Annual Buyer Profile
VIREB Releases Annual Buyer Profile
Nanaimo, BC - The Vancouver Island Real Estate Board (VIREB) has released its 2008 Buyer Profile, tracking where people are coming from, what they're buying and why.
Statistics provided are for the overall Board area, and for each individual Zone (Duncan/Cowichan Valley, Nanaimo, Port Alberni/West Coast, Parksville/Qualicum, Comox Valley, Campbell River, North Island, and Islands areas).
Brian Yu, Economist with BCREA, says the VIREB Buyer Profile reveals very interesting demographic trends.
"A large share of buyers in the VIREB region originated from areas off the Island. Albertans and buyers from the Lower Mainland continued to be a strong source of demand in 2008," he says.
"The relatively constant buyer activity from Alberta may pull back more than local buyer activity in the current year due to their recession, but it will likely rebound in a few years as their economy improves."
The Profile shows that 34% of Buyers originate from the same area, 17% from elsewhare on Vancouver Island, 5% from Victoria and 1.66% from the Gulf Islands.
From the rest of BC and outside of the province: 13% originated from Alberta, 7% from Vancouver, 2.6% from the Fraser Valler, and 11% from elsewhere in BC.
"Vancouver Island continues to be a preferred destination for retirees. In 2008, 36% of residential properties purchased were purchased as a retirement home, and that number is likely to increase in the future," VIREB President Ray Francis says.
"Retirees typically bring fixed, stable incomes, which help communities smooth out recessions since their investments are typically lower-risk ventures," says Bryan Yu.
Other Buyer Profile statistics: 97% of Buyers were aquiring a principal residence, 36% were buying for retirement, 17% were first time buyers, and 33% started searching for their property on the Internet.
The Buyer Profile also shows the home characteristics from the MLS database with the highest frequency. The most popular was a single-family 3 bedroom, 2 bathroom, double garage home with a vinyl exterior and a mountain view.
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Ron & Peggy comment that "this profile confirms the importance of establishing a strong networking system beyond our local selling area. Our referrals continue to grow every year because we maintain a strong relationship with Realtors from not only throughout BC and Alberta but throughout all of the provinces. We make contact with no less than 2,000 Realtors a month and we are top of mind when it comes to referring Buyers to the Oceanside Communities. Ron & Peggy will continue to build their network of associates this November in Banff where RE/MAX will hold their Annual Canadian Conference.
Our sydicated website is designed to draw interested Buyers from around the globe". Ron doesn't just list homes - he works hard at finding Buyers for them. Of his sales todate this year, he's sold 50% of them himself. RE/MAX is stamped on 1 out of 3 Purchase and Sale Contracts in Western Canada - we're very close to making it 1 out of 2.