The results are in for the Board's second monthly market poll regarding home buyers. Over 100 members who sold a property within the first two weeks of July participated. Here are some highlights:
First time buyers (37%) are still the most active segment of those buying homes in the Fraser Valley, followed by those moving from one property to a similar property (25%), followed by those moving from an apartment or a townhouse to a detached house (16%).
Almost half of the buyers (47%) paid 25% or more for their down payment, however 42% required a high ratio mortgage with less than 25% as their down payment.
Who's buying? Families with children are still the main group at 40%, while young couples with no children represented 25% of July's buyers, 16% were singles and empty nesters/retirees rounded out the final 17% of buyers. Interesting that from June to July, families as the number one group dropped from 51%, while young couples with no children went up from 18%.
Where people bought in the Fraser Valley was pretty evenly divided in July between Surrey (24%), Langley (27%) and Abbotsford (25%). South Surrey/White Rock was at 12% and Mission and North Delta, 3%.
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