Saturday, 19 March 2011

Okanagan Real Estate Board announces February 2011 Buyer Survey Results

The results of OMREB's February 2011 Buyers Survey are in!

A total of 96 respondents participated in this survey – 27% response rate for the 360 deals completed by OMREB members representing Buyers for January, or 32% of the 268 OMREB sales representatives who closed sales on behalf of Buyers last month.

February Survey Highlights:

31.9% of purchases were by First Time Buyers, and 24.2% by Move Up Buyers; 26.4% of Buyers were Two Parent Families with Children, 25.3% Couples Without Children, 16.5% were Single Females, 16.5% Empty Nesters/Retirees, 7.7% Single Parents with Children, and 6.6% Single Males; 55.8%.

How were they financed?

55.8% financed via Conventional Mortgage (with more than 20% down), 31.6% by High Ratio Mortgage (less than 20% down), and 11.6% paid by Cash.

Where were they from?

69.9% were from Within OMREB Board Area, 8.6% from Lower Mainland/Vancouver Island, 8.6% from Other Areas in BC, and 6.5% from Alberta; 64.2% of purchases were in Kelowna/West Kelowna, 20% in Vernon/Coldstream, and 4.2% in Salmon Arm.

These results clearly demonstrate that local buyers are continuing to make up the bulk of the market and why the majority of sales remain in the 'under $500,000' range.

Kind regards

Trish Cenci
Tel 250 864 1707

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