The Provincial Brand Power of the Central Okanagan Will Remain a Key Factor in Meeting Population Growth and Real Estate Sale Targets in 2019 and 2020

The Provincial Brand Power of the Central Okanagan Will Remain a Key Factor in Meeting Population Growth and Real Estate Sale Targets in 2019 and 2020

Forward: This article is a follow-up analysis to a previous Knews Release regarding our new outlooks for provincial net migrations titled: BC’s Provincial Migration Dips for the Second Year in a Row, But Should Bounce Back Towards Moderate Levels Through to 2020

Adjusting population growth outlooks for the Kelowna CMA area now predict that intraprovincial net migrations will be a near-to-equally important component to the regions population growth by comparison to net interprovincial migrations through to the year 2021.

Notably, this has continued to be apparent during the spring/summer sales months of the areas local MLS real estate markets. Specifically, home buyer origin data shows a steady increase in buyers arriving to this market from the lower mainland that corresponds closely to a steady decrease of buyers originating from Alberta. Moreover, this general trend continued amidst spring/summer sales levels that were much lower in 2018 by comparison to 2017 and 2016, yet relatively inline with 2015 sales; a year in which Albertans represented 15% of all buyers opposed to their current representation of 10%.

Looking ahead to 2019, real estate advertising budgets marketing the 4-season mecca livability of the Kelowna CMA region might be smart to redirect their out of province placement efforts to the lower mainland and/or other areas of British Columbia.

That being said, it is worth mentioning that intraprovincial migrants into the CMA area tend to be much older than those arriving from other provinces.

Knew will be discussing that topic specifically in a forthcoming October article release to be titled: “With Spring/Summer Sales Down Across the Okanagan, Who’s Still Buying: A Deep Review of the Okanagan Real Estate Board’s 2018 Home Buyer Survey Results”

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