Friday, 20 May 2011

Where did the Home Buyers come from in April 2011 - read the latest OMREB Buyers Survey results.

The results of OMREB's April 2011 Buyers Survey are in! A total of 100 respondents participated in this survey – 28% response rate for the 440 deals completed by OMREB members representing Buyers for April, or 31% of the 328 OMREB sales representatives who closed sales on behalf of Buyers last month.

April Survey Summary

Property Type:
27.7% of purchases were by Move Up Buyers
14.9% Moving from Single Family to Home Strata unit
10.6% by First Time Buyers
6.4% buying Revenue/Investment Property
6.4% Recreation Property Buyers
6.4% moving into Retirement Home/Seniors Community
5.3% moving from Strata property to Single Family Home

Family Dynamic:
32.3% of Buyers were Two Parent Families with Children
24.2% Empty Nesters or Retired
17.2% Couples without Children
13.1% Single Females
10.1% Single Males
5.1% Single Parent Families with Children

Financing:
54.2% financed via Conventional Mortgage (with more than 20% down)
34.4% paid by Cash
13.5% by High Ratio Mortgage (less than 20% down)
1% required Rental Income to Qualify for Financing

Moving From:
54.5% from Within OMREB Board Area
21.2% from Alberta
12.1% from Lower Mainland/Vancouver Island
5.1% from Other Areas in BC
5.1% from Manitoba/Maritimes
2% from Saskatchewan/Manitoba
0% from Outside Canada

Moving To:
56% of purchases were in Kelowna/West Kelowna
13% in Vernon/Coldstream
10% in Shuswap/Revelstoke (other than Salmon Arm)
10% in Central Okanagan (other than Kelowna/West Kelowna)
6% in Salmon Arm
5% in North Okanagan (other than Vernon/Coldstream)
Kind Regards

Trish Cenci

Tel 250 864 1707

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