Who’s Buying Homes in 2024?
Understanding the Changing Kelowna Real Estate Market
In 2024, the Kelowna real estate market is seeing significant changes. Home prices are adjusting, and buyers’ behaviors are evolving. The Q2 2024 Home Buyer Survey provides key insights into who’s purchasing homes, where they’re coming from, and the types of properties they’re seeking. Whether you’re a home seller in Kelowna, a buyer, or a real estate developer, this information can help shape your decisions.
If you’re ready to explore the market, start your Kelowna home search here.
Who’s Buying Homes in Kelowna Right Now?
Even though the market has slowed, several buyer groups are still active:
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Families with Children (28%): This group is the largest and continues to seek homes with more space, near schools, and parks.
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Couples Without Kids (23%): Many are either downsizing or looking for upgraded homes with more amenities.
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Retirees and Empty Nesters (18%): These buyers are seeking smaller, low-maintenance homes, often near healthcare facilities.
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Single Buyers (26%): Comprising both single women and men, this group makes up 13% each of the market.
Where Are Kelowna Home Buyers Coming From?
Most buyers are local Kelowna residents, but a significant portion is from outside the region:
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Local Buyers (66%): A substantial increase from previous years, reflecting more Kelowna residents staying within the area to find homes.
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Lower Mainland and Vancouver Island Buyers (15%): Buyers are looking for more affordable options in Kelowna compared to higher-priced areas like Vancouver.
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Alberta Buyers (8%): Many Albertans continue to move to Kelowna for its lifestyle, affordability, and real estate investment opportunities.
What Types of Homes Are People Buying in Kelowna?
Changing priorities are evident in the types of properties being purchased:
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First-Time Buyers (24%): Despite higher interest rates, first-time homebuyers are seizing opportunities in the market.
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Move-Up Buyers (18%): With prices adjusting, these buyers are looking to upgrade to larger homes with more features.
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Downsizers (16%): Many older buyers or retirees are opting for smaller, more manageable properties.
How Are Buyers Financing Homes in Kelowna?
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Cash Buyers (31%): Many buyers are paying in cash, giving them a strong position in negotiations.
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Conventional Mortgages (54%): Despite higher interest rates, most buyers are using traditional mortgages with significant down payments.
What Does This Mean for Kelowna’s Real Estate Market?
Even in a slower market, Kelowna’s real estate market remains stable, thanks to key buyer activity:
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Buyer Interest: Families, retirees, and out-of-town buyers continue to show interest in the market, supporting ongoing demand.
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Cash Buyers: High numbers of cash buyers demonstrate confidence in Kelowna’s real estate as a long-term investment.
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Out-of-Town Buyers: Interest from Alberta and the Lower Mainland helps maintain a healthy demand, particularly for new homes and infill multifamily developments.
If you’re curious about the value of your home in the current Kelowna market, I can help! Request a free home valuation today, and let’s discuss your property’s potential in 2024.
Hope you have a great week!
Mark and Maddie Coons
778-744-0872
