Every month the Okanagan Mainline Real Estate Board (OMREB) does a survey to get a better understanding of buyers. Below is a summary of the survey that shows what types of properties are being bought, the family dynamic of buyers and where the buyers are coming from. If you have any questions about this survey or any other Kelowna real estate stats, call The Dion-Ivans Real Estate Team!
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.