Who's Buying Property in the Okanagan? Results of our March 2011 Survey
By Jaime Briggs, Kelowna Real Estate
April 23, 2011
The results of the OMREB (Okanagan Mainline Real Estate Board) "Buyers Survey" are in. Here's who's buying property in the Okanagan!
March Survey Highlights: 25.6% of purchases were by Move Up Buyers, 18.9% by First Time Buyers, 13.3% Moving from Single Family to Home Strata unit, 11.1% Buying Revenue/Investment Property, 5.6% Moving from Strata to Single Family Home, another 5.6% Recreation Property Buyers, and 2.2% Moving into Retirement Home/Seniors Community;
25.8% of Buyers were Couples without Children, another 25.8% were Empty Nesters or Retired, 22.5% were Two Parent Families with Children, 13.5% Single Males, 6.7% Single Females, and another 6.7% were Single Parent Families with Children;
45.3% financed via Conventional Mortgage (with more than 20% down), 37.2% paid by Cash, 16.3% by High Ratio Mortgage (less than 20% down), and 2.3% required Rental Income to Qualify for Financing;
57.8% were from Within OMREB Board Area, 13.3% from Alberta, 8.9% from Other Areas in BC, 6.7% from Lower Mainland/Vancouver Island, 4.4% from Saskatchewan/Manitoba, another 4.4% from Manitoba/Maritimes, and 4.4% from Outside Canada; 47.8% of purchases were in Kelowna/West Kelowna, 14.4% in Vernon/Coldstream, 12.2% in Shuswap/Revelstoke (other than Salmon Arm), 10% in North Okanagan (other than Vernon/Coldstream), 7.8% in Central Okanagan (other than Kelowna/West Kelowna), and another 7.8% in Salmon Arm.