New Federal Regulations Make Kelowna Rental Properties a Strong Investment

According to the CMHC, as of October of last year, Kelowna’s vacancy rate was amongst the lowest for any municipality in Canada at a staggering 0.7% across the board, and 0% for rentals with three or more bedrooms.

The federal government has instituted new regulations concerning the approval process for mortgages, resulting in an approximate 20% loss in purchasing power for first time home buyers. This will result in a massive increase to an already overpopulated market of renters.

While unfortunate news for those looking to purchase their first home in Kelowna, these circumstances are ideal for those interested in purchasing investment properties in Kelowna and throughout the Okanagan.

Rental PropertiesThe Current Kelowna Rental Situation

Previous to this month’s change; Kelowna was already enjoying the lowest vacancy rates in Canada.

Demand for rentals has been growing aggressively as a massive market is displaced from Vancouver, due to soaring property values.

The technology industry in Vancouver is known for recognizing that much of the worldwide talent it seeks to recruit is simply incapable of affording Vancouver’s enormous cost of living, and these renters are looking for alternatives beyond Vancouver.

With a substantially lower cost of living, businesses and renters alike are attracted to Kelowna, and have both flocked to the city in tremendous numbers. The city has been struggling to keep up with demand for new home rentals and properties, and the government’s changes to mortgage rules are set to only exacerbate the situation.

Outlook on the Future

A report from Kelowna city council shows the city has responded to this bleak situation for renters by approving the construction of 1430 new residential units, but this measure is not likely to impact rental availability for several years.

Those looking for 3-4 bedroom rental accommodations are the hardest hit, a 0% vacancy rate in that category making it nearly impossible to find vacant rentals, which makes now a perfect time to purchase a investment property.

While the new federal mortgage rules unfortunately disadvantage those seeking to buy their first home, a large benefit can be drawn for those looking to invest in Kelowna properties, especially those in the 3-4 bedroom range.

Rental PropertiesCapitalize with Quincy Vrecko

If you are interested in the possibility of taking advantage of this historically unprecedented opportunity, then there is no-one better to guide you through the ins and outs of the Kelowna real-estate market than Quincy Vrecko.

With over 28 years in luxury sales and over 60 million dollars sold in Kelowna real-estate, Quincy and his team represent the ultimate authority on the Kelowna market. For up-to-the-minute information on the opportunities available throughout the Okanagan for investment properties, get in touch with Quincy and his team, or call 250-863-8810.

 

New Mortgage Rules ~ Effective Monday October 17, the federal government announced changes to the process of mortgage qualifications that have been sending shockwaves throughout real-estate market Canada-wide.

In Kelowna, these changes are unfortunate news for millennials looking to buy their first homes. As of Monday, the changes instituted by the federal government reduce their purchasing power by up to 20%.

While this has unfortunate repercussions on the lower end of the market, it holds fantastic opportunities for those who are able to purchase an investment property in Kelowna or the Okanagan.  There will be an increase in the number of local renters, making now a great time for investors to purchase a rental property and take advantage of the new situation.

The Kelowna Luxury and Investment Property Situation

In Kelowna, the luxury and investment property market is seeing a wave of baby-boomers looking to retire or purchase investment properties in the area and move from Vancouver due to prohibitively high property values there.

Many of these soon-to-be retirees are buying their properties 2-5 years in advance of retirement, taking advantage of the massive year-over-year gains to property values in Kelowna and the Okanagan.  Many of them are renting their properties out to young families until they are ready to move in.  Purchasing an investment property and renting it out prior to retirement is a great way to earn some passive income, especially with the newly changed mortgage rules.

Incredible Investment Property Opportunity

Before Monday October 17, Kelowna was already enjoying among the lowest rental vacancy rates in the nation at a jaw-dropping 1%. As of Monday, a significant portion of the lower end of the buyer’s market just became part of the renters market.

This is great news for those who are looking to enter the Kelowna investment property market before retirement. Not only are there considerably more renters available as of Monday, but each and every one of these new renters are extremely high-quality. These renters (until Monday) have been in the process of home purchasing, suggesting they have jobs with consistent income and a level of maturity ideal for renting your future retirement home.

Navigate the Market With Quincy Vrecko & Associates.

When it comes to navigating the ins-and-outs of the Kelowna and Okanagan luxury/investment property market, there is no better guide than Quincy Vrecko & Associates.

With over 60 million dollars in Okanagan luxury and investment properties sold to date and over 28 years of experience in Luxury Sales there is no better source of information and guidance than Quincy Vrecko.

If you’re looking to take advantage of this historically unprecedented opportunity to purchase an investment property, or looking to learn more about the effects of the recent mortgage rules change, call Quincy Vrecko and his team at 250-863-8810.

 

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.

 

Available lots along the Kelowna waterfront are in low supply for good reason. Surrounded by breathtakingly beautiful scenery, with easy access to every domestic convenience, waterfront lots throughout the Okanagan offer tremendous value and thus are in high demand. Only a few are available, so consider the best that Kelowna waterfront lots have to offer with 204 Poplar Point Drive.

Unlimited Potential204 Poplar Point – The Ultimate Kelowna Waterfront Lot

Gradually sloping to the water, this lot provides maximum privacy, spectacular views, and easy access to Lake Okanagan. With $300,000 in prep work already completed, this waterfront lot comes with available pre-prepared blueprints for an executive home featuring multiple rooflines, a 3 story spiral staircase, and an extensive range of luxury amenities.

Providing the ultimate modern architectural design along the Kelowna waterfront, the opportunity this provides should not be understated.

204 Poplar Point also offers more than just 110 feet of spectacular Kelowna waterfront, but also enviable location. This property balances the tranquility of remote Okanagan nature with effortless access to all the comforts and conveniences of city life. Usually, such beautiful natural surroundings come at the cost of living without easy access to city conveniences. Standing on the lot, it’s difficult to believe that such a natural paradise is only minutes away from the heart of downtown Kelowna.

Unlimited PotentialWATERFRONT REAL ESTATE

On top of all this, the Kelowna waterfront has been enjoying skyrocketing property values. Last year, a waterfront property in South Okanagan experienced an 11% increase in value in a single year! So not only does 204 Poplar Point provide incredible amenities and location, but tremendous investment value as market conditions are set for rising value.

With extensive prep work completed, blueprints for an executive home ready for execution, spectacular natural surroundings, easy access to the comforts of city life, and appreciating value, this lot offers inconceivable potential. One of the only estate lots available along the Kelowna Waterfront, 204 Poplar Point is an incredible opportunity available through Quincy Vrecko and Associates.

Quincy Vrecko Real Estate

The ultimate authority on Kelowna luxury real estate, with more than 28 years of experience in luxury sales, there is nobody more qualified to find you the Kelowna property of your dreams than Quincy Vrecko. With over 60 million dollars in real-estate sold year to date, Quincy Vrecko and his team have the knowledge and experience necessary to find you the exact the property you’re looking for; or sell any luxury property in the Okanagan.  Whether it’s a Kelowna waterfront lots like 204 Poplar Point, 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 today for more information on 204 Poplar Point, Kelowna waterfront lots, or anything else concerning the Kelowna luxury real estate market.