The Vancouver Island Real Estate Board (VIREB) has released its 2008 Buyer Profile, tracking to see where people are coming from, what they are buying and why. Economist with the British Columbia Real Estate Association (BCREA), Bryan Yu notes that the VIREB Buyer Profile reveals interesting demographic trends.
He notes that a large majority of buyers in the VIREB region originate from areas off the islands. Albertans and buyers from the Lower Mainland continue to be a strong source of demand in 2008.
The constant buyer activity from Alberta may pull back more than local buyer activity in the current year due to the recession; however it is likely to rebound in a few years as we see the economy improve.
The Buyer Profile shows that 34% of buyers originate from the same area, 17% come from elsewhere on Vancouver Island, 5% from Victoria and less than 2% from the Gulf Islands.
For the rest of British Columbia, and outside of the province, 13% of buyers originated from Alberta, 7% from Vancouver, 2.6% from Fraser Valley and 11% from elsewhere in B.C.
Vancouver Island is continuing to be a preferred destination for retirees, as the number show that in 2008, 36% of residential properties were purchases as a retirement home, and the number is likely to increase in the future, notes VIREB president, Ray Francis.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
No related posts found
