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