
The August 2018 Buyers Survey Results are now out for Kelowna Real Estate Buyers and the Central Okanagan Area.
I am pleased to report that after a very low July, First-time Buyers were more active in the market increasing from 11.8% to 15.8%, and then not surprisingly there was an increase in higher ratio Financing from 8.9% to 114.9%. The biggest fall being 'Downsizing Buyers from 16.2% to 11.1%.
More Couples without children were active - increasing from 19.2% to 24.9%.
There were a few more local people buying last month up from 53.5% to 55.7%. Lower Mainland Buyers held steady at 20.5% just slightly down from July's 21.1%, while Alberta Buyers were up from 8.8% to 11.9%. In other areas of BC, Buyers were down from 10.2% to 7.2%.
As far as areas go, Shuswap saw an increase in Buyers from 9.7% to 13.9%, while the number of Buyers in Kelowna, West Kelowna and Vernon were slightly down.
Here are the full details below -:
Best describe your most recent Buyer (moving to/from property type)
First Time Buyer – 15.8%
Revenue Property Investor – 14.4%
Moving Up – 17.2%
Similar Property Type – 21.6%
Downsizing – 11.1%
Single Family Residential to Strata – 3.3%
Recreational Property – 8.3%
Retirement Community – 1.7%
Strata to Single Family – 3.3%
Describe the Buyer (family dynamic):
Couple without children – 24.9%
Two Parent family/children – 26.8
Empty nesters or retired – 20.1%
Single female –13.1%
Single male –10.9%
Single parent with children – 2%
How did Buyer finance purchase?
Conventional (>20% down) –52.1%
All cash – 31.7%
High ratio (< 20% down) – 14.9%
Rental income to qualify –2.5%
Where did Buyer move from?
From within Board area- 55.7%
From Lower Mainland/Island – 20.5%
From Alberta – 11.9%
From other Areas BC – 7.2%
From E Canada/Maritimes – 2.8%
From Sask./Manitoba – 0.6%
From outside Canada – 1.1%
From the NWT/Yukon – 0.3%
In what area was property purchased?
Kelowna/West Kelowna –42.4%
Vernon/Coldstream – 17.5%
Central Ok (outside K/WK) – 7.5%
Salmon Arm – 10.3%
North Ok (outside V/CS) – 8.6%
Shuswap/Rev (outside SA) – 13.9%
Kind Regards
Trish Cenci
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