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Summary of Who is Buying in the Okanagan - January 2014


Blog by | February 17th, 2014


Summary of Who is Buying in the Okanagan

JANUARY 2014

Property Type:

26.4% of purchases were by Move-Up Buyers  (up from 25.4% in December) *

20.8% by First Time Buyers  (up from 20.1%) *

14.4% moving from Single Family Home to Strata Unit  (up from 11.9%) *

8.0% buying Recreation Property  (up from 7.5%)

6.4% buying Revenue/Investment Property  (down from 8.2%)

6.4% moving from Strata property to Single Family Home  (up from 5.2%) *

4.0% moving into Retirement Home/Seniors Community  (down from 4.5%)

 

* During the month of January, there was an increase in purchases by Move-up and First-time buyers, and those moving to single family homes from strata, and from single family to retirement communities.  

 

Buyer Type (Family Dynamic):

23.7% Empty Nester/Retired (up from 16.4% in December) **

20.7% Two Parent Family/Children (down from 31.3%)

19.3% Couple without Children (down from 28.4%)

17.0% Single Female (up from 11.9%) **

14.1% Single Male (up from 9.7%) **

6.7% Single Parent with Children (up from 3.0%) **

 

** There were more purchases by empty nesters/retirees, singles, and single parents with children in January compared to the previous month.

 

Moving From:

60.3% from Within OMREB Board Area  (down from 66.2% in December)

13.2% from Alberta (down from 14.0%)

11.0% from Other Areas in BC  (up from 5.1%) ***

6.8% from Lower Mainland/Vancouver Island  (up from 6.6%) ***

4.4% from Saskatchewan/Manitoba (up from 2.2%) ***

2.2% from Eastern Canada/Maritimes (down from 2.9%)

1.5% from Outside Canada  (down from 2.9%)

0.7% from NWT/Yukon (up from 0%) ***

 

*** Compared to December, fewer buyers moved from within the Board area, Alberta, Eastern Canada and overseas last month, while purchasers from other areas increased.

 

** There were more purchases by empty nesters/retirees, singles, and single parents with children in January compared to the previous month.

 

For more information on Okanagan Real Estate, please contact:

Alexandra Axsen

Owner/Managing Broker

Lake Okanagan Realty

Tel: 250.870.2792

Fax: 778.484.5252

506 Doyle Avenue

Kelowna, BC V1Y 6V8

Alex@LakeOkanaganRealty.com

www.LakeOkanaganRealty.com