Okanagan Mainline Real Estate Board - August 2011 Buyer's Survey

Okanagan Mainline Real Estate Board - August 2011 Buyer's Survey

AUGUST 2011 SURVEY SUMMARY

Property Type:

22.9% by First Time Buyers

17.4% of purchases were by Move-Up Buyers

11.1% buying Revenue/Investment Property

10.4% moving from Single Family Home to Strata Unit

7.6% Recreation Property Buyers

5.6% moving into Retirement Home/Seniors Community

3.5% moving from Strata property to Single Family Home

Family Dynamic:

26.4% of Buyers were Two Parent Families with Children

24.3% Couples without Children

22.9% Empty Nesters or Retired

13.9% Single Males

8.3% Single Females

3.5% Single Parent Families with Children

Moving From:

50% from Within OMREB Board Area

18.8% from Alberta

10.4% from Lower Mainland/Vancouver Island

10.4% from Other Areas in BC

6.3% from Eastern Canada/Maritimes

2.8% from Outside Canada

1.4% from Saskatchewan/Manitoba

Moving To:

54.1% of purchases were in Kelowna/West Kelowna

13% in Vernon/Coldstream

10.3% in North Okanagan (other than Vernon/Coldstream)

8.9% in Salmon Arm

7.5% in Central Okanagan (other than Kelowna/West Kelowna)

6.2% in Shuswap/Revelstoke (other than Salmon Arm)

AUGUST 2011 SURVEY RESULTS: Summary of AUGUST results with pie charts added for quick reference are attached to this email (PDF).

2011 AVERAGE – January through August: On average during the first 8 months of 2011, home buyers have been coming from within the OMREB Board area (56.71%); Alberta (14.83%); Lower Mainland/Vancouver Island (10.75%); other areas of BC (8.63%); Eastern Canada/Maritimes (3.45%); Saskatchewan/Manitoba (2.93%); and outside Canada (2.11%). So far this year, on average Move-up Buyers accounted for 25.14% of the purchasers while First-time Buyers comprised 20.93%.

12-MONTH AVERAGE - September 2010 through August 2011: On average, over the last quarter of 2010 and first 8 months of 2011, home buyers have been coming from within the OMREB Board area (57.15%); Alberta (14.22%); Lower Mainland/Vancouver Island (12.48%); other areas of BC (7.88%); Saskatchewan/Manitoba (3.27%); Eastern Canada/Maritimes (2.99%); and outside Canada (2.09%). On average Move-up Buyers accounted for 23.32% of the purchasers while First-time Buyers comprised 23.58% during the 12 months OMREB’s Buyers Survey has been conducted.