How Is Luxury Real Estate in Kelowna Affected by the Low Loonie?

The dropping loonie has caused a shift in the Kelowna luxury real estate market, with new types of investors showing interest as a result.

A low Canadian dollar and floundering oil prices have many people wondering what effect this is having on luxury real estate in Kelowna. While it’s true that Alberta oil fueled a fair bit of the high-end sales activity in the Okanagan before it crashed, current conditions have caused a shift in the market, rather than a halt.

Here is a look at some of the current trends our Kelowna realtors are noticing as a result of the dropping loonie.

1. Accelerated Retirement Plans

The recent slump in Alberta oil has affected many people. However, for those who are close to retirement and have banked sufficient wealth to invest in luxury real estate, the oil crash has provided them with the incentive to leave early.

For many, the thought of enduring another tumultuous boom-and-bust cycle is just too much. As a result, what was once a three-to-five-year retirement plan for some has turned into a one-year plan.

2. Foreign Investor Interest

While many Canadians might not view the sinking loonie as a good thing, there are many Americans (and other foreigners) interested in the opportunities available north of the 49th parallel in terms of:

  • Tourism
  • Real estate
  • Other investment opportunities 

The Okanagan already receives its fair share of foreign interest in real estate, but the cheap dollar could help fuel that even more.

3. Snowbirds Nesting at Home

When the loonie was hovering around (or above) parity in 2011-12, it was a good time for Canadian retirees to invest in vacation homes in places like Arizona. Not only was the price of real estate affordable, but the sky-high dollar made the cost of living there a lot less.

Fast-forward four short years and it’s the exact opposite. The exchange rate, which is sitting below the historic average of 72 cents, eats up a good chunk of our buying power. 

As a result, many of these Canadian retirees are looking to invest in luxury real estate in Kelowna and elsewhere in the Okanagan.

An Emphasis on Waterfront

Of the luxury properties in Kelowna, investors appear keen to invest in waterfront homes of late. Prime waterfront properties in the Okanagan (as well as properties with stunning views) tend to be a secure investment that holds their value.

Spillover from Vancouver

Vancouver real estate is red-hot at the moment. In a time when townhouses are selling for upwards of $1 million in some areas, residents are starting to look elsewhere.

If you happened to invest in Vancouver property before the market took off, you’d have a sizeable down payment towards luxury real estate in Kelowna once your home sells.

Are you looking to invest in luxury real estate in the Okanagan? At Quincy Vrecko & Associates, we have the experience and local knowledge to help you find high-end properties to suit your lifestyle. Call us to discuss your real estate goals.

5 Advantages of Listing Kelowna Houses for Sale in Winter

, ,

There are several surprising benefits to listing Kelowna houses for Sale in the Winter months.

Are you waiting until the weather improves to place your home on the Kelowna real estate market? You’re not alone in this way of thinking. However, when it comes to Kelowna houses for sale, there are several distinct advantages to listing in winter.

No matter what time of year it is, people are constantly looking for homes to buy. You might just be pleasantly surprised with the results if you list now instead of waiting until spring. Our Kelowna realtors are here to help explain why:

1. Winter Buyers Are Motivated Buyers

People generally don’t drive around in winter unless they have to. So if they’re out in the cold looking at Kelowna houses for sale, there’s a high probability that they’re serious about buying.

To avoid driving around unnecessarily, house shoppers around this time of year typically take more time to prepare. That means:

  • Researching the types of homes they’re looking for
  • Only viewing homes they’re serious about
  • Putting in solid offers when they find the right place

So, while you can expect fewer showings in winter, the ones you do get will be by more qualified buyers.

2. Lower Inventory

As mentioned, many homeowners who are looking to place a Kelowna real estate listing prefer to wait until spring. If you’re listing in winter, that automatically works in your favor. And the more people who wait, the lower the inventory remains.

As a result, you’ll be competing with fewer listings in your:

  • Neighborhood
  • Price range
  • Housing type

This gives your property more of an opportunity to stand out among a smaller pool of Kelowna houses for sale.

3. Holiday Wish List

Some families want more than a present under the tree for Christmas. Sometimes they want (or need) a new home and the holidays are an ideal time to do some reconnaissance. The kids are already out of school and work-life tends to slow down in many industries, making it an opportune time to see what’s available.

4. New Year’s Resolution

The New Year causes people to make big changes in their lives, and moving into a new home would certainly qualify as a fresh start. 

5. Get a Head Start on Spring

If you plan on buying a new home after you sell your old one, this is an ideal time to do it. By closing a Kelowna real estate deal in winter, you’ll be ready for action when the market picks up again in spring. This benefits you in several ways:

  • You’ll have a clear understanding of your financial situation
  • You can make offers without restrictions (i.e. pending the sale of your house)
  • There will be more Kelowna houses for sale to choose from

For home staging tips around this time of year, read our post: How to Stage Kelowna Real Estate During Winter Months. 

Listing Kelowna houses for sale in winter can help you take advantage of a smaller real estate inventory. To discuss your options, come and talk to the experts at Vrecko Real Estate Group.

Kelowna Real Estate Experts Suggest New Year’s Resolutions

New Year’s resolutions ~ Our Kelowna real estate specialists recommend switching to LED light bulbs as a way for homeowners to save money.

Eat healthier. Lose weight. Exercise more. These are all common New Year’s resolutions that people make. But rather than focus solely on personal well being, our Kelowna real estate specialists have some suggestions to help you achieve a number of financial and lifestyle goals for 2016. 

Whether you’re a happy homeowner, or you’re searching for Kelowna houses for sale, there are numerous ways for people in all situations to improve their financial outlook, whether it’s:

  • Paying off debt
  • Building up savings
  • Managing spending habits
  • Saving for retirement
  • Saving to buy a home

No matter what stage you’re at, these simple steps will help steer you in the right direction.

If you’re considering buying Kelowna real estate, read our post: Real Estate Advice: Am I Ready to Buy a Home?

1. Double up on a Mortgage Payment

Even with lending rates near all-time lows, a good chunk of your mortgage payments are still going towards paying off interest. Doubling up on a payment is a good way to make extra headway on your principal.

Using this method, the entire amount of the extra lump sum goes towards your principal. Even if you do this once a year, it can take years off the time until your Kelowna real estate investment will be paid in full.

Other options for chipping away at your mortgage include:

  • Increasing payment amount beyond the minimum requirement
  • Making accelerated payments (bi-weekly instead of monthly)
  • Putting ‘found money’ (i.e. company bonus) on your mortgage 

2. Switch to LED Light Bulbs

LED lighting technology has come a long way. While it was always known to be more energy efficient than their traditional incandescent counterparts, there were issues with light quality and durability. These days, LEDs have evolved to a point where they offer:

  • Similar light quality to incandescent bulbs
  • Last 25 times longer than incandescents
  • Use up to 90 per cent less energy than incandescents

According to Natural Resources Canada, the average Canadian home has 30 light bulbs. When you add up the potential power consumption, that makes a considerable difference in your electricity bill.

LEDs cost considerably more than traditional bulbs, so it requires an upfront expense. If you plan on staying in your current home for a while, the return on investment will be worth it.

3. Tackle Household Projects You’ve Been Putting off

Every homeowner has ‘The List.’ It’s all those things you’ve been meaning to do, but never quite get around to. Part of the hesitancy is that, as soon as you scratch one item off the list, another one takes its place.

You have to start somewhere, and New Year’s is a time when many people have a little extra motivation. The sooner you make a point of fixing your run-on toilet or tiling your kitchen backsplash, the sooner you’ll start to enjoy your home even more. 

Are you looking to buy or sell Kelowna real estate? The friendly realtors are Quincy Vrecko & Associates have a thorough understanding of the local market and will take the time to understand your real estate goals. Call us to book an appointment.

How to Stage Kelowna Real Estate During Winter Months

, ,

When staging Kelowna real estate in winter, a good strategy is to make your home feel warm and cozy.

When the subject of staging Kelowna real estate comes up, most people agree that the less-is-more approach works best. By keeping rooms clean and free of clutter, it helps buyers see homes for their true potential. However, when it comes to winter, there a number of other ways homeowners can create a warm, cozy feeling to add sales appeal.

Many home sellers assume winter is a slow time for real estate. Compared to spring and fall, it isn’t as busy, but there are always people searching for Kelowna houses for sale. Here are a few tips from our Okanagan realtors that might just convince someone to buy your home.

Regular Staging Rules Still Apply

Before you do anything, your home should still be staged like it would any other time of year. That includes: 

  • Decluttering rooms of unnecessary knickknacks
  • Cleaning floors and dusting furniture
  • Storing personal effects (dishes, laundry, etc.)
  • Repairing any issues (replacing light bulbs etc.) 

For more detailed information on staging, read our post: How to Do Home Staging Well: Tips from our Kelowna Realtors.

Maintain a Festive Atmosphere

Even though the holidays have come and gone, you can still present your Kelowna real estate with a little seasonal cheer. Keeping your Christmas lights up a little longer than normal, or leaving a bowl of pinecones as your kitchen table centerpiece, are just two examples of how you can charm potential buyers.

Don’t Go Overboard

An important distinction to make here is that while a few tasteful decorations can entice the senses, too many can quickly overwhelm them. So, before you consider leaving your laser light display (complete with synchronized Christmas carols), think of how distracting that might be to buyers.

Get Cozy by the Fireplace

If homebuyers are out viewing Kelowna real estate on a cold winter night, they’ll appreciate the warm glow of your fireplace the moment they set foot inside the door. This creates an inviting feeling, which encourages them to stay longer, giving them more time to discover what your home has to offer.

To make your home as welcoming as possible, you can also:

  • Set your thermostat slightly higher than normal
  • Turn on the interior lights
  • Place area rugs on hard surfaces

Take Advantage of Natural Light

Daylight is limited in the winter months, but when possible, it’s a good strategy to schedule visits while the sun is up. By opening your curtains and blinds, you’ll allow natural daylight to infiltrate your home to show it in its best possible condition. 

Summer Potential

Visitors won’t be able to see your prized rose garden when it’s covered in a foot of snow. A great way to highlight it and other outdoor selling features is to leave a photo album showing things like: 

  • Gardens
  • Ponds
  • Landscaping
  • Curb appeal

Are you considering listing your property on the Kelowna real estate market? Come and talk to the local experts at Quincy Vrecko & Associates. With our experience and strong marketing skills, we will promote your home effectively.