Tuesday, 18 September 2012

Where did the Kelowna Real Estate Buyers Come from in August 2012 ?

September 18, 2012

The results of OMREB's AUGUST 2012 Buyers Survey are now posted!   

A total of 225 respondents participated in this survey – representing 54% of the 414 OMREB sales representatives who acted as Buyers Agents, and 39% of the 581 deals closed on behalf of Buyers in July.

As I look at the figures this month, it seems that Jim Flaherty's changes to the First Time Buyers rules are now having and impact with First Time Buyers numbers reduced from 19.9% last month to 16.2% this month. 

Buyer numbers from the Lower Mainland have also fallen, which could be a reflection of tougher Real Estate market conditions in the Vancouver area.

Property Type:
26.6% of purchases were by Move-Up Buyers
16.2% by First Time Buyers
15.3% purchasing Recreation Property  (up from 9.7% in July)*
9.9% buying Revenue/Investment Property
8.6% moving from Single Family Home to Strata Unit
6.8% moving into Retirement Home/Seniors Community (up from 3.9% in July) *
2.7% moving from Strata property to Single Family Home

* During the month of August, there was a noticeable jump in sales to Buyers of Recreation Property (15.3% compared to 9.7%) and to Purchasers of Retirement Home/Seniors Community Units (6.8% compared to 3.9%) over July.

Buyer Type (Family Dynamic):
33.0% Two Parent Family/Children (from 26.4% in July)**
24.6% Empty Nesters/Retired 
20.5% Couple without Children
11.6% Single Male
6.3% Single Female
3.6% Single Parent with Children
** In August, there was a significant increase in purchases by Two Parent Families with Children -- 33.0% compared to 26.4% in July.
Moving From:
58.7% from Within OMREB Board Area  (47.2% in July)***
19.1% from Alberta
9.8% from Lower Mainland/Vancouver Island 
4.9% from Other Areas in BC 
2.7% from Saskatchewan/Manitoba 
2.2% from Eastern Canada/Maritimes
1.3% from Outside Canada 
1.3% from NWT/Yukon (12th month reported)

*** Compared to July, there was more movement within the Board Area in August -- rising to 58.7% of purchases from 47.2% in the previous month

Kind Regards

Trish Cenci

Tel 250 864 1707

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