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Survey finds most home buyers on the Island from the island
Aug 28 2007
MyMortgageBC.com note: There are some excellent mortgage options for people on Vancouver Island. Even if you're a non-resident it's a straight forward process to purchase a home and get a mortgage in one of the most desirable areas of Canada.
VANCOUVER — The Vancouver Island Real Estate Board (VIREB) released its 2006 Buyer Profile, tracking where people are coming from, what they’re buying and why.
More than 8,500 surveys were sent to residential buyers obtained from the Multiple Listing Service database for 2006. There were more than 2,100 responses from buyers. Statistics provided are for the overall area and for each zone — Duncan/Cowichan Valley, Nanaimo, Port Alberni/West Coast, Parksville/Qualicum, Comox Valley, and Campbell River, as well as the North Island and Islands areas. The report also contains a three-year comparative section as current trends.
“When added together, more than 57 per cent of buyers originate on Vancouver Island and almost 43 per cent originate from the rest of B.C. and outside of the province,” said VIREB President Jennifer Lynch. “The influx of buyers originating from outside our market boundaries is fueled by baby boomers, and recreational/lifestyle seekers as well our strong provincial economy.”
Vancouver Island numbers show 35 per cent of buyers from within the same area, 15 per cent from elsewhere on Vancouver Island, 5.2 per cent from Victoria and 1.9 per cent from the Gulf Islands.
From the rest of B.C. and outside of the province: 10 per cent of buyers originated from Alberta, nine per cent from Vancouver, seven per cent from elsewhere in B.C., 5.5 per cent from Ontario, 3.3 per cent from the rest of the world, three per cent from the Fraser Valley, 2.5 per cent from the rest of Canada, 2.5 per cent from Saskatchewan and Manitoba. Lynch said the three-year comparison is very useful for all types of infrastructure planning. It shows an increase in buyers from within the same area, while the number of Alberta buyers has remained steady at between 10 and 11 per cent.
BCREA Chief Economist Cameron Muir said VIREB geography appears to be a preferred destination for retirees.
“The impact of retirees is significant at 37 per cent, board-wide, ranging from 28 per cent in the Nanaimo Area to 58 per cent in the Parksville/Qualicum zone,” he said, noting retirees bring their money into the marketplace.
“They add to the economy by creating demand for higher paid health care and financial services, as well as adding to the local tax base. Retirees bring financial resources earned elsewhere and spend it in the local community, increasing local demand for labour.”
The Buyer Profile also showed the home characteristics from the MLS® database with the highest frequency. The most popular was a three bedroom, two bathroom, double garage home with vinyl exterior with an ocean or mountain view. The most popular price range was 0,000 to 0,000. In second is the range of 0,000 to 0,000. Buyer use of the Internet increased to 27 per cent, up from 19.5 per cent in 2004.
VIREB represents approximately 1,154 licensed REALTOR® members in more than 80 member offices on Vancouver Island (north of Victoria). The Buyer Profile is available to all members, and it is provided to relevant organizations such as fellow Boards, economic development groups, chambers of commerce, and municipal, provincial, and federal government representatives. |
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