Posted by: Daryl & Wendy Ashby | July 14, 2011

Now You Know?

Have you ever wondered what it is that drives the Real Estate Market. Well here are a few statistics gained by the Victoria Real Estate Board for the months January to June 2011 inclusive:

* was the purchase a new or previously occupied home – new 11;08% – previously occupied 88.92%

* what was the buyer’s motive – 21.29% first time buyers – 12.62% wanted a different neighbourhood – 11.39% want a larger home – 11.63% want a smaller home – 8.42% work related move – 6.68% purchased a revenue property

* how was the purchase financed – 54.83% conventional mortgage – 23.08% high ratio CHMC (less than 20% down) – 22.10% all cash

* who dipped into their RRSP savings to buy – 5.69% yes

* who were the buyers – 12.86% single male – 13.94% single female – 23.82% couple with no children – 24.90% couple with children – 3.92% single parent with children – 17.05% retiree

* where did the buyer’s come from – 68.33% moved within Greater Victoria – 14.44% moved from outside BC but still within Canada – 6.25% moved from Lower Mainland – 4.86% moved from Up-Island – 2.87% moved from outside Canada

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