Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results May 2018

Interestingly there were more cash Buyers in Kelowna and the Central Okanagan Real Estate Market in May 2018.


Is this yet another sign of how much of an impact the new Mortgage Stress tests are having on the Real Estate Market?


Fewer local Buyers entered the Real Estate Market last month, but sales numbers were steady to Lower Mainland and Alberta Buyers.


Here are the full results published by the Okanagan Mainline Real Estate Board (OMREB).

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

First Time Buyer – 16.15% up from 14.53% 

Moving Up – 16.86% down from 18.97% 

Similar Property Type – 20.19% down from 21.18% 

Revenue Property Investor – 14.96% up from 14.78% 

Downsizing – 12.83% down from 14.53% 

Single-family Res to Strata – 5.46% down from 6.65% 

Strata into Single Family – 2.85 down from 5.42% 

Recreational Property – 7.36% up from 4.68% 

Retirement Community - 0.95% down from 1.97% 

Other 5.94%


Describe the Buyer (family dynamic):

Two Parent Families with Children – 24.47% down from 26.24% 

Couple without children – 29.69% up from 24.2% 

Empty nesters or retired – 22.8% up from 20.25% 

Single female – 10.21% down from 12.84 % 

Single male – 9.26% down from 12.35% 

Single Parent with Children – 2.38% down from 3.7% 

Other 2.85%

How did Buyer finance purchase?

Conventional (>20% or down) – 53.29% down from 57.21 

All cash – 35.21% up from 29.85 %

High ratio (< 20% down) – 11.27% down from 12.94% 

Rental income to qualify – 0.7% down from 1.24% 


Where did Buyers move from?

From within Board area – 52.82% down from 56.02% 

From Lower Mainland/Island – 21.6% up from 20.15% 

From other Areas BC – 7.04% down from 8.85% 

From Alberta – 9.86% up from 9.09% 

From outside Canada – 3.52% up from 1.72% 

From E Canada/Maritimes – 2.82% up from 2.46% 

From Sask./Manitoba – 2.35% up from 1.23% 

From the NWT/Yukon - 0 down from 0.4%

 

In what area was property purchased?

Kelowna / West Kelowna – 48.59% down from 52.46% 

Vernon/Coldstream – 19.01% down from 20.44% up from 14.2%

Central Ok (outside K/WK) - 8.69% up from 6.16% 

North Ok (outside V/CS) – 7.28% up from 5.42% 

Salmon Arm – 3.76% down from 6.16% 

Shuswap/Revelstoke (outside SA) – 12.68% up from 9.36% 


Kind Regards


Trish Cenci


Tel 250 864 1707


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