Kelowna Real Estate Market News

Kelowna Real Estate News - Buyers Survey October 2020

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


First-time Buyers were busier again this month, but there were few Buyers 'moving up'.


The numbers moving from the Lower Mainland were up last month, as were the number moving from Eastern Canada.


Here is the full report.


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


First Time Buyer – 18.98% (14.22%)

Revenue Property Investor – 9.3% (9.71%)

Moving Up – 19.35% (23.48%)

Similar Property Type – 18.98% (20.54%)

Downsizing – 10.25% (14.00%)

Single family Res to Strata – 4.55% (2.26%)

Recreational Property –  11.39% (11.06%)

Retirement Community – 2.85% (0.90%)

Strata to Single Family – 4.55% (2.03%)

  


Describe the Buyer (family dynamic):


Couple without children – 24.48% (25.23%)

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

Empty nesters or retired – 19.77% (18.69%)

Single female – 13.56% (10.81%)

Single male – 10.73% (8.56%)

Single parent with children – 2.26% (2.48%)


How did Buyer finance purchase?


Conventional (>20% down) – 53.03% (56.11%)

All cash – 32.39% (29.41%)

High ratio (< 20% down) – 14.20% (14.48%)

Rental income to qualify – 0.76% (0.23%)



Where did Buyer move from?


From within Board area – 53.03%(53.81%)

From Lower Mainland/Island – 19.77% (18.83%)

From Alberta – 10.36% (10.99%)

From other Areas BC – 7.34% (6.95%)

From E Canada/Maritimes – 5.27% (3.59%)

From Sask./Manitoba – 2.26% (3.36%)

From outside Canada – 1.51% (2.24%)

From the NWT/Yukon – 0.19% (0.22%)

  

In what area was the property purchased?


Kelowna/West Kelowna – 51.61% (47.06%)

Vernon/Coldstream – 17.01% (20.81%)

Central Ok (outside K/WK) – 7.18% (7.01%)

Salmon Arm – 4.91% (5.88%)

North Ok (outside V/CS) – 8.51% (8.37%)

Shuswap/Rev (outside SA) – 10.78% (10.86%)


Kind Regards


Trish Cenci

Kelowna Real Estate Agent

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