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)...