October 22, 2013
Rob Dion and Lee Ivans
Every month the Okanagan Mainline Real Estate Board (OMREB) does a survey to get a better understanding of buyers. Below is a summary of the survey that shows what types of properties are being bought, the family dynamic of buyers and where the buyers are coming from. If you have any questions about this survey or any other Kelowna real estate stats, call The Dion-Ivans Real Estate Group!
SEPTEMBER SURVEY SUMMARY
22.4% of purchases were by Move-Up Buyers (down from 25.4% as in August)
20.4% by First Time Buyers (up from 17.3%)*
13.7% buying Recreation Property (up from 11.2%)*
12.5% moving from Single Family Home to Strata Unit (up from 13.5%)*
8.6% buying Revenue/Investment Property (same as August)
3.9% moving into Retirement Home/Seniors Community (down from 6.5%)
3.5% moving from Strata property to Single Family Home (same as August)
* During the month of September, there was an increase in purchases by first-time buyers, recreation property buyers and home owners downsizing to strata units and retirement communities, while move-up buyers and those moving to retirement communities saw a drop from the previous month or remained the same.
Buyer Type (Family Dynamic):
26.8% Empty Nester/Retired (up from 20.1% in August)**
25.3% Two Parent Family/Children (same as August)
19.9% Couple without Children (down from 23.4%)
14.2% Single Male (up from 11.2%)**
10.7% Single Female (down from 13.8%)
3.2% Single Parent with Children (down from 4.5%)
** In September, there were more purchases by empty nesters-retirees and single males, and by single females and single parent families, while all other categories saw decreases or stayed the same.
46.9% from Within OMREB Board Area (down from 50.7% in August)
21.7% from Alberta (same as August)
12.0% from Lower Mainland/Vancouver Island (up from 9.0%)***
9.7% from Other Areas in BC (down from 10.8%)
5.0% from Saskatchewan/Manitoba (up from 3.4%)***
3.1% from Eastern Canada/Maritimes (up from 1.5%)***
1.6% from Outside Canada (up from 1.1%)***
0% from NWT/Yukon (down from 1.9%)
*** Compared to August, there were more buyers moving from the Lower Mainland, Alberta, Saskatchewan and Manitoba, Eastern Canada and Maritimes, and outside Canada but less movement from within the Board area and fewer purchasers from other areas of BC during September.