Now is still a great time to buy a home in the Okanagan

Well priced homes within the current market conditions are selling!  Sales overall for June 2013 vs. the same time last year have improved and the board has posted positive second quarter results. Overall it appears that the market is stabilizing and let's hope that this trend continues through the summer!

Who is buying in the Okanagan?  The Okanagan Buyer Survey is out for June 2013!

 

JUNE SURVEY SUMMARY

Property Type:
23.7% of purchases were by Move-Up Buyers  (down from 24.5% in May) 
17.5% by First Time Buyers  (same as May)
17.1% moving from Single Family Home to Strata Unit  (up from 15.0%)*
8.6% buying Revenue/Investment Property  (up from 7.3%)*
5.1% buying Recreation Property  (down from 7.3%)
4.7% moving into Retirement Home/Seniors Community  (down from 5.8%)
4.3% moving from Strata property to Single Family Home  (same as May)

* During the month of June, there was an increase in owners downsizing from Single Family to Strata, and revenue property purchases by investors, while other categories saw a drop or remained the same as the previous month.

Buyer Type (Family Dynamic):
28.6% Empty Nester/Retired (up from 23.5% in May)**
27.8% Couple without Children (up from 24.4%)**
20.3% Two Parent Family/Children (down from 24.4%)
11.3% Single Female (down from 11.7%)
6.8% Single Male (down from 8.9%)
2.3% Single Parent with Children (up from 1.4%)**

** In June, there were more purchases by empty nesters/retirees, couples without children and single parents, while other categories saw decreases.

Moving From: 
58.8% from Within OMREB Board Area  (up from 55.5% in May)***
18.8 % from Alberta (down from 21.6%)
8.3% from Other Areas in BC  (up from 4.9%)***
7.5% from Lower Mainland/Vancouver Island  (same as May)
3.4% from Saskatchewan/Manitoba (down from 5.7%)
1.1% from Outside Canada  (down from 1.8%)
0.8% from Eastern Canada/Maritimes (down from 2.8%)
0.4% from NWT/Yukon (same as May)

*** Compared to May, there was more movement from within the Board area and other areas of BC, and less migration from elsewhere last month.

 

A total of 267 respondents participated in this survey – representing 64% of the 416 OMREB sales representatives who acted as Buyers Agents, and 38% of the 707 deals closed on behalf of Buyers in June.

If you are interested to know what your home is worth in this market, please feel free to contact me for a complimentary Market Analysis of your home!  I'd be happy to help!

dean@leadmehome.ca

Blog Archives

Tags