The results of OMREB's AUGUST 2014 Buyers Survey are now in and posted! A total of 288 respondents participated in this survey – representing 61% of the 476 OMREB sales representatives who acted as Buyers Agents, and 34% of the 842 deals closed on behalf of Buyers in August.
AUGUST SURVEY SUMMARY
25.4% of purchases were by Move-Up Buyers (down from 29.2% in July)
17.3% by First Time Buyers (up from 14.9%) *
13.7% moving from Single Family Home to Strata Unit (up from 12.9%) *
11.2% buying Recreation Property (up from 10.2%) *
9.0% buying Revenue/Investment Property (down from 9.2)
6.5% moving into Retirement Home/Seniors Community (down from 6.8%)
4.0% moving from Strata property to Single Family Home (down from 4.1%)
* During August, there were increases in purchases by first time buyers, those moving from strata properties to single family homes and purchasers of recreation property compared to the previous month.
Buyer Type (Family Dynamic):
25.4% Couple without Children (down from 26.7% in July)
25.0% Two Parent Family/Children (up from 24.7%) **
20.2% Empty Nester/Retired (down from 23.0%)
13.6% Single Female (up from 13.0%) **
13.2% Single Male (up from 9.7%) **
4.1% Single Parent with Children (up from 2.7%) **
** There were more purchases by two parent families, single females and males, and single parents during August.
50.1% from Within OMREB Board Area (down from 50.3% in July)
22.6% from Alberta (down from 22.7%)
9.8% from Other Areas in BC (down from 11.7%)
5.2% from Lower Mainland/Vancouver Island (down from 7.3%)
4.9% from Saskatchewan/Manitoba (up from 3.6%) ***
4.5% from Eastern Canada/Maritimes (up from 1.3%) ***
2.1% from Outside Canada (down from 2.3%)
0.7% from NWT/Yukon (same as July)
*** Compared to July, more buyers moved from Saskatchewan/Manitoba and Eastern Canada/Maritimes in August, while movement from other areas declined.
If you would like to know more about the local Real Estate market, please feel free to call me anytime!