predicts 2015
Kelowna real estate agent Quincy Vrecko predicts 2015 will be a strong year to buy and sell luxury homes in Kelowna. Much demand will be in waterfront properties, taking advantage of Okanagan Lake’s recreational aspect.

 

Prices climbed, and climbed. Properties sold in days, even hours. If 2014 was an exceptional year for Kelowna real estate, with more homes selling and at prices eight per cent higher than the previous year, what does 2015 have in store for the central Okanagan market, particularly for luxury homes?

Quincy Vrecko, a Kelowna real estate agent who specializes in luxury homes, says the strong market of 2014 is already spilling over into 2015.

“Kelowna had an incredible year in 2014, and we have every indication that 2015 is going to be just as strong. January is typically a quieter month but our phones have been ringing off the hook already,” says Vrecko, who was recently featured in the Global TV news story Okanagan Real Estate Sales Soar in 2014. 

Over the next 12 months, the average residential home sale price is expected to increase by eight by per cent, but while prices are set to rise, the number of homes on the market won’t.

“It’s going to be similar for luxury homes,” says Vrecko.

 

The inventory of luxury homes for sale in Kelowna

In the Okanagan luxury homes sector, inventory is expected to remain low.

“There are very few lakefront lots available, very few building lots available, but the demand is there so we’ll see an increase in values.”

What does that mean for the Albertan or the Manitoban looking for their dream home in Kelowna in 2015?

“Buyers are still going to have some great homes to choose from, but at low levels of inventory, the average day on the market is going to go down, so buyers will need to make a decision quicker.”

In 2014, both active listings and days on market went down 16 per cent compared to 2013. That led to multiple offers and, in some cases, steep competition for beautiful properties in desirable neighbourhoods.

 

Who is buying Kelowna luxury homes in 2015?

While oil prices may rise and fall, you can always count on Prairie winters to be harsh, and the Okanagan to be beautiful.

Vrecko says he expects many of his clients in 2015 to continue to be the Calgarians or the Winnipegers who simply want to be warm, and that will likely never change.

Because of what’s happening in Kelowna real estate in terms of supply and demand, he’s noticing clients who plan to retire in Kelowna in a few years buying property now before prices continue to rise.

“They’re seeing what’s happening in the market, and they’re thinking, ‘Let’s buy now and use it as a vacation home until we’re ready to retire.’”

And as interest rates continue to drop, realtors like Vrecko are expecting the busiest time of the year for buying and selling homes, typically May to July, to kick in a little sooner.

 

What areas are in demand for Okanagan real estate?

When it comes to the average home, activity is expected to remain strong in Kelowna South and the Upper Mission area. With the development around the hospital, Kelowna North is also expected to see more interest.

“For buyers of luxury homes, the demand will continue to be for waterfront properties near central Kelowna and West Kelowna.

“That’s always at the top of the list for our Alberta buyers,” says Vrecko.

When you’re looking for a Kelowna real estate agent who specializes in luxury homes and can help you find your dream waterfront property in 2015, contract Vrecko & Associates.

2014 Sales

The numbers are in: Kelowna real estate had a banner year in 2014, with Central Okanagan home sales the highest they’ve been in nearly seven years. In this interview with Global TV, Kelowna real estate agent Tracey Vrecko discusses the trend and explores what’s in store for 2015.

 

Video Transcript

Tracey Vrecko shows off one of her listings. It’s in the Upper Mission of Kelowna.

“This is what outdoor living is all about in the Okanagan,” says Vrecko. “Sitting out here and capturing the breathtaking views of this beautiful landscape.”

Vrecko’s part of a husband-wife team (Quincy Vrecko & Associates). They had a very busy 2014 with a 20 per cent increase in their sales over the previous year.

“We’re usually anticipating moderate increases and staying very conservative, ever since the recession, so to see a double-digit increase—a 20 per cent increase—is significant,” says Vrecko.

Even December, which is typically a quiet month in the world of real estate was anything but.

“We did see an unusual amount of activity,” says Vrecko. “Web traffic was up and sales were up. It was a very unusual December.”

Vrecko is not alone. Across the region, residential sales for 2014 were up 24 per cent from the year before, the strongest increase across the Okanagan Mainline Real Estate board in seven years, an area that spans from Revelstoke to the Shuswap to the Central Okanagan.

“This has been a long time coming,” says Tim Evans, member of the Okanagan Mainline Real Estate Board. “There’s been quite a built-up demand. A lot of people have been sitting on the fence waiting to decide when was the right time to buy into the market.”

 

2014 Sales ~ Okanagan Residential Real Estate Sales
Kelowna Real Estate experienced more than a 20 per cent increase in home sales from 2013 to 2014.

 

“We’re now seeing that confidence return to the market,” says Evans. “Prices have stabilized and in some places they’re going up, so the buyers are coming back into the market, especially in the last six months with much improved confidence and assuredness that they’re not going to be buying something that could potentially depreciate in value.”

With inventory going down, the board expects busy times ahead, at least for the valley’s construction industry.

“The building industry is always what then spins through the rest of the economy, from the trades to the supplier to the people who sell trades and furniture and everything else. That benefits the entire Okanagan ecomony.”

It also benefits realtors like Vrecko, who is ready for what she hopes will be another busy year ahead.

“I think in 2015 that momentum is going to continue,” says Vrecko. “I think you’re going to see the first quarter a lot busier than we normally do.”

Read the article on CHBC – Global News Okanagan.

 

Are you looking for your dream home among Kelowna real estate listings right now? Read Quincy Vrecko & Associates‘ post New Year, New Home: Kelowna Luxury Homes for Sale.

For many, the beginning of a new year brings a bit of reflection: Am I happy? How can I enjoy life to the fullest? If you’ve been thinking about how you can spend 2015 making the most of life, this might be the time to peruse our luxury homes for sale in Kelowna, home to some of the most beautiful vineyards, beaches and golf courses in the world.

If finding the home of your dreams is your New Year’s resolution, and you’re considering moving to the Okanagan or buying a second home in Kelowna, ask yourself these questions:

Your luxury dream home:

dream homeWhere do you want to wake up?
When you are in your dream home, you suddenly realize the value of waking up smiling because you’re in a place that’s not just stunning, but perfectly suited to you.

Do you want to rise from your pillow and catch a view of pristine Okanagan Lake shoreline? Do you want to step into a light-filled ensuite bathroom with heated tiles and imported Italian handles?  Would you like to fill your first coffee cup in a kitchen of fine custom cabinetry handcrafted by a renowned local carpenter?

Kelowna luxury homes let you tick every box that’s important to you. Every moment counts, and there’s no reason not to start your day surrounded by a space that makes you happy.

dream home

Where to do you want to build memories with friends and family?
In the end, what you have is a lifetime of memories: the birthday cakes, the afternoons on the dock, the glasses of syrah at sunset.

By finding your dream home among our real estate listings, you’re able to make a conscious decision to build meaningful memories in the outdoors of the Okanagan, also known as God’s country.

Here, there’s always a fire to gather around, indoors or out. There’s a pool or a lake just footsteps away. There’s a forest or a fairway waiting to be tamed.

dream homeHow do you want to spend your time?
If you love to golf, you should be near great golf (Kelowna is home to nearly 20 golf courses, seven of which are championship tracks). If you want to be warm for the better part of the year and forget about block heaters, you should live in the Okanagan, not Saskatchewan.

We all love the places where we’re from or where we spent the better part of our lives growing a career or a business, but now it’s time to choose where you’ll live so you can enjoy every moment of every day. Life is short. Kelowna luxury homes let you to live the good life.

If 2015 is the year for you to find your dream home, contact the Kelowna real estate agents who specialize in fine homes and luxury properties. Quincy Vrecko & Associates offers some of the most impressive real estate listings in the Okanagan to help you discover what it means to wake up to magnificent architecture, views and activities.