Kelowna Real Estate Market Buyers Survey Results September 2022

The latest Buyers Survey results for the Kelowna Real Estate Market and Association of Interior Realtors area show an interesting increase in Revenue Property Investors, which is surprising given the recent interest rate rises.

Couples without Children were also busier in the market, and we saw the numbers coming from the Lower Mainland and Vancouver Island increase again, with the largest number of Buyers we have seen since April 2022.

While fewer bought in the Kelowna area, Vernon, the North Okanagan, Salmon Arm and Shuswap all saw more Buyers.

Here is the full report.

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

First Time Buyer – 18.62% (17.61%)

Revenue Property Investor – 15.38% (11.32%)

Moving Up – 12.55% (14.47%)

Similar Property Type – 18.62% (22.01%)

Downsizing – 14.17% (16.35%)

Single-family Res to Strata – 7.29% (6.29%)

Recreational Property – 7.29% (5.03%)

Retirement Community – 3.24% (2.52%)

Strata to Single Family – 2.83% (2.20%)

 

Describe the Buyer (family dynamic):

Couple without children – 27.16% (21.18%)

Two Parent family/children – 22.22% (25.55%)

Empty nesters or retired – 18.11%  (22.74%)

Single females – 17.70% (14.64%)

Single males – 10.70% (9.03%)

Single parent with children – 2.88% (5.30%)

 

Where did the Buyer move from?

From within the Association area – 50.00% (53.89%)

From Lower Mainland/Island – 25.00% (19.94%)

From Alberta – 9.27% (7.79%)

From other Areas BC – 5.24% (8.72%)

From E Canada/Maritimes – 5.65% (5.30%)

From Sask./Manitoba – 2.82% (2.80%)

From outside Canada – 2.02% (1.25%)

From the NWT/Yukon – 0.00% ( 0.31%)

 

In what area was property purchased?

Kelowna/West Kelowna – 35.08% (39.94%)

Vernon/Coldstream – 18.15% (13.93%)

Central Ok (outside K/WK) – 4.03% (6.19%)

Salmon Arm – 7.66% (5.57%)

North Ok (outside V/CS) – 8.06% (5.26%)

Shuswap/Rev (outside SA) – 10.89% (9.29%)

Oliver/Osoyoos – 2.82% (4.64%)

Princeton/Keremeos – 0.81% (1.24%)

Summerland – 3.63% (2.79%)

Penticton/Naramata – 5.65% (7.43%)

Dawson Creek – 1.21% (3.41%)

Chetwynd/Tumbler Ridge – 2.02% (0.31%)

Kind regards

Trish Cenci

Main Photo – Davidson Orchards, Vernon – October 2022.