It’s a hot topic of conversation amongst sellers and the team at Priscilla & Company, ‘Where are the buyers actually coming from?’. 

Spring is normally busy for the real estate market

Generally, real estate sales in the Okanagan and Shuswap increase in May as compared to April. This year was no different, with sales 38% higher than April – but 6% lower than May 2016. The listing inventory shortage may be easing slightly, but rising prices, short turn-arounds of home sales and the ratio of sales to active listings (which measures the balance between supply and demand) indicate the market still favors the sellers.

Serious buyers are taking advantage of the current market and leveraging their positive purchasing power while there is opportunity. During the first quarter of 2017 (Jan – March), First-Time Buyers made up 21% of the market followed closely by Move-Up Buyers at 17%.

What gets media attention doesn’t always tell the entire story. Despite talk about huge increases in the number of foreign investors, demand in your local North Okanagan and Shuswap real estate market is still driven by local buyers.

Where Did Buyers Come From?

2017: First Quarter Year-to-Date (January to March), Move-up Buyers have accounted for 17.07% of the purchasers while First-Time Buyers comprised 20.7%. Home Buyers have been coming from:
• Within the OMREB Board area (57.97%)
• Lower Mainland/Vancouver Island (16.93%)
• Alberta (9.97%)
• Other Areas of BC (5.9%)
• Eastern Canada/Maritimes (3.77%)
• Saskatchewan/Manitoba (2.67%)
• Outside Canada (2.67%)
• North West Territories/Yukon* (0.10%)

2016: During 2016, Move-up Buyers have accounted for 18.06% of the purchasers while First-Time Buyers comprised 18.26%. Home Buyers have been coming from:
• Within the OMREB Board area (59.22%)
• Lower Mainland/Vancouver Island (15.61%)
• Alberta (10.67%)
• Other Areas of BC (6.21%)
• Eastern Canada/Maritimes (3.04%)
• Saskatchewan/Manitoba (2.68%)
• Outside Canada (2.46%)
• North West Territories/Yukon* (0.09%)

2015: During 2015, Move-up Buyers have accounted for 24.1% of the purchasers while First-Time Buyers comprised 18.7%. Home Buyers have been coming from:
• Within the OMREB Board area (58.4%)
• Alberta (15.1%)
• Lower Mainland/Vancouver Island (10.1%)
• Other Areas of BC (7.2%)
• Eastern Canada/Maritimes (4.1%)
• Saskatchewan/Manitoba (3.0%)
• Outside Canada (1.8%)
• North West Territories/Yukon* (0.2%)

2014: During 2014, Move-up Buyers have accounted for 26.8% of the purchasers while First-Time Buyers comprised 19.0%. Home Buyers have been coming from:
• Within the OMREB Board area (56.2%)
• Alberta (18.0%)
• Lower Mainland/Vancouver Island (8.5%)
• Other areas of BC (9.2%)
• Saskatchewan/Manitoba (3.0%)
• Eastern Canada/Maritimes (2.6%)
• Outside Canada (1.8%)
• North West Territories/Yukon* (0.4%)

2013: During 2013, Move-up Buyers have accounted for 23.1% of the purchasers while First-Time Buyers comprised 19.4%. 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%)

78-MONTH AVERAGE

Since OMREB starting surveying six years ago, on average Move-up Buyers have accounted for 22.56% of the purchasers while First-Time Buyers comprised 20.36%.

Home Buyers have been coming from (September 2010 through March 2017):
• Within the OMREB Board area (57.73%)
• Alberta (14.33%)
• Lower Mainland/Vancouver Island (12.04%)
• Other areas of BC (7.52%)
• Saskatchewan/Manitoba (2.99%)
• Eastern Canada/Maritimes (3.01%)
• Outside Canada (2.17%)
• North West Territories/Yukon* (0.26%)
*First month reported = Sept 2011 (0.5%)