November 19, 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!
OCTOBER SURVEY SUMMARY
24.5% of purchases were by Move-Up Buyers (up from 22.4% as in September)*
17.5% by First Time Buyers (down from 20.4%)
14.8% moving from Single Family Home to Strata Unit (up from 12.5%)*
8.3% buying Revenue/Investment Property (down from 8.6%)
7.9% buying Recreation Property (down from 13.7%)
5.7% moving into Retirement Home/Seniors Community (up from 3.9%)*
4.8% moving from Strata property to Single Family Home (up from 3.5%)*
* During the month of October, there was an increase in purchases by move-up buyers, home owners downsizing to strata units and retirement communities, and strata owners purchasing single family homes. First-time buyers, and those purchasing revenue and recreation property saw a drop from the previous month.
Buyer Type (Family Dynamic):
26.2% Couple without Children (up from 19.9% in September)**
25.3% Two Parent Family/Children (same as September)**
17.3% Empty Nester/Retired (down from 26.8%)
14.3% Single Male (same as September)
10.1% Single Female (down from 10.7%)
5.1% Single Parent with Children (up from 3.2%)**
** There were more purchases by couples without children and single parents with children in October compared to last month.
59.2% from Within OMREB Board Area (up from 46.9% in September)***
14.3% from Alberta (down from 21.7%)
8.0% from Lower Mainland/Vancouver Island (down from 12.0%)
7.1% from Other Areas in BC (down from 9.7%)
5.9% from Saskatchewan/Manitoba (up from 5.0%)***
2.5% from Eastern Canada/Maritimes (down from 3.1%)
2.5% from Outside Canada (up from 1.6%)***
0.4% from NWT/Yukon (up from 0%)***
*** Compared to September, there were more buyers moving from within the Board area, Saskatchewan and Manitoba, the NWT/Yukon, and outside Canada but less migration from Albert, and fewer purchasers from the Lower Mainland/Vancouver Island, and other areas of BC during October.