Vancouver's real estate market is always changing. Currently the buyers are returning to the market, which is busier than it was a year ago. So let's take a look at who the buyers are.
According to REBGV, the stats for the first five months of 2013 show 20% of buyers are purchasing properties with cash. 56.4% are buying with 25% or more downpayment (conventional mortgage) and 23.6% are buying with less than 25% down (high ratio mortgage).
The largest group of buyers are families with children, which account for 34.7%. Followed by young couples with no children at 20.6%, single females at 15.6%, single men at 10.1%, empty nesters at 6%, retirees at 6.5% and other at 6.5%.
59.7% of the buyers already lived in the same community in which they purchased another Vancouver home. 34.2% moved within Greater Vancouver area. 4% moved from Fraser Valley, 5.5% moved from outside BC and 5% moved from outside of Canada.
First time buyers made up 40.7% of home purchases for the first five months of 2013. Followed by 23.6% of buyers who moved from one property to a similar property. 9% moved from a condo or townhome or house to a house.. 4% moved from a condo to a townhome. 3.5% moved from a townhouse or house to a condo and 3.5% moved from a house to a condo. 1% moved to a retirement home.
10% of the buyers wer local investors and 2.5% were foreign investors.
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