Thursday, 16 June 2011

Kelowna Real Estate - May 2011 OMREB Buyer Survey Results

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

A total of 151 respondents participated in this survey – 40% of the 376 OMREB sales representatives who closed the 538 deals on behalf of Buyers last month.

MAY SURVEY SUMMARY

Property Type:

27.4% of purchases were by Move Up Buyers
19.2% by First Time Buyers
9.6% moving from Single Family to Home Strata unit
7.5% buying Revenue/Investment Property
6.2% moving from Strata property to Single Family Home
5.5% moving into Retirement Home/Seniors Community
2.7% Recreation Property Buyers

Family Dynamic:

29.8% of Buyers were Two Parent Families with Children
23.2% Empty Nesters or Retired
21.2% Couples without Children
13.9% Single Females
9.9% Single Males
4.6% Single Parent Families with Children

Financing:

60% financed via Conventional Mortgage (with more than 20% down)
26% paid by Cash
14.7% by High Ratio Mortgage (less than 20% down)
0.7% required Rental Income to Qualify for Financing

Moving From:

53.6% from Within OMREB Board Area
19.2% from Alberta
11.9% from Other Areas in BC
6.6% from Lower Mainland/Vancouver Island
4% from Eastern Canada/Maritimes
3.3% from Saskatchewan/Manitoba
1.3% from Outside Canada

Moving To:

49.7% of purchases were in Kelowna/West Kelowna
25.2% in Vernon/Coldstream
9.3% in Central Okanagan (other than Kelowna/West Kelowna)
6% in Shuswap/Revelstoke (other than Salmon Arm)
6% in North Okanagan (other than Vernon/Coldstream)
4% in Salmon Arm

Kind Regards

Trish Cenci

Tel 250 864 1707

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