
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 the Buyer (family dynamic):
Couple without children – 28.21% (26.1%)
Two-Parent Family /children – 27.24% (27.67%)
Empty nesters or retired – 17.63% (21.07%)
Single female – 11.86% (9.12%)
Single male – 11.86% (13.84%)
Single parent with children – 2.88% (1.57%)
How did Buyer finance purchase?
Conventional (>20% down) – 52.12% (51.91%)
All cash – 30.62% (34.08%)
High ratio (< 20% down) – 16.61% (14.01%)
Rental income to qualify – 0.98% (2.23%)
Where did Buyer move from?
From within Board area – 62.50% (63.95%)
From Lower Mainland/Island – 15.71% (15.36%)
From Alberta – 10.26% (6.27%)
From other Areas BC – 6.73% (7.84%)
From E Canada/Maritimes – 2.24% (4.08%)
From Sask./Manitoba – 1.60% (1.57%)
From outside Canada – 0.64% (0.94%)
From the NWT/Yukon – 0.32% (0.00%)
In what area was property purchased?
Kelowna/West Kelowna – 46.60% (45.43)
Vernon/Coldstream – 16.83% (18.03%)
Central Ok (outside K/WK) – 7.4% (10.41%)
Salmon Arm – 8.74% (9.15%)
North Ok (outside V/CS) – 8.09% (6.62%)
Shuswap/Rev (outside SA) – 12.3% (10.09%)
Kind Regards
Trish Cenci
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