The Kelowna Real Estate Buyers Survey results for March 2020, showed more move-up Buyers and Empty Nesters buying in our Central Okanagan Market.

Due to the travel restrictions that started to impact mid-March, it is not surprising to see local Buyer numbers up.

Here are the full results -:

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

First Time Buyer – 19.28% (20.63%) 

Revenue Property Investor – 7.63% (9.52%)

Moving Up – 21.69% (17.46%)

Similar Property Type – 18.47% (19.58%)

Downsizing – 16.87% (14.29%)

Single-family Res to Strata – 4.42?% (5.29%)

Recreational Property – 2.41% (4.76%)

Retirement Community-3.61% (1.06% )

Strata to Single Family – 4.02% (3.70%)

Describe the Buyer (family dynamic):

Couple without children – 25.6% (25.40%)

Two-Parent Family /children – 21.2% (24.87%)

Empty nesters or retired – 23.2% (17.46%)

Single female – 13.6% (11.64%)

Single male – 12.4% (11.64%)

Single parent with children – 4% (3.17%) 

How did Buyer finance purchase?

Conventional (>20% down) – 50% (50.26%)
All cash – 32% (32.28%)
High ratio (< 20% down) – 18% (16.93%)
Rental income to qualify – 0.80% 1.59%)

Where did Buyer move from?

From within Board area – 68.27% (60.85%)

From Lower Mainland/Island – 14.86% (15.34%)

From Alberta – 5.22% (7.94%)

From other Areas BC – 6.43% (6.35%)

From E Canada/Maritimes – 4.42% (4.23%)

From Sask./Manitoba – 0.80% (1.59%)

From outside Canada – 0% (3.70%)

From the NWT/Yukon – 0% (0%)

In what area was the property purchased?

Kelowna/West Kelowna – 55.82% (53.19%)

Vernon/Coldstream – 17.67% (20.21%)

Central Ok (outside K/WK) – 9.64% (6.91%)

Salmon Arm – 5.22% (5.85%)

North Ok (outside V/CS) – 4.42% (6.91%)

Shuswap/Rev (outside SA) – 7.23% (6.91%)

Kind Regards

Trish Cenci