stellar Kelowna neighborhoods an exciting adventure to look back on for years to come.

If you have any real estate questions or need advice, please contact us we’d be happy to help!