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 Group!
FEBRUARY SURVEY SUMMARY
27.7% by First Time Buyers (up from 20.8% in January)*
27.7% of purchases were by Move-Up Buyers (up from 26.4%) *
10.9% moving from Single Family Home to Strata Unit (down from 14.4%)
6.7% buying Revenue/Investment Property (up from 6.4%)*
5.9% buying Recreation Property (down from 8.0%)
5.0% moving from Strata property to Single Family Home (down from 6.4%)
3.4% moving into Retirement Home/Seniors Community (down from 4.0%)
* During the month of February, there was an increase in purchases by Move-up and First-time buyers, and revenue property investors, while all other property types were down compared to the previous month.
Buyer Type (Family Dynamic):
31.7% Two Parent Family/Children (up from 20.7% in January)**
24.2% Couple without Children (up from 19.3%)**
17.5% Empty Nester/Retired (down from 23.7%)
14.2% Single Male (similar to January - 14.1%)
6.7% Single Female (down from 17.0%)
5.0% Single Parent with Children (down from 6.7%)
** There were more purchases by two parent families with children and couples without kids during February.
59.8% from Within OMREB Board Area (down from 60.3% in January)
18.0% from Alberta (up from 13.2%)***
8.2% from Other Areas in BC (down from 11.0%)
7.4% from Lower Mainland/Vancouver Island (up from 6.8%)***
4.1% from Outside Canada (up from 1.5%)***
1.6% from Eastern Canada/Maritimes (down from 2.2%)
0.8% from Saskatchewan/Manitoba (down from 4.4%)
0% from NWT/Yukon (down from 0.7%)
*** Compared to January, more buyers moved from within Alberta, the Lower Mainland/Vancouver Island, and outside Canada, while purchasers from other areas decreased in February.