The results of the Okanagan Mainline Real Estate Board's (OMREB) July 2012 are now out.
A total of 216 respondents participated in this survey – representing 54% of the 402 OMREB sales representatives who acted as Buyers Agents and 36% of the 603 deals closed on behalf of Buyers in July.
JULY SURVEY SUMMARY
22.8% of purchases were by Move-Up Buyers
19.9% by First Time Buyers
13.1% moving from Single Family Home to Strata Unit
10.7% buying Revenue/Investment Property (up from 6% in June)*
9.7% purchasing Recreation Property (up from 7.6% in June)*
4.4% moving from Strata property to Single Family Home
3.9% moving into Retirement Home/Seniors Community
* During the month of July there was a significant jump in sales to Buyers of Revenue/Investment Property (10.7% compared to 6%) and Recreation Property (9.7% compared to 7.6%) over June.
Buyer Type (Family Dynamic):
26.4% Two Parent Family/Children
24.5% Empty Nesters/Retired (up from 16.7% in June)**
19.9% Couple without Children
16.7% Single Female (up from 13.5% in June)**
10.2% Single Male
4.6% Single Parent with Children
** In July, there was a significant increase in purchases by Empty Nesters (24.5% compared to 16.7%) and Single Females (16.7% compared to 13.5%) over June.
47.2% from Within OMREB Board Area
19.4% from Alberta (up from 13% in June)***
13.4% from Lower Mainland/Vancouver Island
9.7% from Other Areas in BC
4.6% from Eastern Canada/Maritimes (up from 2.1% in June)***
2.3% from Saskatchewan/Manitoba
1.9% from Outside Canada
1.4% from NWT/Yukon (11th month reported – up from 0% in June)***
*** Compared to June, there was more migration from Alberta(19.4% of purchases compared to 13%), Eastern Canada and the Maritimes (4.6% compared to 2.1%), and from the North West Territories and Yukon (1.4% compared to 0%) during the current reporting month (July).
The interesting point to note is that the percentage of First Time Buyer Sales fell this month. It will be interesting to see whether that is just the fact the investment property sales were stronger than they have been, or whether the new mortgage rules are having some effect, over the coming months.
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