Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results September 2018

First-time Buyers had their busiest month so far this year, in the Kelowna and Central Okanagan Real Estate Market.

Does this mean they are finally finding ways to get around the Mortgage Stress test, which began in January this year? It will be interesting to see the answer over the winter months.

I suspect that increasing interest rates will be the next thing to 'curb' their purchasing power.

The number of Investors was also down, and also the number of Vancouver and Lower Mainland Buyers from 20.5% to 16.87%. This is likely to be due to the continued cooling of the Lower Mainland Real Estate Markets, where homes are taking longer to sell and prices are 'softer' than they were.

Central Okanagan September 2018 Buyers Survey Results.

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

First Time Buyer – 20.08%

Revenue Property Investor – 8.79%

Moving Up – 15.06%

Similar Property Type – 23.01%

Downsizing – 12.97%

Single-family Residential to Strata – 5.44%

Recreational Property – 8.37%

Retirement Community – 1.26%

Strata to Single Family – 2.09%

Describe the Buyer (family dynamic):

Couple without children – 19.83
Two Parent family/children – 31.22%
Empty nesters or retired – 24.05%
Single female – 10.55%
Single male – 10.97%
Single parent with children – 4.22%

How did Buyer finance purchase?

Conventional (>20% down) – 57.44%

All cash – 29.75%

High ratio (< 20% down) – 11.98%

Rental income to qualify – 1.24

Where did Buyer move from?

From within Board area – 56.38%

From Lower Mainland/Island– 16.87%

From Alberta – 10.70%

From other Areas BC – 9.88%

From E Canada/Maritimes – 2.06%

From Sask./Manitoba – 1.65%

From outside Canada – 1.65%

From the NWT/Yukon – 0.82%

In what area was property purchased?

Kelowna/West Kelowna – 43.21%

Vernon/Coldstream – 17.28%

Central Ok (outside K/WK) – 9.47%

Salmon Arm – 9.05%

North Ok (outside V/CS) – 7.00%

Shuswap/Rev (outside SA) – 13.99%

Kind Regards

Trish Cenci

No comments

Post Your Comment:

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.