Kelowna Real Estate Market News

Kelowna Real Estate News - Buyers Survey Results

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


There were fewer First time Buyers last month, but more people 'moving up' and downsizing.


Here is the full report.


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


First Time Buyer – 13.98% (18.98% )

Revenue Property Investor – 10.38% (9.3%)

Moving Up – 22.03% (19.35%)

Similar Property Type – 20.34 % (18.98%)

Downsizing – 14.41% (10.25%)

Single family Res to Strata – 5.30% (4.55%)

Recreational Property –  8.05% (11.39%)

Retirement Community – 0.42% (2.85% )

Strata to Single Family – 2.54% (4.55%)

  


Describe the Buyer (family dynamic):


Couple without children – 23.54% (24.48%)

Two-Parent Family/children – 25% (28.44%)

Empty nesters or retired – 24.79% (19.77%)

Single female – 11.88% (13.56%)

Single male – 9.58% (10.73%)

Single parent with children – 2.92% (2.26%)



How did Buyer finance purchase?


Conventional (>20% down) – 58.25% (53.03%)

All cash – 30.06% (32.39%)

High ratio (< 20% down) – 11.27% (14.20%)

Rental income to qualify – 1.25% (0.76%)



Where did Buyer move from?


From within Board area – 56.96% (53.03%)

From Lower Mainland/Island – 18.30% (19.77%)

From Alberta – 11.23% (10.36%)

From other Areas BC – 4.78% (7.34%)

From E Canada/Maritimes – 4.16% (5.27%)

From Sask./Manitoba – 2.70% (2.26%)

From outside Canada – 1.66% (1.51%)

From the NWT/Yukon – 0.21% (0.19%)

  

In what area was the property purchased?


Kelowna/West Kelowna – 51.46% (51.61%)

Vernon/Coldstream – 20.42%( 17.01%)

Central Ok (outside K/WK) –  8.75% (7.18%)

Salmon Arm – 5.21% (4.91% )

North Ok (outside V/CS) – 6.25% (8.51%)

Shuswap/Rev (outside SA) – 7.92% (10.78%)



Kind Regards


Trish Cenci

Kelowna Real Estate Agent

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