First-time Buyers had their busiest month so far this year, in the Kelowna and Central Okanagan Real Estate Market.
Does this mean they are finally finding ways to get around the Mortgage Stress test, which began in January this year? It will be interesting to see the answer over the winter months.
I suspect that increasing interest rates will be the next thing to 'curb' their purchasing power.
The number of Investors was also down, and also the number of Vancouver and Lower Mainland Buyers from 20.5% to 16.87%. This is likely to be due to the continued cooling of the Lower Mainland Real Estate Markets, where homes are taking longer to sell and prices are 'softer' than they were.
Central Okanagan September 2018 Buyers Survey Results.
Best describe your most recent Buyer (moving to/from property type)
First Time Buyer – 20.08%
Revenue Property Investor – 8.79%
Moving Up – 15.06%
Similar Property Type – 23.01%
Downsizing – 12.97%...