
Move up Buyers were the busiest Buyers last month, representing 19.44% of the Market according to the Okanagan Mainline Real Estate Board.
I am wondering if this is a further sign that Buyers are gradually recovering from the impact of the Mortgage Stress Test rules, as it was Families with Children who were busiest, representing 27.67% of the market and 63.95% of them were local.
Please find the full summary below.
Best describe your most recent Buyer (moving to/from property type)
First Time Buyer – 17.24% (21.60%)
Revenue Property Investor – 12.23% (11.24%)
Moving Up – 19.44% (13.61% )
Similar Property Type – 17.87% (20.41%)
Downsizing – 16.61% (14.50%)
Single family Res to Strata – 5.02% (3.25%)
Recreational Property – 6.27% (7.69% )
Retirement Community – 2.82% (1.48%)
Strata to Single Family – 2.19% (3.25%)
Describe the Buyer (family dynamic):
Couple without children – 26.1% (27.60%)
Two-Parent Family /children – 27.67% (24.93%)
Empty nesters or retired – 21.07% (20.47%)
Single female – 9.12% (12.17%)
Single male – 13.84% (10.09%)
Single parent with children – 1.57% (2.67%)
How did Buyer finance purchase?
Conventional (>20% down) – 51.91% (51.50%)
All cash – 34.08% (31.14% )
High ratio (< 20% down) – 14.01% (17.07%)
Rental income to qualify – 2.23% (1.50%)
Where did Buyer move from?
From within Board area – 63.95% (56.85%)
From Lower Mainland/Island – 15.36% (17.86%)
From Alberta – 6.27% (10.71%)
From other Areas BC – 7.84% (7.44%)
From E Canada/Maritimes – 4.08% (2.68%)
From Sask./Manitoba – 1.57% (2.08%)
From outside Canada – 0.94% (2.08%)
From the NWT/Yukon – 0.00% (0.30%)
In what area was property purchased?
Kelowna/West Kelowna – 45.43 (48.66%)
Vernon/Coldstream – 18.03% (13.35%)
Central Ok (outside K/WK) – 10.41% (8.01%)
Salmon Arm – 9.15% (8.01%)
North Ok (outside V/CS) – 6.62% (9.79%)
Shuswap/Rev (outside SA) – 10.09% (12.17%)
Kind Regards
Trish Cenci
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