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