Kelowna Real Estate Market Buyers Survey Results November 2022

Overview of the Kelowna Real Estate Market Buyers Survey Report.

Looking at the Kelowna Real Estate Market Buyers Survey Results for October 2022, it is probably no surprise to see the number of Investor Buyers and First Time Buyers less busy in the market as Mortgage affordability, due to Interest Rate rises continues to bite.

It was, however, interesting to see the number of move-up Buyers and those downsizing increased.

Local Buyers were busier in the market this month while Buyers from the Lower Mainland and Vancouver Island were much lower. This could be due to markets such as Chilliwack and Abbottsford showing prices falling at a higher rate than other areas of the Province, causing Buyers to adopt a ‘wait and see’ approach, which could cause a knock-on affect here.

It will be interesting to see whether the BC Housing changes announced today by BC’s Premier David Eby will affect Buyers next month, as some are predicting the reduced restrictions on Strata’s could backfire and cause new Investor speculation – for details see the link is below.

Here is the full report.

Best describe your most recent Buyer (moving to/from property type)

First Time Buyer – 16.17% (18.62% )

Revenue Property Investor – 11.65% (15.38%)

Moving Up – 16.92% (12.55%)

Similar Property Type – 16.17% (18.62%)

Downsizing – 19.17% (14.17%)

Single-family Res to Strata – 3.76% (7.29%)

Recreational Property – 7.52% (7.29%)

Retirement Community – 3.38% (3.24%)

Strata to Single Family – 3.38% (2.83%)

Describe the Buyer (family dynamic):

Couple without children – 22.18% (27.16%)

Two Parent family/children – 26.32% (22.22%)

Empty nesters or retired – 20.68% (18.11%)

Single females – 14.29% (17.70%)

Single males – 10.15% (10.70%)

Single parent with children – 6.77% (2.88%)

Where did the Buyer move from?

Within the Association area – 58.67%  (50.00%)

Lower Mainland/Island – 14.76% (25.00%)

Alberta – 8.12% (9.27%)

Other Areas BC – 8.12% (5.24%)

E Canada/Maritimes – 4.80% (5.65%)

Sask./Manitoba – 2.21% (2.82%)

Outside Canada – 3.32% (2.02%)

NWT/Yukon – 0.00% (0.00%)

In what area was the property purchased?

Kelowna/West Kelowna – 38.38% (35.08%)

Vernon/Coldstream – 13.65% (18.15%)

Central Ok (outside K/WK) – 5.90% (4.03%)

Salmon Arm – 6.27% (7.66%)

North Ok (outside V/CS) – 8.49% (8.06%)

Shuswap/Rev (outside SA) – 5.17% (10.89%)

Oliver/Osoyoos – 4.43% (2.82%)

Princeton/Keremeos – 1.11% (0.81%)

Summerland – 4.06% (3.63%)

Penticton/Naramata – 7.01% (5.65%)

Kaleden/OK Falls – 0.00%

Dawson Creek – 3.69% (1.21%)

Chetwynd/Tumbler Ridge – 1.85% (2.02%)

Kind regards

Trish Cenci

Main Photo – View towards the Boat Moorage at Kelowna Yacht Club November 2022.

Links and Other Resources

Trish’s Kelowna Real Estate Market Report November 2022 Trish’s November 2022 Kelowna Real Estate Market Report

New measures to ease BC’s Housing Crisis – Summary of the changes to BC Housing Legislation November 2022