Each month we look at the Kelowna Real Estate Market, and review the latest Okanagan Mainline Real Estate Board (OMREB) Buyers Survey Results, to see where the latest Kelowna Real Estate buyers came from.
A total of 131 Buyers Agents participated in this survey – representing 43% of the 304 OMREB sales representatives who acted as Buyers Agents, and provided 204 responses for 45% of the 444 deals closed on behalf of Buyers in December.
DECEMBER 2015 SURVEY SUMMARY
Interestingly Move Up Buyers are continuing to take advantage of favourable Interest Rates, and there may be some concerns that prices may start rising, if inventory remains low.
23.9% by Move-Up Buyers (up from 22.1% in November)
18.4% by Buyers Downsizing (up from 17.4%)
17.4% by First Time Buyers (no change from 17.4%)
15.4% buying Revenue/Investment Property (up from 12.2%)
12.9% moving from Single Family Home to Strata Unit (up from 12.7%)
6.0% moving from Strata Property to Single Family Home (up from 1.9%)
3.5% buying Recreation Property (down from 7%)
2.0% moving into Retirement Home/Seniors Community (down from 3.8%)
Buyer Type (Family Dynamic):
27.1% Two-Parent Family/Children (up from 21.2% in November)
26.1% Empty Nester/Retired (up from 24%)
22.7% Couple without Children (down from 26.7%)
10.8% Single Female (down from 12.9%)
10.3% Single Male (down from 10.6%)
2.5% Single Parent with Children (down from 4.1%)
One of the biggest questions we are being asked, at the moment, is how is the Alberta Economy affecting the number of Alberta Real Estate Buyers purchasing in our area. As you can see the numbers are holding steady.
58.3% from Within OMREB Board Area (up from 52.1% in November)
13.2% from Alberta (up from 12.3%)
10.8% from Lower Mainland/Vancouver Island (down from 11.9%)
8.8% from Other Areas in BC (down from 11.4%)
4.4% from Outside Canada (up from 2.7%)
2.9% from Eastern Canada/Maritimes (down from 4.1%)
1.0% from Saskatchewan/Manitoba (down from 4.6%)
0.5% from NWT/Yukon (down from 0.9%)
Trish and Tanis
Tel 250 863 8989