Big change to strata rules

Significant changes have been recently made to the strata rules.  The Vrecko Real Estate Group explains what they are and how they will affect you when buying and selling a strata title property.    

On November 21, 2022, Bill 44 was introduced and took immediate effect to change certain key by-laws to all strata properties in the province of BC.  These changes to strata rules affect rental rules, age restrictions, and electronic meetings.  

No Rental Restrictions Allowed

  • There shall be no rental restrictions authorized in any strata corporations in BC.
  • A developer will no longer be forced to issue Rental Disclosure Statements and strata will not need to keep those records.
  • The strata corporation will not be allowed to screen tenants, authorize screening criteria, get the approval of tenants, require the insertion of terms in tenancy agreements or restrict the rental of a strata lot.

The most significant change to the strata rules here is lifting rental restrictions on those strata buildings that currently do not allow rentals.  

As a buyer of a strata property, you no longer need to limit your search if you plan to use the property as a rental.  This will give the buyer more options in buildings that were restricted prior to the new change in the strata rule.  

If you are a property owner and considering selling your condo in Kelowna or area, this change in the strata rule will benefit you if you are currently in a building with restrictions. 

The Upside

This change could provide more rental options for those looking for rental units and attract investors to purchase rental units in buildings they previously could not.  

The Downside

While the change could provide more rental options, some property owners prefer when buildings are mainly owner-occupied.   Furthermore, strata councils now does not have right to be involved in the screening process which may be risky if a homeowner is not familiar with the process.  

Age restrictions

  • Age restriction bylaws will only be allowed for buildings that are designated for ages 55 and up.
  • The age restriction would not apply to a caregiver who resides in the strata lot, providing care to another person who lives in the strata lot and is dependent on caregivers for disabilities, illness, or frailty.

Before the change to the rule, condos and townhouses in Kelowna had the right to have age restrictions under 55+.  Aside from the well-known 55+ communities, other common age restrictions were 19+ and 45+.  

Electronic meetings

All strata corporations will be allowed to hold yearly and special general meetings by phone or other electronics (no bylaw required)

Issues using voting cards and secret ballots at electronic general meetings will be decided by:

The electronic means must enable the chair of the meeting to identify whether a person attending by electronic means is an eligible voter.

There will be no requirement to issue a voting card to an eligible voter in a yearly or special general meeting by electronic means.

An eligible voter attending a yearly or special general meeting by electronic means will not be required to vote by secret ballot.

Pets

The section about limits to pets is being reworded for clarification.

Additional information

Strata may continue to have bylaws that prevent or diminish short-term rentals such as Airbnb and VRBOs.

Residential Tenancy Branch policy guidelines have been updated to show that strata can grant a notice to terminate a tenancy and apply to the Residential Tenancy Branch for conflict settlement in place of the landlord. Visit the BCFSA website here to learn more.

Change in the Real Estate Rules and what it means to you

“Cooling off Period” for Buyers known as Home Buyers Rescission Period

Coming off an unprecedented real estate market, a change in the real estate market rules was made by the government of BC in an effort to protect homebuyers.  In this article, we provide clarification on how this change will affect you as a consumer.   

Effective January 3, 2023 the Home Buyers Rescission Period (HBRP) allows the buyer of a residential property the opportunity to rescind their offer within 3 days of acceptance of the offer.  This comes with a financial penalty and cannot be waived by the buyer or seller.  

Once the contract of purchase and sale is accepted by both the buyer and seller the rescission period begins the next business day.  This allows the buyer 3 business days to rescind the offer.  If the buyer chooses to rescind their offer during this time, a Notice to Rescind shall be delivered to the seller along with the rescission fee. 

If the offer contains subjects (financing, home inspection ect.), this runs concurrently with the rescission period. This new change in real estate does not begin after subjects are removed.

Rescission Fee

If a rescission notice is served to the seller, the buyer must pay the seller 0.25% of the purchase price of the property.  

Example: 

Purchase price:  $ 1,100,000.00

Rescission fee:  $ 2,750.00

The Home Buyer Rescission Period applies to the follow types of real estate transactions:

  • Single family detached property
  • Semi-detached house
  • Townhouse or duplex
  • Condo or other multi-unit dwelling
  • Residential strata lot
  • Manufactured home

The team at Vrecko Real Estate group share some of their top questions: Vreckos knowledgable team for home buyers recession period

FAQ: 

Why make this change in the real estate rule?

This rule was implemented as a result of the unprecedented estate market of 2020 and 2021.  Where home buyers were being forced to make a quick decision, sometimes sight unseen with no conditions to protect them.  If a homebuyer wanted to secure a property during this time, in many cases the only option when competing with multiple offers, was to make their offers as appealing as possible. Often resulting in unconditional offers, thousands (sometimes hundreds of thousands) of dollars over the asking price.  This rescission period will now allow buyers to secure a property but have an option to back out within the 3 days if they get “cold feet”.  This comes with a fee, however, will give the buyer a peace of mind.  

How does this affect someone Selling?

As a home seller, this change in the real estate rule won’t dramatically affect their ability to sell to a qualified buyer.  After an accepted offer, while waiting for the rescission period to expire, the homeowner is still able to show the property to potential buyers and also consider any back up offers.  The difference will be when an unconditional offer is accepted, the property is not sold until that period expires.  If the rescission is exercised and the Notice of Rescission is delivered, the seller is entitled to 0.25% of the purchase price and is free to move onto the next offer.  

Why now?  Hasn’t the market cooled off already? 

Some argue this change in the real estate rule comes a little too late.  Yes, the real estate market has seen a dramatic decrease in sales over the last 6 months.  In most markets, this decrease has put an end to the frenzy which led to multiple offer situations.  

Regardless, this change in the real estate rule is here to stay and will be there to protect future home buyers.  

 

For more information on the Home Buyer Rescission Period visit the BCFSA wesbite.

 

Quincy & Tracey Vrecko are proud to announce their 7th annual Sensitive Santa event in Kelowna. Sensitive Santa brings the magical experience of meeting Santa to a sensory-friendly environment for families living with loved ones on the Autism Spectrum. The Vreckos partner with Kelowna Actors Studio and Autism Okanagan to bring this special experience to the Okanagan.

With the Santa you all know and love, you can enjoy a magical meet and greet with him at the new location, 1111 Lawson Ave. This new location gives us the full North Pole village experience. The true feeling of the North Pole with Santa, Mrs. Claus and of course the elves! You are guaranteed to leave the event feeling the holiday spirit!

Sensitive Santa has been an important event to the Vrecko family as they know how difficult and at times unattainable for children living with sensory sensitivities to have a visit with Santa. The teamwork of Quincy and Tracey with Autism Okanagan and Kelowna Actors Studio has made the magical moments of meeting Santa available in an atmosphere that is sensory-friendly.

Sensitive Santa Important Info

  • Appointment-only visits – 5-minute visits to ensure smooth visits and a private experience
  • No music and dim lights make a sensory-friendly environment
  • After-hours and private bookings ensure there are no large crowds

You can register for Sensitive Santa for the 18th of December using the link here

If you do not have a loved one with sensory sensitivities and are looking for a visit with Santa, Kelowna Actors Studio also offers Santa visits every day until December 24th. Make sure to check out their website here to book your private appointment. On select days, Santa visits are even pet-friendly!

Visit the Okanagan Santa website here. Sensitive Santa website here. To learn more about Autism Spectrum Disorder visit Autism Okanagan’s website.

This is a question that comes up often as homeowner looks to make their next move.  The real estate market in Kelowna changes year to year.  While it might make sense to sell before you buy a new home in some market conditions, it could be risky in others. 

 

Things to consider before making the decision to sell before you buy: 

 

What type of market is it?

Seller’s market: 

When the market is considered a Sellers’ market the risk is lower if you decide to sell before you buy.   A Seller’s market is when the active inventory of listings is lower than the demand of homebuyers.  This market condition often generates multiple offer situations, giving the seller an advantage to choose price, terms and dates that work for you.  However, one thing to note if you are buying and selling in the same market, you will be faced with the same challenges as a buyer when buying a new property.  

 

Balanced Market: 

A balanced market is when the number of homes for sale in Kelowna meets the demand of buyers looking to purchase a home in Kelowna.  Typically average days on market is 90 days to sell, which would give you time to find a property to buy.  These market conditions will lower your risk if you decide to sell before you buy.  And you would have more options

  • Placing an offer on a property with the subject to selling your home
  • When securing an offer, ask for longer possession dates to allow time to find a new home

 

Buyer’s Market: 

While this market condition is great to buy a home, selling a home can become more difficult.  A buyer’s market is when the inventory of homes for sale are far higher than buyer demand.  Days are market are well over average and sometimes forcing sellers to reduce listing price in order to sell. This would be very risky to sell before you buy a new home as you risk not only owning multiple properties, you risk buying high and selling low.  Your agent should always recommend selling before you buy or at minimum having a condition to selling your home.  

 

Are you in a position to carry two properties?

Something to consider when trying to make the decision to sell before you buy is your ability (and comfort level) in owning two properties.  

There is always a risk when you decide to sell before you buy a new home.  And, your decision would be based on weighing out the risk and reward.  Perhaps you secure the home or property that you’ve been dreaming of, and holding two properties is worth that risk.  

 

Charlene Volk from the Vrecko Real Estate group reviews the following questions when a client is considering taking the risk of buying before selling.  It’s important to know what you are getting into.

  • As it may take some time to sell your home and are you willing to wait?  
  • Does the risk outweigh the reward?  
  • Have you considered the cost of holding two properties?

With all things considered, you should talk to a professional real estate agent before you decide to sell before you buy a new home.  They can review what is the best choice for you and your situation. 

 

Every professional real estate agent at Vrecko Real Estate Group has extensive experience in buying and selling real estate.  Based on your specific situation, they can direct you and give you advice to make the best decision for you and your needs.

So you’ve made a choice to sell your home. Whether you have a plan for your next move or not, this is a big decision that brings up many questions.  Choosing a Realtor to help you is your first step. 

Need more room?  Too much room and need to downsize?  Whatever the reason, this is a big decision that requires a great deal of support.

When you are looking to sell your home, one of the first things to consider is choosing a Realtor that can get the job done.  And make the process as smooth as possible of course.  Because let’s face it, this is a big decision and it’s hard work!

Getting your home ready for sale can be overwhelming.  The pre-packaging, decluttering, depersonalizing and finding a spot to tuck away your things when you get notice of a showing.  All while trying to live your day to day lives!   

And on top of this, you want to make sure your home is priced to sell while not leaving money on the table.  And in a reasonable amount of time with terms and conditions that are work for you.  Wow…where do you begin?

You begin with choosing a Realtor that will help you step by step.  Someone who will manage expectations and make this experience positive, productively and with the least amount of stress on you and your day to day life.   

This is why, the tips from the pros came up with the most important things to consider when choosing a Realtor to sell your home in Kelowna.  

  1. Experience and Expertise

When choosing a Realtor you will want to find an agent that has experience in the market in which you are selling.  Marketing a waterfront home is very different from a condo in downtown Kelowna.  While a single agent can do both, you want to ensure the experience is there.  Look at the Realtor’s portfolio of sold listings and ask them about how they plan to market your home to stand out from your competition.  An experienced Realtor will be able to pinpoint a target market based on the features of your property. 

2. Direct Connection with team support

There are great Realtors that are backed by a top real estate team.  Working with a Realtor on a team gives you the advantage of the experience and expertise of not just one professional real estate agent, but the whole team. But, when choosing a realtor from a team, ensure you have direct connection and communication with that one agent and not redirected to an agent on duty.  This direct connection will allow for better communication and feedback.  Not only with you but with potential buyers.   That agent should know your home inside and and out so when a prospective buyer calls, that agent can answer all of their questions. 

3. Testimonials and References

The best way to find out if you are on the right track to choosing the right realtor is to find out the experiences of their past clients.  Look at their website and read the testimonials of past clients.  Or you could ask for references.  Find out if the needs of past clients were met and the experience they had with that agent.  

 “One of the best references I ever had was from a Buyer who was represented by another agent.  They bought one of my listings where I represented the Seller.   They said I was so tenacious when it came to negotiating for my seller, they would only use me to sell their next home. And they did!”    -Quincy Vrecko Quincy Luxury Agent

Selling a home is not just a transaction, it’s a partnership between Seller and Realtor.  While considering all these tips when choosing a Realtor, is important to pick someone you feel comfortable with.  Browse through the bios and testimonials of this top real estate team.  Our diverse team caters to different areas of expertise and a wide range of skillsets to help your sale a smooth one.  

Real Estate Tips from the Pros

The real estate market in Kelowna has seen a shift like never before.  So whether the market is up or down, there are some fundamentals to real estate that never change.  The team at Vrecko Real Estate Group has seen it all and shares with you professional tips to help navigate any market.  

In this series, the professional real estate agents with Vrecko Real Estate Group cover topics related to buying and selling real estate.  They answer questions and give real estate tips on how to make your next real estate transaction a smooth one.  

Part one of the series covers topics related to buying a home.  Whether you are a first-time home buyer or you are a seasoned home buyer and have bought and sold many homes, these tips will help you with your next purchase.  

Part two dives into selling a home.  There are so many important things to consider when selling a home in Kelowna.  The goal when selling a home is to sell for top dollar in a reasonable amount of time and make the process as streamlined as possible.  And these real estate tips for selling will help you meet those goals.  

Part One – Selling a Home

  • Choosing a Realtor 
  • Do you sell before you buy
  • Preparing your home for sale
  • Disclosures, warranties ad representation
  • Showing your home
  • The offer, counter offer, and acceptance
  • Preparing for the move

Part Two – Buying a Home

  • Choosing the right real estate agent
  • Steps to starting your search
  • Mortgage broker vs Bank
  • The offer process from beginning to end
  • Preparing for your new home
  • Moving day
  • Building a home

Each series will have real estate tips and advice from members of the Vrecko Real Estate Group.  This team of Kelowna Realtors has an average of 20 years of experience and are experts in sales, communication and negotiating.  Tracey Real Estate Agent

“We hope you find this information helpful.  Our team is here to help and guide you through every step of the way.  Our phone is always on!”

Tracey Vrecko, Realtor with RE/MAX Kelowna, 17 years in the industry 

Stay tuned for the first instalment- Buying a home: Choosing the right real estate agent.  

The Vrecko Real Estate Group Celebrates 10 Years!

 

What a tremendous turnout! On July 8, 2022, the Vrecko Real Estate Group brought together friends and family for this year’s party to celebrate the group’s 10-year anniversary.

“It’s been a few years since our last gathering and we wanted to make this one extra special. We hosted the celebration at our home in Lower Mission and the day was perfect. The sun was shining, the cocktails were flowing and we rolled out the red carpet (literally) for our guests,” shares Tracey Vrecko.

The team at Vrecko Real Estate Group celebrated this 10-year milestone in style. There were large white tents with outdoor living and dining areas overlooking the pool – making for a relaxing and intimate atmosphere for all guests.

Food and drinks were flowing all afternoon. Catered by local restaurant Krafty Kitchen, the party featured mouth-watering rounds of appetizers including:

  • Devilled Eggs
  • Prawn Ceviche
  • Peking Style Duck Pancake
  • Pork Belly Lettuce Wrap
  • Buttermilk Fried Chicken Slider
  • Vegetarian Bahn Mi

The signature cocktails served at the outdoor bar were a hit. Tasty concoctions curated by the brilliant bartender at Krafty Kitchen and named by the team at Vrecko Real Estate Group.

  • Offer
  • Counter Offer
  • Accepted Offer

 

 

And a party is just not a party without sweets. Carefully crafted cupcakes and cookies were made by Sweets and Sparrows Cakery. These sweets displayed the group’s logo and were as delicious as they looked.

“We want to thank everyone for joining us to celebrate our 10-year milestone. We are so appreciative and humbled to have so many amazing clients. It was wonderful to see everyone and catch up with those we hadn’t seen in a while. We look forward to the next one. What a great day!”

The Vrecko Real Estate Group goes above and beyond, which is apparent in how the team recognizes the clients who support them. Strong core values and the Vrecko Guarantee has made this team one of the top real estate teams in Western Canada. They look forward to building their business and growing their clientele to make future client appreciation parties even bigger!

 

Become a Vrecko client. Call one of their professional real estate agents for any of your real estate needs.

 

Early this month our team at the Vrecko Real Estate Group hosted a cocktail party to celebrate its 10th anniversary and show appreciation for our amazing clients. The warm weather of the Okanagan complimented the poolside party while it was a great afternoon of food, drinks, and networking. 

 

 

 

 

The Vreckos served about 100 guests an array of canapes ranging from shrimp ceviche tostada to chicken sliders with an Asian Twist. The charcuterie, cupcakes, and cookies were a wonderful addition to the food. The drink menu was equally impressive with colorful cocktails named to fit the occasion. 

It was wonderful to spend time with everyone (face-to-face) and enjoy the beautiful Okanagan Summer.

 

 

Floral: Burnetts Florists & Gifts

Catering & Bar: Krafty Kitchen

Cookies and Cupcake station: Sweets Sparrow Cakery

Vrecko Real Estate Group proudly presents Comedy for a Cause for Autism Okanagan, featuring the best stand-up comedians in town. 100% of the proceedings will go toward this important cause. The event will be held on the 20th of May at 6:30 pm at Dakoda’s Comedy Lounge. Tickets will be available at the entrance; to reserve, contact 250 860 9500 or visit kelownacomedy.ca


Vrecko Real Estate Group Comedy for a cause

MEDIA RELEASE 

Quincy Vrecko & Associates announces brand refresh

Quincy Vrecko & Associates, a luxury real estate company based in Kelowna announced today that it has completed a brand refresh and will be called as the Vrecko Real Estate Group with effect from today.

With more than two decades of experience in the luxury industry, Quincy Vrecko, the founder of the company is the lead luxury estate agent of the firm. “This is a major milestone for our team” stated Quincy. Being the pioneer of exclusive luxury real estate in Kelowna, it is my belief that moving forward Vrecko Real Estate Group will be synonymous with “redefining real estate”, he further added.

“Years of success was built on one another, our team became bigger, and our business grew” said Tracey Vrecko, the female force behind the top real estate team at Vrecko Real Estate Group. “This is a  new chapter to continue our journey with a fresh look that reflects the company we’ve grown to be” she further added. Together with her husband Quincy they have created the Vrecko brand and have built a team of top real estate professionals specializing in family homes and luxury estates in the Okanagan region.

Visit www.quincyvrecko.com for more information.

The team at Vrecko Real Estate Group specializes in Luxury Real Estate, Waterfront properties, family homes, townhouses, and condominiums along with commercial property and residential development. 

30th March 2022, KELOWNA, BC

———————————————————-END——————————————————————————–

Media Contact – Yure Ka – Marketing Coordinator | marketing@quincyvrecko.com | 250-868-3602