If you are looking to buy or sell your home in the Okanagan in the near future, it is good to know where your property falls in this market and who has been buying homes in your area. While this is a quick snap shot of Buyer's from last month in the Central Okanagan, it is a quick survey that gives us a brief glimpse into what is happening but isn't statistically accurate.
The August home Buyer's survey is out and the survey says!.....
AUGUST SURVEY SUMMARY
25.4% of purchases were by Move-Up Buyers (up from 22.8% in July)*
17.3% by First Time Buyers (down from 17.9%)
13.5% moving from Single Family Home to Strata Unit (up from 9.8%)*
11.2% buying Recreation Property (up from 10.8%)*
8.5% buying Revenue/Investment Property (down from 11.0%)
6.5% moving into Retirement Home/Seniors Community (up from 4.5%)*
3.5% moving from Strata property to Single Family Home (down from 5.7%)
* During the month of August, there was a significant increase in purchases by move-up buyers, home owners downsizing to strata units and retirement communities, as well as recreation property buyers, while other categories saw a drop from the previous month.
Buyer Type (Family Dynamic):
25.3% Two Parent Family/Children (up from 24.0% in July)**
23.4% Couple without Children (up from 23.2%)**
20.1% Empty Nester/Retired (down from 23.2%)
13.8% Single Female (up from 12.2%)**
11.2% Single Male (down from 14.2%)
4.5% Single Parent with Children (up from 2.0%)**
** In August, there were more purchases by two parent families and couples without children, and by single females and single parent families, while all other categories saw decreases.
50.7% from Within OMREB Board Area (down from 54.7% in July)
21.6% from Alberta (up from 14.8%)***
10.8% from Other Areas in BC (up from 10.5%)***
9.0% from Lower Mainland/Vancouver Island (down from 12.1%)
3.4% from Saskatchewan/Manitoba (up from 2.0%)***
1.9% from NWT/Yukon (up from 0.8%)***
1.5% from Eastern Canada/Maritimes (down from 3.5%)
1.1% from Outside Canada (down from 1.6%)
*** Compared to July, there were more buyers moving from Alberta, other areas of BC, Saskatchewan and Manitoba, and the Northwest Territories and Yukon, but less movement from within the Board area and fewer purchasers from the Lower Mainland and Vancouver Island, Eastern Canada and the Maritimes, and from outside Canada during August.