Kelowna Real Estate Market News

Kelowna Real Estate Buyers Survey Results September 2020

The latest Kelowna Real Estate Buyers Survey Results are now out, for August 2020.


Move up Buyers and Recreational Buyers, together Two-Parent Families with Children were busier in the market last month.


There were slightly less local Buyers, and less Buyers in the Kelowna / West Kelowna area, whereas there were more Buyers in the Vernon / Coldstream area.


Here is the full report.


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


First Time Buyer – 14.22% (15.10%)

Revenue Property Investor – 9.71% (8.92%)

Moving Up – 23.48% (21.28%)

Similar Property Type – 20.54% (21.74%)

Downsizing – 14.00% (11.44%)

Single family Res to Strata – 2.26% (5.26%)

Recreational Property – 11.06% ( 8.47%)

Retirement Community – 0.90%(2.29%)

Strata to Single Family – 2.03%  (3.20%)

  


Describe the Buyer (family dynamic):


Couple without children – 25.23% (25.28%)

Two Parent family/children – 33.11% (28.44%)

Empty nesters or retired – 18.69% (21.67%)

Single female – 10.81% (9.93%)

Single male – 8.56% (10.84%)

Single parent with children – 2.48% (2.48%)


How did Buyer finance purchase?


Conventional (>20% down) – 56.11% (55.10%)

All cash – 29.41% (28.57%)

High ratio (< 20% down) – 14.48% (15.87%)

Rental income to qualify – 0.23% (2.04%)



Where did Buyer move from?


From within Board area – 53.81% (58.01%)

From Lower Mainland/Island – 18.83% (18.74%)

From Alberta – 10.99% (11.06%)

From other Areas BC – 6.95% (7.45%)

From E Canada/Maritimes – 3.59% (2.03%)

From Sask./Manitoba – 3.36% (1.58%)

From outside Canada – 2.24% (1.13%)

From the NWT/Yukon – 0.22% (0%)

  

In what area was the property purchased?


Kelowna/West Kelowna – 47.06% (49.32%)

Vernon/Coldstream – 20.81% (17.57%)

Central Ok (outside K/WK) – 7.01% (8.33%)

Salmon Arm – 5.88% (6.53%)

North Ok (outside V/CS) – 8.37% (7.66%)

Shuswap/Rev (outside SA) – 10.86% (10.59%)


Kind Regards


Trish Cenci

Kelowna Real Estate Agent

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