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