Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results August 2018

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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