FACT SHEET: January 2014

Who is Buying Homes in the Okanagan-Shuswap?
Kelowna, BC – Ever wonder where home buyers come fr...
Who is Buying Homes in the Okanagan-Shuswap? (DECEMBER 2013 Fact Sheet) – PAGE 2

40-MONTH AVERAGE - September 2010 throug...
Where Buyers Were From – 2013
NWT/Yukon
0.4%
East/Maritimes
Outside
Sask./Manitoba
Canada
2.0%
3.4% 2.5%

B.C.
7.7%

L. Ma...
Where Buyers Were From – 2012
NWT/Yukon
0.6%
Outside 
Canada 
2.3% 2.5%
1.8%

East/Maritimes
Sask./Manitoba

B.C. 
8%
L. M...
Where Buyers Were From ‐ 2011
Where Buyers Were From 
NWT/Yukon
0.1%
East/Maritimes
Sask./Manitoba
Overseas
3%
3%
2.5%

B....
Buyer-Property Types – 2013
Recreation
Property

Strata to
Single Family

To Retirement
Community

4.6%
9.2%

5.3%
First-T...
Buyer‐Property Types – 2012
Recreation 
Property

Strata to 
Single Family

To Retirement 
Community

4%
8.8%

4.2%
First‐...
Buyer‐Property Types ‐ 2011
Buyer Property Types 
Strata to 
Single Family

5%
Recreation Property
6%

To Retirement 
Comm...
Family Dynamic – 2013
Single Parent
With Children
Single Male
10.9%

2.9%
Two Parents/Children
25.4%

Single Female
11.6%
...
Family Dynamic – 2012
Single Parent
With Children
Single Male
12.3%

4%
Two Parents/Children
28%

Single Female
12.6%

Emp...
Family Dynamic ‐ 2011
Family Dynamic 
Single Parent/Children

Single Male
12%
Single Female
13%

Empty Nesters/Retired
21%...
Where Buyers Purchased – 2013
Central Okanagan

(outside Kelowna/West Kelowna)

8.3%

Salmon Arm

6.4%

Shuswap/Revelstoke...
Where Buyers Purchased – 2012
Central Okanagan
(outside Kelowna/West Kelowna)

Salmon Arm

5%
8%
Shuswap/Revelstoke  9.2%
...
Where Buyers Purchased ‐ 2011
Where Buyers Purchased 
Central Okanagan
(outside Kelowna/
West Kelowna) 
West Kelowna)

Sal...
How Financed Purchase –2013
Rental Income
to Qualify

High Ratio

0.9%

(<20% down)

19.0%

Conventional
Mortgage
All Cash...
How Financed Purchase ‐ 2012
Rental Income 
to Qualify 

1.5%
High Ratio
(<20% down)

18.5%
Conventional 
Mortgage
(>20% d...
How Financed Purchase ‐ 2011
How Financed Purchase 
Rental Income to Qualify
2%

High Ratio 
(<20% down)

19%
Conventional...
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Okanagan Shuswap "Who's Buying" Overview 2013

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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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Okanagan Shuswap "Who's Buying" Overview 2013

  1. 1. FACT SHEET: January 2014 Who is Buying Homes in the Okanagan-Shuswap? 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%) Down from 2012 Alberta (16.9%) Up from 2012 Lower Mainland/Vancouver Island (9.3%) Down from 2012 Other areas of BC (7.7%) Down from 2012 Saskatchewan/Manitoba (3.4%) Up from 2012 Eastern Canada/Maritimes (2.5%) Outside Canada (2.0%) Up from 2012 North West Territories/Yukon* (0.4%) Down from 2012 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%) Percentage of First Time Buyers Continues to decline year after Year by 1% per year. 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%)
  2. 2. 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 jbauman@omreb.com
  3. 3. Where Buyers Were From – 2013 NWT/Yukon 0.4% East/Maritimes Outside Sask./Manitoba Canada 2.0% 3.4% 2.5% B.C. 7.7% L. Mainland/Vancouver Is. 9.3% Alberta 17.0% Board Area 57.7%
  4. 4. Where Buyers Were From – 2012 NWT/Yukon 0.6% Outside  Canada  2.3% 2.5% 1.8% East/Maritimes Sask./Manitoba B.C.  8% L. Mainland/Vancouver Is.  10.3% Board Area 59% Alberta  15.5%
  5. 5. Where Buyers Were From ‐ 2011 Where Buyers Were From  NWT/Yukon 0.1% East/Maritimes Sask./Manitoba Overseas 3% 3% 2.5% B.C.  8% L. Mainland/Vancouver Is.  11% Alberta  15% Board Area 57%
  6. 6. Buyer-Property Types – 2013 Recreation Property Strata to Single Family To Retirement Community 4.6% 9.2% 5.3% First-Time Buyer 19.4% Revenue Investor 9.4% Single Family to Strata 12.2% Move-Up Buyer 23.1%
  7. 7. Buyer‐Property Types – 2012 Recreation  Property Strata to  Single Family To Retirement  Community 4% 8.8% 4.2% First‐Time Buyer  20% Revenue Investor 10.5% Single Family to Strata 11% Move‐Up Buyer  26%
  8. 8. Buyer‐Property Types ‐ 2011 Buyer Property Types  Strata to  Single Family 5% Recreation Property 6% To Retirement  Community 4.5% Move‐Up Buyer  24% Revenue Investor 10% Single Family to Strata 11% First‐Time Buyer  21% “Other” = 29.5%
  9. 9. Family Dynamic – 2013 Single Parent With Children Single Male 10.9% 2.9% Two Parents/Children 25.4% Single Female 11.6% Empty Nesters/ Retired 23.2% Couple without Children 24.9%
  10. 10. Family Dynamic – 2012 Single Parent With Children Single Male 12.3% 4% Two Parents/Children 28% Single Female 12.6% Empty Nesters/ Retired 20% Couple without Children 23%
  11. 11. Family Dynamic ‐ 2011 Family Dynamic  Single Parent/Children Single Male 12% Single Female 13% Empty Nesters/Retired 21% 4% Two Parents/Children 27% Couple without  Children 23%
  12. 12. Where Buyers Purchased – 2013 Central Okanagan (outside Kelowna/West Kelowna) 8.3% Salmon Arm 6.4% Shuswap/Revelstoke 8.7% (outside Salmon Arm) North Okanagan 6.9% (outside Vernon/Coldstream) Vernon/ Coldstream 14.4% Kelowna/West Kelowna 55.3%
  13. 13. Where Buyers Purchased – 2012 Central Okanagan (outside Kelowna/West Kelowna) Salmon Arm 5% 8% Shuswap/Revelstoke  9.2% (outside Salmon Arm) North Okanagan  6.5% (outside Vernon/Coldstream) Vernon/ Coldstream 19.5% Kelowna/ West Kelowna 51%
  14. 14. Where Buyers Purchased ‐ 2011 Where Buyers Purchased  Central Okanagan (outside Kelowna/ West Kelowna)  West Kelowna) Salmon Arm 9% 6.5% Shuswap/Revelstoke p/ (outside Salmon Arm)    8% North Okanagan  (outside Vernon/Coldstream)    7.5% 7 5% Vernon/Coldstream 16% Kelowna/ West Kelowna 53%
  15. 15. How Financed Purchase –2013 Rental Income to Qualify High Ratio 0.9% (<20% down) 19.0% Conventional Mortgage All Cash 31.8% (>20% down) 48.3%
  16. 16. How Financed Purchase ‐ 2012 Rental Income  to Qualify  1.5% High Ratio (<20% down) 18.5% Conventional  Mortgage (>20% down) All Cash 29% 51%
  17. 17. How Financed Purchase ‐ 2011 How Financed Purchase  Rental Income to Qualify 2% High Ratio  (<20% down) 19% Conventional Mortgage (>20% down) All Cash All Cash 28% 51%

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