Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results December 2020

The latest Kelowna Real Estate Buyers Survey Results are now out, for November 2020.


First-Time Buyers and Revenue Investors were busier in the market this last month.


There were more 2 Parent Families Buying, and the Market in Kelowna / West Kelowna was busier, with Vernon area being less busy.


Here is the full report.


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


First Time Buyer – 18.43% (13.98%)

Revenue Property Investor – 14.09% (10.38%)

Moving Up – 18.16% (22.03%)

Similar Property Type – 14.09% (20.34 %)

Downsizing – 12.47% 14.41%)

Single-family Res to Strata – 4.88% 5.30%)

Recreational Property –  12.20% (8.05%)

Retirement Community – 1.63% (0.42%)

Strata to Single Family – 4.88% (2.54%)

 


Describe the Buyer (family dynamic):


Couple without children – 25.14% (23.54%)

Two-Parent Family/children – 31.35% (25%)

Empty nesters or retired – 17.3% (24.79%)

Single female – 11.89% (11.88%)

Single male – 11.08% (9.58%)

Single parent with children – 3.24% (2.92%)



How did Buyer finance purchase?


Conventional (>20% down) – 57.34% (58.25%)

All cash – 28.26% (30.06%)

High ratio (< 20% down) – 14.13% (11.27%)

Rental income to qualify – 1.63% (1.25%)


Where did Buyer move from?


From within Board area – 57.41% (56.96%)

From Lower Mainland/Island – 17.52% (18.30%)

From Alberta – 11.59% (11.23%)

From other Areas BC – 4.85% (4.78%)

From E Canada/Maritimes – 4.04% (4.16%)

From Sask./Manitoba – 2.16% (2.70%)

From outside Canada – 2.16% (1.66%)

From the NWT/Yukon – 0.27% (0.21%)


  

In what area was the property purchased?


Kelowna/West Kelowna – 54.99% (51.46%)

Vernon/Coldstream – 17.52% (20.42%)

Central Ok (outside K/WK) –  8.63% (8.75%)

Salmon Arm – 5.39% (5.21%)

North Ok (outside V/CS) – 5.39% 6.25%)

Shuswap/Rev (outside SA) – 8.09% (7.92%)



Kind Regards


Trish Cenci

Kelowna Real Estate Agent

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