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!
26.4% of purchases were by Move-Up Buyers (up from 25.4% in December) *
20.8% by First Time Buyers (up from 20.1%) *
14.4% moving from Single Family Home to Strata Unit (up from 11.9%) *
8.0% buying Recreation Property (up from 7.5%)
6.4% buying Revenue/Investment Property (down from 8.2%)
6.4% moving from Strata property to Single Family Home (up from 5.2%) *
4.0% moving into Retirement Home/Seniors Community (down from 4.5%)
* During the month of January, there was an increase in purchases by Move-up and First-time buyers, and those moving to single family homes from strata, and from single family to retirement communities.
Buyer Type (Family Dynamic):
23.7% Empty Nester/Retired (up from 16.4% in December) **
20.7% Two Parent Family/Children (down from 31.3%)
19.3% Couple without Children (down from 28.4%)
17.0% Single Female (up from 11.9%) **
14.1% Single Male (up from 9.7%) **
6.7% Single Parent with Children (up from 3.0%) **
** There were more purchases by empty nesters/retirees, singles, and single parents with children in January compared to the previous month.
60.3% from Within OMREB Board Area (down from 66.2% in December)
13.2% from Alberta (down from 14.0%)
11.0% from Other Areas in BC (up from 5.1%) ***
6.8% from Lower Mainland/Vancouver Island (up from 6.6%) ***
4.4% from Saskatchewan/Manitoba (up from 2.2%) ***
2.2% from Eastern Canada/Maritimes (down from 2.9%)
1.5% from Outside Canada (down from 2.9%)
0.7% from NWT/Yukon (up from 0%) ***
*** Compared to December, fewer buyers moved from within the Board area, Alberta, Eastern Canada and overseas last month, while purchasers from other areas increased.