Kelowna Real Estate Market News

Kelowna Real Estate Buyers Report - March 2018

The March 2018 Buyers Survey Results have now been published by the Okanagan Mainline Real Estate Board (OMREB).

So, who has been Buying Real Estate in Kelowna and the Central Okanagan during March?

People buying similar properties beat out 1st Time Buyers and Move up Buyers this month, as the busiest buyers.

The fact that the numbers of First down Buyers were well down points to the possibility that latest changes in the mortgage rules are having an effect on their ability to borrow

Lower Mainland Buyers were busier in the last month, whereas Alberta Buyers held steady.

Here are the full results below.

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

First Time Buyer – 15.2% down from 19.3%

 

Moving Up – 18.1% down from 18.8%

 

Similar Property Type –  23.6% up from 18.8%

 

Revenue Property Investor – 12.7% down from 14.4%

 

Downsizing – 13% down from 13.5%

 

Single-family Res to Strata –7.2% up from 6.7%


Strata into Single Family – 2% down from 4.0%

 

Recreational Property – 6.7% up from 4.0%

 

Retirement Community - 2.5% up from 2.2%


Describe the Buyer (family dynamic):


Two Parent Families with Children29.3 up from 28.3%


Couple without children – 24.7 down from 26.5%


Empty nesters or retired –  18% up from 17.0%


Single female – 14.2% down from 14.4%


Single male – 14.2% up from 9.9%


Single Parent with Children – 1% down from 3.1%

 

How did Buyer finance purchase?


Conventional (>20% or down) – 57.6 down from 57.9%


All cash – 31.8% up from 26.9%


High ratio (< 20% down) – 10.6% down from 16.1%


Rental income to qualify – 1% up from 0.9%


Where did Buyer move from?


From within Board area – 56.5% up from 55.3%


From Lower Mainland/Island – 21.3% up from 18.6%


From other Areas BC – 6.2% down from 11.1%


From Alberta – 8.3% down from 8.4%


From outside Canada – 0.8% down from 3.1%


From E Canada/Maritimes – 2.4% up from 1.8%


From Sask./Manitoba – 3.4% up from 1.3%


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


In what area was property purchased?

Kelowna/West Kelowna – 54.8% down from 58.0%


Vernon/Coldstream – 14.2% down from 17.0%


Central Ok (outside K/WK) – 11.3% up from 9.4%


North Ok (outside V/CS) – 7.1% up from 6.7%


Salmon Arm – 5.4% down from 5.8%


Shuswap/Rev (outside SA) – 7.1% up from 3.1%

 

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.