Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results June 2020

Move-Up Buyers & Buyers purchasing similar Properties were busier last month. Whereas First Time Buyers and Downsizing Buyers were not as busy. There was an increase in buyers from the Lower Mainland, as Covid-19 restrictions eased & Buyers in the Vernon area were busier with fewer Buyers in the Kelowna area according to the  Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during May 2020.


Here is the full report -:


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


First Time Buyer – 20.79% (25.00%)

Revenue Property Investor – 9.41% (7.58%)

Moving Up – 17.33% (14.39%)

Similar Property Type – 18.81% (9.85%)

Downsizing – 11.88% (22.73%)

Single family Res to Strata – 1.98% (3.03%)

Recreational Property – 7.43% (4.55%)

Retirement Community – 3.47% (2.27%)

Strata to Single Family – 1.49% (3.79%)


Describe the Buyer (family dynamic):


Couple without children – 28.71% (21.37%)

Two Parent family/children – 23.76% (31.30%)

Empty nesters or retired – 15.35% (17.56%)

Single female – 9.9% (17.56%)

Single male – 12.87% (12.21%)

Single parent with children – 6.93% (1.53%)


How did Buyer finance purchase?


Conventional (>20% down) – 53.77% (55.73%)

All cash – 33.17% (30.53%)

High ratio (< 20% down) – 13.07% (2.98%)

Rental income to qualify – 0.5% (3.05%)


Where did Buyer move from?


From within Board area – 59.41% (65.15%)

From Lower Mainland/Island – 20.3% (15.15%)

From Alberta – 6.93% (5.30%)

From other Areas BC – 4.46% (6.06%)

From E Canada/Maritimes – 3.96% (6.06%)

From Sask./Manitoba – 2.97% (1.52%)

From outside Canada – 1.49% (0.76%)

From the NWT/Yukon – 0.5% (0%)


In what area was the property purchased?


Kelowna/West Kelowna – 45.0% (65.15%)

Vernon/Coldstream – 22.5% (11.36%)

Central Ok (outside K/WK) – 6.5% (4.55%)

Salmon Arm – 6.5% (5.30%)

North Ok (outside V/CS) – 12.5% (9.09%)

Shuswap/Rev (outside SA) – 7% (4.55%)


Kind Regards


Trish Cenci

Kelowna Real Estate Agent

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