With 2019 behind us, QVA takes a look at 2020 real estate trends.
In this article, one of the top real estate teams in Kelowna shares some interesting real estate trends for 2020.
- Real Estate Sales
- Interior Design
Real Estate Trends 2020
Real estate sales in 2019 was anything but predictable. There were many changes affecting real estate sales in the Okanagan, it was difficult to determine one cause for softer sales. With everything from mortgage stress tests, implementation of the speculation tax and decrease of buyers from the lower mainland. Coming off of this year full of changes, left overall real estate sales with some instability. Thus resulting in an average decrease of 8% in real estate sales for the Central Okanagan.
So what is in store for 2020?
The real estate trends for 2020 focus on a more stable and balanced market. A welcome change for homebuyers and sellers in the Okanagan. The level of inventory of homes for sale in Kelowna is currently sitting at 6.87 months of sell-through. This average is forecasted to stay consistent for 2020. Home sale prices on average are predicted to be 0% with no increase or decrease in 2020.
Driving demand in 2020 will be first time home buyers and current homeowners making that lateral move. Condo and townhouse sales saw a 15% increase in 2019 and that trend is expected to continue into 2020. With affordability a driving force of this increase. Additionally, it is projected to see an increase in home sales of empty nesters downsizing from larger family homes to a townhouse or condo.
Luxury property and waterfront home sales in Kelowna tapered off in 2019. This was mainly due to speculation tax and the softening of the Vancouver home sales market. There is optimism that this real estate trend will change with the projection of the National average home sales increasing by 3.7%. This trend will be driven by Vancouver and Toronto. Historically, both Toronto and Vancouver have had a positive impact of Luxury homes sales in Kelowna.
Hottest neighborhoods for 2020:
- Kelowna North
- Lower Mission
- Westbank Centre
The greatest impact on the real estate market in 2020 will be:
- Interest rates and mortgage stress test
- Alberta and Lower Mainland economy
Overall real estate trends for 2020 look optimistic over last year’s sales. While there is no significant increase in sales projected for 2020, there is also no decrease. With a more balanced market projected, it is likely to restore confidence in buyers and sellers resulting in a great 2020.
For up to date market information and real estate trends, connect with the team a Quincy Vrecko and Associates in real-time with Live Chat!
Technology Trends 2020
It wouldn’t be 2020 without a few technological advancements. Although some of us can’t even fathom technology becoming more vast and complex then it already is, this is just the beginning. With the evolution of in-home technology, our living spaces are more comfortable, entertaining and of course, Safe. These are a few of the technology trends we are excited to see in 2020.
It Knows me better Than I Do
A real estate trend for this year we can expect to see more AI (Artificial intelligence) driven tech. There are some front runners in this category. For example, Nest and Honeywell use AI to adapt and learn from the inhabitants inside. This AI technology observes and replicates their behavior and habits in order to change or react without humans having to touch or change anything…Cool, Right? With Artificial Intelligence there are a lot of trust issues we are all trying to overcome but if we can welcome it with open arms, this could be a trend that not only changes our lives but also the way we look at technology. This is a really exciting and informative 2020 trend
Keep me Alive, Would ya?
Robots have been on the horizon for a long time and we have seen a little bit of it creeping into our homes that last few years from robotic vacuum cleaners to lawnmowers. Of course, it doesn’t stop there, a 2020 real estate trend we are going to see a lot of is in-home robotic companions. These in-home robots will be able to help with any health needs as well, making them perfect for the elderly or any individual with any medical needs, the goal is to give us a peace of mind in our busy busy lives. Although we most likely won’t see complete humanoid robots this year, the companion’s robots are going to get more and more complex and cheap. Manufacturers are advancing quickly, so it won’t be long until we have so much free time we won’t know what to do with it.
The Brilliant Control is a wall switch that lets you control the climate, lights, and music in your home all in one place. We have seen a few of these in 2019 but are expected to blow up in 2020. These smart devices hook up to your Wifi so that you can control it from not only anywhere in your home but anywhere PERIOD. The brilliant control also comes with built-in Amazon Alexa support allowing you to just tell the control pad how you want it to behave without having to touch anything. The Brilliant Control is a 2020 trend that is going to take high-tech homes to the next level!
You’re so Smart
Refrigerators are arguably the most important appliance in a kitchen but there hasn’t been a lot of talk about them in the last few years and that is about to change. 2020 is the year we are going to see and experience a lot of amazing technology we can bring into our kitchens. Smart Refrigerators are packed with cool features for example – You can now set meal schedules, Sync your grocery list to your phone, look into your fridge without even opening it (Transparent smart screens) and the most functional feature, it can let you know when your food is expiring. No more awful smell you can’t seem to fi
It is no surprise to us that home security is a trend we will see a lot of in 2020. It has been at the top of our priority list for years and it still has a long way to go. We invest a lot of money into our homes and we all want to make sure our safety isn’t compromised. This trend ties into the integration of AI-driven tech as we are going to see much more intelligent Home surveillance. Because we want our cameras to catch everything and alert us when a non-desirable event is occurring, we have to use advanced technology to sort through all of the information our cameras take in all day, every day. Nest and Ring are great examples of smart security and have been keeping homes safe for the last few years. We can only expect to see great things from them and other companies in the Surveillance world. 2020 is the year of safety and comfort in your home so why not run with it?
Landscaping Trends 2020
I know I know, With the snow on the ground and the cold in the air none of us are thinking of how we are going to design our outdoor space but we wanted to let you in on the trends we will see this upcoming spring and summer in hopes to spark some excitement and anticipation that will help you get through these next few months. It’s never too early to visualize or maybe even long for the hours that are going to be spent in the sun, working on that tan or just relaxing and taking in that beautiful fresh air. Here are the 2020 landscaping trends we are going to see this upcoming season.
Keep It Simple
Sleek, simple and contemporary landscaping is a 2020 trend we are going to be seeing a lot of this year. A great way to achieve this look is with an elegant outdoor kitchen area, a water or fire feature or simplistic stonework. Our Listing on 1001 Westpoint is a great example of a beautiful fire feature adding a contemporary and sleek style to space. Another way to achieve a contemporary outdoor space is by adding plants with red, black or purple leaves this will give it a striking but elegant look to any space. Placing light under steps, patios or any of your landscape structures does not only add a level of safety to your space but will achieve the effect that they are floating and will give it a modern and futuristic feel to any outdoor space. Keeping it sleek and simple is a great trend because it has minimal upkeep and a lot of the features can be multi-season.
Bring on the Porcelain
There is a lot to be excited about when it comes to porcelain tiles, they have a long life-span and are very versatile so they fit into any outdoor space. Porcelain tiles are a great idea if you have a high foot traffic area because it is resistant to breaks, scratches, and scuffs but also comes in a plethora of shades and designs. Whether it be around your firepit or on your patio, porcelain tiles will tie your whole space together beautifully making it a 2020 trend we are all-embracing with open arms.
Time to get Cozy
Secluded spaces is a 2020 trend that we all needed, creating a cozy outdoor space will make it impossible to go inside. The ultimate goal when planning your outdoor space is to have a balance between lush growth and an inviting, comfortable area. An area that makes you want to relax and take in some fresh air whether it be with a book or some music. This balance is quite simple to achieve, use that corner that you don’t know what to do with and add a cozy chair, a water feature and voila! You have your own outdoor getaway.
Reuse Reduce Recycle
Organic Gardening is a trend we all saw coming. It is both a real estate trend and a movement as we become increasingly aware of the benefits of reuse-reduce-recycle. Organic gardening can be a lot of fun and a great opportunity to grow some of your own fruit, vegetables, and herbs. Gardening organically means preserving as many native plants as possible and using compost instead of fertilizer. Organic gardening has quite the list of positives, going beyond the health benefits. Furthermore, it has environmental positives including soil health and preservation of the coexisting plants and animals. Long story short, although Organic gardening is a 2020 real estate trend we don’t see going away anytime soon
Bring that Vacation home
Remember those beautiful and exotic plants last time you were on vacation in Mexico or Jamaica? Plants like orchids, and lilies? Well, it’s time to bring a little of that into your landscape. A lot of us don’t think that is an option if you live somewhere with a colder climate but do not worry there are plenty of tropical plants that thrive in all areas. For example, Bamboo, Birds of paradise, and hibiscus are all very hardy and weather-resistant as well as low maintenance! So time to step outside and enter into your own personal oasis.
Interior Design Trends 2020
Oh, the excitement of the new year. As we celebrate another revolution around the sun we set new goals, challenges and of course we look forward to all the new real estate trends. Since we are all setting goals to better ourselves this upcoming year we may as well give your home the refresher it needs. Stepping into a new decade means a lot of change and this gives us the opportunity to rethink what trends we should carry over to 2020 and what trends should be left in the dust. Here are some of the 2020 real estate trends in interior design expected to take over this year.
Black Is the New Black
Some believe this was an inevitable future as the trend the last few years has been white on white with bright accents but dark tones have always had a place in our hearts. This upcoming year we are expecting to see dark accent walls, sofas, and cabinets. Pairing dark cabinets with light hardware will give it an edgy and modern look. As seen in our listing at 716 Vance Ave. This real estate trend will remain timeless as the years pass by. Expect to see the rise of black tubs and bold, dark colors on doors
“Painting an interior door in a rich color adds warmth and character to space” stated Anne R. Kokoskie of Styled by ARK.
Now, this doesn’t mean rip up all of the white countertops and repaint the walls, all we are saying is adding some dark tones will create a beautiful contrast that will make any space pop. This is a 2020 trend we are looking forward to.
Live and Let Live!
The Next 2020 real estate trend in interior design that is worth discussing is going to add some life to your space. REAL PLANTS! In 2019 we saw a huge trend of faux plants but we quickly realized that the novelty wears off fast. Faux plants don’t grow (duh!) so there is no transition in space, faux plants also get dusty FAST and who wants to wash their plants? Wasn’t it the zero maintenance that started faux plants in the first place? Having real plants not only looks nice they have plenty of health benefits too, so time to go plant shopping and exercise that green thumb we know you have!
Been There Done That
Geometric Patterns is not a new real estate trend, it has been around not only in 2019 but 2018 as well. Cups, notebooks, sofas, light fixtures, wallpaper, etc it was everywhere. Geometric designs are beautiful because they can be colorful or monochromatic but they still add a sense of art, so they fit into any space, sounds great right? Well, we have taken it a bit too far so the 2020 real estate trend of geometric patterns is to take it one step farther by taking a step back. Geometric balance is the 2020 real estate trend in interior design we are following. You can still make that bold, creative statement but instead of making it the entire sofa let’s spice up your space with a geometric pillow or throw. Moving forward we want to be strategic, less is more when it comes to geometric this year
Let us connect
According to Webster’s dictionary, Biophilia is defined as a hypothetical human tendency to interact or be closely associated with other forms of life in nature. Biophilia is another 2020 real estate trend in interior that has been a long time coming. With all of the climate change and sustainability issues, it is time we shift our design to something less manufactured and more organic. Having a more natural look to your home promotes not only cleanliness but a sense of welcoming and friendliness to any space. Although high tech homes are great it’s time we get in touch with nature again, maybe we put down the phone and check out the view that we are surrounded with especially here in Kelowna. In 2020 using recycled wood for tables, chairs and live plants to add some color you can have a stylish home and a clean conscious this year.
Old is the New, New
You read that right! Vintage is coming back. The 2020 real estate trend that we are most excited for is vintage accents. Hopefully, your grandma didn’t throw away her old chandeliers or coffee tables because they will be worth a pretty penny this upcoming year. The trend we will be seeing a lot of is vintage ACCENTS, don’t go too overboard or you may just come across as outdated. Vintage accents can add a beautiful contrast in a modern style room and really draw attention to the details. The great thing about Vintage is there are so many styles and options you can still bring your own personality into it. Time to start thrifting!
2019 was a chaotic year and as a result, the 2020 trend we are all happy to slip into, is the In-Home Sanctuary. Lived -in and cozy are the vibes we are going for here. 2019 was full of modern design, steel, and straight lines but it’s about time we embrace a more harmonious look and feel in 2020. With a warm and welcoming home comes neutral colors, comfy couches, and smaller, warmer spaces. I don’t think this is a trend anyone is going to complain about this year.
A perfect example of this look and feel of our luxury listing at 4850 Tuscany Lane.
Now that you know what to look out for let’s find your dream home in the Okanagan. The professional Realtors® at Quincy Vrecko & Associates specializes in helping buyers discover the kind of luxury real estate Kelowna’s wealthiest covet for good reason. Call 250-863-8810.