A Victoria Real Estate Board (VREB) analysis of 2010 home buyers in the Greater Victoria area shows over 70 per cent of buyers were local and a quarter of buyers were purchasing a home for the first-time.
VREB President, Dennis Fimrite, says the large percentage of local buyers is not surprising, “The majority of buyers are people who are moving up or down in the real estate market to meet their changing housing needs.” Fimrite adds that it is encouraging to see that just under 25 per cent of buyers were entering the market for the first time, “Despite concerns over affordability, we are pleased to see that many individuals and families are able to make the move into home ownership. This shows confidence in the market and a commitment to making this area their home.”
Other survey highlights were as follows:
* Over 90% of purchases were for previously occupied homes; eight per cent were for new homes;
* There were more single female buyers (16%) than single male buyers (11%);
* Couples with and without children each accounted for approximately 25% of buyers;
* 14% of buyers were retired;
* Over 60% of buyers purchased homes in Metro Victoria; 19% bought on the Westshore and 11% purchased on the Saanich Peninsula
*15% of buyers were from outside of BC but still within Canada Canada
The buyer’s REALTOR® or another REALTOR® found the property for 37 per cent of buyers; another 37 per cent of buyers found the property using a REALTOR® automated listing search service; 11 per cent% of buyers found the property via the public website, www.REALTOR.ca; two per cent found the property via the VREB’s Open House website: www.OpenHousesVictoria.ca.
The survey data were gathered each month from REALTORS® acting for buyers of homes. The above results represent the aggregated data for the entire year.
