August again shows the main buyers being first timers followed by move up buyers. First time buyers tend to enter the market when interest rates are extremely low and the market is balanced. As pricing in the Okanagan has fallen back in line with true home values it is to no surprise that we are seeing first timers dominating the buyer’s market. First time buyers tend to buy lower price categories and smaller home types like townhomes, condos or smaller single family homes. When this happens the sellers are then able to move up in home size which creates the surge in move up buyers. The chart shows that the first time buyers helped increase the % of move up buyers for August.
On another note, the main buyers came from the Okanagan region which is more typical in a stable balanced market. Great news the second and third group came from, you guessed it Alberta and then trailed by Vancouver. The Okanagan’s home pricing is extremely attractive to Albertans and Vancouverites, Many Albertans look for that lake view home or second home and Vancouverites tend to see the Okanagan as a close destination for a second home or a place for a more balanced lifestyle.

Property Type:
22.9% by First Time Buyers
17.4% of purchases were by Move-Up Buyers
11.1% buying Revenue/Investment Property
10.4% moving from Single Family Home to Strata Unit
7.6% Recreation Property Buyers
5.6% moving into Retirement Home/Seniors Community
3.5% moving from Strata property to Single Family Home

Moving From:
50% from Within OMREB Board Area
18.8% from Alberta
10.4% from Lower Mainland/Vancouver Island
10.4% from Other Areas in BC
6.3% from Eastern Canada/Maritimes
2.8% from Outside Canada
1.4% from Saskatchewan/Manitoba

When you are looking to buy or sell in Kelowna, look for the Nyrose & Associates team. We look forward to helping you in the future.