Virtual Real Estate-Talk to a Realtor in Kelowna

Live Chat

As we all adjust to a new way of living, we want to be able to stay connected.  While we all are doing our part to social distance, we have a way to stay connected with our clients and members of our community.  

With the use of Live Chat, you can talk to a Realtor from one of the top real estate teams in Kelowna.  The team at Quincy Vrecko and Associates stay connected using this top technology.   

Not a robot or automated system but one of our licensed team members will be online 9-9 every day.  Talk to a Realtor in Kelowna on your schedule, when you want.  

 

Quincy Vrecko and Associates team member, Charlene Volk, explains why Live Chat is a great way to stay connected.  

“Live chat is a quick and effective way of communicating your needs.  Often when homebuyers are browsing listings, they want quick answers to questions in the moment.  And we make it easy by giving real-time answers to any questions. From simple to complex, a licensed real estate agent is online.”  

How is Live Chat different from picking up the phone or sending an email?

“Calling to talk to a Realtor or sending an email can be time-consuming.  Especially if you are inquiring about multiple properties listed for sale.  Live chat allows you to ask specific questions on any property and is controlled by you, the consumer. You get real-time answers from a licensed real estate agent.”

Do you have to provide personal information such as email or phone number?

“No. That’s why Live chat is so easy.  You can browse every home for sale in Kelowna and the surrounding area from one location. You can ask as many (or as little) questions as you like.  There is no obligation, just information.”

 

QVA Real EstateVisit our website at QuincyVrecko.com and the Live chat window will pop up and you can talk to a Realtor when you want, how you want.   

Find properties for sale in Kelowna and surrounding area

Discuss market trends and statistics

Ask questions about best neighborhoods in Kelowna 

Find out about new developments 

Ask questions about current rates and taxes

Or just to chat about the weather!

 

 

Charlene Volk has been a Realtor in Kelowna for over 15 years and is one of the agents on call to answer your questions.  Click here to read Charlene’s full bio.

Live Chat

Live Chat

Virtual Technology

The world has moved towards a new way of living, and we are all doing our part in social distancing.  One of the top real estate teams in Kelowna turns to virtual real estate to continue selling property in Kelowna. 

While the doors may be temporarily closed to the RE/MAX Kelowna downtown office, the team at Quincy Vrecko and Associates continue to service buyers and sellers by the way of virtual real estate technology.  

 

 

“We have been using virtual technology for years, and now it is the time to really rely on it to keep our business alive.”  Tracey Vrecko, Marketing manager for Quincy Vrecko and Associates.  

This top real estate team has established several outlets for virtual real estate for connecting buyers and sellers.  For years, they have been ahead of the curve and have been offering: 

Website Live Chat

Online Market Evaluations

VR home tours

 

“Ultimately, our goal is to stay connected while we all work through a new reality.  We have had a lot of questions from the public about what is happening in Kelowna real estate.  We are open, and we are here to answer questions and help where we can.”

 

VR

Virtual Reality Tour

The use of virtual real estate technology will allow the team to keep social and physical distancing rules and regulations while providing real estate services.  Every member of the team specializes in all areas of real estate. These Specialities include but are not limited to single-family residential homes, condos and townhouses, new home construction, real estate development, waterfront property, luxury real estate, and investment property.  

 

 

Market Evaluation

Market Evaluation

 

Over the next few weeks, the team at Quincy Vrecko and Associates will be highlighting and explaining the different techniques used to connect through virtual real estate.  Find out how you can benefit from the different virtual real estate platforms to keep connected and informed during these complicated times.  

 

“We are committed to continuing the flow of real estate information, and will do so in a safe and effective way. Your health and safety is our main concern.  Stay safe and stay home.” 

 

Log onto QuincyVrecko.com for all your virtual real estate needs.  You can ask questions using Live Chat, fill out a form for a free home evaluation or tour any of our many amazing properties by the way of a virtual tour.  

As always, for more detailed information, call (250) 868-3602 to reach one of our agents by phone.

 

Why NOW is the best time to list your home in Kelowna

Family home-Quincy Vrecko Real Estate

If you are thinking of selling your home in Kelowna, now is the best time to list.  Top real estate team with RE/MAX Kelowna explains why you should list your home in Kelowna or area now instead of waiting until the spring.

Tracey Vrecko, one of the top agents with Quincy Vrecko and Associates explains why now is the time to list your home in Kelowna. 

 

“The real estate market in Kelowna has been on a roller coaster ride over the past few years.  With home sales soaring in 2017, just to soften up mid 2018 and into 2019. However, things are looking up for 2020.”   

“The first 2 months have both posted an increase over the same time last year.  Not only have real estate sales increased there has also been an increase in average home sale prices.  This combined with low inventory of homes for sale in Kelowna has made for a very strong start to 2020.”  

“This is a great sign that buyers’ confidence in the real estate market is being restored” comments Tracey Vrecko

Vrecko goes on to say. “I would encourage anyone who is thinking of selling this year, to list your home in Kelowna as soon as possible.  Inventory is low and there is definitely a strong demand”

kelowna market statsYear to date sales statistics: 

  • Sales: +16% 
  • Average home sale prices: +8.9%

The average home sale prices are higher this year partly due to an increase in luxury home sales.  The number of luxury homes in Kelowna to sell in 2020 is up 53% over last year. This has had a major impact on the average home sale prices in Kelowna and surrounding areas. Overall, the market seems to be picking up in all price points. 

sold in Kelowna Luxury Real estateWith strong real estate sales numbers and low inventory in homes for sale in Kelowna, make a perfect storm for home sellers.  This is why the best time to list your home in Kelowna is NOW!

For a professional home market evaluation, call the team at Quincy Vrecko and Associates.  This top real estate with RE/MAX Kelowna offers tailored marketing programs. This dynamic team has a proven track record for achieving top dollar for their clients’ listings. 

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.    

Including:

  • Real Estate Sales
  • Technology
  • Landscaping 
  • 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?  balanced real estate market

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:

  • Taxation
  • Interest rates and mortgage stress test
  • Alberta and Lower Mainland economy

luxury home sold Kelowna

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

2020 real estate trends

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

 

real estate Trends 2020

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. 

 

Brilliant Home QVA

How Brilliant 

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 

Smart Fridge Kelowna home

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

 

Security Luxury homes

 

Safety First 

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.

 

Outdoor Tiles QVA real estate

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. 

 

Outdoor Fireplace luxury homes

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.

 

Garden shot QVA

Organic Garden

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

Birds of Paradise

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 

Dark Tones Kelowna

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

Natural Bathroom Kelowna

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!

In-home Sanctuary

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.

 

 

 

 

Staying home for the holidays is always such a nice treat, no worry about traveling, no stress about the bad weather roads. We are so lucky that Kelowna is so full of talented and creative local vendors and planners. One of the greatest joys is going to holiday events and Kelowna is overflowing with great options. Enjoy everything from treats to lights, skating to Santa, and all that falls between. This December Kelowna is boasting with a holiday event almost every day. To help you relieve the stress of choosing the right one for you here is a curated list of our favourites.

Kelowna Winter Night Market

Downtown Kelowna’s Light Up and Winter Street Market. If you are looking for the perfect holiday event to get in the Christmas spirit what better way to do so than to snuggle up next to a big fire while sipping hot chocolate or enjoying all of those classic sweet treats you have come to expect from a holiday event, or maybe the savory treats are more your style, that is no problem as your favourite food trucks will be parked and ready for you. December 1st is the perfect date to start (or continue if you are already well in the Christmas spirit) the holiday festivities. With the promise of fun for the whole family, you won’t want to miss this event.

Mission Hill Tree Festival

If you are looking for winter fun that is also philanthropic, Mission Hill Winery’s Festival of Lights is the holiday event for you. From November 22nd until January 4th you can take in the lights during Mission Hill’s winery hours. This spectacular event offers more than just a beautifully illuminated forest, you will also be able to enjoy mulled wine, hot chocolate, food stations, and entertainment. This year’s entertainment is provided by Kelowna’s very own Mt. Boucherie Secondary school jazz band and choir, Dereck Joel, and others. This event is in support of the BC Children’s Hospital, which provides countless benefits to so many families across the province.

Sensitive Santa

On December 8th and 15th for the fifth year in a row Autism Okanagan and Tracey and Quincy Vrecko of Re/Max Kelowna present a wonderful evening for families with members on the Autism Spectrum to enjoy. Orchard park mall will be open after hours offering a sensory-friendly environment with the lights dimmed and music off. This will allow families to create those traditional Holiday memories that children living on the spectrum can be otherwise too sensitive to enjoy. Santa will be there meeting with each child and family individually. Families are able to book a designated time slot in advance allowing no crowds or lines. This sensitive Santa experience is just another reason we love Kelowna’s Holiday Events. Not all holiday events are designed with everyone in mind, but this one is special. For more on past events look here.

 

West Kelowna Holiday Events

December 2, 2019. Located at the Mt. Boucherie Community Centre on Cameron Road. Head over to West Kelowna for a chance to skate with Santa hosted by I Heat Radio. Hot Chocolate and Timbits provided by Tim Hortons. This is a free family event guaranteed to put a smile on anyone’s face. Mt. Boucherie Community Centre is also offering cookie decorating and other family activities if you still want to see Santa but skating isn’t for you. West Kelowna also hosts a City Centre Light Up on December 7, 2019, along Brown Road.

Craft Fairs

What are the holidays without craft fairs? With more and more people becoming conscious of where the things they purchase are coming from and how they are made, the local crafter’s markets are the ideal spot to pick up gifts for the whole family. From children’s toys to home décor, baked goods to body products and everything in between finding the perfect craft fair is key. Here is a list of our favourite craft fairs;

 Craft Culture:

December 7-8, 2019 located at Prospera Place. This event offers a swag bag full of vendor goodies to the first 50 people through the door both days. Admission is only $5 and supports the local Mamas for Mamas Charity.

Christmas Time:

December 7-8, 2019. Located at 421 Cawston Ave. Artisans Showcase presents Christmas Time. Free admission for this holiday event.  With over 60 vendors, food trucks, and activities to keep the kids entertained this is the perfect holiday event for the whole family. Don’t forget your donation to the food bank!

Winter Moon Makers Market:

December 15. Located at the Laurel Packinghouse. Be one of the first 75 people through the door and receive a swag bag. Buy your ticket online through Eventbrite for $3 or at the door for $5. This is a curated craft fair with that puts an emphasis on local handmade goods.

Kelowna Etsy Collective Holiday Pop Up Market

December 15, 2019, located ar 1125 Richter St. If the name isn’t enough of a mouthful then the delicious treats you will find here sure will be. Sandhill’s tasting room will remain open during this event. Offering a chance to shop from all of your favourite Okanagan Etsy brands in an in-person environment doesn’t come along every day. Kelowna’s Etsy Collective Holiday Market boasts that husbands are welcome for that perfect last-minute shopping spree we all go on. You will find one-of-a-kind gifts and scrumptious holiday treats.

Grab your reusable shopping bags and a donation to the local food bank and we will see you there!

For more information on these events keep an eye on our Facebook and  Instagram.

If you are looking for Kelowna real estate within close proximity of fun activities indoor and outdoor, contact the team at Quincy Vrecko and Associates (250) 868-3602. Our team of professional Kelowna real estate agents is ready to assist you with your next Kelowna home purchase.

 

Building a new home is exciting.  Picking a floor plan and deciding on finishings to build your dream home.  During the process, the question of new home construction financing is an important factor to make your dream home a reality.  It is a critical part of the process. 

How does new home construction financing work? 

“We get this question a lot,” says Chris Ward, and experienced real estate agent specializing in new home construction.  “The process is very different from a traditional resale home transaction”

And for answers to financing questions, we turn to Tracy Charlton.  Tracy is a professional mortgage broker and Lead Planner for The Lending Outlet. 

“Unlike conventional mortgages, funds for new home construction are advanced in multiple draws, as opposed to one single advance,”  says Charlton.

Financing for the lot:

When purchasing a lot, most developers will require a minimum 10% deposit. Depending on the lender, the purchase of the land can be 65% – 75% loan to value.  To secure a mortgage on the lot, the lender will want to see a construction contract for the home to be built.   

building a home Quincy Vrecko Real EstateConstruction Draws:

Every lender has different policies for their new home construction mortgages.  Lenders usually charge interest-only payments during construction. The rate and potential lending fees will be dependent on the lender. 

Typical draws for new home construction are as follows (*these can change based on lender policy)

  • Framing – 20%
  • Lock-up 45-50%
  • Drywall 75%
  • Completion 100%

Some lenders will not give the first draw until lock-up (which is 45-50% complete).  So it is very important that homeowners and contractors know when, and approximately how much draws will be so that there are no surprises during construction.

A builder typically requires 10% of the construction contract to get started.  An appraisal will be ordered to determine the value of the lot and the construction of the home.  The appraiser will be called to inspect each draw to determine the stage of completion. The lender will advance the draw to the lawyer or direct to the clients based on the inspection report.  A search will be done on the property to determine there are no liens for each draw. There will be inspection fees for the appraiser and fees from the lawyer/lender for each draw.  

Important considerations for new home construction financing

It is very important to ensure that there is an adequate contingency for construction, typically 10 to 15% of the construction budget.  This is to cover off any increases in budget or unexpected issues. This can be added to the contract or savings set aside, which also may be dependent upon the lender’s policy.  It is very difficult to make changes during construction that will affect value. So the less changes the better. Any changes to the contract are recommended to be put in writing and signed by both the homeowner and builder.

There also may be lien holdbacks for each draw or at completion.  This will be based on lender policy and/or what the lawyer recommends.

While this all may sound confusing, a bank or professional mortgage broker can guide you through the financial part of your transaction.  Tracy Charlton has been in the financing industry for over 24 years and has extensive experience in new home construction financing.  

In addition to financial support, seek the advice of a professional real estate agent.  A Realtor can represent you in your new home transaction. Your professional real estate agent can help you understand the new home construction contract and give you advice on builders terms.  They can also provide valuable input on floor plans and finishings to ensure your investment is secure for resale.  

Now the fun part.  Find the perfect lot, pick your plan and build your dream home. 

Call the team at Quincy Vrecko and Associates to start your search or fill out the form below and we will get back to you with answers to your questions.

Quincy Vrecko and Associates Kelowna Real Estate

Contact

 

As a part of our Kelowna home builders series, we look into the BC Step Code.  While this code is new to Kelowna, many cities throughout BC have already implemented these changes and building more efficient homes.

What is the BC Step Code?

The BC Step code is a 5 step provincial policy that ensures new homes are designed to be healthier, more efficient, and more comfortable. Each Step up, performance targets increase as homes must become more and more efficient & airtight.  It will be required that all homes be built with Net Zero efficiency by 2032.

home builders series: bc step code-Quincy Vrecko and Associates

In May 2019, the City of Kelowna recently reviewed the BC Step Code to begin implementation and set the Step 1 implementation date to begin December 1, 2019. By December, Kelowna home builders are required to follow Step 1 for “Part 9 residential buildings” or single family homes.

Step 1 means Kelowna home builders must begin to understand energy consumption measurement and do airtightness tests. Step 5 means your new Kelowna single family home must be “Net Zero Ready” or airtight and energy efficient.  It is generally understood that renovations are more difficult for implementing the BC Step Code so it is focused on new builds, for now at least.

Are Kelowna home builders implementing the Step code?

Local Kelowna home builder, Court Phillips of RedCourt Carpentry Kelowna, has worked in the lower mainland where each home built he built was tested for airtightness.

“We measured air changes per hour using a blower door test performed by an energy advisor company”  RedCourt explains.townhouse-Quincy Vrecko Kelowna Real Estate

While building homes in Vancouver starting in 2015, he was already building to these codes. Beyond what the BC Code dictated.  Most homes in Vancouver have already been regularly meeting the Step 5, which is Net Zero Standards.

While there is a lot of technical talk, it boils down to efficiency.

RedCourt explains, “It’s about sealing the envelope up more, and putting in a proper HRV unit to push stale air out and pull fresh air in”.

This sounds pretty simple. Kelowna home builders can learn from Vancouver based companies who have already been building this way.  While Kelowna seems behind in this initiative they are ahead of many areas in BC.  This is the first step in making a difference.

How will Kelowna homeowners benefit?

While initial costs may be increased for construction, Kelowna homeowners will save on heating and cooling costs in the end.

Possible costs associated with the BC Step Code in building your Kelowna single-family home:

  • testing which must be done by a certified Energy Advisor
  • additional city inspection
  • extra design and materials for the HVAC system

city of Kelowna-Quincy Vrecko Kelowna Real EstateThe City of Kelowna expects all new homes built after June 1, 2021 to be able to reach at least Step 3 of the program.  This will mean the homes built in just over 2 years will be at least 50% more efficient! The city is offering building permit rebates as an incentive.   In addition, Fortis BC is offering kickbacks to Kelowna homeowners for energy-efficient homes in Kelowna.

While initial costs of construction may increase, members of the construction industry agree that over time, high-performance HVAC designs, materials, and systems will more readily available.

RedCourt has been in the construction industry since the early 2000s when he began his apprenticeship. He completed his Red Seal Certification at the top of his group and has worked hard to ensure that every project he works on meets every building standard for both regulation and aesthetics. He has experience with an eye for detail!

The team at Quincy Vrecko and Associates is growing again!  

We are excited to have Experienced Realtor Steve Hyndman join the team at our downtown office on Ellis.  

Steve Hyndman has extensive experience in the Kelowna real estate market.  He has been involved in many facets of the real estate industry for over 28 years.  Over his career, he has worked in Madison on Ellis Quincy Vrecko Kelowna Luxury Real Estateresidential and commercial real estate sales, along with major development projects throughout the Okanagan.  Steve has played a pivotal role in real estate growth in the Okanagan.

Steve moved to the Okanagan from Toronto in 1991 with his wife Karen, and 2 young sons. He has been calling Kelowna home for over 28 years, they have established roots, raised their family and are now proud grandparents of 2 grandchildren.

Kensignton Terrace Quincy Vrecko Kelowna Real EstateFurther to Steve’s career in residential and commercial real estate sales, he has a strong recreational and development background.  Steve was co-owner of a successful brokerage at Big White Ski Resort and developed Southpoint Mountain Homes, a ski in-ski out property on the mountain.  

Steve Hyndman’s development experience extends to the Kelowna area. Where he involved in notable development projects such as the Madison highrise on Ellis and Kensington terrace townhomes, both in downtown Kelowna.  

Not only has Steve excelled in residential and commercial real estate. Him as well as his wife Karen, they have also been recognized for their work in Kelowna developments. With 10 Gold Tommie awards the highest local honors in real estate development.

Steve Hyndman-Quincy Vrecko Luxury Real EstateOn his spare time, Steve spends his time enjoying the great recreation the Okanagan has to offer.  he can be found boating on Lake Okanagan or golfing on one of the areas award winning golf courses, in the warmer months.  As an avid snowboarder, over the winter months, Steve is up a Big White.

 

Come and visit Steve at our offices at 1391 Ellis Street.

To reach Steve directly call 250-878-3608 or email Steve@quincyvrecko.com

Did you find that perfect home to buy but still have to sell?

When it comes to Buying and Selling Real estate we often get the question, should I be buying before selling my home?

A year ago, homeowners were buying before selling with confidence their home would sell quickly. As the Kelowna real estate market changes from a seller’s market to a more balanced market, homes are taking longer to sell.  So, there are some things to consider if you are buying before selling. New house keys-Quincy Vrecko and Associates

There are risks associated with buying before selling.  The most obvious would be owning two homes. Possibly even carrying two mortgages.  Not only could this be financially staining, but changing market conditions pose a risk.  

To lower the risk when buying before selling, Kelowna Realtor, Tracey Vrecko, suggests making an offer on a home with a subject to the sale of your existing home, with a time clause…

 

In simple language……Your offer to purchase would be condition upon selling your home.  

 

So how does this work?

A “traditional” offer is written with all the common terms and conditions.  Then, an additional condition is added to the contract that allows you time to sell your home.  Additionally, Buyer and seller will need to agree to;

A timeframe to sell the existing home (a common time frame is 30 days)

A time to remove this condition, called “time clause” in the event of another accepted offer ( the average is 48 hours)

Stopwatch -Quincy Vrecko Kelowna Real EstateWhat are the risks?

When the offer is accepted, (known as a “time clause offer” or an “offer subject to the sale of”), the home remains on the market and is still available for sale to other potential buyers.

In the event an offer presented and accepted while your current offer is still active, you will receive a notice invoking the “time clause”.  You will have the agreed upon time (usually 48 hours) to remove all of your conditions or your offer will be void and the second offer will take effect.  

Sounds complicated…. Not really.

“This is a really good option for buyers looking into buying before selling.  It is the peace of mind that you are not committed to owning two properties at once.”  Says Vrecko.

Buying and Selling real estate can be complicated.  This one of many examples where hiring a professional real estate agent is important.  A real estate agent can guide you through this process and offer advice to ensure a successful purchase and sale of your home.  

Quincy Vrecko Team photo on dockCall the team at Quincy Vrecko and Associates with any questions related to real estate.  The team has extensive knowledge of the Kelowna real estate market and would be happy to help.  Read some of our success stories from our past clients. 

 

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There are important things to know about the dock license requirements for your waterfront property.  

Owning a home on Lake Okanagan has many perks, one of which is private moorage for your boat.  If you own a waterfront home or are thinking of buying waterfront property, there are dock license requirements that must be met.  

Dock Photo-Quincy Vrecko Waterfront Real Estate

When purchasing a waterfront home, the current dock license is not transferrable.   As a result, you must apply to have the license assigned once you take possession. Have your professional real estate agent ensure that dock meets necessary dock license requirements before buying a waterfront home.  Furthermore, each waterfront community has different requirements.

If there is no dock and you would like to build a dock, there are some of the dock license requirements you need to be aware of before building.  

Private mooring facilities are governed by the Ministry of Forest, Lands and Natural Resource Operations.  There are legal dock license requirements and approval process you must follow. The dock must be in compliance with by-laws and local zoning.  

While the common term is a dock license, there are actually no licenses issued anymore.  The term used now is either General Permission or Special Permission.  (but for the sake of this article we will continue using the wording dock license)

General Permission

If your dock meets the conditions and requirements outlined in the General Permission, you may be relinquished from having to submit an application.  

Here you can Download the General Permission guidelines to see if you dock license requirements.

Specific Permission

You will need specific permission in the following situations:

  • Where general permissions are prohibited
  • Stand-alone boat lift or permanent boat way
  • Group moorage

Applying for a lease

Leases are typically a 20-year term. The annual leasing fee is $200.00 if the area is under 2 000 square meters.  A higher fee will apply if the area is larger than 2 000 square meters.

Dock license requirements stipulate that all docks:Waterfont-Quincy Vrecko Kelowna Luxury Real Estate

  • Can not obstruct public access along the foreshore
  • Only one dock is permitted for each property
  • Must be in compliance with building regulations
  • Must provide proof of insurance by the waterfront property owner

Additionally, all docks must not:

  • Include covered structures
  • Be used for non-moorage purposes
  • Include solid core structures
  • Result in harm to the natural habitat

Regional Considerations for dock license requirements

Areas along the Okanagan shoreline are categorized into color-coded zones.  These are based on environmental sensitivity, from highest to lowest. These zones will determine what your dock license requirements and what type of dock you can build.  

Habitat color zones-Quincy Vrecko Kelowna Luxury Real Estate

Black zone – Critical Habitat Value

Red Zone-High Value

Yellow-Moderate Habitat Value

No Colour-Low or Unknown Habitat Value

There is no new construction in Black Zones, only repairs to grandfathered docks.  

 

In addition to the color zones, your dock license application will be assessed based on the risk level of negative impact on the environment.  To find out what zone your waterfront property falls under visit the interactive government map. https://maps.gov.bc.ca/ess/hm/imap4m/

If you are a waterfront property owner looking to build a dock, or to modify your existing dock, contact the local Natural Resouce front counter at https://portal.nrs.gov.bc.ca/web/client/-/vern-1 .  Here you can learn how you can meet the dock license requirements before your start.

Hire a Waterfront Specialist-Quincy Vrecko

quincy vrecko waterfront real estate agentFinally, if you are looking to buy a waterfront property in the Okanagan, work with a professional real estate agent.  Above all, find a waterfront specialist that understands the complexity of a waterfront home purchase.  Quincy Vrecko specializes in Waterfront homes in the Okanagan. Quincy can ensure the waterfront property you are purchase meets all dock license requirements so you can move in and enjoy your new home.

 

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