Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results July 2020

In the latest Okanagan Mainline Real Estate Board (OMREB) update the latest Buyers
Survey results show Revenue Investor Buyers were fewer last month while move-up Buyers and Buyers moving from Strata to Single-Family home buyers were up. This was backed up by the increase in Two-Parent Families with Children buying this month.


Interestingly there was quite a reduction in the number of buyers from Vancouver and the Lower Mainland, but an increase in buyers from Alberta and other areas of BC.


There was an increase in buyers in Salmon Arm and the Shuswap. Buying numbers were slightly up in Kelowna and West Kelowna, and down in Vernon and Coldstream.


Here is the full report -:


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


First Time Buyer – 20.82% (20.79%)

Revenue Property Investor – 5.91% (9.41%)

Moving Up – 20.57% (17.33%)

Similar Property Type – 19.54%. (18.81%)

Downsizing – 12.85% (11.88%)

Single family Res to Strata – 5.66% (1.98%)

Recreational Property – 7.71% (7.43%)

Retirement Community – 1.80% (3.47%)

Strata to Single Family – 3.34% (1.49%)


Describe the Buyer (family dynamic):


Couple without children – 28.02% (28.71%)

Two Parent family/children – 27.76% (23.76%)

Empty nesters or retired – 17.99% (15.35%)

Single female – 14.65% (9.9%)

Single male – 8.48% 12.87%)

Single parent with children – 3.60% (6.93%)


How did Buyer finance purchase?


Conventional (>20% down) – 55.32% (53.77%)

All cash – 29.09% (33.17%)

High ratio (< 20% down) – 15.84% (13.07%)

Rental income to qualify – 0.52%(0.5%)


Where did Buyer move from?


From within Board area – 58.25% (59.41%)

From Lower Mainland/Island – 12.89% (20.3%)

From Alberta – 12.37% (6.93%)

From other Areas BC – 9.54% (4.46%)

From E Canada/Maritimes – 3.61% (3.96%)

From Sask./Manitoba – 1.55% (2.97%)

From outside Canada – 1.55% (1.49%)

From the NWT/Yukon – 0.26% (0.5%)


In what area was the property purchased?


Kelowna/West Kelowna – 47.56% (45.0%)

Vernon/Coldstream – 17.99% (22.5%)

Central Ok (outside K/WK) – 7.97% (6.5%)

Salmon Arm – 9.25% (6.5%)

North Ok (outside V/CS) – 6.68% (12.5%)

Shuswap/Rev (outside SA) – 10.54% (7%)


Kind Regards


Trish Cenci

Kelowna Real Estate Agent

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