Kelowna Real Estate Market News

Are Speculation Tax Fears Starting to Affect Buyers? April 2018

The Buyers Survey Results are now out for April 2018 covering the Kelowna Real Estate Market and Central Okanagan Area.


Buyers are still moving from Vancouver and the Lower Mainland in greater numbers than those from Alberta, and local Buyer numbers remain steady.


I am also watching how the proposed Speculation Tax may start to affect sales in Kelowna and West Kelowna, and numbers are down 2.34% this month.


Vernon and Coldstream, on the other hand, saw a 6.24% increase in Buyers last month.


I am sure Kelowna Real Estate Sellers will be watching those numbers closely, to see whether the new Tax really does affect Buyer numbers.

 

Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 14.53% down from 15.2%

 

Moving Up – 18.97% up from 18.1%

 

Similar Property Type –  21.18% down from 23.6%

 

Revenue Property Investor – 14.78% up from 12.7%

 

Downsizing – 14.53% up from 13%

 

Single-family Res to Strata – 6.65% down from 7.2%


Strata into Single Family – 5.42% up from 2.0%

 

Recreational Property – 4.68% down from 6.7%

 

Retirement Community - 1.97% down from 2.5%


Describe the Buyer (family dynamic):


Two Parent Families with Children –  26.24% down from 29.3%


Couple without children –  24.2% down from 24.7%

 

Empty nesters or retired –  20.25% up from 18%


Single female – 12.84 % down from 14.2%


Single male – 12.35% down from 14.2%


Single Parent with Children – 3.7% up from 1%

 



How did Buyer finance purchase?


Conventional (>20% or down) –  57.21 down from 57.6%


All cash – 29.85 down from 31.8%


High ratio (< 20% down) –  12.94% up from 10.6%


Rental income to qualify – 1.24% up from 1%


Where did Buyers move from?


From within Board area –  56.02% down from 56.5%

 

From Lower Mainland/Island – 20.15% down from 21.3%


From other Areas BC – 8.85% up from 6.2%


From Alberta – 9.09% up from 8.3%


From outside Canada – 1.72% up from 0.8%


From E Canada/Maritimes – 2.46% up from 2.4%


From Sask./Manitoba – 1.23% down from 3.4%


From the NWT/Yukon -  same as last month 0.4%


In what area was property purchased?

Kelowna / West Kelowna – 52.46% down from 54.8%


Vernon/Coldstream – 20.44% up from 14.2%


Central Ok (outside K/WK) - 6.16% down from 11.3%


North Ok (outside V/CS) – 5.42% down from 7.1%


Salmon Arm – 6.16% up  from 5.4%


Shuswap/Revelstoke (outside SA) –  9.36% up from 7.1%

 

Kind Regards


Trish Cenci


 
 
Comments:
No comments

Post Your Comment:

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.