Kelowna home buyer survey results
Posted by paige on February 23, 2011 | 1 Comment
The Okanagan Mainline Real Estate board has been collecting information on buyer profiles… where they’re coming from and what they’re buying. Serious buyers are taking advantage of the current market conditions while they last. On average in the past 5 months, 57% of buyers are coming from within the Okanagan Valley, 14% from Alberta, 13% from the Lower Mainland/Vancouver Island, 7% from other areas in BC, 4% from Saskatchewan/Manitoba, 3% outside Canada and just under 2% from Eastern Canada.
In January 2011 the shift went from predominantly first time buyers to move-up buyers with 32% moving on up, and 27% buying for their first time. 8% downsized from single family to residential, and 8% were revenue or recreational property buyers. A small 1.6% of buyers in January moved to a Retirement Community.
On the banking side of things the largest group, a healthy 54%, financed with a conventional mortgage and had more than a 20% down payment. 28% financed with high ratio insured mortgages and had less than 20% down and almost 19% paid cash! Understanding where buyers come from helps form part of the big real estate picture. For instance, a change in entry level home buying can have a ripple effect through the market as many move-up buyers rely on first-timers to buy their existing homes.
If you’d like more information on how buyer profiling can affect the sale of your home, please call me directly at 250-862-6464.
Talk to you soon…
Paige
Tags: buying kelowna real estate, kelowna real estate statistics, paige guernsey
Filed Under: Buying a Home
