Home Grown Okanagan Real Estate Market Heats Up

March 17 Kelowna BC – Local real estate purchasers are out in full force this Spring with 66% of buyers moving from within the Okanagan Real Estate trading area. “Local buyers are picking up where the Alberta buyers have dropped off”, notes Mark West President of Epic Real Estate Solutions Inc. Alberta purchasers who historically make up from 15% to 25% of sales are tracking at 11.8%, down from 17.4% when last surveyed. “Kelowna and the surrounding area is creating better jobs and downsizers are staying in the region” adds West. 25% of the market is made up by first time buyers, many of which are looking at purchasing condos which is driving interest in units priced from $200,000 to $300,000. Location is critical, with the downtown market in premium demand.FEBRUARY SURVEY SUMMARY

Property Type:

25.4% by First Time Buyers (up from 14.0% in January) *

17.4% by Buyers Downsizing (up from 11.8%) *

16.7% by Move-Up Buyers (down from 28.0%)

13.0% moving from Single Family Home to Strata Unit (up from 9.7%) *

13.0% buying Revenue/Investment Property (up from 7.5%) *

3.6% buying Recreation Property (down from 9.7%)

0.7% moving from Strata Property to Single Family Home (down from 7.5%)

0% moving into Retirement Home/Seniors Community (down from 2.2%)

* During February, there were increases in purchases by first-time move-up buyers, revenue property buyers, and people moving from single-family homes to stratas – compared to the previous month.

Buyer Type (Family Dynamic):

22.2% Empty Nester/Retired (up from 19.6% in January) **

21.5% Couple without Children (down from 23.1%)

19.4% Two Parent Family/Children (down from 24.7%)

16.0% Single Male (up from 11.3%) **

15.3% Single Female (down from 16.5%)

4.2% Single Parent with Children (same as January)

** There were more purchases by empty-nesters-retirees and single males during February, while other buyer categories were down compared to January.

Moving From:

66.7% from Within OMREB Board Area  (up from 55.1% in January) ***

11.8% from Alberta (down from 17.4%)

6.9% from Lower Mainland/Vancouver Island  (down from 11.2%)

6.2% from Other Areas in BC (down from 8.2%)

4.2% from Saskatchewan/Manitoba (up from 2.0%) ***

3.5% from Eastern Canada/Maritimes (down from 4.1%)

1.4% from Outside Canada  (down from 2.0%)

0% from NWT/Yukon (same as January)

*** More buyers moved from within the Board area and Saskatchewan/Manitoba during February while migration from other areas declined compared to January.For more information contact Mark West at 1.866.679.3742 or email mark@epicres.com

Leave a Reply