I always find it very interested to know who is buying in the North Okanagan, where did they come from and what type of property they are buying. This survey comes from a questionnaire that is sent to all Realtors that represented a buyer in the month of May in the North Okanagan.
A total of 302 respondents participated in this survey – representing 60.5% of the 499 OMREB sales representatives who acted as Buyers Agents, and 33.3% of the 908 deals closed on behalf of Buyers in May (record sales numbers – the highest since September 2010).
MAY SURVEY SUMMARY
28.6% of purchases were by Move-Up Buyers (same as April)
18.5% by First Time Buyers (down from 21.1%)
15.2% moving from Single Family Home to Strata Unit (up from 10.6%) *
6.4% buying Recreation Property (down from 9.9%)
7.4% buying Revenue/Investment Property (down from 9.6%)
5.1% moving from Strata property to Single Family Home (up from 3.6%) *
4.4% moving into Retirement Home/Seniors Community (down from 6.3%)
* During the month of May, there was an increase in purchases by those moving single family homes to strata properties, and from stratas to single family homes compared to the previous month.
Buyer Type (Family Dynamic):
24.5% Couple without Children (up from 24.0% in April) **
21.9% Two Parent Family/Children (down from 27.8%)
21.95% Empty Nester/Retired (up from 19.2%) **
17.9% Single Female (up from 11.4%) **
10.6% Single Male (down from 12.0%)
3.6% Single Parent with Children (same as April)
** There were more purchases by couples without children, empty nesters/retirees, and single females during May than in April.
57.7% from Within OMREB Board Area (up from 51.1% in April) ***
16.3% from Alberta (down from 20.2%)
9.7% from Lower Mainland/Vancouver Island (same as April)
7.3% from Other Areas in BC (down from 10.1%)
4.3% from Saskatchewan/Manitoba (down from 4.1%)
3.7% from Eastern Canada/Maritimes (up from 3.1%) ***
1.0% from Outside Canada (down from 1.6%)
0% from NWT/Yukon (same as April)
*** Compared to April, more buyers moved from within the Board area, and Eastern Canada/Maritimes in May. Movement from other areas stayed the same or declined.