A total of 90 respondents participated in this survey – disappointingly there was only a 19% response rate for the 476 deals completed by OMREB members representing Buyers for March, or 27% of the 335 OMREB sales representatives who closed sales on behalf of Buyers last month.
March Survey Highlights
Why were they buying - 25.6% of purchases were by Move Up Buyers, 18.9% by First Time Buyers, 13.3% Moving from Single Family to Home Strata unit, 11.1% Buying Revenue/Investment Property, 5.6% Moving from Strata to Single Family Home, another 5.6% Recreation Property Buyers, and 2.2% Moving into Retirement Home/Seniors Community;
Types of buyers - 25.8% of Buyers were Couples without Children, another 25.8% were Empty Nesters or Retired, 22.5% were Two Parent Families with Children, 13.5% Single Males, 6.7% Single Females, and another 6.7% were Single Parent Families with Children.
Financing was 45.3% via Conventional Mortgage (with more than 20% down), 37.2% paid by Cash, 16.3% by High Ratio Mortgage (less than 20% down), and 2.3% required Rental Income to Qualify for Financing;
Where were buyers from - 57.8% were from Within OMREB Board Area, 13.3% from Alberta, 8.9% from Other Areas in BC, 6.7% from Lower Mainland/Vancouver Island, 4.4% from Saskatchewan/Manitoba, another 4.4% from Manitoba/Maritimes, and 4.4% from Outside Canada;
Where were the purchases made -47.8% of purchases were in Kelowna/West Kelowna, 14.4% in Vernon/Coldstream, 12.2% in Shuswap/Revelstoke (other than Salmon Arm), 10% in North Okanagan (other than Vernon/Coldstream), 7.8% in Central Okanagan (other than Kelowna/West Kelowna), and another 7.8% in Salmon Arm.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
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