Kelowna Real Estate Buyer Survey – August 2014

The Kelowna and Okanagan real estate markets continued to improve in August. Activity has moved into “Seller’s Market” territory.  Demand is driven by local downsizers helped by Alberta buyers returning to the Okanagan real estate market after a six year absence. Sales in the $600,000 and under price range are the bulk of activity. In downtown Kelowna condo sales continue to pick up momentum as new developments are announced or commence/complete construction. New projects include the Kelowna Yacht Club (completed), RCMP detachment on Clement Avenue. Interior Health on the corner of St Paul St and Doyle Ave and the Innovation Centre located on Ellis beside the downtown library. Kelowna based Argus Developments (image to the left) and Edmonton based Wescorp Developments have both announced 24-26 storey hotel, office and residential towers in the downtown area.
AUGUST SURVEY SUMMARY

Property Type:

25.4% of purchases were by Move-Up Buyers (down from 29.2% in July)

17.3% by First Time Buyers  (up from 14.9%) *

13.7% moving from Single Family Home to Strata Unit (up from 12.9%) *

11.2% buying Recreation Property  (up from 10.2%) *

9.0% buying Revenue/Investment Property  (down from 9.2)

6.5% moving into Retirement Home/Seniors Community  (down from 6.8%)

4.0% moving from Strata property to Single Family Home (down from 4.1%)

* During August, there were increases in purchases by first time buyers, those moving from strata properties to single family homes and purchasers of  recreation property compared to the previous month.

Buyer Type (Family Dynamic):

25.4% Couple without Children (down from 26.7% in July)

25.0% Two Parent Family/Children (up from 24.7%) **

20.2% Empty Nester/Retired (down from 23.0%)

13.6% Single Female (up from 13.0%) **

13.2% Single Male (up from 9.7%) **

4.1% Single Parent with Children (up from 2.7%) **

** There were more purchases by two parent families, single females and males, and single parents during August.

Moving From:

50.1% from Within OMREB Board Area  (down from 50.3% in July)

22.6% from Alberta (down from 22.7%)

9.8% from Other Areas in BC  (down from 11.7%)

5.2% from Lower Mainland/Vancouver Island  (down from 7.3%)

4.9% from Saskatchewan/Manitoba (up from 3.6%) ***

4.5% from Eastern Canada/Maritimes (up from 1.3%) ***

2.1% from Outside Canada  (down from 2.3%)

0.7% from NWT/Yukon (same as July)

*** Compared to July, more buyers moved from Saskatchewan/Manitoba and Eastern Canada/Maritimes in August, while movement from other areas declined.For more information contact Mark West at 1.866.679.3742 or email mark@epicres.com

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