Kelowna Real Estate Market News

Move up Buyers were the busiest Buyers last month, representing 20.51% of the Market, with First Time buyers also being busier, according to the Okanagan Mainline Real Estate Board (OMREB).


A continuing sign that Buyers are gradually recovering from the impact of the Mortgage Stress Test rules.


There were a few more Buyers from Alberta 10.26%, compared to 6.26% last month, and a small increase in the numbers looking in the Kelowna & West Kelowna area.


Please find the full summary below.


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


First Time Buyer –  19.55% (17.24%) 

Revenue Property Investor –  9.29% (12.23%) 

Moving Up – 20.51% (19.44%)

Similar Property Type – 16.67% (17.87%)

Downsizing – 13.46% (16.61% )

Single family Res to Strata – 6.09% (5.02%) 

Recreational Property – 6.73% (6.27%)

Retirement Community – 1.60% (2.82%) 

Strata to Single Family – 3.53% (2.19%) 


Describe...

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Last months Buyers Survey Report is now out, provided by the Okanagan Mainline Real Estate Board (OMREB).


Less activity by First Time Buyers, but more people Downsizing and Investing.


Families were busier Buying, but there were less out of area buyers. I suspect this is due to many have greater difficulty Selling their own homes, as many areas are struggling with sales at the moment.


Property Type:


19.89% First Time Purchase (down from 23.48% in April)

17.74% Move Up Purchase (down from 19.61%)

19.62% Relocating to Similar Property Type (up from 16.85%)

11.02% Revenue/Investment (up from 8.29%)

19.09% Downsizing (up from 15.75%)

7.53% Moving from Single-family Home to Strata Unit (up from 5.52%)

2.96% Moving from Strata Property to Single Family Home (up from 2.76%)

3.76% Recreational Property (down from 5.25%)

1.34% Retirement Home/Seniors Community (down from 2.49%)


Buyer Type (Family Dynamic):


27.03% Two Parent family/children (up from 22.47% in April)

24.86% Couple without children (down...

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This month when I viewed the Kelowna Real Estate Buyers Survey Results for July 2018, I decided to compare them to this time last year rather than last month, as the year on year trend was more insightful.


If ever we wanted to gauge how the Mortgage Stress Tests affected First Time Buyers, this months results really highlighted it.  First-time Buyers only made up 11.8% on the market in July 2018 compared to 16.9% in 2017.


Revenue Property Buyers were also down from 15.1% to 12.4% and the number of people downsizing was up from 13.4% to 16.2%.


There were fewer local Buyers than this time last year - 2018 - 53.5% 2017 - 56.4%, more Buyers from the Lower Mainland 21.1% (16.8%), fewer Buyers from Alberta 8.8% (11.3%) and more Buyers from within BC 10.2% (6.8%)


The number of people Buying in the Kelowna Area was down to 45.4% (51.9%) and the number Buying in the Vernon Area was up to 20.7% from 19.4%.


Here are the full Okanagan Mainline Real Estate Board (OMREB)...

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