Luxury Home Sales in the Current Real Estate Market

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The current real estate market in the Okanagan is booming and at an all-time high. Following the largest luxury home sale in Okanagan, we asked our luxury expert Quincy Vrecko what this means for luxury homes.

1570 Antler Court QVA luxury Front of houseQuincy, in your opinion, how is the current market affecting luxury home sales?

The average day on the market has dropped substantially, so instead of luxury homes taking perhaps a year to sell, they’re selling within 3 or 4 months. This is because there is a lot more pent-up demand. Because of that demand, we’ve seen prices notch up, and we’re also seeing multiple offers situations which is something we haven’t seen in the luxury market before.

4-180 Sheerwater-Quincy Vrecko Kelowna Luxury Real Estate

With this high demand, what are the key things people look for in a luxury home?

The first thing people look for is lake views, that’s a big one. Swimming pools are also a big point for people coming from Alberta or the Lower Mainland. Additionally, people look for a three-car garage, privacy, and of course like anything else: location. Those are the biggest key factors in the search for a luxury home. Of course, the finish and quality of the build, a reputable builder, and similar homes surrounding them is really what defines that luxury market.

Where is that market coming from? Local? Out of town?

Right now, the biggest push we’re seeing for luxury home sales has been from the Lower Mainland, where people have been able to sell their homes for a fair bit of money, which allows them more freedom coming up to the Okanagan. In the last 2 months, we’ve also seen a push coming from Alberta, which hasn’t happened in quite some time because of the slowing of their economy. But with the housing market doing quite well in Alberta and the housing market doing well in the Lower Mainland, this is what I call the perfect trifecta: We’ve got 2 large markets, with populations of 4 to 5 million, feeding into the Kelowna market driving the values up.

147 Upper Canyon Drive Quincy Vrecko Kelowna Luxury Real EstateWhat do you think is the future of luxury home sales?

The future of luxury home sales, from a listing point of view, is strongly affected by things getting more technologically advanced. Virtual reality and 3D have been playing a huge role in today’s market. Not just because of COVID-19, but because the buyers are becoming savvier, and more comfortable with technology. Floor plans and layouts are a very big drive in the luxury market right now. Going forward, as far as the luxury market goes, waterfront is going to be a big push. As they’re not making any more, people’s options and choices are very limited. And, like everything else, it’s going to be about the location, lake views, the fit and finish and automation of the homes, and garage space, and that’s what’s going to continue to drive that luxury market in the future. When it comes to where people are going to be coming from, I think we’re still going to see a very strong push from the Lower Mainland.

We’re seeing Alberta, as I mentioned, but we’re also seeing Toronto starting to push this market, whether it be vacation homes or retirement homes. With everything that’s happened in the world, with COVID-19, people’s habits and how they’re working have changed. This has allowed people the freedom to move from these larger centers to smaller centers such as Kelowna, as they don’t have to go to an office and they can work from home.

Relocating to Kelowna

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Relocating is one of the most stressful things we can do, leaving a safe and familiar place for something new and uncertain is something we all struggle with. There are many benefits to moving to Kelowna but the transition can be strenuous.  When considering a move there is a long list of things to consider. Let’s walk through some of the most asked questions when relocating to Kelowna.

Always ask the question the “The Three P’s”:

People: When looking for a new place to call home, it is a good idea to consider not only who will be living there but also any visitors. If you are someone that has plenty of families it is best to look for homes with a little extra space or maybe a carriage home!

Pets: Do you have any pets that are making the move with you? if so, the realtor needs to be aware of this as this will be search criteria. If you need a yard, this will shift your search to single-family residential and away from strata properties.

Parking: How many cars do you have? Any toys? These are all great things to know as it is a factor in deciding if your new home is the right fit for you!

When moving cities, provinces, or countries, it is very hard to get the timing of the sale of your home and the possession of your new home to line up. Figuring out your timeline before you commit to the move is very important and can save you a fortune!

 

Having an experienced, local realtor is extremely important. You are going to want someone who knows the area and can fit your lifestyle with your neighborhood.  If you are looking for an active, social lifestyle then a more central location is going to be your go-to but if you want a more retirement and residential lifestyle, Lower Mission or Glenmore would be a great fit. These are all things that make using a Kelowna Realtor so important when relocating to Kelowna.

Hiring a real estate company’s relocation expert can take the sting out of many details involved in the transition and bring better solutions at a faster pace than if you try to relocate on your own.

 

Contact us for more information on relocating to Kelowna.

Cozy Decorating Tips – A Guide to Staying Warm this Winter

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Stay warm this winter

As the cold air creeps in and winter coats become a necessity being cozy is what we are all striving for. We have some great ways to add comfort and warmth to your home this Holiday Season. With the recent snowfall, it is evident that the blankets and hot chocolate have made their debut this past weekend! Here is your guide to staying warm during this cold spell.

  1. Layer up Rugs

We layer our sweaters and blankets during the cold season so why not layer up the rugs as well! Whether you have hardwood, laminate, or tile, layering up on rugs is a great way to keep your feet cozy as well as adding great texture, color, and warmth to any room.

 

 

Bring on the Blankets

Adding blankets to any room will make it feel cozy and warm. Add a wicker basket to the corner of your couch in your family room with multiple blankets and your guests instantly have a way to cozy up while they are over for a cup of hot cocoa over this Holiday Season!

 

 

Add a Reading Corner

Do you have that corner in your home that you can’t figure what to use it for? We’ve got you covered! Add a big comfy chair, a table and a lamp and voila you’ve got yourself a nice reading corner. Cozy up in the morning with a nice cup of coffee, bring over your favorite book and you may have your new favorite spot in the house!

 

Try Dark Colours

Accent walls are a great way to add to a room. Try dark charcoal or dark brown as an accent wall behind your bed in your room and instantly add a cozy feeling. Just make sure you use lighter fixtures such as white end tables or a light grey headboard so it doesn’t make the room feel too dark.

 

Start your Fire!

This is one that people tend to forget… You add all the cozy fixtures in your home such as blankets, throw pillows, and rugs but you forget that simply lighting the fire will instantly make your home feel cozy and add warmth on those cold winter days. If you don’t have a fireplace, lighting a Holiday scented candle will do the trick!

Now your home is nice and cozy for the wintertime and you are thinking of putting it on the market. Contact our knowledgeable professionals of Quincy Vrecko and Associates who are here to guide you through the ins and out of Real Estate, call Tracey Vrecko at 250-575-6448 today!

Move to Kelowna From Saskatchewan

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Move to Kelowna From Saskatchewan

Why did you move to Kelowna from Saskatchewan?

I first started thinking about the move when my partner, Landon and I were just sitting in our freezing car in the middle of January on a -45-degree morning. We sat there complaining about how awful it was and decided we couldn’t do another winter like this. That started our journey to B.C. I wasn’t set on any particular city, I just knew I loved this province and it was where I wanted to start planting roots. As we did our research on the major cities in B.C., Kelowna became an obvious choice. It had everything, endless outdoor adventures, opportunity and it wasn’t too big. Five months later we had everything we owned strapped to our car and we hit the road!

 

What do you love about Kelowna?

Kelowna never ceases to amaze me. Every day I drive by Gyro Beach and I still pull over to admire the view. It is such a breathtaking city. The mountains, the lake, I could stare at them all day. I thought when I left Sask (Land of the Living Skies) I would miss the sunsets but the Okanagan has not let me down if anything they are even better because you can hike any one of the amazing mountains around Kelowna and REALLY see the gorgeous sunsets from a perspective I had back home.   

What do you like to do in Kelowna?

The outdoor lifestyle is huge here in Kelowna. One of my favorite places is Cedar Creek, it’s a beautiful beach but also a dog park which makes it my go-to with my two dogs. The water is so clear and it’s the best place to catch the sunset. Since I have been in Kelowna, I have been on too many hikes to count and I am always finding new ones to add to the list. My next adventure is to conquer the skill of snowboarding this upcoming season! 

What do you miss about your hometown?

The only thing I miss about Sask is my family and friends, I left everyone when I moved to Kelowna. It was a big change to go from a huge family to not knowing anyone other than Landon, don’t get me wrong it has been so much fun meeting new people and figuring out who I want to be out here but my family will always keep me tied to Saskatchewan. Well, at least until I can convince them to move out here too!

Since making the move to Kelowna I have not looked back since. Not only do I live in one of the most beautiful places, but I also feel like I belong here. I have had so many great opportunities since and I know there are many more waiting for me. I am so excited about my future here in the great OK.

Virtual Real Estate & Technology

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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. The team at Vrecko Real Estate Group continues to service buyers and sellers by 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 to connect 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 Vrecko Real Estate Group 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 way of a virtual tour.  

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

 

Covid-19 and Real Estate in Kelowna

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Health and Safety is Our First Priority


The team at Quincy Vrecko and Associates is taking the COVID-19 global pandemic very seriously.  As the news changes daily, we have implemented new procedures while we continue selling real estate in Kelowna.  We want to ensure the health and safety with everyone we come in contact with directly or indirectly.

While we remain open for business during the Covid-19 crisis, we are doing so in a different way. The team at Quincy Vrecko and Associates is relying more now than ever on technology to connect with buyers and sellers.  We continue to use social media marketing platforms to market our listings and answer questions from potential buyers. Real estate in Kelowna will continue to be desired, and with the use of photos, video, virtual reality, and “Live Chat” with one of our agents we can stay connected and engaged with our clients.  

We take the health and safety of our team, staff, clients, and the community very seriously.  We want to reassure our clients and the public that we are taking every precaution when showing properties and engaging the public.  We are practicing social distancing by traveling in separate vehicles and traveling in small groups.  

Extra Precautions

To prevent the spread of Covid-19 in our community, we are screening all buyers before viewing any homes.  Our agents are asking for details of previous travel history and current health conditions to determine any risks.  Once screened we are limiting the number of homes shown. While showing properties, we are monitoring contact with any surface and using disinfectant wipes if any contact is made.  From light switches and surfaces to door handles, we will ensure all areas will be wiped clean before exiting the property.    

All homeowners should rest assured we are taking every precaution to ensure no cross-contamination or transfer of germs. Your safety is our utmost concern while trying to bring buyers and sellers together.  

 

 

Our Community

Even more important than selling real estate in Kelowna, we want to take the time to recognize the most vulnerable in our community. If any elderly or immunocompromised individuals need support during this COVID-19 pandemic, our team is ready and willing to help.  We are taking all proper precautions when helping the public and we are diligent in making sure we are practicing social distancing.

From Quincy Vrecko, Tracey Vrecko, Christopher Ward, Charlene Volk, Steve Hyndman, and Kiana Sander, we want the community to know we are here to help. Please reach out to any of us if you need help.

Thank you

Furthermore, we want to recognize the heroes beyond the frontlines of the Covid-19 crisis.  We want to thank the men and women who are restocking shelves, helping others, and going the extra mile to ensure the safety and security of the community.  

 

Now is the Best Time to List Your Home in Kelowna

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

Private Waterfront 4009 Westside Road

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 a 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 a strong demand”

kelowna market stats

Year-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 at all price points. 

With strong real estate sales numbers and low inventory in homes for sale in Kelowna, makes 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 Vrecko Real Estate Group.  This top Kelowna real estate group offers tailored marketing programs. This dynamic team has a proven track record for achieving top dollar for their clients’ listings. 

Kelowna Holiday Shopping

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Being Home for the Holidays can be a bit overwhelming with all the events, shopping, and family suppers, here at Quincy Vrecko and Associates we thought we would try and make the holiday season a little less stressful so you can truly enjoy this cheerful time.

Morgane

Morgane is located in the Okanagan Valley of British Columbia. This Woman Clothing store has a vision to always provide a personal and enthusiastic styling experience. Morgane will help you look good and feel comfortable in the clothing you wear no matter where or what you are doing. This Boutique perfect place to stop by if you are home for the holidays

Location:1393 Ellis St, Kelowna, B.C

European Goldsmith

European Goldsmiths was founded by John and Kim Berg in 1996, European Goldsmith Fine Jewellery is a family-owned and operated jewelry store in Kelowna, BC. Their warm and welcoming staff truly love the industry and appreciate the ability to be part of your special moment. When you visit European Goldsmith, you get to discover what feelings look like.

Location: 109 – 2900 Pandosy St, Kelowna, B.C

 

Macdermott’s

MacDermott’s has been the luxury shopping destination in Kelowna since 1995 and has been a one-stop shop for modern men’s business wear ever since. This beautiful shop carries a large selection of premium brands and was voted ‘Best in Men’s Clothing in Kelowna’ for multiple years, MacDermott’s reputation for modern style and customer service is what makes it a need to see if you are home for the holidays this season 

Location:565 Bernard Ave, Kelowna, B.C

Karat Chocolate and Pastry Boutique

Karat Chocolate and Pastry Boutique located in the Heart of Kelowna this magnificent small-batch chocolate company focuses on bringing you the freshest essentials to make your day perfect. Each bar and chocolate is carefully crafted and wrapped by hand. If you are home for the holidays this season make sure to treat yourself to a cup of Phil & Sabastian coffee and some Signature Karat Chocolates

  Location: 1526 Ellis Street, Kelowna, B.C

Mosiac Kelowna

Mosiac Book Store

Mosiac Book Store carries over 6,000 bargain-priced books that are generally 50-70% off the list price, this includes new releases and popular sellers. This bookstore doesn’t stop at books, they carry jigsaw puzzles and board games too!

Location: 411 Bernard Avenue, Kelowna, BC

Lakehouse Downtown Kelowna

LAKEHOUSE

LAKEHOUSE is a family-owned and operated “lifestyle store”, that combines unique ingredients to create an exceptional and unexpected experience. They have sourced hundreds of suppliers from around the world to bring the people of Kelowna a fresh new style. LAKEHOUSE has something for everyone including kitchen, furniture, home décor, wine and bar, and giftware.

  Locations: 100 – 510 Bernard Ave, Kelowna, B.C + 1264 Ellis Street, Kelowna, B.C

 

New Home: New Home Construction Financing

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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”

“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 homeowners and contractors must 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 it 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 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 Vrecko Real Estate Group to start your search or fill out the form below and we will get back to you with answers to your questions.

Contact

 

Kelowna Home Builders: The BC Step Code

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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. With 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.

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 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 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 be 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!