Last year in the Okanagan, a luxury home sold for over 11% more than it was bought in the year previous, a sign of the times for Canadas fastest growing metropolitan area. As Vancouver suffers is affordability crisis, people are looking throughout B.C. to find alternatives for living. Whether its baby-boomer retiree’s looking to purchase luxury retirement or recreational properties, or the millennial crowd looking to establish themselves in an up-and-coming city with a flourishing tech job market, buyers are flocking to Kelowna.
Despite builders putting up more new homes than ever in Kelowna’s history, prices keep climbing, and show no indication of stopping any time soon. The unique circumstances Kelowna is enjoying make this a tremendous opportunity for anyone looking to purchase property in the Okanagan.
While housing sales in Vancouver have dropped an incredible 25% over the past year, as of July 2016, Central Okanagan has experienced an increase of sales of 51%. Not only this, but Kelowna is enjoying an unprecedented vacancy rate that between 0.5 and 1%, making Kelowna among the easiest cities in B.C. to find tenants. These unique circumstances mean that Kelowna is experiencing a huge market of baby-boomers buying luxury retirement and recreational homes years in advance of their actual retirement. They are taking advantage of skyrocketing prices, buying low, and renting their properties out to an enormous market of millennials displaced from Vancouver until they are ready to retire.
Not Stopping any Time Soon
From the low end of the market to the high, Kelowna is experiencing historically unprecedented increases in property value. A ‘perfect storm’ of circumstances have coalesced to provide buyers a unique opportunity to purchase property set to only skyrocket in value. Whether you’re ready to move now, or in a few years, the booming Okanagan tech industry and unbelievable vacancy rate essentially guarantees the extensive availability of renters at every price point to make that decision easier. If you’re looking to take advantage of the once-in-a-lifetime market conditions by purchasing a luxury home or recreational property, make the absolute most of your investment by ensuring you are guided by the industry authority on the Okanagan luxury real estate market, Quincy Vrekco.
Quincy Vrecko & Associates.
With more than 28 years of experience in luxury sales throughout the Okanagan, and over 60 million dollars in real estate sold, Quincy Vrecko and his team have the knowledge and experience to find you the property you’re looking for. Whether it’s rising value or incredible living you’re after, with Quincy and his team, you can rest easy knowing you’re guaranteed to find both. For more information on the incredible opportunities available in Kelowna and throughout the Okanagan, get in touch with Quincy Vrecko at 250-863-8810.