I am not sure anyone could have anticipated such a hot sellers market in the middle of a pandemic. This week we breakdown at where the demand is coming from.
Throughout the year 2020 out of the 9,875 sales of the 59% of the buyers in the from within the board area. In the newly amalgamated Association of Interior Realtors. the top buyers from outside the region were from Vancouver/ Vancouver Island accounting for 17% (1,678 sales) of the buyers. As the Alberta economy continues to struggle there were 10% of buyers or 987 sales.
With money being as cheap as it has ever been, buyers are utilizing the low rates to move up. 21% of buyers in Kelowna decided to make a move up, whether it was for a growing family or need for that extra den as they are working from home. One quarter of the buyers in 2020 were first time homebuyers. 19% of buyers in Kelowna were purchasing similar properties and 13% of Kelowna buyers were downsizing.
When looking at the financing side of things 55% of mortgages were the conventional mortgage and the area where everyone is interested in for overall health of the mortgages is the high ratio mortgage which accounted for 15% of purchases. 29% of buyers in the Okanagan were cash sales.
In the Okanagan overall 52% of the buyers are purchasing in Kelowna or West Kelowna with the next top destination being Vernon which accounted for 18% of buyers.
Three weeks into 2021 and a lot remains to be unseen, but the sellers market continues with low inventory, cheap rates people are making offers on the right properties significantly over asking.
With this combination, right now, I do not think there has ever been a better time to sell.
Mark Coons
Real Estate Agent
250-801-0361