May 2011 Buyer Survey Results
The May 2011 results of the Okanagan Mainline Real Estate Board (OMREB) for Buyers Survey are in! There was a total of 151 respondents that participated in the survey – 40% of the 376 OMREB sales representatives who closed the 538 deals on behalf of Buyers last month. Here is what the survey showed:
Property Type:
27.4% of purchases were by Move Up Buyers
19.2% by First Time Buyers
9.6% moving from Single Family to Home Strata unit
7.5% buying Revenue/Investment Property
6.2% moving from Strata property to Single Family Home
5.5% moving into Retirement Home/Seniors Community
2.7% Recreation Property Buyers
Family Dynamic:
29.8% of Buyers were Two Parent Families with Children
23.2% Empty Nesters or Retired
21.2% Couples without Children
13.9% Single Females
9.9% Single Males
4.6% Single Parent Families with Children
Financing:
60% financed via Conventional Mortgage (with more than 20% down)
26% paid by Cash
14.7% by High Ratio Mortgage (less than 20% down)
0.7% required Rental Income to Qualify for Financing
Moving From:
53.6% from Within OMREB Board Area
19.2% from Alberta
11.9% from Other Areas in BC
6.6% from Lower Mainland/Vancouver Island
4% from Eastern Canada/Maritimes
3.3% from Saskatchewan/Manitoba
1.3% from Outside Canada
Moving To:
49.7% of purchases were in Kelowna/West Kelowna
25.2% in Vernon/Coldstream
9.3% in Central Okanagan (other than Kelowna/West Kelowna)
6% in Shuswap/Revelstoke (other than Salmon Arm)
6% in North Okanagan (other than Vernon/Coldstream)
4% in Salmon Arm
May 2011 Survey Results: Click here for a summary of the May results with pie charts for quick reference.
2011 AVERAGE – January through May: On average during the first 5 months of 2011, home buyers have been coming from within the OMREB Board area (60.3%); Alberta (13.84%); other areas of BC (8.10%); Lower Mainland/Vancouver Island (8.08%); Eastern Canada/Maritimes (3.86%); Saskatchewan/Manitoba (2.94%); and outside Canada (1.88%). So far this year, on average move-up buyers accounted for 28.86% of the purchasers while first-time buyers comprised 19.8%.
9-MONTH AVERAGE - September 2010 through May 2011: On average, over the last quarter of 2010 and first quarter of 2011, home buyers have been coming from within the OMREB Board area (59.09%); Alberta (14.42%); Lower Mainland/Vancouver Island (10.56%); other areas of BC (7.97%); Eastern Canada/Maritimes (2.98%); Saskatchewan/Manitoba (2.67%); and outside Canada (1.88%). On average move-up buyers accounted for 25.97% of the purchasers while first-time buyers comprised 11.12% during the 9 months OMREB’s Buyers Survey has been conducted.
Sincerely,
Jason Neumann