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Wonder where the Buyers for Okanagan Shuswap real estate have been moving from and where they are moving to? Here is a look at the trends over the last 3 years. Have a look at where buyers are coming from, family dynamic, type of real estate purchased and financing methods used to purchase MLS® homes sold in the Okanagan Shuswap region of BC, Canada.
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Kelowna, BC – Ever wonder where home buyers come from? Since September 2010, the Okanagan Mainline Real Estate Board (OMREB) has been collecting information from our members with regards to where our buyers are coming from – both geographically and demographically. The purpose of collecting this data is to add another element to our market knowledge and a better understanding of current trends. The longer record, the more insight the Board will have.
Results of OMREB’s new Board-wide monthly Buyers Survey indicate that serious buyers are taking advantage of the current market and leveraging their positive purchasing power while it lasts. Buyer profiles gathered through each monthly survey include property type, family dynamic, financing, and areas moving from and to.
2013: During 2013, Move-up Buyers have accounted for 23% of the purchasers while First-Time Buyers comprised 19%. Home Buyers have been coming from:
• Within the OMREB Board area (57.7%) • Alberta (16.9%) • Lower Mainland/Vancouver Island (9.3%) • Other areas of BC (7.7%) • Saskatchewan/Manitoba (3.4%) • Eastern Canada/Maritimes (2.5%) • Outside Canada (2.0%) • North West Territories/Yukon* (0.4%)
2012: During 2012, Move-up Buyers have accounted for 26% of the purchasers while First-Time Buyers comprised 20%. Home Buyers were coming from:
• Within the OMREB Board area (58.9%) • Alberta (15.5%) • Lower Mainland/Vancouver Island (10.3%) • Other areas of BC (8.0%) • Eastern Canada/Maritimes (2.5%) • Saskatchewan/Manitoba (2.3 %) • Outside Canada (1.8%) • North West Territories/Yukon* (0.6%)
2011: During 2011, Move-Up Buyers have accounted for 24% of the purchasers while First-Time Buyers comprised 21%. Home Buyers came from:
• Within the OMREB Board area (56.5%) • Alberta (14.9%) • Lower Mainland/Vancouver Island (11.1%) • Other areas of BC (8.3%) • Saskatchewan/Manitoba (3.1%) • Eastern Canada/Maritimes (3.1%) • Outside Canada (2.4%) • Northwest Territories/Yukon* (0%)
FACT SHEET: January 2014
Who is Buying Homes in the Okanagan-Shuswap?
Who is Buying Homes in the Okanagan-Shuswap? (DECEMBER 2013 Fact Sheet) – PAGE 2
40-MONTH AVERAGE - September 2010 through December 2013: Since the Survey was launched in 2010, on average Move-up Buyers have accounted for 24% of the purchasers while First-Time Buyers comprised 22%. Home Buyers have been coming from:
• Within the OMREB Board area (57.7%) • Alberta (15.2%) • Lower Mainland/Vancouver Island (11.3%) • Other areas of BC (7.8%) • Saskatchewan/Manitoba (3.0%) • Eastern Canada/Maritimes (2.7%) • Outside Canada (2.0%) • North West Territories/Yukon* (0.4%)
*First month reported = Sept 2011 (0.5%)
Real estate markets can be driven by local demand, demand stemming from outside the region or province, by international sources, or by a combination of all three. Knowing how many homes are sold and at what price is an important part of the picture. However, understanding who your buyers are and where they come from can reveal not only market dynamics but also identify which factors actually drive local demand. For example, a change in entry level buyer activity can have a ripple effect throughout the entire market as many move-up buyers rely on first-time buyers to purchase their existing homes. First-time buyers are a driving factor and they stimulate the chain of ownership. Low interest rates and attractive pricing alone don’t necessarily mean increased sales activity. Many additional factors affect consumer confidence, including local employment opportunities and the overall economic environment. Real estate markets can also react differently depending on the influence of various buyer segments. Housing markets in Vancouver, for example, have been bolstered by off-shore buyers while the Alberta market is closely linked to natural resource prices and their job market. Since a sizable proportion of local sales come from buyers that originate outside our region, with about 40% being non-local, we need to keep an eye on Alberta and the Lower Mainland. Our monthly Buyers Survey helps to do just that. So if you were curious as to what is moving our local real estate market, this is a bit of insight. OMREB is comprised of 1,0018 member REALTORS® and 92 real estate offices in BC’s Southern Interior, and the Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.
For more information:
JAN BAUMAN OMREB Communications (250) 491-4560, Ext 224 [email protected]
Where Buyers Were From – 2013 East/Maritimes
Sask./Manitoba
Board Area 57.7% Alberta
17.0%
L. Mainland/Vancouver Is. 9.3%
B.C. 7.7%
3.4%
NWT/Yukon 0.4% Outside
Canada 2.5% 2.0%
Where Buyers Were From – 2012East/Maritimes
Sask./Manitoba
Board Area59%
Alberta 15.5%
L. Mainland/Vancouver Is. 10.3%
B.C. 8%
2.3%
NWT/Yukon0.6%Outside Canada 1.8%
2.5%
Where Buyers Were From ‐ 2011Where Buyers Were From 2011East/Maritimes
Sask./Manitoba
NWT/Yukon0.1%
Overseas2.5%
Sask./Manitoba
B.C. 8%
3%3%
Board Area57%
L. Mainland/Vancouver Is. 11%
Alberta 15%
Buyer-Property Types – 2013
First-Time Buyer 19.4%
Move-Up Buyer 23.1%
Single Family to Strata 12.2%
Revenue Investor 9.4%
9.2%
Strata to Single Family
4.6%
To Retirement Community
5.3% Recreation Property
Buyer‐Property Types –2012
First‐Time Buyer 20%
Move‐Up Buyer 26%
Single Family to Strata11%
Revenue Investor10.5%
8.8%
Strata to Single Family
4%
To Retirement Community
4.2%Recreation Property
Buyer‐Property Types ‐ 2011Buyer Property Types 2011Strata to
Single Family
To Retirement Community
Move‐Up Buyer 24%
Recreation Property6%
5% 4.5%
Revenue Investor10%
First‐Time Buyer 21%
Single Family to Strata11%
“Other” = 29.5%
Family Dynamic – 2013
Empty Nesters/ Retired 23.2%
Single Female 11.6%
Single Male 10.9%
Single Parent With Children
2.9%
Couple without Children 24.9%
Two Parents/Children 25.4%
Family Dynamic – 2012
Empty Nesters/Retired20%
Single Female12.6%
Single Male12.3%
Single ParentWith Children
4%
Couple without Children23%
Two Parents/Children28%
Family Dynamic ‐ 2011Family Dynamic 2011Single Parent/Children
Two Parents/Children27%
Single Male12%
4%
27%Single Female
13%
Couple without Children23%
Empty Nesters/Retired21%
Where Buyers Purchased – 2013
Vernon/ Coldstream
14.4%
North Okanagan 6.9% (outside Vernon/Coldstream)
Shuswap/Revelstoke 8.7% (outside Salmon Arm)
8.3%
Central Okanagan (outside Kelowna/West Kelowna)
Salmon Arm
6.4%
Kelowna/West Kelowna 55.3%
Kelowna/West Kelowna
51%
Where Buyers Purchased – 2012
Vernon/Coldstream
19.5%
North Okanagan 6.5%(outside Vernon/Coldstream)
Shuswap/Revelstoke 9.2%(outside Salmon Arm)
8%
Central Okanagan(outside Kelowna/West Kelowna) Salmon Arm
5%
Where Buyers Purchased ‐ 2011Where Buyers Purchased 2011Salmon ArmCentral Okanagan
(outside Kelowna/West Kelowna)
9%
Shuswap/Revelstoke
West Kelowna) 6.5%
Kelowna/West Kelowna
53%North Okanagan
(outside Vernon/Coldstream)
7 5%
p/(outside Salmon Arm) 8%
53%
Vernon/Coldstream16%
7.5%
16%
How Financed Purchase –2013
Conventional Mortgage (>20% down)
48.3% All Cash 31.8%
High Ratio (<20% down)
19.0%
Rental Income to Qualify 0.9%
How Financed Purchase ‐ 2012
Conventional Mortgage(>20% down)
51%All Cash29%
High Ratio(<20% down)18.5%
Rental Income to Qualify 1.5%
How Financed Purchase ‐ 2011How Financed Purchase 2011Rental Income to Qualify
2%2%High Ratio (<20% down)
19%
Conventional Mortgage(>20% down)
51%All CashAll Cash28%