MARKET : Buyer Demographics
Who are The Buyers fueling the market? To get a better sense of who is buying in Fraser Valley, what they’re buying and where, a statistical pool was undertaken. As expected, the most active segment was first time buyers (32%), followed by those moving from an apartment or a townhouse to a detached house (22%). Sellers moving from a house into a condo or cashing out completely made up less than 10% of all sales. When asked about the demographic profile of buyers, results indicate that half of all buyers (51%) are families with children and more than one third are either single (18%) or couples without children (18%). Empty nesters and retirees make up less than 10% of all buyers. Many members mentioned low interest rates as a motivator and difficulty in securing financing as a challenge. With 44% of buyers utilizing high ratio financing (less than a 25% down payment) and 43% requiring a conventional mortgage, the importance of available credit is definitely an issue. Many survey respondents also made reference to fragile buyer confidence. Most buyers moved within their community (43%) or within the board area (35%). About 13% moved from elsewhere in BC and less than 10% moved from outside of BC (4%) or outside Canada (5%). This provides an informal snapshot of the Fraser Valley’s market dynamics.